Liberty Media Corp 10-Q for FY2026 Q3

Liberty Media Corp (FWONA)

10-Q 2026-11-05 For: 2026-09-30

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Added on November 05, 2026

About this 10-Q

Liberty Media Corp filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

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Nevada		37-1699499
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

12300 Liberty Boulevard Englewood, Colorado		80112
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Series A Common Stock	FWONA	The Nasdaq Stock Market LLC
Series C Common Stock	FWONK	The Nasdaq Stock Market LLC


Large Accelerated Filer ☒		Accelerated Filer ☐		Non-accelerated Filer ☐		Smaller Reporting Company ☐		Emerging Growth Company ☐


	Series A	Series B	Series C
Liberty Media Corporation common stock	23,991,058	2,381,188	224,427,510


Part I — Financial Information
Item 1. Financial Statements
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited)	I-3
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)	I-5
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)	I-7
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited)	I-8
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Equity (unaudited)	I-9
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)	I-11

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	I-29
Item 3. Quantitative and Qualitative Disclosures about Market Risk	I-41
Item 4. Controls and Procedures	I-42

Part II — Other Information
Item 1. Legal Proceedings	II-1
Item 1A. Risk Factors	II-1
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	II-2
Item 5. Other Information	II-2
Item 6. Exhibits	II-3

SIGNATURES	II-4


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	September 30, 2026		December 31, 2025

	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	1,758	1,055
Trade and other receivables, net		204	115
Short term investments		581	—
Contract assets		96	114
Prepaid and other current assets		446	89
Total current assets		3,085	1,373

Property and equipment, at cost		1,178	1,087
Accumulated depreciation		(277)	(219)
		901	868

Goodwill		6,870	7,025
Intangible assets subject to amortization, net		4,749	5,102
Deferred income tax assets		476	539
Other assets		669	491
Total assets	$	16,750	15,398

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	348	575
Current portion of debt, including $557 million and zero measured at fair value, respectively (note 7)		635	52
Deferred revenue		1,293	263
Other current liabilities		65	49
Total current liabilities		2,341	939
Long-term debt, including $647 million and $597 million measured at fair value, respectively (note 7)		4,893	5,048
Deferred income tax liabilities		584	656
Other liabilities		387	305
Total liabilities	$	8,205	6,948


		September 30, 2026		December 31, 2025

		amounts in millions, except share amounts
Redeemable noncontrolling interests in equity of subsidiary (note 3)		$	667	693

Stockholders' equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued			—	—
Series A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 23,991,058 shares at September 30, 2026 and 23,991,058 shares at December 31, 2025			—	—
Series B common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,381,188 shares at September 30, 2026 and 2,381,188 shares at December 31, 2025			—	—
Series C common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 224,427,510 shares at September 30, 2026 and 224,102,042 shares at December 31, 2025			3	2
Additional paid-in capital			16	—
Accumulated other comprehensive earnings (loss), net of taxes			(151)	(30)
Retained earnings			8,010	7,785
Total stockholders' equity			7,878	7,757
Commitments and contingencies (note 8)
Total liabilities and equity		$	16,750	15,398


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

	amounts in millions,
	except per share amounts
Revenue:
Motorsport revenue	$	1,226	1,024	2,871	2,627
Other revenue		—	61	—	246
Total revenue		1,226	1,085	2,871	2,873
Operating costs and expenses:
Cost of motorsport revenue (exclusive of depreciation shown separately below)		732	631	1,750	1,696
Other cost of sales		—	33	—	160
Selling, general and administrative, including stock-based compensation (note 4)		147	131	398	343
Acquisition costs		—	14	—	28
Depreciation and amortization		110	118	334	275
		989	927	2,482	2,502
Operating income (loss)		237	158	389	371
Other income (expense):
Interest expense		(69)	(79)	(205)	(176)
Realized and unrealized gains (losses) on financial instruments, net (note 6)		66	16	122	251
Other, net		10	(9)	29	90
		7	(72)	(54)	165
Earnings (loss) from continuing operations before income taxes		244	86	335	536
Income tax (expense) benefit		(82)	(23)	(112)	(70)
Net earnings (loss) from continuing operations		162	63	223	466
Net earnings (loss) from discontinued operations (note 2)		—	(50)	—	(244)
Net earnings (loss)		162	13	223	222
Less net earnings (loss) attributable to the redeemable noncontrolling interests		(1)	—	(2)	—
Net earnings (loss) attributable to Liberty stockholders	$	163	13	225	222

Net earnings (loss) from continuing operations attributable to Liberty stockholders:
Liberty Media's common stock	$	163	66	225	470
Liberty Live common stock		NA	(3)	NA	(4)
Net earnings (loss) from discontinued operations attributable to Liberty stockholders:
Liberty Live common stock		NA	(50)	NA	(244)
	$	163	13	225	222


											Accumulated
									Additional		other
	Preferred			Common stock					Paid-in		comprehensive	Retained	Total
	Stock			Series A		Series B		Series C	Capital		earnings (loss)	earnings	equity

	amounts in millions
Balance at June 30, 2026	$	—		—		—		3	6		(149)	7,759	7,619
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interests)		—		—		—		—	—		—	163	163
Other comprehensive earnings (loss)		—		—		—		—	—		(2)	—	(2)
Stock-based compensation		—		—		—		—	6		—	—	6
Redeemable noncontrolling interest fair value adjustment		—		—		—		—	—		—	88	88
Other, net		—		—		—		—	4		—	—	4
Balance at September 30, 2026	$	—		—		—		3	16		(151)	8,010	7,878


	Stockholders' equity
												Accumulated		Noncontrolling
										Additional		other		interest in
	Preferred			former Liberty Formula One			Liberty Live			Paid-in		comprehensive	Retained	equity of	Total
	Stock			Series A	Series B	Series C	Series A	Series B	Series C	Capital		earnings (loss)	earnings	subsidiaries	equity

	amounts in millions
Balance at June 30, 2025	$	—		—	—	2	—	—	1	—		(81)	7,419	22	7,363
Net earnings (loss)		—		—	—	—	—	—	—	—		—	13	—	13
Other comprehensive earnings (loss)		—		—	—	—	—	—	—	—		14	—	—	14
Stock-based compensation		—		—	—	—	—	—	—	8		—	—	—	8
Issuance of common stock upon exercise of stock options		—		—	—	—	—	—	—	1		—	—	—	1
Reclassification of additional paid-in capital		—		—	—	—	—	—	—	(7)		—	7	—	—
Other, net		—		—	—	—	—	—	—	(2)		—	1	—	(1)
Balance at September 30, 2025	$	—		—	—	2	—	—	1	—		(67)	7,440	22	7,398


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

	amounts in millions
Selling, general and administrative	$	9	20
		9	20
Operating income (loss)		(9)	(20)
Other income (expense):
Interest expense		(7)	(22)
Share of earnings (losses) of affiliates, net		125	198
Realized and unrealized gains (losses) on financial instruments, net		(176)	(475)
Other, net		4	10
		(54)	(289)
Earnings (loss) from discontinued operations before income taxes		(63)	(309)
Income tax (expense) benefit		13	65
Net earnings (loss) from discontinued operations		(50)	(244)
Less net earnings (loss) from discontinued operations attributable to the noncontrolling interests		—	—
Net earnings (loss) from discontinued operations attributable to Liberty stockholders	$	(50)	(244)


Prepaid consideration	$	148
Closing consideration		3,511
Total acquisition consideration	$	3,659

Cash and cash equivalents	$	375
Goodwill		3,006
Intangible assets subject to amortization, net		2,789
Other assets		150
Deferred revenue		(106)
Long-term debt		(1,140)
Deferred income tax liabilities		(617)
Other liabilities		(107)
Redeemable noncontrolling interests in equity of subsidiary		(691)
Total acquisition consideration	$	3,659


	Options	Weighted
	granted	average
	(000's)	GDFV
Series C common stock, subsidiary employees (1)	181	$	26.40


				Weighted		Aggregate
				average		intrinsic
	Options			remaining		value
	(000's)	WAEP		life		(millions)
Outstanding at January 1, 2026	3,534	$	48.02
Granted	181	$	84.25
Exercised	(426)	$	31.94
Forfeited/Cancelled	—	$	—
Outstanding at September 30, 2026	3,289	$	52.10	2.2	years	$	133
Exercisable at September 30, 2026	2,558	$	41.89	1.1	years	$	129


	September 30, 2026				December 31, 2025
			Quoted prices	Significant		Quoted prices	Significant
			in active	other		in active	other
			markets for	observable		markets for	observable
			identical assets	inputs		identical assets	inputs
	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)

	amounts in millions
Cash equivalents	$	1,426	1,401	25	783	783	—
Short term investments	$	581	—	581	—	—	—
Financial instrument assets	$	299	117	182	122	109	13
Debt	$	1,204	—	1,204	597	—	597


		Outstanding			Carrying value
		Principal			September 30,			December 31,
		September 30, 2026			2026			2025

		amounts in millions
Corporate level notes and loans:
2.25% Convertible Senior Notes due 2027 (1)			475			557		597
2.375% Convertible Senior Notes due 2032 (1)			690			647		—
Other			21			21		24
Subsidiary notes and loans:
Formula 1 Senior Loan Facilities			3,319			3,302		3,331
MotoGP Credit Facilities			1,024			1,024		1,173
Deferred financing costs						(23)		(25)
Total debt		$	5,529			5,528		5,100
Debt classified as current						(635)		(52)
Total long-term debt					$	4,893		5,048


	Three months ended September 30, 2026
				Reportable	Corporate and
	Formula 1		MotoGP	segments total	Other	Eliminations	Total

	amounts in millions
Revenue:
Primary revenue	$	934	99	1,033	—	—	1,033
Other revenue		181	12	193	6	(6)	193
Total revenue		1,115	111	1,226	6	(6)	1,226
Operating expenses:
Team payments		(422)	—	(422)	—	—	(422)
Other cost of revenue		(261)	(55)	(316)	—	6	(310)
Selling, general and administrative, excluding stock-based compensation		(94)	(21)	(115)	(26)	—	(141)
Adjusted OIBDA	$	338	35	373	(20)	—	353


	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


	Nine months ended September 30, 2026
				Reportable	Corporate and
	Formula 1		MotoGP	segments total	Other	Eliminations	Total

	amounts in millions
Revenue:
Primary revenue	$	2,052	332	2,384	—	—	2,384
Other revenue		444	43	487	18	(18)	487
Total revenue		2,496	375	2,871	18	(18)	2,871
Operating expenses:
Team payments		(922)	—	(922)	—	—	(922)
Other cost of revenue		(657)	(189)	(846)	—	18	(828)
Selling, general and administrative, excluding stock-based compensation		(268)	(59)	(327)	(54)	—	(381)
Adjusted OIBDA	$	649	127	776	(36)	—	740


	Three months ended September 30, 2025
				Reportable	Corporate and
	Formula 1		MotoGP	segments total	Other	Eliminations	Total

	amounts in millions
Revenue:
Primary revenue	$	738	147	885	—	—	885
Other revenue		131	22	153	68	(21)	200
Total revenue		869	169	1,038	68	(21)	1,085
Operating expenses:
Team payments		(341)	—	(341)	—	—	(341)
Other cost of revenue		(211)	(84)	(295)	(49)	21	(323)
Selling, general and administrative, excluding stock-based compensation		(83)	(19)	(102)	(22)	—	(124)
Adjusted OIBDA	$	234	66	300	(3)	—	297


	Nine months ended September 30, 2025
				Reportable	Corporate and
	Formula 1		MotoGP	segments total	Other	Eliminations	Total

	amounts in millions
Revenue:
Primary revenue	$	2,089	147	2,236	—	—	2,236
Other revenue		409	22	431	266	(60)	637
Total revenue		2,498	169	2,667	266	(60)	2,873
Operating expenses:
Team payments		(968)	—	(968)	—	—	(968)
Other cost of revenue		(613)	(84)	(697)	(201)	60	(838)
Selling, general and administrative, excluding stock-based compensation		(237)	(19)	(256)	(72)	—	(328)
Adjusted OIBDA	$	680	66	746	(7)	—	739


	September 30, 2026
	amounts in millions
Formula 1	$	9,153
MotoGP		6,022
Corporate and other		2,150
Elimination		(575)
Total assets	$	16,750


Variable rate debt				Fixed rate debt
Principal		Weighted avg		Principal		Weighted avg
amount		interest rate		amount		interest rate
dollar amounts in millions
$	2,143	5.4	%	$	3,386	3.9	%


Exhibit No.		Name
31.1	Rule 13a-14(a)/15d-14(a) Certification*
31.2	Rule 13a-14(a)/15d-14(a) Certification*
32	Section 1350 Certification**
101.INS	Inline XBRL Instance Document* - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document*
101.LAB	Inline XBRL Taxonomy Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Definition Document*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		LIBERTY MEDIA CORPORATION
Date:	November 5, 2026	By:	/s/ DEREK CHANG
			Derek Chang President and Chief Executive Officer
Date:	November 5, 2026	By:	/s/ BRIAN J. WENDLING
			Brian J. Wendling Chief Accounting Officer and Principal Financial Officer


Dated: November 5, 2026		/s/ DEREK CHANG
		Derek Chang President and Chief Executive Officer
Dated: November 5, 2026		/s/ BRIAN J. WENDLING
		Brian J. Wendling Chief Accounting Officer and Principal Financial Officer