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

Quarterly report [Sections 13 or 15(d)]

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

9 Months Ended

Sep. 30, 2026

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

(5) Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.

Excluded from diluted EPS for the three and nine months ended September 30, 2026 are approximately 2 million and 5 million potentially dilutive shares of Liberty Media’s common stock, respectively, because their inclusion would be antidilutive. There were no potentially dilutive shares of Liberty Media’s common stock excluded from diluted EPS for the three months ended September 30, 2025 because their inclusion would be antidilutive. Excluded from diluted EPS for the nine months ended September 30, 2025 are approximately 2 million potentially dilutive shares of Liberty Media’s common stock because their inclusion would be antidilutive. There were no potentially dilutive shares of Liberty Live common stock excluded from diluted EPS for the three and nine months ended September 30, 2025 because their inclusion would be antidilutive.

Series A, Series B and Series C Common Stock

The basic and diluted EPS calculations are based on the following WASO.


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026	2025

		number of shares in millions
Basic WASO		251	250		251	250
Potentially dilutive shares (a)		13	11		8	7
Diluted WASO		264	261		259	257

(a)	Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026	2025

		amounts in millions
Basic earnings (loss) attributable to Liberty Media's stockholders	$	163	66		225	470
Adjustments (a)		(49)	(3)		(97)	(11)
Diluted earnings (loss) attributable to Liberty Media's stockholders	$	114	63		128	459

(a)

For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027 or 2.375% Convertible Senior Notes due 2032 (as defined in note 7), which may be settled in shares of Series C common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments 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 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.

Series A, Series B and Series C Liberty Live Common Stock

The basic and diluted EPS calculations are based on the following WASO.


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

	number of shares in millions
Basic WASO		92	92
Potentially dilutive shares (a)		1	—
Diluted WASO		93	92

(a)

Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.