Q3 FY2026
Filed Nov 5, 2026Filed under $FWONKFormula 1 revenue rose 28% in Q3 2026 on one more race, while MotoGP revenue fell 34% on two fewer races and a lower pro forma base; nine-month consolidated revenue was flat at $2,871 million.
Q3 consolidated operating income rose to $237 million from $158 million and F1 drove the quarter, but MotoGP swung to an operating loss of $(3) million, F1 nine-month Adjusted OIBDA fell 5%, and the filing gives no outlook to judge the trajectory against.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended Sept 30, 2026GAAP | $1.23B | – | – |
| Total revenue, nine months ended Sept 30, 2026GAAP | $2.87B | – | – |
| Motorsport revenue, three months ended Sept 30, 2026GAAP | $1.23B | – | – |
| Motorsport revenue, nine months ended Sept 30, 2026GAAP | $2.87B | – | – |
| Other revenue, three months ended Sept 30, 2026GAAP | — (printed as dash) | – | – |
| Other revenue, nine months ended Sept 30, 2026GAAP | — (printed as dash) | – | – |
| Cost of motorsport revenue (exclusive of depreciation), three months ended Sept 30, 2026GAAP | $732M | – | – |
| Cost of motorsport revenue (exclusive of depreciation), nine months ended Sept 30, 2026GAAP | $1.75B | – | – |
| Other cost of sales, three months ended Sept 30, 2026GAAP | — (printed as dash) | – | – |
| Other cost of sales, nine months ended Sept 30, 2026GAAP | — (printed as dash) | – | – |
| Selling, general and administrative, three months ended Sept 30, 2026GAAP | $147M | – | – |
| Selling, general and administrative, nine months ended Sept 30, 2026GAAP | $398M | – | – |
| Acquisition costs, three months ended Sept 30, 2026GAAP | — (printed as dash) | – | – |
| Acquisition costs, nine months ended Sept 30, 2026GAAP | — (printed as dash) | – | – |
| Depreciation and amortization, three months ended Sept 30, 2026GAAP | $110M | – | – |
| Depreciation and amortization, nine months ended Sept 30, 2026GAAP | $334M | – | – |
| Operating income, three months ended Sept 30, 2026GAAP | $237M | – | – |
| Operating income, nine months ended Sept 30, 2026GAAP | $389M | – | – |
| Adjusted OIBDA (consolidated), three months ended Sept 30, 2026non-GAAP | $353M | – | – |
| Adjusted OIBDA (consolidated), nine months ended Sept 30, 2026non-GAAP | $740M | – | – |
| Interest expense, three months ended Sept 30, 2026GAAP | −$69M | – | – |
| Interest expense, nine months ended Sept 30, 2026GAAP | −$205M | – | – |
| Realized and unrealized gains (losses) on financial instruments, net, three months ended Sept 30, 2026GAAP | $66M | – | – |
| Realized and unrealized gains (losses) on financial instruments, net, nine months ended Sept 30, 2026GAAP | $122M | – | – |
| Earnings from continuing operations before income taxes, three months ended Sept 30, 2026GAAP | $244M | – | – |
| Earnings from continuing operations before income taxes, nine months ended Sept 30, 2026GAAP | $335M | – | – |
| Income tax (expense) benefit, three months ended Sept 30, 2026GAAP | −$82M | – | – |
| Income tax (expense) benefit, nine months ended Sept 30, 2026GAAP | −$112M | – | – |
| Net earnings from continuing operations, three months ended Sept 30, 2026GAAP | $162M | – | – |
| Net earnings from continuing operations, nine months ended Sept 30, 2026GAAP | $223M | – | – |
| Net earnings attributable to Liberty stockholders, three months ended Sept 30, 2026GAAP | $163M | – | – |
| Net earnings attributable to Liberty stockholders, nine months ended Sept 30, 2026GAAP | $225M | – | – |
| Formula 1 total motorsport revenue, three months ended Sept 30, 2026GAAP | $1.11B | – | 28% |
| Formula 1 total motorsport revenue, nine months ended Sept 30, 2026GAAP | $2.50B | – | —% |
| Formula 1 primary revenue, three months ended Sept 30, 2026GAAP | $934M | – | 27% |
| Formula 1 primary revenue, nine months ended Sept 30, 2026GAAP | $2.05B | – | (2)% |
| Formula 1 other revenue, three months ended Sept 30, 2026GAAP | $181M | – | 38% |
| Formula 1 other revenue, nine months ended Sept 30, 2026GAAP | $444M | – | 9% |
| Formula 1 team payments excluding Concorde incentive payments, three months ended Sept 30, 2026other | −$422M | – | (24)% |
