Liberty Media Revenue Jumps 13% to $1.226 Billion Despite EPS Miss
Key Facts
Liberty Media reported on Nov. 5 results for the third quarter ended Sept. 30, 2026, posting consolidated revenue of $1.226 billion, up about 13% from $1.085 billion a year earlier. Earnings per share came to $0.43, missing the $0.55 estimate by $0.12, according to Quiver Quantitative. Meanwhile, consolidated operating income rose to $237 million from $158 million, and Adjusted OIBDA increased to $353 million from $297 million. The figures show year-over-year growth in revenue and operating metrics alongside an EPS shortfall against analysts’ estimate. Liberty Media’s portfolio includes assets such as Formula 1 and MotoGP, as well as minority investments.
Formula 1 growth was the main driver of quarterly results, with revenue rising 28% to $1.115 billion and operating income reaching $270 million. Adjusted OIBDA also climbed to $338 million, up 44% year over year. The company attributed the increase to holding 7 races during the quarter, compared with 6 in the same period of 2025. It said higher promotion, media rights and sponsorship revenue reflected differences in the race schedule and contractual fee increases, while hospitality revenue also grew. That put Formula 1’s performance on a different trajectory from MotoGP’s over the same period.
MotoGP posted revenue of $111 million, down 34%, and an operating loss of $3 million. Adjusted OIBDA was about $35 million, down 47% on a comparable basis favorable to the company. Liberty Media attributed the revenue decline to holding two fewer races during the period and lower contractual media rights revenue. While Formula 1 benefited from more races, fewer events weighed on MotoGP revenue and its adjusted operating metric. The comparison highlights how the race calendar affected the two assets differently in the quarter.
For the first nine months of 2026, consolidated revenue was $2.871 billion, compared with $2.873 billion in the same period a year earlier, while Adjusted OIBDA rose to $740 million from $739 million. In the third quarter alone, the company recorded income from continuing operations of $162 million, compared with $63 million in the third quarter of 2025. Formula 1 revenue for the nine months was $2.496 billion, compared with $2.498 billion. Its other revenue rose to $444 million from $409 million, while Adjusted OIBDA declined to $649 million from $680 million. Formula 1 CEO Stefano Domenicali said all races on the season’s calendar sold out, more than half set attendance records, and digital impressions and fan audiences continued to grow.
In the market, FWONK closed at $106.52 on Nov. 5, compared with $98.93 on Nov. 4. On the business front, the company announced an extension of its broadcast agreement with DAZN in Spain, Portugal and Andorra through 2030, and renewals for the Portuguese Grand Prix through 2029 and the Italian Grand Prix through 2031. Formula 1 also announced a 10-year agreement to hold the African Grand Prix in Rwanda, beginning in the early 2030s. Plans for next season include expanding Sprint races to 10 events on the 2027 calendar and the return of the F1 Live event in Milan in February 2027. Liberty Media Chairman and CEO Derek Chang said the company is investing in infrastructure, partnerships, people and fan touchpoints to support commercial and geographic expansion.
On the financing front, Liberty Media issued $690 million of 2.375% senior convertible notes due in 2032. It said proceeds would be used to repay convertible notes due in 2027, as well as for general corporate purposes. The company announced on Nov. 5 that it had completed the exchange of high-vote Class B shares held by John Malone and related parties, after the transaction closed on Nov. 4. His overall voting power in the company fell to about 3% after completion. The quarterly results conference call was scheduled for 10:00 a.m. Eastern Time on Nov. 5, with a replay to be available on the investor relations website after the required filings with the U.S. Securities and Exchange Commission were completed.