Liberty Media Corporation Series A Liberty Formula One Common Stock (FWONA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	-$0.16	$0.03	+118.8%	—	$711M	—
Q4 25	$0.2	$0.24	+20.0%	—	—	—
Q3 25	$0.49	$1.52	+210.2%	—	—	—
Q2 25	-$0.04	$0.09	+325.0%	—	—	—
Q1 25	$0.36	-$0.46	-227.8%	—	—	—
Q4 24	$0.19	$0.48	+152.6%	—	—	—
Q3 24	$0.26	$0.15	-42.3%	—	—	—
Q2 24	$0.04	$0.35	+775.0%	—	—	—
Q1 24	$0.04	$0.33	+725.0%	—	$587M	—
Q3 23	$0.32	$0.39	+21.9%	—	$887M	—
Q2 23	$0.08	$0.41	+412.5%	—	$724M	—
Q1 23	-$0.05	-$0.47	-840.0%	—	$381M	—
Q4 22	$0.07	$1.55	+2114.3%	—	$754M	—
Q3 22	$0.19	$0.31	+63.2%	—	$715M	—
Q2 22	$0.15	$0.35	+133.3%	—	$744M	—
Q1 22	-$0.22	-$0.15	+31.8%	—	$360M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.22	—	—	$4.5B	—
FY24	—	-$0.13	—	—	$3.7B	—
FY23	—	$0.79	—	—	$3.2B	—
FY22	—	$2.39	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$0	$1.8B	$1.8B	$2B	$1.1B	$2.1B	$2.6B	$3.2B	$3.7B	$4.5B
YoY change	0%	+InfinityT%	+2.47%	+10.7%	-43.4%	+86.6%	+20.5%	+25.2%	+13.4%	+22.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	0	1.8B	1.8B	2B	1.1B	2.1B	2.6B	3.2B	3.7B	4.5B
Cost of revenue	0	1.2B	1.3B	1.4B	974M	1.5B	1.8B	2.2B	2.5B	3B
Gross profit	0	564M	554M	628M	171M	647M	823M	982M	1.2B	1.5B
Gross margin	—	31.6%	30.3%	31.1%	14.9%	30.3%	32%	30.5%	31.9%	33.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-511M	199M	204M	210M	174M	210M	288M	316M	408M	514M
Operating expenses	-453M	199M	204M	210M	174M	210M	288M	316M	421M	514M
Operating income	443M	-40M	-110M	-35M	-444M	40M	173M	297M	392M	604M
Operating margin	—	-2.24%	-6.02%	-1.73%	-38.8%	1.87%	6.72%	9.22%	10.7%	13.5%
Non-operating income, net	76M	-44M	102M	-171M	-123M	-74M	227M	128M	-167M	378M
Pretax income	500M	-304M	-200M	-401M	-706M	-157M	251M	211M	17M	733M
Income tax	171M	-561M	-50M	-90M	-112M	-37M	-311M	27M	47M	137M
Net income	329M	257M	-150M	-311M	-594M	-120M	562M	184M	-30M	555M
Net margin	—	14.4%	-8.21%	-15.4%	-51.9%	-5.62%	21.8%	5.71%	-0.82%	12.4%
EBITDA	493M	393M	409M	510M	-248M	384M	647M	752M	802M	1.1B
EPS	0.43	1.23	-0.65	-1.35	-2.57	-0.82	2.39	0.79	-0.13	2.22
Diluted EPS	0.42	1.21	-0.65	-1.35	-2.57	-0.82	2.15	0.62	-0.13	2.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	887M	1.2B	587M	988M	911M	1.2B	447M	1.3B	1.1B	1.6B	711M	934M
Cost of revenue	615M	900M	305M	733M	595M	855M	325M	867M	664M	1.1B	413M	605M
Gross profit	272M	330M	282M	255M	316M	312M	122M	474M	421M	494M	298M	329M
Gross margin	30.7%	26.8%	48%	25.8%	34.7%	26.7%	27.3%	35.3%	38.8%	30.7%	41.9%	35.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	79M	93M	91M	91M	113M	113M	104M	111M	131M	171M	122M	129M