| Formula 1 team payments excluding Concorde incentive payments, nine months ended Sept 30, 2026other | −$922M | – | 5% |
| Formula 1 cost of motorsport revenue excluding Concorde incentive payments, three months ended Sept 30, 2026other | −$683M | – | (24)% |
| Formula 1 cost of motorsport revenue excluding Concorde incentive payments, nine months ended Sept 30, 2026other | −$1.58B | – | —% |
| Formula 1 Adjusted OIBDA, three months ended Sept 30, 2026non-GAAP | $338M | – | 44% |
| Formula 1 Adjusted OIBDA, nine months ended Sept 30, 2026non-GAAP | $649M | – | (5)% |
| Formula 1 operating income, three months ended Sept 30, 2026GAAP | $270M | – | 61% |
| Formula 1 operating income, nine months ended Sept 30, 2026GAAP | $450M | – | 4% |
| MotoGP total motorsport revenue (USD actual), three months ended Sept 30, 2026GAAP | $111M | – | (34)% USD; (35)% constant currency |
| MotoGP total motorsport revenue (USD actual), nine months ended Sept 30, 2026GAAP | $375M | – | (10)% USD; (13)% constant currency |
| MotoGP primary revenue, three months ended Sept 30, 2026GAAP | $99M | – | (33)% |
| MotoGP primary revenue, nine months ended Sept 30, 2026GAAP | $332M | – | (9)% |
| MotoGP other revenue, three months ended Sept 30, 2026GAAP | $12M | – | (45)% |
| MotoGP other revenue, nine months ended Sept 30, 2026GAAP | $43M | – | (17)% |
| MotoGP cost of motorsport revenue, three months ended Sept 30, 2026other | −$55M | – | 35% |
| MotoGP cost of motorsport revenue, nine months ended Sept 30, 2026other | −$189M | – | 12% |
| MotoGP Adjusted OIBDA (USD actual), three months ended Sept 30, 2026non-GAAP | $35M | – | (47)% USD; (49)% constant currency |
| MotoGP Adjusted OIBDA (USD actual), nine months ended Sept 30, 2026non-GAAP | $127M | – | (15)% USD; (18)% constant currency |
| MotoGP operating income (loss) (USD actual), three months ended Sept 30, 2026GAAP | −$3M | – | (111)% USD; (113)% constant currency |
| MotoGP operating income (USD actual), nine months ended Sept 30, 2026GAAP | $10M | – | (76)% USD; (76)% constant currency |
| Corporate and other operating loss, three months ended Sept 30, 2026GAAP | −$30M | – | – |
| Corporate and other operating loss, nine months ended Sept 30, 2026GAAP | −$71M | – | – |
| Total cash and cash equivalents (GAAP), at Sept 30, 2026GAAP | $1.76B | – | – |
| Total debt (GAAP), at Sept 30, 2026GAAP | $5.53B | – | – |
| Net cash provided by operating activities, nine months ended Sept 30, 2026GAAP | $1.05B | – | – |
| Capital expended for property and equipment, nine months ended Sept 30, 2026GAAP | −$110M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Formula 1Filing attributes Q3 growth to one more race held in the quarter, a larger proportionate recognition of season-based revenue (7/23rds vs 6/24ths), contractual fee increases and new sponsors. Nine-month revenue was flat as two fewer races reduced race promotion and the prior year included one-time F1 movie revenue in media rights. Q3 Adjusted OIBDA was $338 million, up 44%; nine-month Adjusted OIBDA was $649 million, down 5%. | $1,115 million (Q3 2026); $2,496 million (nine months 2026) | – | 28% (Q3); —% (nine months) |
| MotoGPFiling attributes the decline to two fewer events in 2026 periods and lower contractual media rights revenue, partly offset in nine months by contractual increases in race promotion and sponsorship fees. Other revenue fell because of a new hospitality agreement with Quint recognized on a net basis. Q3 operating loss was $(3) million. Filing states cost declines were driven by fewer races and lower hospitality costs. | $111 million (Q3 2026); $375 million (nine months 2026) | – | (34)% USD vs pro forma (Q3); (10)% USD vs pro forma (nine months) |
| Corporate and otherComprises Grand Prix Plaza rental income ($6 million in Q3 2026 vs $7 million in Q3 2025; $18 million vs $19 million for nine months) and corporate overhead. Corporate SG&A was $29 million in Q3 2026 per the filing. | $6 million (Q3 2026); $18 million (nine months 2026) | – | – |
Capital returns
- No repurchases of Liberty Media common stock from August 1 through October 31, 2026.
