Liberty Media — Financial Results
Formula 1 Revenue Grew 13.5% to $3.87 Billion, With Profits Following
| Metric | 2025 | 2024 |
|---|---|---|
| Total F1 Revenue | $3,873M | $3,411M |
| F1 Adjusted OIBDA | $946M | $791M |
| F1 Operating Income | $632M | $492M |
Formula 1 grew across every revenue line — race promotion fees rose on contractual increases, media rights got a boost from F1 TV subscriber growth and one-time revenue tied to the F1 movie release, and sponsorship expanded through new partners and digital advertising. Profitability (measured by Adjusted OIBDA, which strips out non-cash and one-time items) improved by $155 million, though costs also rose as team prize payments scale automatically with revenue.
MotoGP Acquisition Adds a Second Major Motorsport Property
| Metric | 2025 (pro forma full year) | 2024 (pro forma full year) |
|---|---|---|
| MotoGP Revenue | $573M | $503M |
| MotoGP Adjusted OIBDA | $201M | $175M |
Liberty acquired approximately 84% of MotoGP in July 2025 for roughly $3.66 billion, adding a second global motorsport rights business alongside Formula 1. On a pro forma basis (as if owned all year), MotoGP revenue grew 13.9% in dollar terms, or 8.6% stripping out favorable currency moves. The business runs a similar model to F1 — media rights, race promotion fees, and sponsorship — and held 22 events in 2025, up from 20 in 2024.
Company-Wide Revenue and Profit Both Rose Sharply
| Metric | 2025 | 2024 |
|---|---|---|
| Total Revenue | $4,482M | $3,653M |
| Operating Income | $577M | $287M |
| Adjusted OIBDA | $1,068M | $774M |
| Net Earnings (Loss) from Continuing Operations | $596M | ($44M) |
The consolidated business swung from a net loss of $44 million in 2024 to a $596 million profit in 2025, driven by Formula 1's organic growth and the addition of MotoGP. The 2024 results were also weighed down by a $73 million goodwill write-down (an accounting charge when an acquired asset is deemed worth less than its purchase price) at QuintEvents, which did not repeat in 2025.
Debt Load Increased Meaningfully to Fund the MotoGP Deal
The company carries $5.02 billion in long-term debt and faces $9.25 billion in total future payment obligations, including $2.88 billion in long-term motorsport rights agreement commitments — covering the FIA agreement running to 2110 and the FIM agreement to 2060. Interest expense rose to $249 million in 2025 from $208 million in 2024, reflecting the additional borrowings used to fund the MotoGP acquisition. The company holds $1.06 billion in cash across its businesses and states it believes liquidity is sufficient for projected needs.
New Concorde Agreement Signed, With One-Time Costs Hitting 2025
Formula 1 paid $50 million in one-time Concorde incentive payments — fees paid to the racing teams upon signing the new 2026 Concorde Commercial Agreement, which governs how revenue is shared between Formula 1 and its teams. These payments were excluded from Adjusted OIBDA but did reduce reported operating income. The Concorde Agreement is a foundational commercial document for the sport, so locking teams into the next cycle is a strategically significant milestone.