Operating expenses	79M	93M	92M	96M	115M	118M	105M	111M	131M	171M	122M	129M
Operating income	107M	122M	104M	70M	113M	105M	-60M	283M	172M	205M	64M	88M
Operating margin	12.1%	9.92%	17.7%	7.09%	12.4%	9%	-13.4%	21.1%	15.9%	12.7%	9%	9.42%
Non-operating income, net	98M	-17M	51M	6M	56M	-280M	91M	221M	-4M	59M	62M	13M
Pretax income	149M	52M	100M	23M	115M	-221M	-24M	455M	89M	191M	58M	33M
Income tax	31M	-8M	23M	-1M	-2M	27M	-29M	73M	23M	65M	5M	25M
Net income	118M	60M	77M	24M	117M	-248M	5M	382M	66M	85M	53M	8M
Net margin	13.3%	4.88%	13.1%	2.43%	12.8%	-21.3%	1.12%	28.5%	6.08%	5.28%	7.45%	0.86%
EBITDA	225M	261M	202M	177M	221M	202M	54M	427M	283M	352M	181M	214M
EPS	0.5	—	0.33	0.1	0.48	—	0.09	1.53	0.26	—	0.23	0.02
Diluted EPS	0.39	—	0.32	0.1	0.48	—	0.05	1.52	0.24	—	0.03	0.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	9.9B	8.7B	13.5B	12.2B	13.6B	20.2B	22.3B	21.7B
Enterprise value	—	—	—	15B	10.7B	15.1B	13.4B	15.1B	20.5B	26.4B	26.2B
Shares outstanding	83.8M	207M	231M	231M	232M	232M	233M	234M	240M	250M	250M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	21.8	73.7	—	40.3	107.4
P/S	—	—	—	4.91	7.56	6.33	4.75	4.21	5.52	4.99	5.42
P/B	—	—	—	1.9	1.32	1.95	1.76	2.11	2.73	2.64	2.74
EV/EBITDA	—	—	—	29.5	-43.3	39.3	20.8	20	25.6	23.7	30.6
EV/Sales	—	—	—	7.43	9.37	7.06	5.22	4.68	5.62	5.89	6.51
Earnings yield	—	—	—	—	—	—	4.6%	1.36%	—	2.48%	0.93%
FCF yield	—	—	—	2.52%	-1.85%	3.43%	1.99%	1.42%	2.44%	3.36%	3.01%
PEG	—	—	—	—	—	—	—	—	—	—	-1.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	—	31.6%	30.3%	31.1%	14.9%	30.3%	32%	30.5%	31.9%	33.7%	35.2%
Operating margin	—	-2.24%	-6.02%	-1.73%	-38.8%	1.87%	6.72%	9.22%	10.7%	13.5%	16%
Net margin	—	14.4%	-8.21%	-15.4%	-51.9%	-5.62%	21.8%	5.71%	-0.82%	12.4%	5.52%
ROE	25.6%	4.53%	-2.7%	-5.93%	-9.06%	-1.73%	8.1%	2.87%	-0.41%	6.57%	2.73%
ROA	11%	2.18%	-1.37%	-2.7%	-5.31%	-1.03%	5.1%	1.79%	-0.26%	3.6%	2.22%
ROIC	10.8%	-0.36%	-1.05%	-0.34%	-5.14%	0.47%	2.12%	3.27%	0%	3.93%	3.05%
Return on tangible assets	11%	-3.98%	2.33%	6.2%	13.2%	3.68%	-17.4%	-5.47%	1.59%	-6.27%	-2.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.65	1.5	0.86	1.76	3.27	1.83	2.43	2.17	2.67	1.46	1.25
Quick ratio	5.65	1.5	0.86	1.76	3.27	1.83	2.43	2.17	2.67	1.46	1.27
Debt / equity	1.23	1.02	0.91	1.08	0.57	0.52	0.42	0.45	0.4	0.6	0.6
Debt / assets	0.53	0.49	0.46	0.49	0.34	0.31	0.27	0.28	0.25	0.33	0.31
Net debt / EBITDA	2.87	14	11.9	9.98	-8.37	4.05	1.88	1.99	0.45	3.63	3.36
Interest coverage	27.3	-0.38	-0.04	-1.06	-3.84	-0.28	2.68	1.99	1.08	3.94	2.29
Effective tax rate	34.2%	0%	0%	0%	0%	0%	0%	12.8%	100%	18.7%	31.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0	8.61	7.91	8.75	4.94	9.21	11	13.8	15.2	17.9	16.2
EPS (basic)	0.43	1.23	-0.65	-1.35	-2.57	-0.82	2.39	0.79	-0.13	2.22	2.22
EPS (diluted)	0.42	1.21	-0.65	-1.35	-2.57	-0.82	2.15	0.62	-0.13	2.15	0.81
Book value per share	15.3	27.4	24	22.7	28.3	29.9	29.8	27.4	30.8	33.8	31.7
FCF per share	4.49	-0.41	1.1	1.08	-0.69	2	1.04	0.82	2.05	3	3.18
Cash per share	2	1.36	0.69	2.54	7.26	8.94	7.44	6.02	11	4.22	5.16
Capex per share	0.02	0.05	0.06	0.19	0.09	—	—	—	—	0.48	0.51

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	0.56%	0.77%	2.18%	1.83%	—	—	—	—	2.66%	2.97%
Capex / operating cash flow	0.48%	-7.35%	4.11%	72.1%	-19.4%	—	—	—	—	13.7%	13.9%
Payout ratio	0%	0%	0%	0%	0%	0%	0%	0%	—	—	0%
Dividend yield	—	—	—	0%	0%	0%	0%	0%	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$887M	$1.2B	$587M	$988M	$911M	$1.2B	$447M	$1.3B	$1.1B	$1.6B	$711M	$934M
YoY change	+24.1%	+63.1%	+54.1%	+36.5%	+2.71%	-5.12%	-23.9%	+35.7%	+19.1%	+37.9%	+59.1%	-30.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	168M	282M	160M	587M	1.7B	2.1B	1.7B	1.4B	2.6B	1.1B
Receivables	2M	84M	110M	69M	121M	66M	123M	123M	114M	115M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	175M	459M	310M	748M	2.3B	2.4B	2B	1.7B	3B	1.4B
Property, plant & equipment	-71M	-77M	-88M	-59M	-74M	-89M	-108M	-135M	-197M	300M
Goodwill & intangibles	2M	18.3B	17.4B	16.5B	15.7B	14.9B	14.2B	13.6B	13.6B	24.3B
Total assets	3B	11.8B	11B	11.5B	11.2B	11.7B	11B	10.3B	11.8B	15.4B
Accounts payable	16M	258M	233M	264M	150M	308M	396M	535M	645M	575M
Short-term debt	—	—	—	—	209M	695M	61M	36M	26M	52M
Total current liabilities	31M	305M	360M	426M	692M	1.3B	833M	787M	1.1B	939M
Long-term debt	1.6B	5.8B	5B	5.7B	3.5B	2.9B	2.9B	2.9B	3B	5B
Total liabilities	1.7B	6.1B	5.4B	6.3B	4.6B	4.7B	4.1B	3.8B	4.4B	6.9B
Shareholders' equity	1.3B	5.7B	5.6B	5.2B	6.6B	6.9B	6.9B	6.4B	7.4B	8.4B
Total debt	1.6B	5.8B	5B	5.7B	3.8B	3.6B	2.9B	2.9B	3B	5.1B
Net debt	1.4B	5.5B	4.9B	5.1B	2.1B	1.6B	1.2B	1.5B	361M	4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.5B	1.4B	1.2B	1.5B	2.7B	2.6B	2.8B	3.1B	1.3B	1.1B	1.3B	1.5B
Receivables	149M	123M	175M	182M	122M	114M	143M	143M	302M	115M	262M	255M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2B	1.7B	1.7B	2B	3.3B	3B	3.4B	3.8B	2.1B	1.4B	2B	2.1B
Property, plant & equipment	-123M	-135M	-149M	-166M	-183M	-197M	-214M	-184M	-202M	300M	-236M	-256M
