The Q1 beat is partly calendar-driven (3 F1 races vs 2) and the 2026 calendar has 2 fewer races overall, so the strong Q1 does not annualize linearly. Watch the Q2 and Q3 comparisons closely as the calendar effect reverses. The new sponsorship deals (Marsh, FanDuel, Betway) and broadcast renewals support long-term F1 revenue growth. MotoGP remains in investment phase with an operating loss. The $1.1B buyback authorization is available but unused — any activation would be a positive signal.
Price Chart
Executive Summary
Liberty Media reported Q1 2026 consolidated revenue of $711M, up 59% YoY from $447M, driven by F1 revenue growth of 53% to $617M (one extra race and calendar effects) and MotoGP revenue up 25% to $94M. Consolidated operating income swung from a -$67M loss to +$64M, and Adjusted OIBDA more than doubled to $181M. The strong headline numbers are partly calendar-driven (3 races vs 2 in F1) and the 2026 F1 calendar has 2 fewer races scheduled, which will pressure year-over-year comparisons in later quarters.
Key Financial Metrics
Key Facts
- Consolidated revenue $711M vs $447M YoY (+59%)
- F1 revenue $617M vs $403M YoY (+53%) on 3 races vs 2
- F1 Adjusted OIBDA $172M vs $85M YoY (+102%)
- MotoGP revenue $94M vs $75M pro forma (+25% USD, +13% constant currency)
- Consolidated operating income $64M vs -$67M YoY
- Consolidated Adjusted OIBDA $181M vs $73M YoY (+148%)
- F1 leverage improved to 2.3x from 2.8x at year-end 2025
- Consolidated leverage improved to 3.0x from 3.6x
- Cash and equivalents $1.332B, up $277M in Q1
- No share repurchases in Q1; $1.1B remaining authorization
- 2026 F1 calendar expected to have 22 races vs 24 in 2025 (Bahrain/Saudi Arabia postponed)
- New multi-year sponsorship agreements with Marsh, FanDuel, Betway; extended Salesforce, Allwyn, Sky, Foxtel, beIN
Financial Impact
Revenue beat consensus by ~$40.6M (6.1% above $670.4M estimate). F1 Adjusted OIBDA growth of 102% drives significant operating leverage.
Risk Factors
- 2026 F1 calendar has 22 races vs 24 in 2025 — 2 fewer events will pressure H2 revenue comparisons
- Bahrain and Saudi Arabia Grands Prix postponed due to geopolitical tensions — uncertainty around rescheduling
- MotoGP still operating at a loss (-$24M operating loss) with ongoing investment needs
- No share repurchases executed despite $1.1B authorization — capital allocation priorities unclear
- Geopolitical risks could further disrupt race calendar
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001560385-26-000015 |
| Document: lmca-20260507x8k.htm | 0001560385-26-000015 |
| Document: 0001560385-26-000015-index-headers.html | 0001560385-26-000015 |
| Document: 0001560385-26-000015-index.html | 0001560385-26-000015 |
| Document: 0001560385-26-000015.txt | 0001560385-26-000015 |
| 8-K Data (Synthetic) | 0001560385-26-000015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 12, 2026 23w ago | 8-K | $82.00 $90.00 | ▲ +9.76% | ▲ +5.32% | $85.00 (+3.66%) |
May 7, 2026 24w ago | 8-K | $82.00 $86.00 | ▲ +4.88% | ▲ +0.04% | $85.00 (+3.66%) |
Apr 24, 2026 26w ago | 8-K | $82.00 $82.00 | · 0.00% | ▼ −4.78% | $85.00 (+3.66%) |
Apr 21, 2026 26w ago | 8-K | $82.00 $96.83 | ▲ +18.09% | ▲ +13.31% | $85.00 (+3.66%) |
US Market Status
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