Liberty Media Reports Q3 2025 Results: A Racing Revolution
Liberty Media Corporation, a powerhouse in the media and entertainment industry, has just released its third-quarter financial results for 2025, and it's a thrilling ride for investors and racing enthusiasts alike. The company, listed on NASDAQ as FWONA, FWONK, LLYVA, and LLYVK, has been making headlines with its Formula One Group and Liberty Live Group, and the numbers are in.
Formula One Group: Accelerating Growth
The Formula One Group, a subsidiary of Liberty Media, has been on a roll, renewing agreements with prestigious races like the Austin Grand Prix and Azerbaijan Grand Prix, and extending its partnership with the iconic Monaco Grand Prix. But here's where it gets exciting: they've announced Apple as their new US broadcast partner, riding on the success of F1 The Movie, which grossed approximately $630 million worldwide, making it Apple's biggest movie to date.
The group has also expanded its licensing agreements with Pottery Barn Kids, Pottery Barn Teen, and Hello Kitty x F1 Academy, further diversifying its brand presence.
MotoGP Acquisition: A Strategic Move
Liberty Media completed its acquisition of MotoGP on July 3rd, 2025, and the results are already promising. They've renewed agreements with key races like the Japanese Grand Prix and extended broadcast partnerships, including a new sponsorship deal with Repsol for Moto2 and Moto3. The MotoGP debt facilities have been refinanced with extended maturities and reduced interest rates, a strategic move to strengthen the group's financial position.
Liberty Live Group: Unlocking Value
The fair value of Liberty Media's investment in Live Nation was $11.4 billion as of September 30th, 2025, and the company is gearing up for a split-off on December 15th. This move is expected to highlight the value of Liberty Media's position in Live Nation, a leading live entertainment company.
Corporate Updates: A Strategic Acquisition
On July 3rd, 2025, Liberty Media acquired approximately 84% of MotoGP, retaining 16% for management. This strategic acquisition is presented in the financial results as if it occurred on January 1, 2024, providing a comprehensive view of the company's performance.
Discussion of Results: A Detailed Analysis
The financial discussion compares the three and nine months ended September 30, 2025, with the same period in 2024, offering a comprehensive view of the company's performance. The Formula One Group's financial results for Q3 2025 showcase a robust performance, with increased revenue and operating income, driven by the success of F1 and MotoGP.
F1 Operating Results: Thrilling Racing, Thriving Business
F1 President and CEO, Stefano Domenicali, highlights the incredible season, with thrilling races, tight competition, and a growing fan base. The group has successfully renewed commercial agreements, signed new partners, and expanded its US distribution with Apple. The success of the F1 movie and increased engagement across channels further solidify F1's cultural impact.
MotoGP Operating Results: Building Momentum
MotoGP President and CEO, Carmelo Ezpeleta, expresses excitement about the acquisition, stating that they've signed new sponsors and renewed partnerships, building on the momentum from their brand refresh. The season is closing with record attendance and increased engagement across various platforms.
Corporate and Other Operating Results: Diversified Revenue Streams
Corporate and Other Adjusted OIBDA includes rental income from Grand Prix Plaza in Las Vegas, Quint results, and corporate overhead. The revenue remained stable in Q3, with rental income offsetting a decline in Quint revenue. Quint's revenue is seasonal, with the third quarter being proportionally smaller.
Share Repurchases: A Strategic Pause
There were no repurchases of Liberty Media's common stock from August 1 through October 31, 2025, with a remaining repurchase authorization of $1.1 billion, applicable to any of the Liberty Media tracking stocks.
Cash and Debt: A Balancing Act
The acquisition of MotoGP impacted Liberty Media's cash and debt position, with a decrease in total cash and cash equivalents attributed to the Formula One Group and an increase in total debt. The company remains in compliance with its debt covenants as of September 30th, 2025.
Important Notice: Earnings Call and Forward-Looking Statements
Liberty Media will discuss these results and other matters on its earnings call on November 5th, 2025. The company also includes forward-looking statements regarding business strategies, market potential, and future financial performance, which are subject to risks and uncertainties.
Financial Statements: A Comprehensive Overview
The press release provides detailed financial statements for the three months ended September 30, 2025, and 2024, offering a comprehensive view of the company's performance.
Non-GAAP Financial Measures: Additional Insights
The press release includes non-GAAP financial measures, such as Adjusted OIBDA, to provide investors with additional insights into the company's financial performance. These measures are reconciled to their most directly comparable GAAP measures.
And this is the part most people miss...
Liberty Media's Q3 2025 results showcase a company in motion, with strategic acquisitions, expanded partnerships, and a focus on unlocking value. But here's the question: Can Liberty Media sustain this momentum in a rapidly changing media landscape? Share your thoughts in the comments, and let's discuss the future of this racing revolution.
