LLYVK · Formula One Group

Liberty Media’s Q1 2026 results reflect robust operational execution across its core motorsport assets, anchored by Formula 1’s exceptional performance and the initial integration of MotoGP following its July 2025 acquisition. F1’s 53% revenue growth to $617 million was primarily driven by the addition of a third race in the quarter (versus two in Q1 2025), favorable season-based revenue recognition timing (3/22 races vs. 2/24), and commercial momentum—including new partnerships with Marsh, FanDuel, Betway, and Standard Chartered, plus renewals with Sky, Foxtel, and beIN. Operating income swung from a $28 million loss to $107 million profit, and Adjusted OIBDA more than doubled to $172 million, underscoring strong margin expansion despite higher team payments (+61%) and variable hospitality and freight costs. MotoGP’s $94 million in revenue—its first full-quarter contribution—was accompanied by a $24 million operating loss but a 60% increase in Adjusted OIBDA to $16 million on a pro forma basis, supported by renewed media rights, expanded sponsorship, and new premium hospitality offerings via Quint. Management highlighted disciplined capital allocation, citing $1.1 billion of remaining buyback authority and no repurchases during the quarter. Notably, the absence of the Bahrain and Saudi Arabian Grands Prix in April—due to geopolitical tensions—reduced the 2026 F1 calendar to 22 races, creating a structural shift in quarterly revenue and cost recognition that will persist through the year. The earnings release contains no forward guidance, and all financial metrics are unaudited.