- Total remaining repurchase authorization was $1.1 billion as of November 1, 2026.
- Financing cash flow in nine months 2026 included purchase of capped calls of $(121) million, versus no such line in 2025.
- Dr. John Malone's Series B shares were acquired for Series A and Series C common stock; closed November 4, 2026; Malone's voting power declined to approximately 3%. Filing states this provides better alignment of voting power and economic ownership while simplifying the capital structure.
What drove it
- F1 Q3 revenue growth reflects one more race in the quarter, proportionate season-based recognition (7/23rds vs 6/24ths), contractual fee increases and new sponsors, per the filing.
- F1 nine-month primary revenue decline is attributed by the filing to two fewer races held year-to-date, with one-time F1 movie revenue in the prior-year period not recurring.
- MotoGP revenue decline is attributed by the filing to two fewer events and lower contractual media rights revenue; Quint hospitality agreement changed revenue recognition to a net basis.
- Consolidated Q3 operating income increased to $237 million from $158 million, while MotoGP Q3 operating income moved to $(3) million from $28 million pro forma.
- Acquisition costs of $14 million in Q3 2025 did not recur in Q3 2026; the filing shows no acquisition costs in 2026 periods.
Concerns
- MotoGP Adjusted OIBDA fell 47% in Q3 (USD basis, pro forma comparison) and 15% in nine months; MotoGP operating loss of $(3) million in Q3.
- F1 nine-month Adjusted OIBDA decreased 5% to $649 million while F1 nine-month team payments decreased 5% and SG&A rose 13%.
- F1 Q3 SG&A rose 13% to $94 million, which the filing attributes primarily to higher personnel costs.
- Consolidated Adjusted OIBDA for nine months was flat at $740 million versus $739 million, with Corporate and other Adjusted OIBDA at $(20) million in Q3 vs $(3) million.
- Total debt rose to $5,528 million (GAAP) at Sept 30, 2026, and the 2.25% convertible notes due 2027 remain outstanding at $475 million face.
- Net earnings from continuing operations for nine months fell to $223 million from $466 million, with interest expense of $(205) million vs $(176) million and realized and unrealized gains of $122 million vs $251 million.
- The filing states that additional calendar changes may be necessary for both F1 and MotoGP.
What to watch
- Scale and timing of the MotoGP recovery, including the new executive team and whether the 2027 calendar and weekend format change the revenue run rate.
- F1 season-based revenue recognition for the full year as the 23-race calendar is recognized; the filing notes Q4 proportionate recognition depends on the current scheduled calendar.
- Corporate SG&A and the Concorde incentive payments line, which printed nil in 2026 periods after $50 million in the nine months of 2025.
- Debt refinancing progress on the 2.25% convertible notes due 2027 and the capped call funding.
- Share repurchase activity given the $1.1 billion remaining authorization and the absence of repurchases in August through October 2026.
- Effects of the Malone share exchange on governance, activism or unsolicited proposals, as flagged in the forward-looking statements.
Balance sheet and cash flow
- Cash and cash equivalents of $1,758 million at Sept 30, 2026 vs $1,055 million at Dec 31, 2025; short term investments of $581 million vs nil at Dec 31, 2025.
- Total assets $16,750 million at Sept 30, 2026 vs $15,398 million at Dec 31, 2025; total stockholders' equity $7,878 million vs $7,757 million.
- Total debt (GAAP) $5,528 million at Sept 30, 2026 vs $4,924 million at June 30, 2026; total debt increased $674 million in the quarter per the filing, and the company attributes the cash increase primarily to incremental debt borrowings and net cash generated from operations.
- Issued $690 million of 2.375% convertible senior notes due 2032 on August 13, 2026, with proceeds to repay the 2.25% notes due 2027, purchase a capped call and for general corporate purposes. The 2.25% notes due 2027 remain outstanding at $475 million face.
- Leverage at Sept 30, 2026: F1 2.1x (2.7x at June 30, 2026); MotoGP 4.7x (4.5x at June 30, 2026); consolidated 3.0x (3.4x at June 30, 2026). F1 and MotoGP report compliance with debt covenants at Sept 30, 2026.
- Net cash provided by operating activities $1,055 million in nine months 2026 vs $814 million in 2025; net cash provided by financing activities $367 million vs $989 million.
