Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Schedule of allowance for credit losses |
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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amounts in millions |
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Balance, beginning of period |
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$ |
3 |
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2 |
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3 |
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Provision charged to expense |
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4 |
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1 |
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1 |
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Write-offs, net of recoveries |
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(4) |
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— |
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(2) |
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Balance, end of period |
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$ |
3 |
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3 |
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2 |
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| Property, Plant and Equipment |
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Estimated |
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December 31, |
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Useful Life |
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2025 |
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2024 |
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amounts in millions |
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Land |
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NA |
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$ |
283 |
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262 |
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Buildings and improvements |
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3 - 40 years |
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568 |
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538 |
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Support equipment |
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3 - 15 years |
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236 |
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205 |
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Construction in progress |
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NA |
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— |
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2 |
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Total property and equipment |
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$ |
1,087 |
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1,007 |
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| Formula 1 |
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| Schedule of revenue disaggregated by segment and by source |
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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amounts in millions |
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Primary |
$ |
3,086 |
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2,757 |
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2,560 |
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Other |
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787 |
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654 |
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662 |
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Total Formula 1 revenue |
$ |
3,873 |
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3,411 |
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3,222 |
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| Formula One Group |
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| Schedule for reconciliation of basic and diluted weighted average shares |
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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number of shares in millions |
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Basic WASO |
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250 |
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240 |
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234 |
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Potentially dilutive shares (a) |
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8 |
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3 |
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6 |
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Diluted WASO (b) |
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258 |
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243 |
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240 |
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| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses are reported since the result would be antidilutive. |
| (b) |
As described in note 1, the Liberty SiriusXM Group’s intergroup interest in the Formula One Group was settled and extinguished in 2023. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group had an attributed value in the Formula One Group which was generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock was underlying the 1.375% Cash Convertible Senior Notes due 2023 (the “Convertible Notes”). Therefore, the market price of Series A Liberty Formula One common stock was used for the quarterly mark-to-market adjustment. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest was dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period.
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For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. In addition, for periods in which share settlement of the Shareholders’ Agreement, which may be partially settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the share of earnings (loss) attributable to the noncontrolling interests, net of tax where appropriate.
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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amounts in millions |
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Basic earnings (loss) attributable to Liberty Formula One stockholders |
$ |
603 |
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(30) |
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185 |
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Adjustments |
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(42) |
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— |
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(37) |
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Diluted earnings (loss) attributable to Liberty Formula One stockholders |
$ |
561 |
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(30) |
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148 |
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| MotoGP |
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| Schedule of revenue disaggregated by segment and by source |
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Year ended |
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December 31, 2025 |
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amounts in millions |
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Primary |
$ |
284 |
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Other |
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41 |
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Total MotoGP revenue |
$ |
325 |
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| Liberty Live Group |
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| Schedule for reconciliation of basic and diluted weighted average shares |
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January 1, 2025 to |
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Year ended |
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August 3, 2023 to |
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December 15, 2025 |
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December 31, 2024 |
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December 31, 2023 |
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number of shares in millions |
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Basic WASO |
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92 |
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92 |
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92 |
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Potentially dilutive shares (a) |
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— |
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— |
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— |
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Diluted WASO |
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92 |
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92 |
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92 |
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| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty Live Group are reported since the result would be antidilutive. |
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| Liberty SiriusXM Group |
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| Schedule for reconciliation of basic and diluted weighted average shares |
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January 1, 2024 to |
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Year ended |
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September 9, 2024 |
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December 31, 2023 |
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number of shares in millions |
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Basic WASO |
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327 |
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327 |
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Potentially dilutive shares (a) |
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13 |
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16 |
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Diluted WASO (b) |
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340 |
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343 |
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| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. |
| (b) |
For periods in which share settlement of the 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049, which could have been settled in shares of Series C Liberty SiriusXM common stock, and 3.75% Convertible Senior Notes due 2028, which could have been settled in shares of Series A Liberty SiriusXM common stock, were dilutive, the numerator adjustment includes a reversal of the interest expense
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and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. The settlement of the 2.125% Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125% Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture.
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January 1, 2024 to |
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Year ended |
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September 9, 2024 |
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December 31, 2023 |
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amounts in millions |
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Basic earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders |
$ |
(2,002) |
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829 |
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Adjustments |
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(93) |
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1 |
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Diluted earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders |
$ |
(2,095) |
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830 |
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| Braves Group |
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| Schedule for reconciliation of basic and diluted weighted average shares |
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January 1, 2023 to |
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July 18, 2023 |
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number of shares in millions |
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Basic WASO |
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53 |
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Potentially dilutive shares (a) |
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1 |
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Diluted WASO (b) |
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54 |
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| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive. |
| (b) |
As described in note 1, the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group were settled and extinguished in connection with the Atlanta Braves Holdings Split-Off. The intergroup interests were quasi-equity interests that were not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group had attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests were marked to fair value. As the notional shares underlying the intergroup interests were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock was underlying the Convertible Notes. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock were historically used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively. During the second quarter of 2023, Liberty determined that, in connection with the Atlanta Braves Holdings Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves
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Group attributed to the Liberty SiriusXM Group. Following such determination, the market price of Series C Liberty Braves common stock was used for the mark-to-market adjustment for the intergroup interest held by the Liberty SiriusXM Group. |
The notional shares representing the intergroup interests had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interests were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interests were dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period.
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January 1, 2023 to |
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July 18, 2023 |
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amounts in millions |
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Basic earnings (loss) attributable to Liberty Braves stockholders |
$ |
(111) |
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Adjustments |
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— |
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Diluted earnings (loss) attributable to Liberty Braves stockholders |
$ |
(111) |
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| Braves Holdings |
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| Schedule of revenue disaggregated by segment and by source |
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Year ended |
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December 31, 2023 |
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amounts in millions |
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Baseball |
$ |
318 |
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Mixed-Use Development |
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32 |
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Total Braves Holdings revenue |
$ |
350 |
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