Liberty Media Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenue was $1,226 million for the three months ended September 30, 2026, compared to $1,085 million in the prior year period.
• Consolidated revenue was $2,871 million for the nine months ended September 30, 2026, compared to $2,873 million in the prior year period.
• Consolidated operating income was $237 million for the three months ended September 30, 2026, up from $158 million in the prior year period.
• Consolidated operating income was $389 million for the nine months ended September 30, 2026, up from $371 million in the prior year period.
• Consolidated Adjusted OIBDA was $353 million for the three months ended September 30, 2026, a 19% increase from $297 million in the prior year period.
• Consolidated Adjusted OIBDA was $740 million for the nine months ended September 30, 2026, essentially flat compared to $739 million in the prior year period.
• Formula 1 revenue increased 28% to $1,115 million for the three months ended September 30, 2026, and was relatively flat at $2,496 million for the nine months ended September 30, 2026.
• Formula 1 Adjusted OIBDA increased 44% to $338 million for the three months ended September 30, 2026, and decreased 5% to $649 million for the nine months ended September 30, 2026.
• MotoGP revenue decreased 34% to $111 million for the three months ended September 30, 2026, and decreased 10% to $375 million for the nine months ended September 30, 2026.
• MotoGP Adjusted OIBDA decreased 47% to $35 million for the three months ended September 30, 2026, and decreased 15% to $127 million for the nine months ended September 30, 2026.
• Net earnings attributable to Liberty stockholders were $163 million for the three months ended September 30, 2026, compared to $13 million in the prior year period.
• Net earnings attributable to Liberty stockholders were $225 million for the nine months ended September 30, 2026, compared to $222 million in the prior year period.
• Total cash and cash equivalents increased to $1,758 million as of September 30, 2026, from $1,465 million as of June 30, 2026.
• Short-term investments increased to $581 million as of September 30, 2026, from $0 as of June 30, 2026.
• Total debt increased to $5,529 million as of September 30, 2026, from $4,855 million as of June 30, 2026.
• Consolidated leverage decreased to 3.0x as of September 30, 2026, from 3.4x as of June 30, 2026.
• Deferred revenue increased to $1,293 million as of September 30, 2026, from $263 million as of December 31, 2025.

Guidance and Future Outlook:

• The 2027 Formula 1 calendar includes an expansion of the Sprint race format to ten events.
• F1 Live is scheduled to return in February 2027 in Milan.
• A new ten-year agreement has been announced to hold the African Grand Prix in Rwanda starting in the early 2030s.
• The 2027 MotoGP calendar will feature a new weekend format designed to streamline the event schedule and enhance the fan experience.
• Management stated they are deliberately investing in infrastructure, partnerships, people, and fan touchpoints to position the company for future commercial and geographic expansion.

Business Segments and Product Lines:

• Formula 1 held seven races in the third quarter of 2026 compared to six in the prior year period; 15 races were held year-to-date compared to 17 in the prior year period.
• MotoGP held five races in the third quarter of 2026 compared to seven in the prior year period; 15 races were held year-to-date compared to 17 in the prior year period.
• Formula 1 announced the debut race in Madrid and successfully staged the Bahrain Grand Prix in Malaysia.
• MotoGP renewed the Portuguese Grand Prix through 2029 and the Italian Grand Prix through 2031.
• Formula 1 extended a broadcast agreement with DAZN in Spain, Portugal, and Andorra through 2030.
• MotoGP extended a broadcast agreement with DAZN's Kayo SPORTS and FOXTEL in Australia.
• Formula 1 reported that every race in the 2026 season sold out, with more than half setting attendance records.
• MotoGP promoted Carlos Ezpeleta to Deputy CEO and announced new executive hires, including Chief Commercial, Operating, Strategy, and Media Officers.

Market and Competitive Landscape:

• Formula 1 is expanding its global reach, with plans to race on every inhabited continent by the early 2030s.
• MotoGP is focusing on accelerating the sport's global growth potential through strengthened leadership and renewed promoter relationships.
• Formula 1 digital impressions and audiences continue to grow.

Risks and Challenges:

• Calendar variability, including the inability to hold the Saudi Arabian Grand Prix in April 2026 and the adjustment of the race count from 22 to 23 races, impacted season-based revenue and cost recognition.
• MotoGP results are subject to translational impacts from foreign exchange fluctuations as the majority of revenue and costs are Euro-denominated.
• Additional calendar changes may be necessary for both Formula 1 and MotoGP.
• Forward-looking statements involve risks including consumer demand for live entertainment, regulatory matters, geopolitical unrest, litigation outcomes, and stockholder activism.

Management Commentary and Tone:

• Derek Chang, President and CEO, stated that Formula 1 continues to deliver exceptional performance and is staying nimble throughout a dynamic year.
• Stefano Domenicali, Formula 1 President and CEO, noted the sport has never been stronger with Kimi Antonelli crowned as the youngest ever champion.
• Carmelo Ezpeleta, MotoGP CEO, highlighted the strength of the sporting product and depth of talent driving strong growth in fan engagement.
• Management expressed confidence in building the foundation to unlock MotoGP's significant long-term growth potential.

Other Key Points:

• Liberty Media acquired all shares of its Series B common stock held by Dr. John Malone and related entities in exchange for Series A and Series C common stock, closing on November 4, 2026.
• Following the transaction, Dr. Malone's aggregate voting power declined to approximately 3%.
• Liberty Media issued $690 million of 2.375% convertible senior notes due 2032 in August 2026.
• Proceeds from the new convertible notes will be used to repay the 2.25% convertible senior notes due 2027, purchase a capped call to fund costs associated with the 2027 notes, and for general corporate purposes.
• The total remaining repurchase authorization for Liberty Media as of November 1, 2026, is $1.1 billion.
• There were no repurchases of Liberty Media common stock from August 1 through October 31, 2026.
• Quint was consolidated in results until the split-off of Liberty Live Holdings, Inc. on December 15, 2025.
• MotoGP financial results are presented on a pro-forma basis as if the acquisition closed on January 1, 2024, for comparative purposes.