Liberty Media's F1 Revenue Rebounds After Second-Quarter Decline

The Tip Desk · November 6, 2026 · 4 min read

Consolidated revenue was $1.23 billion in the three months ended September 30, 2026, with Formula 1 revenue up 28% to $1.12 billion on seven races.

Liberty Media Corporation (FWONA) reported third-quarter 2026 revenue of $1.23 billion, up from $1.09 billion a year earlier, as Formula 1 revenue rose 28% to $1.12 billion after seven races versus six in the year-ago quarter. Consolidated operating income was $237 million and Adjusted OIBDA was $353 million.

The motorsport company’s F1 unit reversed a second-quarter contraction. In the three months ended June 30, 2026, F1 revenue had fallen 38% to $764 million on four fewer races, with Adjusted OIBDA down 61% to $139 million. In the third quarter, F1 Adjusted OIBDA was $338 million, up 44% from $234 million a year earlier, and operating income was $270 million.

Primary F1 revenue increased 27% to $934 million. The company said the rise across race promotion, media rights and sponsorship reflected calendar variability and contractual fee increases. Race promotion rose with the extra event. Media rights and sponsorship benefited from higher proportionate recognition of season-based revenue—7/23rds in the quarter versus 6/24ths a year earlier—partly offset by a shift in pro-rata recognition after the expected calendar moved from 22 to 23 races. Other F1 revenue increased 38% to $181 million, which the company attributed primarily to higher hospitality at recurring events and the additional race.

The 2026 calendar now includes one fewer race than the 24 held in 2025 because the Saudi Arabian Grand Prix was not held in April. Malaysia hosted the Bahrain Grand Prix in October, and the quarter recognized season-based revenue and costs over the revised 23-race calendar.

MotoGP revenue decreased 34% to $111 million on five races versus seven a year earlier. Operating results swung to a $3 million loss from $28 million of operating income, as revenue declined faster than cost of motorsport revenue. Adjusted OIBDA decreased 47% to $35 million on a USD and pro-forma basis as if the acquisition closed on January 1, 2024. Primary MotoGP revenue fell 33% to $99 million, which the company attributed primarily to two fewer events and a decline in contractual media rights revenue. Other MotoGP revenue declined 45% to $12 million, largely because a new hospitality agreement with Quint now puts hospitality on a net basis.

Corporate and other revenue was $6 million, down from $68 million a year earlier, with a $30 million operating loss. Corporate-level selling, general and administrative expense was $29 million.

For the nine months ended September 30, 2026, consolidated revenue was $2.87 billion, essentially unchanged from $2.87 billion a year earlier. F1 revenue was relatively flat at $2.50 billion on 15 races versus 17, with operating income of $450 million and Adjusted OIBDA down 5% to $649 million. Primary F1 revenue decreased 2% to $2.05 billion; the company cited two fewer races, lower proportionate season-based recognition, and a one-time F1 movie media-rights item in the prior year, partly offset by contractual fee increases. Other F1 revenue increased 9% to $444 million. MotoGP revenue decreased 10% to $375 million, with operating income of $10 million.

F1 President and CEO Stefano Domenicali said every race this season sold out, with more than half setting attendance records. The company announced a ten-year agreement to hold the African Grand Prix in Rwanda starting in the early 2030s, extended the DAZN broadcast agreement in Spain, Portugal and Andorra through 2030, and unveiled a 2027 calendar that expands the Sprint format to ten events and returns F1 Live to Milan in February 2027. MotoGP revealed a 2027 calendar with a new weekend format, renewed the Portuguese Grand Prix through 2029 and the Italian Grand Prix through 2031, and extended a DAZN Kayo SPORTS and FOXTEL broadcast agreement in Australia.

On November 5, Liberty announced it had acquired all Series B common stock held by Dr. John Malone and related entities in exchange for Series A and Series C shares; the transaction closed on November 4, reducing Malone’s voting power to about 3%. The company issued $690 million of 2.375% convertible senior notes due 2032 to repay 2.25% convertibles due 2027, fund a capped call related to 2027 convertibles, and for general corporate purposes. Cash and cash equivalents were $1.76 billion at September 30, 2026, with $581 million of short-term investments. Consolidated leverage was 3.0 times. There were no share repurchases from August 1 through October 31, 2026; remaining authorization was $1.1 billion.