Liberty Media Corp. - Ordinary Shares (New Liberty Formula One) Series C
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+ FollowMarket Cap$23.18B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
F1 delivered strong underlying performance despite calendar disruption (main “good” + key “bad”)
- Q2 race count down 44% YoY (5 races vs 9) and YTD down 27% (8 vs 11 races through 2Q), causing reported YTD revenue -15% and YTD adjusted OIBDA -30% primarily due to less season-based revenue being recognized (about 36% recognized vs ~46% prior year at the comparable YTD point).
- Offset: underlying momentum remained solid—contractual fee increases at key revenue streams, plus sponsorship, licensing, and Grand Prix Plaza strength, and lower operating costs due to fewer events (travel/freight/hospitality delivery).
- Negative/constraint: comparison and profitability optics are distorted by fewer events, so investors should focus on full-year basis.
F1 calendar outlook clarified: Bahrain moved to Malaysia; expected stable path to 24 races
- Original plan: Saudi/Bahrain not held in April; subsequent actions reduced recognized revenue in the period.
- Bahrain GP will be rescheduled to Malaysia in October, raising expected 2026 race count to 23 races.
- Accruals/true-ups for a 23-race calendar begin in 3Q 2026; management stated no additional 2026 calendar changes expected.
- Expect full 24-race calendar next season.
U.S. growth at F1 on Apple + strong fan/partner engagement (major opportunity)
- Apple viewing momentum: viewership up 13% YoY (season-to-date and total hours watched +13%).
- Reported audience quality improvements on Apple: “younger and more female” audience in the U.S.
- Engagement expansion beyond race weekends: original content/licensing/experiential activations; e.g., “Passenger Princess” season 1 ~300M views and season 2 launched recently.
- Business benefits: partners/sponsors “very happy” with distribution; management sees this as enabling broader discovery and direct fan relationships.
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$88.75
10.3% downside
Current Fair Value
10.3% downsideOvervalued by 10.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $23.18 Billion |
|---|---|
| Enterprise Value | $22.91 Billion |
| Earnings per Share | $2.15 |
| Beta | 0.68 |
| Outstanding Shares | 250,044,379 |
Return
| Return on Equity | 1.19% |
|---|---|
| Return on Assets | 0.57% |
| Return on Invested Capital | -1.60% |
Valuation & Multiples
| P/E Ratio | 46.27 |
|---|---|
| PEG | -47.43 |
| Price to Sales | 32.98 |
| Price to Book Ratio | 3.0 |
| Enterprise Value to Revenue | 25.8 |
| Enterprise Value to EBIT | -100.91 |
| Enterprise Value to Net Income | 251 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 0.16 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.58
Consensus analyst estimateRevenue Estimate
$1.25 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 96.93% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.80%▼ 88.43% |
|---|---|
| Total Invested | $417.51M▼ 98.05% |
| Investors Holding | 169▼ 477.00% |
About Liberty Media Corp.
177 employees
CEO: Gregory Maffei
liberty media corporation owns interests in a broad range of media, communications and entertainment businesses. those interests are attributed to three tracking stock groups: the liberty braves group, the liberty media group and the lib...