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Sep 30, 2025
Liberty Formula One Q3 2025 Earnings Report
Liberty Formula One reported Q3 2025 financial results with increased revenue and operating income for the Formula One Group, driven by strong performance in Formula 1 and the acquisition of MotoGP.
Key Takeaways
Liberty Formula One Group delivered a robust financial performance in Q3 2025, with total revenue reaching $1.085 billion, an 19% increase year-over-year. Operating income for the Formula One Group rose by 43.6% to $158 million. The Formula 1 segment saw a slight revenue increase despite fewer races, while the newly acquired MotoGP contributed significantly to overall revenue and operating income. The company is also progressing with the split-off of Liberty Live Group.
Total Formula One Group revenue increased by 19% to $1.085 billion in Q3 2025 compared to $911 million in Q3 2024.
Formula One Group operating income grew by 43.6% to $158 million in Q3 2025, up from $110 million in the prior year.
The acquisition of MotoGP on July 3, 2025, contributed $169 million in revenue and $26 million in operating income to the Formula One Group in Q3 2025.
Formula 1 revenue slightly increased to $869 million despite one less race in the quarter, driven by increased sponsorship revenue, F1 TV subscriptions, hospitality, and licensing income.
Revenue by Segment
Forward Guidance
Liberty Media anticipates continued growth for Formula 1, leveraging its global popularity and expanding commercial agreements. The company is focused on enhancing and monetizing MotoGP, and expects to complete the split-off of Liberty Live Group in December 2025.
Positive Outlook
- Formula 1 is capitalizing on global popularity, driving record attendance and expanding fan reach.
- New commercial agreements and renewals for Formula 1, including Austin Grand Prix through 2034 and Azerbaijan Grand Prix through 2030.
- Apple announced as a new US broadcast partner for F1, highlighting collaborative innovation and growth in the US.
- MotoGP acquisition completed, with focus on near-term operating enhancements and long-term monetization opportunities.
- Split-off of Liberty Live Group expected to complete on December 15, 2025, to better highlight the value of the Live Nation investment.
Challenges Ahead
- The 2025 F1 calendar has a different order of events compared to 2024, which will impact year-over-year revenue and cost comparisons on a quarterly basis.
- Primary F1 revenue decreased in Q3 2025 due to calendar variance, driving declines in race promotion and media rights revenue.
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