Analysis
Liberty Media's third quarter was carried by Formula 1. Consolidated revenue rose to $1,226 million from $1,085 million, and consolidated operating income rose to $237 million from $158 million. The filing ties the F1 revenue increase to one more race in the quarter, a higher proportionate recognition of season-based revenue (7/23rds compared with 6/24ths in the prior-year quarter), contractual fee increases and new sponsors. F1 Q3 revenue was $1,115 million, up 28%, and F1 Adjusted OIBDA was $338 million, up 44%. Over nine months the picture is different: consolidated revenue was $2,871 million against $2,873 million, and F1 revenue was $2,496 million against $2,498 million. The company attributes the nine-month weakness to two fewer races held year-to-date and to one-time F1 movie revenue in the prior-year period.
MotoGP is the weak line. Q3 revenue was $111 million against $169 million pro forma, down 34% in US dollars and 35% in constant currency, and the segment swung to an operating loss of $(3) million from $28 million pro forma. The filing gives fewer events, lower contractual media rights revenue and a net-basis hospitality agreement with Quint as explanations. Nine-month MotoGP Adjusted OIBDA was $127 million against $150 million pro forma. The segment's Q3 and nine-month figures are shown on a pro forma basis for the prior year, while the consolidated segment table prints the actual post-acquisition MotoGP result for the same quarter, so the reader should note which basis applies to each figure.
Below the operating line, GAAP net earnings from continuing operations were $162 million in Q3 against $63 million, but nine-month net earnings from continuing operations fell to $223 million from $466 million. The filing shows interest expense of $(205) million for nine months against $(176) million, realized and unrealized gains on financial instruments of $122 million against $251 million, and an income tax expense of $(112) million against $(70) million. Operating cash flow for nine months rose to $1,055 million from $814 million, while capital expenditure was $(110) million against $(58) million. Cash and cash equivalents reached $1,758 million and short term investments $581 million, against total debt (GAAP) of $5,528 million.
Capital allocation in the quarter centred on the balance sheet. The company issued $690 million of 2.375% convertible senior notes due 2032 and used proceeds to repay the 2.25% notes due 2027, fund a capped call and for general purposes. Consolidated leverage improved to 3.0x from 3.4x, F1 leverage improved to 2.1x from 2.7x, while MotoGP leverage rose to 4.7x from 4.5x. No shares were repurchased from August 1 through October 31, 2026, and $1.1 billion of repurchase authorization remained as of November 1, 2026. Dr. Malone's voting power was reduced to approximately 3% through a share exchange that closed on November 4, 2026.
The filing contains no outlook or guidance for future periods, so the read on the forward path rests only on the stated calendar changes, the 2027 calendar, the F1 Live event in Milan in February 2027 and the MotoGP leadership additions. Management says Liberty is investing in infrastructure, partnerships, people and fan touchpoints, and the SG&A lines in both F1 and MotoGP rose in the quarter.
Management, verbatim
F1 continues to deliver exceptional performance, extending its reach and influence while staying nimble throughout a dynamic year.
Derek Chang, President and Chief Executive Officer, Liberty Media
Every race this season has sold out, with more than half setting attendance records and our digital impressions and audiences continue to grow
Stefano Domenicali, President and Chief Executive Officer, Formula 1
We remain steadfast in our focus to accelerate our sport’s global growth potential.
Carmelo Ezpeleta, MotoGP CEO
Not in the filing
stated, not guessed- Forward guidance or outlook for revenue, margins, operating expenses or tax rate: the filing contains no outlook section and no previous outlook was provided.
- Earnings per share (GAAP and non-GAAP) for any period: not printed in the filing.
- Year-over-year percentage change for consolidated total revenue and consolidated operating income: not printed.
- Year-over-year percentage change and prior-quarter figures for consolidated Adjusted OIBDA: percentage not printed for the consolidated line.
- Prior-quarter (Q2 2026) figures for revenue, operating income and Adjusted OIBDA: not printed in this filing.
- Free cash flow: not printed; only operating cash flow and capital expenditure are shown.
- Interest expense, tax and net earnings yoy percentages: not printed.
- Share count, dividends and per-share repurchase data: not printed.
- Corporate and other revenue and Adjusted OIBDA year-over-year percentages: not printed.
- Cash flow statement lines for the three-month period: the cash flow statement is presented for nine months only.
- Exact MotoGP actual Q3 2025 operating income: the MotoGP table prints the pro forma $28 million; the consolidated segment table prints $26 million for the same period, and the filing does not reconcile the two.
- Ticker: the filing header lists FWONA and the body lists both FWONA and FWONK; the report uses FWONK as provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.