Liberty Media Series C Stock Earnings Reports

Liberty reported a strong start to 2026 driven by continued momentum at Formula One (F1) and encouraging early results at MotoGP. Q1 revenue grew 53% and adjusted OIBDA grew 102%, benefits partly driven by calendar timing (three races in Q1 vs. two in the prior year) and underlying contractual growth across media, sponsorship, hospitality, licensing and retail. Liberty, F1 and MotoGP chose not to hold certain Middle East events (Bahrain and Saudi for F1; Qatar postponed for MotoGP) for safety reasons; the current planning base is a 22-race F1 calendar (versus 24 originally), with management open to rescheduling one race later in the year. The calendar changes reduce near-term race promotion and hospitality revenue but limit expense recognition for the canceled events; team payments and season-based revenue are being recognized pro rata across 22 races this year. Early-season distribution changes (Apple as U.S. media partner for F1) are showing positive viewer and engagement trends—higher viewership, younger and more female audiences, and product innovations (multi-view, data feeds, IMAX activations). MotoGP’s first full season under Liberty shows rising attendance, social growth, expanded commercial deals and race footprint (return to Brazil). Financial position: cash and liquid investments ~$1.3B (including $862M at F1 and $186M at MotoGP); total debt ~ $5B; net leverage ~3.0x at quarter end; revolvers undrawn. Management reiterated a capital allocation framework focused on deleveraging, supporting operating-company growth, evaluating strategic investments, and keeping capital-return options under consideration. Key operating metrics: team payments as a percent of pre-team-share adjusted OIBDA were 51.7% in Q1; management expects roughly a 200 basis point improvement in leverage on average for the full year, and team payout percentage to remain relatively stable thereafter.