Liberty Media Corp
(STU:LM0F)
€
86
+3 (+3.61%)
Market Cap: 21.42 Bil
Enterprise Value: 25.00 Bil
PE Ratio: 42.85
PB Ratio: 2.96
GF Score: 79/100 
Q2 2026 Formula One Group Earnings Call Transcript
Aug 06, 2026 / 02:00PM GMT
Release Date Price:
€86
(+3.61%)
Key Points
Positve
- Formula One's partnership with Apple TV is delivering strong results, with U.S. viewership up year-over-year, total hours watched up 13%, and a younger, more female audience being attracted to the sport.
- MotoGP has secured long-term stability by completing agreements with all manufacturers and teams through 2031, establishing a solid framework for investment and commercial growth.
- F1's premium hospitality offerings are in high demand, with the Paddock Club sold out for the rest of the season and plans to expand successful concepts like House 44 and the new Outlap experience.
- The Las Vegas Grand Prix has secured a 10-year extension through 2037, providing long-term certainty for infrastructure investment and reducing future build-out costs, with ticket sales trending well ahead of last year.
- MotoGP is showing positive early momentum under Liberty Media, with new media agreements in Spain and Portugal, extensions for the Malaysian and Silverstone Grands Prix, and record attendance at several events.
- F1's licensing business is experiencing strong growth, with new partnerships announced with DK Books, Hasbro, and others, diversifying revenue streams beyond traditional media and race promotion.
- F1's race promotion business remains robust, with the calendar fully allocated through 2028 and continued interest from new host cities, underscoring the sport's strong commercial proposition.
- MotoGP's racing is exceptionally competitive, with only 24 points separating the top five riders, which is driving fan engagement and attendance growth.
- F1's digital and social platforms are growing rapidly, with social media followers up 19% and YouTube views surpassing 1.3 billion, up 30% year-over-year.
- The company successfully repriced MotoGP's debt in June, securing more attractive terms with future margin reductions expected as the business deleverages.
Negative
- F1's second-quarter results were significantly impacted by a 44% decline in race count due to calendar changes, leading to a 15% decline in year-to-date revenue and a 30% decline in adjusted OIBDA.
- The geopolitical situation in the Middle East forced the cancellation of a planned race in the region, requiring the Bahrain Grand Prix to be rescheduled to Malaysia, highlighting ongoing global instability risks.
- F1's SG&A expenses increased due to higher personnel and information technology costs, which could pressure margins if not offset by revenue growth.
- MotoGP's financial results are subject to translational impacts from foreign exchange fluctuations, as the majority of its revenue and costs are Euro-denominated, adding volatility to reported earnings.
- Liberty Media's net leverage ticked up to 3.4 times at quarter end, driven largely by the F1 calendar variance, indicating some balance sheet pressure.
- F1's media rights revenue in the second quarter was negatively impacted by a one-time revenue benefit from the release of the F1 movie last year, making year-over-year comparisons less favorable.
- The company faces ongoing uncertainty regarding the final 2026 F1 calendar, with potential for additional changes that could affect revenue recognition and cost accruals.
- MotoGP's title sponsorship revenue declined due to event mix, partially offsetting growth in other areas, indicating some volatility in this key revenue stream.
- F1's investment in new retail concepts and digital platforms is increasing costs, and the return on these investments is not yet fully realized.
- The company's ability to grow F1's media rights revenue is subject to external market dynamics, such as the RTL Sky merger in Germany, which could limit pricing power in certain regions.
Operator
Welcome to Liberty Media Corporation 2026 Second Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have questions, please press star one on your telephone. As a reminder, this conference will be recorded August 6th. I would now like to turn the call over to Hooper Stevens, Senior Vice President, Investor Relations. Please go ahead.
Hooper Stevenson
Liberty Media Corp - Senior Vice President of Investor Relations
Thank you for joining us this morning. This call includes certain forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1,995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q, filed by Liberty Media with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates
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