Liberty Media Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Information About Liberty's Operating Segments (Tables)

Information About Liberty's Operating Segments (Tables)

9 Months Ended

Sep. 30, 2025

Information About Liberty's Operating Segments

Schedule of performance measures


		Three months ended September 30, 2025
							Corporate and
		Formula 1			MotoGP		Other		Eliminations		Total

		amounts in millions
Revenue:
Primary revenue		$	738		147		—		—		885
Other revenue			131		22		68		(21)		200
Total revenue			869		169		68		(21)		1,085
Operating expenses:
Team payments, excluding Concorde incentive payments			(341)		—		—		—		(341)
Other cost of revenue			(211)		(84)		(49)		21		(323)
Selling, general and administrative, excluding stock-based compensation			(83)		(19)		(30)		—		(132)
Adjusted OIBDA		$	234		66		(11)		—		289


		Nine months ended September 30, 2025
							Corporate and
		Formula 1			MotoGP		Other		Eliminations		Total

		amounts in millions
Revenue:
Primary revenue		$	2,089		147		—		—		2,236
Other revenue			409		22		266		(60)		637
Total revenue			2,498		169		266		(60)		2,873
Operating expenses:
Team payments, excluding Concorde incentive payments			(968)		—		—		—		(968)
Other cost of revenue			(613)		(84)		(201)		60		(838)
Selling, general and administrative, excluding stock-based compensation			(237)		(19)		(89)		—		(345)
Adjusted OIBDA		$	680		66		(24)		—		722


		Three months ended September 30, 2024
					Corporate and
		Formula 1			Other		Eliminations		Total

		amounts in millions
Revenue:
Primary revenue		$	758		—		—		758
Other revenue			103		70		(20)		153
Total revenue			861		70		(20)		911
Operating expenses:
Team payments			(371)		—		—		(371)
Other cost of revenue			(190)		(54)		20		(224)
Selling, general and administrative, excluding stock-based compensation			(79)		(32)		—		(111)
Adjusted OIBDA		$	221		(16)		—		205


		Nine months ended September 30, 2024
					Corporate and
		Formula 1			Other		Eliminations		Total

		amounts in millions
Revenue:
Primary revenue		$	1,960		—		—		1,960
Other revenue			325		255		(54)		526
Total revenue			2,285		255		(54)		2,486
Operating expenses:
Team payments			(969)		—		—		(969)
Other cost of revenue			(523)		(195)		54		(664)
Selling, general and administrative, excluding stock-based compensation			(204)		(79)		—		(283)
Adjusted OIBDA		$	589		(19)		—		570

Schedule of other information by segment


		September 30, 2025
		Total			Investments
		assets			in affiliates

		amounts in millions
Formula One Group
Formula 1		$	8,392		3
MotoGP			6,428		—
Corporate and other			2,144		30
Intragroup elimination			(604)		—
Total Formula One Group			16,360		33
Liberty Live Group
Corporate and other			1,489		708
Total Liberty Live Group			1,489		708
Elimination			(28)		—
Consolidated Liberty		$	17,821		741

Schedule Of reconciliation of adjusted OIBDA to operating income (loss) and earnings (loss) from continuing operations before income taxes


		Three months ended					Nine months ended
		September 30,					September 30,
		2025			2024		2025		2024

		amounts in millions
Adjusted OIBDA		$	289		205		722		570
Concorde incentive payments			—		—		(50)		—
Acquisition costs			(14)		(3)		(28)		(23)
Stock-based compensation			(8)		(7)		(18)		(27)
Depreciation and amortization			(118)		(88)		(275)		(263)
Operating income (loss)			149		107		351		257
Interest expense			(86)		(62)		(198)		(184)
Share of earnings (losses) of affiliates, net			121		116		193		175
Realized and unrealized gains (losses) on financial instruments, net			(160)		(55)		(224)		11
Other, net			(1)		29		105		76
Earnings (loss) from continuing operations before income taxes		$	23		135		227		335