Liberty Media Reports Strong 2025 Financial Results with Record Growth for Formula 1 and MotoGP

Liberty Media Reports Strong 2025 Results: F1 and MotoGP Drive Growth, Strategic Moves Ahead

Key Financial and Strategic Highlights for Investors

Overview

Liberty Media Corporation (NASDAQ: FWONA, FWONK) has released its financial and operating results for the fourth quarter and full year ended December 31, 2025. The company delivered robust growth, highlighted by record results in both Formula 1 (F1) and the first pro-forma year of MotoGP under Liberty ownership. Management also highlighted significant corporate actions, including the split-off of Liberty Live Holdings, strategic contract extensions, and new global partnerships.

Key Financial Results

Consolidated Revenue: \$4.48 billion for 2025, up from \$3.65 billion in 2024, representing 23% year-over-year growth.
Operating Income: \$577 million, more than doubling from \$287 million in 2024.
Adjusted OIBDA: \$1.07 billion, a 38% increase from \$774 million in the prior year.
Net Earnings (attributable to Liberty stockholders): \$555 million, rebounding from a net loss of \$2.06 billion in 2024.
Cash and Equivalents: \$1.06 billion as of December 31, 2025.
Total Debt: \$5.10 billion.

Segment Performance

Formula 1 (F1)

Revenue: \$3.87 billion (up 14% from \$3.41 billion).
Operating Income: \$632 million (up 28% from \$492 million).
Adjusted OIBDA: \$946 million (up 20% from \$791 million).
Record Fan Engagement: 2025 F1 attendance reached 6.75 million (up 4% YoY), live viewership up 21%.
Strategic Deals: Announced return of the Portugal Grand Prix (2027–2028), extended Barcelona-Catalunya Grand Prix through 2032 (rotating with Belgium), new multi-year sponsorship with Standard Chartered, extended ESPN broadcast in Latin America/Caribbean through 2028.
Las Vegas Grand Prix: Sold out with over 300,000 weekend attendees, generating 1.8 billion social impressions.
Concorde Agreement: Signed with all teams and the FIA through 2030, providing financial and regulatory stability.
New Sponsors: Partnerships with Disney, Lego, Pepsi, Apple, and Standard Chartered.
2026 Outlook: New races (Madrid), debuts (Cadillac, Audi), and returns (Honda, Ford) expected to further boost engagement and revenues.

MotoGP

Pro Forma Revenue: \$573 million (up 14%).
Operating Income: \$54 million (up 86%).
Adjusted OIBDA: \$201 million (up 15%).
Record Attendance: Over 3.66 million fans (up 21% YoY), cumulative TV viewership up 9%.
Major Deals: Australia Grand Prix in Adelaide (2027–2032, first city-center race), extended Thailand Grand Prix (through 2031), renewed Sky Italia (2027), new free-to-air partner Band for Brazil, extended Motul and new title sponsor Estrella Galicia 0,0 for Brazil.
Season Launch: Second annual event in Kuala Lumpur, with attendance doubling.
2025 Calendar: 22 races (up from 20).
Upcoming Moves: Argentinian Grand Prix relocating to Buenos Aires, expected to strengthen MotoGP’s urban and international reach.

Corporate Actions & Capital Structure

Liberty Live Split-Off: Completed December 15, 2025. Liberty Media and Liberty Live Holdings are now separately traded asset-backed companies. All Live Nation-related assets and debt moved to Liberty Live, with Liberty Media’s financials reflecting discontinued operations.
Share Repurchases: No share repurchases from November 1, 2025 to January 2026. Remaining buyback authorization is \$1.1 billion.
Debt Profile: F1 senior loans at \$3.35 billion, MotoGP credit at \$1.17 billion. Leverage ratios improved: F1 leverage at 2.8x (down from 3.0x), MotoGP at 4.7x (down from 5.6x), consolidated leverage at 3.6x (down from 3.8x). Both F1 and MotoGP are in compliance with debt covenants.
Cash Movements: Cash and equivalents decreased \$236 million in Q4 2025, mainly due to the split-off and F1 working capital/capex needs.

Management Commentary & Strategic Priorities

Derek Chang, President & CEO, emphasized Liberty’s successful execution of strategic objectives: accelerating F1’s growth, completing the MotoGP acquisition, and streamlining the group post-split-off. The focus for 2026 remains on sustaining F1’s momentum, growing MotoGP, and disciplined capital allocation.

F1 CEO Stefano Domenicali underscored 2025’s record season, noting the sport’s exceptional health, expansion in new markets, and the incoming 2026 technical regulations and manufacturer entries, all of which are expected to drive further engagement and value.

MotoGP CEO Carmelo Ezpeleta highlighted record attendance and engagement, expansion into new cities (e.g., Adelaide, Buenos Aires), and ongoing investments in commercial and marketing functions to widen the global audience.

Other Noteworthy Items for Investors

Balance Sheet Strength: Total assets rose to \$15.4 billion (from \$13.0 billion), driven by increased goodwill/intangibles from MotoGP and growth investments.
Revenue Mix: F1 primary revenue (race promotion, media rights, sponsorship) accounted for the majority—media rights 31.3%, race promotion 26.7%, sponsorship 21.7%, other (hospitality, freight, licensing) 20.3%. MotoGP revenue was 41.2% media rights, 33.7% race promotion, 12.7% sponsorship, and 12.4% other.
Operational Risks: Forward-looking statements highlight risks such as regulatory changes, consumer demand uncertainty, litigation, and integration of acquisitions.

Potential Share Price Sensitivities

Record financial results, especially the substantial jumps in operating income, Adjusted OIBDA, and return to profitability, are likely to be viewed positively by the market.
Strategic long-term agreements (Concorde, Grand Prix extensions, new city-center races) de-risk future earnings and increase visibility.
Completion of the Liberty Live split-off simplifies the investment structure, which could appeal to investors seeking pure-play exposure to F1 and MotoGP.
Large remaining share buyback authorization provides support and potential upside to the share price.
Healthy cash position and manageable leverage ensure financial flexibility for future investments or shareholder returns.

Disclaimer

This article is for informational purposes only. It does not constitute investment advice, an offer, or solicitation to buy or sell any security. Readers should consult their own financial advisors and review Liberty Media’s SEC filings and press releases for more details. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially.