Earnings Releases·Nov 5, 2026, 4:26 PM ET

Liberty Media Corporation — Third Quarter 2026 Earnings Summary

Consolidated revenue rose 13% to $1,226 million in Q3 2026 (vs. $1,085 million prior year), while operating income increased 50% to $237 million; Adjusted OIBDA grew 19% to $353 million, driven by a 28% surge in Formula 1 revenue, though MotoGP revenue fell 34%.
Net earnings attributable to Liberty stockholders jumped to $163 million in Q3 from $13 million in the prior year, and total cash and cash equivalents increased to $1,758 million, while consolidated leverage improved to 3.0x.
Strategic capital allocation included the issuance of $690 million in convertible senior notes due 2032 to refinance 2027 debt, and the acquisition of all Series B common stock from Dr. John Malone, reducing his aggregate voting power to approximately 3%.
Future outlook highlights Formula 1 expanding the Sprint format to ten events in 2027, a new ten-year agreement for the African Grand Prix in Rwanda starting in the early 2030s, and MotoGP's introduction of a new weekend format in 2027.
Deferred revenue surged to $1,293 million as of September 30, 2026, from $263 million at year-end 2025, reflecting strong contract positioning despite calendar variability and foreign exchange impacts on MotoGP results.