Goodwill & intangibles	13.8B	13.6B	14.2B	14B	13.9B	13.6B	13.5B	13.4B	24.9B	24.3B	23.8B	23.4B
Total assets	10.6B	10.3B	10.6B	10.8B	12B	11.8B	12.1B	12.5B	16.4B	15.4B	15.9B	15.9B
Accounts payable	390M	535M	396M	472M	—	645M	330M	—	472M	575M	524M	417M
Short-term debt	32M	36M	36M	37M	21M	26M	30M	34M	42M	52M	53M	72M
Total current liabilities	1.2B	787M	1.1B	1.2B	1.2B	1.1B	1.4B	1.3B	1.7B	939M	1.5B	1.7B
Long-term debt	2.9B	2.9B	2.9B	2.9B	2.9B	3B	3B	3B	5.1B	5B	5B	4.9B
Total liabilities	4.2B	3.8B	4.1B	4.3B	4.3B	4.4B	4.7B	4.6B	7.7B	6.9B	7.5B	7.5B
Shareholders' equity	6.4B	6.4B	6.5B	6.5B	7.6B	7.4B	7.4B	7.9B	8.6B	8.4B	8.4B	8.4B
Total debt	2.9B	2.9B	2.9B	2.9B	2.9B	3B	3B	3B	5.2B	5.1B	5B	4.9B
Net debt	1.4B	1.5B	1.7B	1.4B	262M	361M	149M	-110M	3.9B	4B	3.7B	3.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	329M	257M	-150M	-311M	-594M	-120M	562M	184M	-30M	555M
Depreciation & amortization	10M	405M	460M	453M	441M	397M	362M	369M	352M	393M
Stock-based compensation	13M	32M	25M	28M	21M	29M	16M	20M	30M	21M
Change in working capital	-29M	-282M	98M	58M	-45M	-2M	-87M	46M	39M	84M
Operating cash flow	420M	-136M	341M	61M	-108M	346M	388M	450M	333M	870M
Capital expenditure	-2M	-10M	-14M	-44M	-21M	—	—	—	—	-119M
Investing cash flow	-641M	-1.7B	227M	37M	75M	-1.2B	685M	-84M	-217M	-3.2B
Dividends paid	0	0	0	0	0	0	0	0	—	—
Share repurchases	0	0	0	-24M	-69M	-55M	-616M	0	—	—
Financing cash flow	355M	1.8B	-616M	96M	1.2B	512M	-1.3B	-435M	965M	694M
Net change in cash	134M	40M	-48M	194M	1.1B	-300M	-196M	-69M	1.1B	-1.6B
Free cash flow	376M	-85M	254M	250M	-160M	464M	243M	193M	492M	751M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	118M	60M	77M	-144M	117M	-248M	22M	399M	261M	85M	53M	8M
Depreciation & amortization	86M	115M	86M	89M	88M	89M	77M	80M	118M	118M	112M	112M
Stock-based compensation	4M	6M	12M	5M	6M	6M	2M	6M	7M	6M	5M	6M
Change in working capital	-31M	168M	-90M	14M	8M	110M	-143M	-4M	-115M	346M	-279M	11M
Operating cash flow	134M	305M	69M	186M	224M	-51M	-68M	247M	201M	57M	357M	316M
Capital expenditure	—	—	—	—	—	—	—	-22M	-3M	-61M	-20M	-45M
Investing cash flow	41M	-111M	-269M	1M	43M	-2M	-147M	-10M	486M	-65M	-25M	-53M
Dividends paid	—	—	0	0	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-176M	-9M	-11M	15M	9M	11M	-13M	21M	981M	-295M	-52M	-243M
Net change in cash	-1M	185M	-211M	202M	276M	-42M	-228M	258M	1.7B	-303M	280M	20M
Free cash flow	118M	-53M	113M	-7M	174M	-43M	358M	225M	198M	-4M	337M	271M

Liberty Media Corporation Series A Liberty Formula One Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement