Liberty Media Corporation Reports Third Quarter 2025 Financial Results

About this update from Liberty Media Corporation - Series A Liberty Formula One

ENGLEWOOD, Colo. --(BUSINESS WIRE)-- Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported third quarter 2025 results. Headlines include(1): Attributed to Formula One Group Formula 1 Renewed agreements with Austin Grand Prix through 2034 and Azerbaijan Grand Prix through 2030 and extended Monaco Grand Prix through 2035 Announced Apple as new US broadcast partner on the heels of F1 The Movie reaching approximately $630 million in global box office and becoming Apple’s largest movie to-date Entered into new licensing agreements with Pottery Barn Kids , Pottery Barn Teen and Hello Kitty x F1 Academy MotoGP Completed acquisition of MotoGP on July 3 rd Renewed agreements with Japanese Grand Prix through 2030 and Catalonia, Valencia , France , Germany and San Marino races through 2031 Extended SuperSport broadcast agreement and LIQUI MOLY partnership and announced new sponsorship deal with Repsol for Moto2 and Moto3 Refinanced MotoGP debt facilities with extended maturities and reduced interest rates Attributed to Liberty Live Group Fair value of Live Nation investment was $11.4 billion as of September 30 th Expect to complete split-off on December 15 th “Formula 1 delivered robust financial performance and is capitalizing on its global popularity, driving record attendance at races and continuing to expand ways to reach new and existing fans. In our first months of MotoGP ownership, we are working on near-term operating enhancements as well as setting the stage for longer-term monetization opportunities to accelerate growth. We are increasingly confident in the quality of the sport and the strength of its fan base. Finally, we are approaching the final stages to complete our split-off of Liberty Live in December which will better highlight the value of our position in Live Nation,” said Derek Chang , Liberty Media President & CEO. Corporate Updates On July 3, 2025 , Liberty Media acquired approximately 84% of the equity interests in MotoGP with approximately 16% retained by management. The financial results herein are presented as if the acquisition of MotoGP occurred on January 1, 2024 . Liberty Media will hold a virtual special meeting of the holders of its Series A and Series B Liberty Live common stock on Friday, December 5, 2025 to vote on the proposed split-off of Liberty Live Group from Liberty Media into a separate public company, Liberty Live Holdings, Inc. Assuming satisfaction of all conditions to closing, the split-off is expected to occur on December 15, 2025 . More information can be found in the definitive proxy statement filed with the SEC on November 4, 2025 . Discussion of Results Unless otherwise noted, the following discussion compares financial information for the three and nine months ended September 30, 2025 to the same period in 2024. FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the third quarter of 2025. In the third quarter, Formula One Group incurred $15 million of corporate level selling, general and administrative expense (including stock-based compensation expense). For the periods presented below, the businesses and assets attributed to Formula One Group consist primarily of Liberty Media’s subsidiaries, Formula 1 (“F1”), MotoGP and Quint. Three months ended Nine months ended September 30 , September 30 , 2024 2025 2024 2025 amounts in millions amounts in millions Formula One Group Revenue Formula 1 $ 861 $ 869 $ 2,285 2,498 MotoGP — 169 — 169 Corporate and other 70 68 255 266 Intragroup elimination (20 ) (21 ) (54 ) (60 ) Total Formula One Group $ 911 $ 1,085 $ 2,486 2,873 Operating Income (Loss) Formula 1 $ 146 $ 168 $ 366 433 MotoGP — 26 — 26 Corporate and other (36 ) (36 ) (102 ) (88 ) Total Formula One Group $ 110 $ 158 $ 264 371 Adjusted OIBDA (Loss) Formula 1 $ 221 $ 234 $ 589 680 MotoGP — 66 — 66 Corporate and other (14 ) (3 ) (15 ) (7 ) Total Formula One Group $ 207 $ 297 $ 574 739 F1 Operating Results “We are nearing the end of another incredible season showcasing the very best of F1 – thrilling racing, tight competition and nearly half the grid reaching the podium. F1 remains a cultural cornerstone, evidenced by the global box office success of the F1 movie and further underscored by increasing engagement across our channels,” said Stefano Domenicali , Formula 1 President and CEO. “We completed multiple commercial agreements this quarter and continue to have success accelerating renewals and signing new partners with attractive terms, including our new US distribution partnership with Apple that will highlight the collaborative innovation between our brands for continued growth in the US. Recent strong race renewals and early extensions in key markets including Austin, Azerbaijan and Monaco also demonstrate the value F1 brings to the cities in which we race. We are confident in the next chapter of growth at F1.” The following table provides the operating results of F1. Three months ended Nine months ended September 30 , September 30 , 2024 2025 % Change 2024 2025 % Change $ amounts in millions $ amounts in millions Number of races in period 7 6 18 17 Primary revenue $ 758 $ 738 (3 ) % $ 1,960 $ 2,089 7 % Other revenue 103 131 27 % 325 409 26 % Total motorsport revenue $ 861 $ 869 1 % $ 2,285 $ 2,498 9 % Operating expenses (excluding stock-based compensation): Team payments, excluding Concorde incentive payments (371 ) (341 ) 8 % (969 ) (968 ) — % Other cost of motorsport revenue (190 ) (211 ) (11 ) % (523 ) (613 ) (17 ) % Cost of motorsport revenue, excluding Concorde incentive payments $ (561 ) $ (552 ) 2 % $ (1,492 ) $ (1,581 ) (6 ) % Selling, general and administrative expenses (79 ) (83 ) (5 ) % (204 ) (237 ) (16 ) % Adjusted OIBDA $ 221 $ 234 6 % $ 589 $ 680 15 % Concorde incentive payments — — NM — (50 ) NM Stock-based compensation (1 ) (1 ) — % (2 ) (1 ) 50 % Depreciation and amortization(a) (74 ) (65 ) 12 % (221 ) (196 ) 11 % Operating income (loss) $ 146 $ 168 15 % $ 366 $ 433 18 % ______________________ a) Includes $61 million and $50 million of amortization related to purchase accounting for the three months ended September 30, 2024 and September 30, 2025 , respectively, that is excluded from calculations for purposes of team payments, and $184 million and $150 million of amortization related to purchase accounting for the nine months ended September 30, 2024 and September 30, 2025 , respectively, that is excluded from calculations for purposes of team payments. Primary F1 revenue represents the majority of F1’s revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees. There were six races held in the third quarter of 2025 compared to seven races held in the third quarter of 2024. There were 17 races held year-to-date through the third quarter of 2025 and 18 races held year-to-date through the third quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season, which will impact the year-over-year revenue and cost comparisons on a quarterly basis. Primary F1 revenue decreased in the three months ended September 30, 2025 primarily due to the calendar variance compared to the prior year, which drove declines across race promotion and media rights revenue with a smaller proportion of season-based income recognized during the period. This was partially offset by increased sponsorship revenue from new partners, contractual fee increases across all primary revenue streams and growth in F1 TV subscription revenue. Primary F1 revenue increased in the nine months ended September 30, 2025 with growth across sponsorship and media rights revenue, partially offset by a decline in race promotion revenue due to one less event held. Sponsorship revenue growth reflects contractual fee increases as well as revenue from new sponsors. Media rights revenue grew due to contractual fee increases, growth in F1 TV subscription revenue and the recognition of one-time revenue in the second quarter associated with the release of the F1 movie, partially offset by the impact of lower proportionate recognition of season-based revenue due to one less event held. Other F1 revenue increased in the third quarter and nine months ended September 30, 2025 due to higher hospitality revenue and growth in licensing income. The increase in hospitality revenue was driven by underlying Paddock Club growth and other premium hospitality offerings, as well as an increase in Grand Prix Plaza activities during the third quarter. Other F1 revenue in the nine months ended September 30, 2025 also benefitted from higher freight revenue from the pass through of increased costs. Operating income and Adjusted OIBDA(2) grew in the three and nine months ended September 30, 2025 . Team payments decreased for the three months ended September 30, 2025 due to the pro rata recognition of team payments with one less race held in the third quarter compared to the prior year. Team payments were flat for the nine months ended September 30, 2025 as the impact of one fewer race was offset by expected higher team payments for the full year. Other cost of F1 motorsport revenue is largely variable in nature and derived from servicing both Primary and Other F1 revenue opportunities. These costs increased for both the three and nine months ended September 30, 2025 due to higher Paddock Club costs from increased attendance and costs from activities at Grand Prix Plaza that didn’t occur in the prior year. Growth in other cost of F1 motorsport revenue in the nine months ended September 30, 2025 was also impacted by higher freight costs associated with the different order of events and cost inflation, higher commissions and partner servicing costs linked to underlying revenue growth, increased costs to service new sponsors and higher costs of delivering F1 TV to a growing subscriber base. Selling, general and administrative expense increased in the three and nine months ended September 30, 2025 primarily due to higher marketing costs, including marketing spend associated with the 75th season launch event at London’s The O2 in the nine-month period. Personnel costs also increased during the nine months ended September 30, 2025 . MotoGP Operating Results “Our first few months with Liberty have been exciting and productive, and we look forward to working together to accelerate our growth in the years ahead,” said Carmelo Ezpeleta , MotoGP President and CEO. “We’ve signed new sponsors and renewed existing partners this quarter as we continue building on the momentum from our brand refresh last year. The season is closing out with record attendance and growth in TV viewership, digital engagement and social followers. We continue to work on expanding our engagement with new audiences while deepening relationships with existing fans and are confident in the long-term opportunity.” The following table provides the pro forma operating results of MotoGP. The financial results herein are presented as if the acquisition of MotoGP occurred on January 1, 2024 . The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024 , or to project the results of operations of Liberty for any future periods. The pro forma adjustments are based on available information and certain assumptions that Liberty management believes are reasonable. The pro forma adjustments are directly attributable to the acquisition and are expected to have a continuing impact on the results of operations of Liberty. Three months ended Nine months ended September 30 , September 30 , 2024 2025 % Change % Constant 2024 2025 % Change % Constant $ amounts in millions USD Currency $ amounts in millions USD Currency Number of races in period 7 7 15 17 Primary revenue $ 146 $ 147 1 % $ 324 $ 365 13 % Other revenue 23 22 (4 ) % 47 52 11 % Total motorsport revenue $ 169 $ 169 — % (5 ) % $ 371 $ 417 12 % 9 % Operating expenses (excluding stock-based compensation): Cost of motorsport revenue (79 ) (84 ) (6 ) % (177 ) (214 ) (21 ) % Selling, general and administrative expenses (17 ) (19 ) (12 ) % (40 ) (53 ) (33 ) % Adjusted OIBDA $ 73 $ 66 (10 ) % (14 ) % $ 154 $ 150 (3 ) % (7 ) % Depreciation and Amortization(a) (37 ) (38 ) (3 ) % (110 ) (109 ) 1 % Operating income (loss) $ 36 $ 28 (22 ) % (25 ) % $ 44 $ 41 (7 ) % (16 ) % The majority of MotoGP’s revenue and costs are Euro-denominated and as such, are subject to translational impacts from foreign exchange fluctuations. MotoGP calculates the effects of changes in currency exchange rates as the difference between current period activity translated using the prior period’s currency exchange rates. The table of results above includes both headline and constant currency(3) growth rates for revenue, Adjusted OIBDA and Operating income (loss). Primary MotoGP revenue represents the majority of MotoGP’s revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees. There were seven races held in the third quarter of 2025 compared to seven races held in the third quarter of 2024. There were 17 races held year-to-date through the third quarter of 2025 and 15 races held year-to-date through the third quarter of 2024. The 2025 calendar has a different order and mix of events compared to the prior year, which will impact season-based revenue recognition as well as year-over-year revenue and cost comparisons. Primary MotoGP revenue increased modestly in the three months ended September 30, 2025 primarily due to favorable currency exchange rates and the calendar variance driving increased promotion fees, partially offset by the impact of lower season-based revenue recognition affecting media rights and sponsorship revenue. Primary MotoGP revenue increased in the nine months ended September 30, 2025 driven primarily by two additional events in 2025 positively impacting race promotion fees combined with favorable currency exchange rates. Other MotoGP revenue represents revenue generated from other motorcycle racing championships including FIM World Superbike Championship (“WorldSBK”), hospitality and licensing revenue. Other MotoGP revenue decreased modestly in the three months ended September 30, 2025 as the impact of fewer races held for WorldSBK was partially offset by increased hospitality and favorable currency exchange rates. For the nine months ended September 30, 2025 , Other MotoGP revenue increased primarily due to the impact of two additional races held as well as favorable currency exchange rates. Operating income and Adjusted OIBDA declined in the three and nine months ended September 30, 2025 . Cost of MotoGP motorsport revenue grew in the three months ended September 30, 2025 primarily due to increased costs of servicing sponsorship partners combined with the unfavorable impact of exchange rates. In the nine months ended September 30, 2025 , the increase in cost of MotoGP motorsport revenue was driven by two additional races driving higher freight and travel costs and unfavorable currency exchange rates. Selling, general and administrative expense increased in the three and nine months ended September 30, 2025 primarily from higher personnel costs and unfavorable currency exchange rates. Corporate and Other Operating Results Corporate and Other Adjusted OIBDA includes the rental income related to Grand Prix Plaza in Las Vegas , Quint results and other corporate overhead. Corporate and Other revenue was flat in the third quarter as rental income was slightly offset by a decline in Quint revenue. There was $7 million of rental income related to Grand Prix Plaza in Las Vegas in the third quarter of both 2025 and 2024. Quint results in the third quarter were primarily driven by F1 Experiences across the 6 races held, as well as 7 MotoGP races, an NBA event and a WNBA event. Quint’s revenue is seasonal, concentrated around its largest events and the third quarter is proportionally smaller. LIBERTY LIVE GROUP – In the third quarter, $9 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group . The businesses and assets attributed to Liberty Live Group consist of Liberty Media’s interest in Live Nation and other minority investments. Share Repurchases There were no repurchases of Liberty Media’s common stock from August 1 through October 31, 2025 . The total remaining repurchase authorization for Liberty Media as of November 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks. FOOTNOTES 1) Liberty Media will discuss these headlines and other matters on Liberty Media's earnings conference call that will begin at 10:00 a.m. (E.T.) on November 5, 2025 . For information regarding how to access the call, please see “Important Notice” later in this document. 2) For a definition of Adjusted OIBDA (as defined by Liberty Media ) and the applicable reconciliation, see the accompanying schedules. 3) For a definition of constant currency operating results, see the accompanying schedules. Applicable reconciliations can be found in the financial table in the section entitled “MotoGP Operating Results” in this press release. NOTES Cash and Debt The following presentation is provided to separately identify cash and debt information. The acquisition of MotoGP was completed on July 3, 2025 and is reflected in cash and debt presented from the date of acquisition. (amounts in millions) 6/30/2025 9/30/2025 Cash and Cash Equivalents Attributable to: Formula One Group (a) $ 3,140 $ 1,291 Liberty Live Group 308 297 Total Consolidated Cash and Cash Equivalents (GAAP) $ 3,448 $ 1,588 Debt: 2.25% convertible notes due 2027(b) 475 475 Formula 1 term loan and revolving credit facility 2,372 3,361 MotoGP credit facilities — 1,172 Other corporate level debt 50 48 Total Attributed Formula One Group Debt $ 2,897 $ 5,056 Fair market value adjustment 133 108 Total Attributed Formula One Group Debt (GAAP) $ 3,030 $ 5,164 Formula 1 leverage(c) 0.7x 3.0x MotoGP leverage(d) — 5.6x 2.375% Live Nation exchangeable senior debentures due 2053(b) 1,150 1,150 Live Nation margin loan — — Total Attributed Liberty Live Group Debt $ 1,150 $ 1,150 Fair market value adjustment 619 723 Total Attributed Liberty Live Group Debt (GAAP) $ 1,769 $ 1,873 Total Liberty Media Corporation Debt (GAAP) $ 4,799 $ 7,037 ______________________ a) Includes $1,775 million and $571 million of cash held at F1 as of June 30, 2025 and September 30, 2025 , respectively, $176 million of cash held at MotoGP as of September 30, 2025 and $70 million and $78 million of cash held at Quint as of June 30, 2025 and September 30, 2025 , respectively. b) Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment. c) Net leverage as defined in F1’s credit facilities for covenant calculations. d) Net leverage as defined in MotoGP’s credit facilities for covenant calculations. Liberty Media , F1 and MotoGP are in compliance with their debt covenants as of September 30, 2025 . Total cash and cash equivalents attributed to Formula One Group decreased $1,849 million during the third quarter primarily due to net cash paid for the acquisition of MotoGP, partially offset by net cash from operations generated at both F1 and MotoGP. Total debt attributed to Formula One Group increased in the third quarter, driven by the consolidation of MotoGP’s debt and incremental debt raised at F1 to fund a portion of the MotoGP acquisition. As of September 30 th, F1’s covenant leverage was below the threshold of 3.75x to trigger a permanent reduction in the Term Loan B margin from Term SOFR+200 bps to Term SOFR+175 bps. Interest will begin accruing at the lower rate upon delivery of the compliance certificate promptly after earnings. Total cash and cash equivalents attributed to Liberty Live Group decreased $11 million during the third quarter primarily due to interest payments and corporate overhead, including transaction expenses. Total debt attributed to Liberty Live Group was flat during the third quarter. On September 12, 2025 , the Live Nation margin loan was amended to, among other things, extend the maturity date from September 9, 2026 to September 8, 2028 and change the interest rate from Term SOFR plus 2.0% to Term SOFR plus 1.875%. Important Notice: Liberty Media Corporation (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on November 5, 2025 . The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748885 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertymedia.com/investors/news-events/ir-calendar . Links to this press release will also be available on the Liberty Media website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Formula 1 race calendar, expectations regarding Formula 1’s and MotoGP’s businesses, the planned split-off of Liberty Live, including the anticipated timing and benefits, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions for the split-off of Liberty Live, the assumptions and historical information used in the pro forma financial information of MotoGP, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media , including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release. LIBERTY MEDIA CORPORATION BALANCE SHEET INFORMATION September 30, 2025 (unaudited) Attributed Formula Liberty One Live Intergroup Consolidated Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 1,291 297 — 1,588 Trade and other receivables, net 302 1 — 303 Other current assets 468 — — 468 Total current assets 2,061 298 — 2,359 Investments in affiliates, accounted for using the equity method 33 708 — 741 Property and equipment, at cost 1,029 — — 1,029 Accumulated depreciation (202 ) — — (202 ) 827 — — 827 Goodwill 7,200 — — 7,200 Intangible assets subject to amortization, net 5,267 — — 5,267 Deferred income tax assets 560 267 (28 ) 799 Other assets 412 216 — 628 Total assets $ 16,360 1,489 (28 ) 17,821 Liabilities and Equity Current liabilities: Intergroup payable (receivable) $ 2 (2 ) — — Accounts payable and accrued liabilities 472 2 — 474 Current portion of debt 42 1,873 — 1,915 Deferred revenue 1,090 — — 1,090 Financial instrument liabilities 1 — — 1 Other current liabilities 46 — — 46 Total current liabilities 1,653 1,873 — 3,526 Long-term debt 5,122 — — 5,122 Deferred income tax liabilities 688 — (28 ) 660 Other liabilities 273 150 — 423 Total liabilities 7,736 2,023 (28 ) 9,731 Redeemable noncontrolling interests in equity of subsidiary 692 — — 692 Equity / Attributed net assets 7,932 (556 ) — 7,376 Noncontrolling interests in equity of subsidiaries — 22 — 22 Total liabilities and equity $ 16,360 1,489 (28 ) 17,821 LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Revenue: Motorsport revenue $ 1,024 — 1,024 Other revenue 61 — 61 Total revenue 1,085 — 1,085 Operating costs and expenses: Cost of motorsport revenue (exclusive of depreciation shown separately below) 631 — 631 Other cost of sales 33 — 33 Selling, general and administrative (1) 131 9 140 Acquisition costs 14 — 14 Depreciation and amortization 118 — 118 927 9 936 Operating income (loss) 158 (9 ) 149 Other income (expense): Interest expense (79 ) (7 ) (86 ) Share of earnings (losses) of affiliates, net (3 ) 124 121 Realized and unrealized gains (losses) on financial instruments, net 17 (177 ) (160 ) Other, net (4 ) 3 (1 ) (69 ) (57 ) (126 ) Earnings (loss) before income taxes 89 (66 ) 23 Income tax (expense) benefit (23 ) 13 (10 ) Net earnings (loss) 66 (53 ) 13 Less net earnings (loss) attributable to the noncontrolling interests — — — Net earnings (loss) attributable to Liberty stockholders $ 66 (53 ) 13 (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 7 1 8 LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2024 (unaudited) Attributed Formula Liberty Liberty One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Revenue: Motorsport revenue $ 848 — — 848 Other revenue 63 — — 63 Total revenue 911 — — 911 Operating costs and expenses: Cost of motorsport revenue (exclusive of depreciation shown separately below) 554 — — 554 Other cost of sales 41 — — 41 Selling, general and administrative (1) 115 3 — 118 Acquisition costs 3 — — 3 Depreciation and amortization 88 — — 88 801 3 — 804 Operating income (loss) 110 (3 ) — 107 Other income (expense): Interest expense (54 ) (8 ) — (62 ) Share of earnings (losses) of affiliates, net (1 ) 117 — 116 Realized and unrealized gains (losses) on financial instruments, net 39 (94 ) — (55 ) Other, net 21 8 — 29 5 23 — 28 Earnings (loss) from continuing operations before income taxes 115 20 — 135 Income tax (expense) benefit 2 (5 ) — (3 ) Net earnings (loss) from continuing operations 117 15 — 132 Net earnings (loss) from discontinued operations — — (3,002 ) (3,002 ) Net earnings (loss) 117 15 (3,002 ) (2,870 ) Less net earnings (loss) attributable to the noncontrolling interests — — (502 ) (502 ) Net earnings (loss) attributable to Liberty stockholders $ 117 15 (2,500 ) (2,368 ) (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 6 1 — 7 LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 470 (248 ) 222 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 275 — 275 Stock-based compensation 15 3 18 Share of (earnings) loss of affiliates, net 8 (201 ) (193 ) Realized and unrealized (gains) losses on financial instruments, net (259 ) 483 224 Deferred income tax expense (benefit) (1 ) (63 ) (64 ) Intergroup tax allocation 4 (4 ) — Other, net (2 ) 1 (1 ) Changes in operating assets and liabilities Current and other assets (262 ) — (262 ) Payables and other liabilities 565 1 566 Net cash provided (used) by operating activities 813 (28 ) 785 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (22 ) (1 ) (23 ) Cash proceeds from dispositions 26 — 26 Cash (paid) received for acquisitions, net of cash acquired (3,267 ) — (3,267 ) Capital expended for property and equipment, including internal-use software and website development (58 ) — (58 ) Cash proceeds from foreign currency forward contracts 3,700 — 3,700 Cash paid for foreign currency forward contracts (3,503 ) — (3,503 ) Other investing activities, net (13 ) — (13 ) Net cash provided (used) by investing activities (3,137 ) (1 ) (3,138 ) Cash flows from financing activities: — Borrowings of debt 1,748 — 1,748 Repayments of debt (746 ) — (746 ) Other financing activities, net (13 ) 1 (12 ) Net cash provided (used) by financing activities 989 1 990 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 12 — 12 Net increase (decrease) in cash, cash equivalents and restricted cash (1,323 ) (28 ) (1,351 ) Cash, cash equivalents and restricted cash at beginning of period 2,638 325 2,963 Cash, cash equivalents and restricted cash at end of period $ 1,315 297 1,612 Cash and cash equivalents $ 1,291 297 1,588 Restricted cash included in other assets 24 — 24 Total cash, cash equivalents and restricted cash at end of period $ 1,315 297 1,612 LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2024 (unaudited) Attributed Formula Liberty Liberty One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 218 76 (2,412 ) (2,118 ) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Net (earnings) loss from discontinued operations — — 2,412 2,412 Depreciation and amortization 263 — — 263 Stock-based compensation 24 3 — 27 Share of (earnings) loss of affiliates, net 6 (181 ) — (175 ) Realized and unrealized (gains) losses on financial instruments, net (86 ) 75 — (11 ) Deferred income tax expense (benefit) 22 22 — 44 Intergroup tax allocation (97 ) (1 ) — (98 ) Intergroup tax (payments) receipts 128 3 — 131 Other, net 25 (4 ) — 21 Changes in operating assets and liabilities Current and other assets (71 ) — — (71 ) Payables and other liabilities 155 (4 ) — 151 Net cash provided (used) by operating activities 587 (11 ) — 576 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (7 ) (3 ) — (10 ) Cash proceeds from dispositions — 107 — 107 Cash (paid) received for acquisitions, net of cash acquired (205 ) — — (205 ) Capital expended for property and equipment, including internal-use software and website development (52 ) — — (52 ) Other investing activities, net (13 ) 1 — (12 ) Net cash provided (used) by investing activities (277 ) 105 — (172 ) Cash flows from financing activities: Borrowings of debt 644 — — 644 Repayments of debt (671 ) (12 ) — (683 ) Issuance of Series C Liberty Formula One common stock 939 — — 939 Other financing activities, net 42 1 — 43 Net cash provided (used) by financing activities 954 (11 ) — 943 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 1 — — 1 Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — — 879 879 Cash provided (used) by investing activities — — (709 ) (709 ) Cash provided (used) by financing activities — — (485 ) (485 ) Net cash provided (used) by discontinued operations — — (315 ) (315 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1,265 83 (315 ) 1,033 Cash, cash equivalents and restricted cash at beginning of period 1,408 305 315 2,028 Cash, cash equivalents and restricted cash at end of period $ 2,673 388 — 3,061 Cash and cash equivalents $ 2,666 388 — 3,054 Restricted cash included in other current assets 7 — — 7 Total cash, cash equivalents and restricted cash at end of period $ 2,673 388 — 3,061 NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES SCHEDULE 1 To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Formula One Group , together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges. Liberty Media believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income (loss) calculated in accordance with GAAP for the three and nine months ended September 30, 2024 and September 30, 2025 . QUARTERLY SUMMARY Three months ended Nine months ended September 30 , September 30 , 2024 2025 2024 2025 Formula One Group Operating income (loss) $ 110 $ 158 $ 264 $ 371 Depreciation and amortization 88 118 263 275 Stock compensation expense 6 7 24 15 Acquisition costs(a) 3 14 23 28 Concorde incentive payments — — — 50 Adjusted OIBDA $ 207 $ 297 $ 574 $ 739 ______________________ a) Formula One Group incurred $3 million and $14 million of costs related to corporate acquisitions during the three months ended September 30, 2024 and September 30, 2025 , respectively, and $23 million and $28 million of costs related to corporate acquisitions during the nine months ended September 30, 2024 and September 30, 2025 , respectively. SCHEDULE 2 This press release also references operating results on a constant currency basis, which is a non-GAAP measure, for MotoGP. Constant currency operating results, as presented herein, are calculated as the difference between current period activity translated using the prior period’s currency exchange rates. Liberty Media believes constant currency operating results are an important indicator of financial performance for MotoGP, due to the translational impact of foreign currency fluctuations relating to its operating results for countries where the functional currency is not the US dollar. Liberty Media uses constant currency operating results to provide a framework to assess how the MotoGP business performed excluding the effects of foreign currency exchange fluctuations. Please see the financial tables in the section entitled “MotoGP Operating Results” in this press release for a reconciliation of the impact of foreign currency fluctuations on revenue and Adjusted OIBDA. View source version on businesswire.com : https://www.businesswire.com/news/home/20251104572328/en/ Shane Kleinstein (720) 875-5432 Source: Liberty Media Corporation

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