Liberty Media Corporation - Liberty Formula One Series C (FWONK) Financials

$87.40 -0.77 (-0.87%)

Closing price 04:00 PM Eastern

Extended Trading

$90.35 +2.95 (+3.38%)

As of 04:14 PM Eastern

Annual Income Statements for Liberty Media Corporation - Liberty Formula One Series C

This table shows Liberty Media Corporation - Liberty Formula One Series C's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-	-4,038	1,354	531	106	-1,421	398	1,815	761	-2,063	555
Consolidated Net Income / (Loss)	-	-3,550	1,890	865	347	-1,391	744	2,029	962	-2,475	555
Net Income / (Loss) Continuing Operations	-	-3,550	1,786	847	347	-1,391	744	909	73	-44	596
Total Pre-Tax Income	-	-3,550	827	1,041	513	-1,435	789	707	97	0.00	733
Total Operating Income	-	-3,578	1,394	1,511	1,470	177	1,977	145	266	287	577
Total Gross Profit	-	-3,988	4,273	4,459	5,471	4,810	5,943	1,411	3,572	3,653	4,482
Total Revenue	-	0.00	7,594	8,040	10,292	9,363	11,400	3,161	3,572	3,653	4,482
Operating Revenue	-	-	7,594	8,040	10,292	9,363	11,400	3,161	3,572	3,653	4,482
Total Cost of Revenue	-	3,988	3,321	3,581	4,821	4,553	5,457	1,750	0.00	0.00	0.00
Total Operating Expenses	-	-410	2,879	2,945	4,001	4,633	3,966	1,266	3,306	3,366	3,905
Selling, General & Admin Expense	-	612	1,646	1,649	2,232	2,112	2,232	393	659	421	514
Depreciation Expense	-	-	824	905	1,061	1,083	1,072	433	406	352	393
Other Operating Expenses / (Income)	-	-	409	391	624	434	642	434	2,240	2,488	2,971
Impairment Charge	-	-	-	-	0.00	0.00	-	6.00	1.00	105	27
Total Other Income / (Expense), net	-	28	-567	-470	-957	-1,612	-1,188	562	-169	-287	156
Interest Expense	-	-	591	606	657	634	642	186	234	208	249
Interest & Investment Income	-	28	-88	40	-315	-402	-451	524	44	-139	288
Other Income / (Expense), net	-	-	8.00	78	15	-576	-95	205	21	60	117
Income Tax Expense	-	-	-1,063	176	166	-44	45	-202	24	44	137
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	1,120	889	-2,431	-41
Net Income / (Loss) Attributable to Noncontrolling Interest	-	488	536	334	241	30	346	227	201	-412	0.00
Weighted Average Basic Shares Outstanding	338M	586.70M	-	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M	250.47M
Weighted Average Diluted Shares Outstanding	338M	586.70M	-	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M	250.47M
Weighted Average Basic & Diluted Shares Outstanding	338M	586.70M	-	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M	250.47M

This table shows Liberty Media Corporation - Liberty Formula One Series C's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	253	-415	908	203	457	-7,200	4,477	-672	204	-1,356	2,379
Consolidated Net Income / (Loss)	303	-415	1,022	245	507	-7,200	3,973	-672	204	-1,356	2,379
Net Income / (Loss) Continuing Operations	303	456	-835	4.00	158	-1,196	971	-672	204	-1,356	2,420
Total Pre-Tax Income	367	-1,230	736	7.00	193	-1,196	972	-672	228	-1,356	2,533
Total Operating Income	523	-1,230	622	93	57	-1,196	1,322	-672	273	-1,356	2,332
Total Gross Profit	1,662	-1,230	-426	282	255	-1,190	1,818	-650	474	-1,328	5,986
Total Revenue	3,244	0.00	-2,228	587	988	0.00	2,078	0.00	1,341	0.00	3,141
Total Cost of Revenue	1,582	1,230	-1,802	305	733	1,190	260	650	867	1,328	-2,845
Total Operating Expenses	1,139	0.00	-1,048	180	187	6.00	516	22	198	28	3,657
Total Other Income / (Expense), net	-156	0.00	114	-86	136	0.00	-350	0.00	-45	0.00	201
Net Income / (Loss) Discontinued Operations	-	815	-	241	349	-6,004	3,002	0.00	0.00	0.00	-41
Weighted Average Basic Shares Outstanding	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M	341.96M	250.47M
Weighted Average Diluted Shares Outstanding	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M	341.96M	250.47M
Weighted Average Basic & Diluted Shares Outstanding	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M	341.96M	250.47M

This table details how cash moves in and out of Liberty Media Corporation - Liberty Formula One Series C's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-	361	471	-595	854	1,571	47	-648	-248	935	-1,908
Net Cash From Operating Activities	-	2,171	1,732	2,156	2,313	1,730	2,437	578	651	567	908
Net Cash From Continuing Operating Activities	-	2,171	1,732	2,155	2,313	1,730	2,437	578	651	567	908
Net Income / (Loss) Continuing Operations	-	924	1,890	865	347	-1,391	744	909	73	-44	596
Consolidated Net Income / (Loss)	-	924	1,890	865	347	-1,391	744	2,029	962	-2,475	555
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	1,120	889	-2,431	-41
Depreciation Expense	-	354	824	905	1,061	1,083	1,072	433	406	352	393
Non-Cash Adjustments To Reconcile Net Income	-	580	263	285	679	2,201	861	-720	-7.00	295	-246
Changes in Operating Assets and Liabilities, net	-	302	-1,261	101	217	-180	-256	-44	179	-36	165
Net Cash From Investing Activities	-	-1,264	-3,137	-370	314	-736	-689	447	-545	-292	-3,202
Net Cash From Continuing Investing Activities	-	-1,264	-3,137	-370	314	-736	-689	447	-545	-292	-3,202
Purchase of Property, Plant & Equipment	-	-568	-517	-403	-510	-452	-440	-309	-461	-75	-119
Acquisitions	-	0.00	-1,754	-2.00	313	-300	-14	0.00	0.00	-205	-3,267
Purchase of Investments	-	-1,042	-862	-414	-29	-113	-252	-57	-173	-8.00	-3,528
Sale of Property, Plant & Equipment	-	62	21	399	442	13	383	101	110	10	26
Sale and/or Maturity of Investments	-	273	0.00	64	23	105	40	37	0.00	0.00	3,700
Other Investing Activities, net	-	11	-25	-14	75	11	-406	675	-21	-14	-14
Net Cash From Financing Activities	-	-546	1,876	-2,380	-1,773	574	-1,698	-1,437	-605	965	694
Net Cash From Continuing Financing Activities	-	-546	1,876	-2,380	-1,773	574	-1,698	-1,437	-605	965	694
Repayment of Debt	-	-1,746	-5,155	-4,028	-4,912	-3,021	-6,394	-4,728	-74	-619	-793
Issuance of Debt	-	2,745	6,697	3,617	6,020	4,898	6,411	3,289	30	645	1,748
Issuance of Common Equity	-	203	1,938	-130	-211	634	575	0.00	0.00	939	0.00
Other Financing Activities, net	-	-58	-135	-	0.00	-	-154	618	-561	0.00	-261
Effect of Exchange Rate Changes	-	-	-	-1.00	-	3.00	-3.00	0.00	1.00	-10	16
Other Net Changes in Cash	-	-	-	-	-	-	-	-236	250	-295	-324

This table details how cash moves in and out of Liberty Media Corporation - Liberty Formula One Series C's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-276	129	-92	-337	418	952	-98	191	318	-1,860	-557
Net Cash From Operating Activities	537	-618	54	131	263	182	-23	381	231	173	123
Net Cash From Continuing Operating Activities	537	-618	54	131	263	182	-23	381	231	173	123
Net Income / (Loss) Continuing Operations	303	-314	-65	4.00	158	132	-357	5.00	204	13	374
Consolidated Net Income / (Loss)	303	443	164	245	507	-2,870	-357	5.00	204	13	333
Net Income / (Loss) Discontinued Operations	-	-	229	241	349	-3,002	-	0.00	-	-	-41
Depreciation Expense	257	-226	115	86	89	88	89	77	80	118	118
Non-Cash Adjustments To Reconcile Net Income	28	-240	186	31	-111	-25	405	-63	33	78	-294
Changes in Operating Assets and Liabilities, net	-51	162	-182	10	127	-13	-160	363	-87	-36	-75
Net Cash From Investing Activities	-296	286	-119	-296	96	28	-15	-181	61	-3,018	-64
Net Cash From Continuing Investing Activities	-296	286	-119	-296	96	28	-15	-181	61	-3,018	-64
Purchase of Property, Plant & Equipment	-263	201	-118	-27	-13	-12	-23	-33	-22	-3.00	-61
Purchase of Investments	-45	41	-3.00	-1.00	-	-9.00	-1.00	-6.00	-11	-3,509	-2.00
Other Investing Activities, net	-21	-	2.00	-63	2.00	49	-2.00	-11	-3.00	1.00	-1.00
Net Cash From Financing Activities	-517	498	-9.00	-9.00	15	937	-49	-13	21	982	-296
Net Cash From Continuing Financing Activities	-517	498	-9.00	-9.00	15	937	-49	-13	21	982	-296
Repayment of Debt	-945	1,598	-2.00	-9.00	5.00	-636	-33	-13	21	-766	-35
Effect of Exchange Rate Changes	-	-2.00	1.00	0.00	-8.00	9.00	-11	-	-	3.00	4.00
Other Net Changes in Cash	-	-	-19	-163	52	-204	-	4.00	-4.00	-	-324

This table presents Liberty Media Corporation - Liberty Formula One Series C's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	29,798	-	41,996	40,828	44,189	44,004	44,351	42,464	41,327	13,001	15,398
Total Current Assets	691	-	1,743	1,082	2,405	4,030	4,812	3,851	3,377	3,348	1,373
Cash & Equivalents	201	-	1,029	358	1,222	2,831	2,814	2,246	1,713	2,631	1,055
Accounts Receivable	247	-	358	364	767	823	828	837	123	114	115
Other Current Assets	243	-	356	360	416	376	1,170	768	180	277	203
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	1,361	326	0.00
Plant, Property, & Equipment, net	1,879	-	2,541	2,469	2,262	2,239	2,010	2,255	838	810	868
Plant, Property & Equipment, gross	2,587	-	3,596	3,765	3,780	4,017	4,027	4,481	973	1,007	1,087
Accumulated Depreciation	708	-	1,055	1,296	1,518	1,778	2,017	2,226	135	197	219
Total Noncurrent Assets	27,228	-	37,712	37,277	39,522	37,735	37,529	36,358	37,112	8,843	13,157
Goodwill	14,345	-	18,383	18,386	19,939	19,218	19,248	19,341	3,956	4,134	7,025
Intangible Assets	10,770	-	15,866	15,389	15,945	15,363	14,782	14,254	2,858	2,689	5,102
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	772	577	539
Other Noncurrent Operating Assets	465	-	599	1,861	2,013	2,136	2,554	1,811	612	778	491
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	28,540	665	0.00
Total Liabilities & Shareholders' Equity	29,798	-	41,996	40,828	44,189	44,004	44,351	42,464	41,327	13,001	15,398
Total Liabilities	11,667	-	19,422	19,130	22,264	24,403	25,514	23,338	21,882	5,950	6,948
Total Current Liabilities	2,813	-	3,979	3,244	3,888	4,490	6,610	5,410	4,743	1,134	939
Short-Term Debt	255	-	768	17	60	743	2,891	1,679	106	26	52
Accounts Payable	758	-	1,250	1,116	1,621	1,583	1,832	1,856	474	649	575
Current Deferred Revenue	1,797	-	1,941	2,079	2,113	2,070	1,790	1,773	247	267	263
Other Current Liabilities	3.00	-	20	32	94	94	97	102	40	192	49
Total Noncurrent Liabilities	8,854	-	15,443	15,886	18,376	19,913	18,904	17,928	17,139	4,816	6,009
Long-Term Debt	6,626	-	13,186	13,371	15,416	16,686	15,699	14,953	4,117	2,966	5,048
Noncurrent Deferred & Payable Income Tax Liabilities	1,667	-	1,478	1,651	1,913	2,126	2,218	2,101	-	52	656
Other Noncurrent Operating Liabilities	561	-	779	864	1,047	1,101	987	874	188	241	305
Other Noncurrent Nonoperating Liabilities	0.00	-	0.00	0.00	0.00	-	-	-	12,834	1,557	0.00
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	0.00	575	0.00	-	0.00	693
Total Equity & Noncontrolling Interests	18,131	-	22,574	21,698	21,925	19,601	18,262	19,126	19,445	7,051	7,757
Total Preferred & Common Equity	10,933	-	16,943	16,595	16,295	15,091	14,672	15,963	16,396	7,029	7,757
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,933	-	16,943	16,595	16,295	15,091	14,672	15,963	16,396	7,029	7,757
Common Stock	3.00	-	3,897	2,989	2,580	2,693	1,959	1,413	1,323	3.00	2.00
Retained Earnings	10,981	-	13,081	13,644	13,748	12,320	12,718	14,589	15,061	7,179	7,785
Accumulated Other Comprehensive Income / (Loss)	-51	-	-35	-38	-33	78	-5.00	-39	12	-153	-30
Noncontrolling Interest	7,198	-	5,631	5,103	5,630	4,510	3,590	3,163	3,049	22	0.00

This table presents Liberty Media Corporation - Liberty Formula One Series C's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	43,235	42,333	42,442	41,515	42,405	42,632	13,208	13,285	13,821	17,821
Total Current Assets	3,970	3,636	3,534	3,625	3,195	3,639	3,679	3,667	4,102	2,359
Cash & Equivalents	2,542	2,229	1,931	2,112	1,666	2,085	3,054	3,147	3,448	1,588
Accounts Receivable	826	701	822	808	789	826	122	144	144	303
Other Current Assets	602	706	781	705	740	728	503	376	510	468
Plant, Property, & Equipment, net	2,182	2,417	2,557	2,005	2,129	2,123	827	825	828	827
Plant, Property & Equipment, gross	4,329	4,563	4,759	3,957	4,183	4,290	1,010	1,039	1,012	1,029
Accumulated Depreciation	2,147	2,146	2,202	1,952	2,054	2,167	183	214	184	202
Total Noncurrent Assets	37,083	36,280	36,351	35,885	37,081	36,870	8,702	8,793	8,891	14,635
Long-Term Investments	1,028	993	1,126	1,145	1,996	1,983	483	510	622	741
Goodwill	19,341	19,341	19,341	19,165	19,399	19,400	4,192	4,134	4,135	7,200
Intangible Assets	14,372	14,137	14,025	13,783	13,731	13,670	2,757	2,632	2,570	5,267
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	788	790	799
Other Noncurrent Operating Assets	2,342	1,809	1,859	1,792	1,955	1,817	1,270	729	774	628
Total Liabilities & Shareholders' Equity	43,235	42,333	42,442	41,515	42,405	42,632	13,208	13,285	13,821	17,821
Total Liabilities	24,191	23,249	23,163	22,276	22,760	22,425	5,749	6,226	6,458	9,731
Total Current Liabilities	4,164	4,592	4,793	4,676	4,866	4,472	1,273	1,446	3,103	3,526
Short-Term Debt	499	706	787	827	1,185	685	76	30	1,803	1,915
Accounts Payable	1,640	1,613	1,754	1,715	1,621	1,768	404	330	470	474
Current Deferred Revenue	1,930	2,153	2,153	2,024	1,826	1,840	756	1,009	780	1,090
Other Current Liabilities	95	120	99	110	234	179	37	77	50	47
Total Noncurrent Liabilities	20,027	18,657	18,370	17,600	17,894	17,953	4,476	4,780	3,355	6,205
Long-Term Debt	17,066	15,690	15,432	14,836	14,257	14,343	4,289	4,534	2,996	5,122
Noncurrent Deferred & Payable Income Tax Liabilities	2,093	2,088	2,058	2,040	2,202	2,210	0.00	-	-	660
Other Noncurrent Operating Liabilities	868	879	880	724	1,435	1,400	187	246	359	423
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	578	0.00	0.00	-	-	-	-	-	-	692
Total Equity & Noncontrolling Interests	18,466	19,084	19,279	19,239	19,645	20,207	7,459	7,059	7,363	7,398
Total Preferred & Common Equity	15,334	15,962	16,284	16,247	16,551	17,060	7,436	7,037	7,341	7,376
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	15,334	15,962	16,284	16,247	16,551	17,060	7,436	7,037	7,341	7,376
Common Stock	1,372	1,400	1,474	1,304	1,341	1,393	3.00	3.00	3.00	3.00
Retained Earnings	14,004	14,604	14,857	14,953	15,267	15,724	7,520	7,182	7,419	7,440
Accumulated Other Comprehensive Income / (Loss)	-42	-42	-47	-10	-57	-57	-87	-148	-81	-67
Noncontrolling Interest	3,132	3,122	2,995	2,992	3,094	3,147	23	22	22	22

This table displays calculated financial ratios and metrics derived from Liberty Media Corporation - Liberty Formula One Series C's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	5.87%	28.01%	-9.03%	21.76%	-72.27%	13.00%	2.27%	22.69%
EBITDA Growth	-100.00%	0.00%	169.78%	11.20%	2.49%	-72.56%	323.68%	-73.64%	10.34%	9.72%	55.51%
EBIT Growth	-100.00%	0.00%	139.18%	13.34%	-6.55%	-126.87%	571.68%	-81.40%	30.86%	30.13%	100.00%
NOPAT Growth	-100.00%	0.00%	227.20%	-60.59%	-20.80%	-87.54%	1,404.64%	-90.00%	-4.25%	8.24%	133.53%
Net Income Growth	0.00%	0.00%	153.24%	-54.23%	-59.88%	-500.86%	153.49%	172.72%	-52.59%	-357.28%	122.42%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	0.00%	-20.22%	24.48%	7.28%	-25.21%	40.87%	-76.28%	9.69%	-12.78%	60.14%
Free Cash Flow Firm Growth	-67.52%	6,542.57%	-242.55%	102.73%	-158.82%	416.69%	-7.99%	-6.01%	1,781.02%	-98.23%	-760.44%
Invested Capital Growth	-1.32%	-100.00%	0.00%	1.39%	4.43%	-3.97%	1.47%	-3.29%	-74.23%	-2.84%	56.62%
Revenue Q/Q Growth	0.00%	0.00%	339.86%	5.87%	-24.88%	27.16%	-23.29%	-74.18%	3,261.06%	659.42%	31.09%
EBITDA Q/Q Growth	-100.00%	0.00%	123.04%	50.45%	-66.29%	169.62%	-50.62%	-76.11%	147.66%	2,160.87%	1,675.36%
EBIT Q/Q Growth	-100.00%	0.00%	113.43%	107.44%	-77.37%	52.04%	-61.76%	-84.25%	126.22%	240.57%	260.28%
NOPAT Q/Q Growth	-100.00%	0.00%	143.61%	63.91%	-84.84%	121.27%	-62.12%	-88.16%	114.60%	165.09%	254.79%
Net Income Q/Q Growth	0.00%	0.00%	120.21%	-19.31%	-93.35%	38.83%	-79.75%	64.42%	70.27%	54.39%	-74.17%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-5.56%	5.02%	0.96%	8.19%	3.83%	-76.92%	208.93%	-12.22%	19.16%
Free Cash Flow Firm Q/Q Growth	-77.58%	3,524.28%	-86.27%	436.21%	-110.88%	2,291.21%	-72.87%	-41.93%	14,130.57%	-98.13%	15.92%
Invested Capital Q/Q Growth	-0.75%	-100.00%	4.36%	2.51%	0.18%	-1.97%	-0.07%	-1.45%	-73.49%	-1.63%	-2.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	56.27%	55.46%	53.16%	51.37%	52.13%	44.64%	37.29%	31.89%	100.00%
EBITDA Margin	0.00%	0.00%	29.52%	31.01%	24.83%	7.49%	26.05%	24.77%	24.19%	25.95%	24.25%
Operating Margin	0.00%	0.00%	18.36%	18.79%	14.28%	1.89%	17.34%	4.59%	7.14%	7.56%	12.87%
EBIT Margin	0.00%	0.00%	18.46%	19.76%	14.43%	-4.26%	16.51%	11.07%	12.82%	16.32%	15.48%
Profit (Net Income) Margin	0.00%	0.00%	24.89%	10.76%	3.37%	-14.86%	6.53%	64.19%	26.93%	-67.75%	12.38%
Tax Burden Percent	0.00%	100.00%	228.54%	83.09%	67.64%	96.93%	94.30%	286.99%	-3,848.00%	10,312.50%	75.72%
Interest Burden Percent	0.00%	99.22%	58.99%	65.51%	34.55%	359.65%	41.92%	202.00%	-5.46%	-4.03%	105.62%
Effective Tax Rate	0.00%	0.00%	-128.54%	16.91%	32.36%	0.00%	5.70%	-28.57%	0.00%	0.00%	18.69%
Return on Invested Capital (ROIC)	0.00%	0.00%	19.52%	3.82%	2.94%	0.37%	5.58%	0.56%	0.87%	2.34%	4.58%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-6.24%	0.18%	-2.45%	-11.19%	-2.31%	13.60%	66.74%	55.95%	8.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-2.78%	0.09%	-1.35%	-7.07%	-1.71%	10.13%	4.12%	-21.02%	2.58%
Return on Equity (ROE)	0.00%	-39.16%	16.74%	3.91%	1.59%	-6.70%	3.87%	10.69%	4.99%	-18.68%	7.16%
Cash Return on Invested Capital (CROIC)	1.33%	178.37%	-180.48%	2.45%	-1.40%	4.42%	4.12%	3.91%	118.92%	5.21%	-39.54%
Operating Return on Assets (OROA)	0.00%	0.00%	6.68%	3.84%	3.49%	-0.90%	4.26%	0.81%	1.09%	2.20%	4.89%
Return on Assets (ROA)	0.00%	0.00%	9.00%	2.09%	0.82%	-3.15%	1.68%	4.67%	2.30%	-9.12%	3.91%
Return on Common Equity (ROCE)	0.00%	-23.61%	12.57%	2.96%	1.20%	-5.06%	3.00%	8.63%	4.18%	-16.52%	6.83%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	11.16%	5.21%	2.13%	-9.22%	5.07%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.00	-2,505	3,186	1,256	994	124	1,864	186	179	193	469
NOPAT Margin	0.00%	0.00%	41.95%	15.62%	9.66%	1.32%	16.35%	5.90%	5.00%	5.29%	10.47%
Net Nonoperating Expense Percent (NNEP)	0.00%	41.55%	25.76%	3.64%	5.39%	11.56%	7.89%	-13.04%	-65.87%	-53.61%	-3.45%
Return On Investment Capital (ROIC_SIMPLE)	0.00%	0.00%	8.72%	3.58%	2.66%	0.33%	5.06%	0.52%	0.75%	1.67%	3.65%
Cost of Revenue to Revenue	0.00%	0.00%	43.73%	44.54%	46.84%	48.63%	47.87%	55.36%	62.71%	68.11%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	21.68%	20.51%	21.69%	22.56%	19.58%	12.43%	11.09%	11.47%	11.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	37.91%	36.63%	38.87%	49.48%	34.79%	40.05%	30.15%	24.34%	87.13%
Earnings before Interest and Taxes (EBIT)	0.00	-3,578	1,402	1,589	1,485	-399	1,882	350	458	596	694
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.00	-3,213	2,242	2,493	2,555	701	2,970	783	864	948	1,087
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.20	0.00	1.19	1.09	1.61	1.57	2.18	2.00	2.31	4.07	3.94
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.95	138.89	0.00
Price to Revenue (P/Rev)	0.00	0.00	2.65	2.25	2.55	2.53	2.81	10.12	10.60	7.83	6.82
Price to Earnings (P/E)	0.00	0.00	14.87	34.12	247.18	0.00	80.43	17.62	49.74	0.00	55.07
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	6.73%	2.93%	0.40%	0.00%	1.24%	5.68%	2.01%	0.00%	1.82%
Enterprise Value to Invested Capital (EV/IC)	1.09	0.00	1.10	1.05	1.29	1.26	1.52	1.49	5.13	3.65	2.83
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	4.72	4.30	4.32	4.46	4.47	15.37	12.05	8.14	7.88
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	15.98	13.88	17.40	59.59	17.17	62.03	49.81	31.36	32.48
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	25.55	21.78	29.94	0.00	27.10	138.78	93.97	49.89	50.87
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	11.24	27.56	44.71	337.14	27.36	260.54	241.10	153.90	75.25
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	6.76	20.68	16.05	19.22	24.15	20.93	84.04	67.88	53.77	38.88
Enterprise Value to Free Cash Flow (EV/FCFF)	81.50	0.71	0.00	43.07	0.00	27.91	37.04	37.52	1.77	68.96	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.00	0.62	0.62	0.71	0.89	0.99	0.87	0.22	0.65	0.60
Long-Term Debt to Equity	0.37	0.00	0.58	0.62	0.70	0.85	0.83	0.78	0.21	0.64	0.60
Financial Leverage	0.22	0.28	0.45	0.48	0.55	0.63	0.74	0.74	0.06	-0.38	0.32
Leverage Ratio	1.57	1.64	1.86	1.87	1.95	2.12	2.30	2.29	2.17	2.05	1.83
Compound Leverage Factor	0.00	1.63	1.10	1.23	0.67	7.64	0.96	4.62	-0.12	-0.08	1.94
Debt to Total Capital	27.51%	0.00%	38.20%	38.16%	41.38%	47.07%	49.67%	46.51%	17.84%	39.21%	37.64%
Short-Term Debt to Total Capital	1.02%	0.00%	2.10%	0.05%	0.16%	2.01%	7.72%	4.70%	0.45%	0.22%	0.38%
Long-Term Debt to Total Capital	26.49%	0.00%	36.10%	38.11%	41.22%	45.06%	41.95%	41.82%	17.39%	38.99%	37.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	28.78%	0.00%	15.42%	14.54%	15.05%	12.18%	11.13%	8.85%	12.88%	0.19%	5.11%
Common Equity to Total Capital	43.71%	0.00%	46.38%	47.30%	43.57%	40.75%	39.20%	44.64%	69.28%	60.60%	57.25%
Debt to EBITDA	0.00	0.00	6.22	5.37	6.06	24.86	6.26	21.24	4.89	4.80	4.69
Net Debt to EBITDA	0.00	0.00	4.49	4.57	4.94	19.37	4.99	17.16	2.47	1.16	3.72
Long-Term Debt to EBITDA	0.00	0.00	5.88	5.36	6.03	23.80	5.29	19.10	4.77	4.77	4.64
Debt to NOPAT	0.00	0.00	4.38	10.66	15.56	140.67	9.97	89.21	23.66	23.54	10.87
Net Debt to NOPAT	0.00	0.00	3.16	9.07	12.70	109.60	7.96	72.06	11.97	5.70	8.62
Long-Term Debt to NOPAT	0.00	0.00	4.14	10.65	15.50	134.67	8.42	80.21	23.06	23.41	10.76
Altman Z-Score	1.11	0.00	1.29	1.30	1.45	1.14	1.50	1.36	1.63	4.33	3.82
Noncontrolling Interest Sharing Ratio	41.71%	39.70%	24.94%	24.25%	24.60%	24.42%	22.57%	19.30%	16.11%	11.59%	4.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.25	0.00	0.44	0.33	0.62	0.90	0.73	0.71	0.71	2.95	1.46
Quick Ratio	0.16	0.00	0.35	0.22	0.51	0.81	0.55	0.57	0.39	2.71	1.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	311	20,658	-29,449	804	-473	1,497	1,377	1,294	24,349	431	-4,048
Operating Cash Flow to CapEx	0.00%	429.05%	349.19%	53,900.00%	3,401.47%	394.08%	4,275.44%	277.88%	181.14%	0.00%	976.34%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-49.83	1.33	-0.72	2.36	2.15	6.96	98.18	1.82	-16.26
Operating Cash Flow to Interest Expense	0.00	0.00	2.93	3.56	3.52	2.73	3.80	3.11	2.56	2.33	3.65
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	2.09	3.55	3.42	2.04	3.71	1.99	1.15	2.51	3.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.36	0.19	0.24	0.21	0.26	0.07	0.09	0.13	0.32
Accounts Receivable Turnover	0.00	0.00	0.00	22.27	18.20	11.78	13.81	3.80	7.44	30.83	39.14
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	3.21	4.35	4.16	5.37	1.48	2.31	4.43	5.34
Accounts Payable Turnover	0.00	0.00	0.00	3.03	3.52	2.84	3.20	0.95	1.92	4.43	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	16.39	20.06	30.99	26.43	96.13	49.05	11.84	9.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	120.58	103.61	128.43	114.21	384.61	189.83	82.30	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-104.19	-83.55	-97.44	-87.78	-288.48	-140.78	-70.46	9.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,163	0.00	32,635	33,087	34,554	33,181	33,668	32,560	8,390	8,152	12,495
Invested Capital Turnover	0.00	0.00	0.47	0.24	0.30	0.28	0.34	0.10	0.17	0.44	0.44
Increase / (Decrease) in Invested Capital	-311	-23,163	32,635	452	1,467	-1,373	487	-1,108	-24,170	-238	4,517
Enterprise Value (EV)	25,348	14,678	35,819	34,609	44,460	41,772	51,008	48,573	43,036	29,734	35,302
Market Capitalization	13,118	14,678	20,127	18,117	26,201	23,682	32,012	31,976	37,851	28,611	30,564
Book Value per Share	$32.71	$0.00	$27.54	$27.22	$27.23	$24.21	$23.90	$26.03	$25.12	$20.65	$22.68
Tangible Book Value per Share	($42.43)	$0.00	($28.13)	($28.18)	($32.73)	($31.27)	($31.54)	($28.76)	$14.68	$0.61	($12.78)
Total Capital	25,012	0.00	36,528	35,086	37,401	37,030	37,427	35,758	23,668	11,599	13,550
Total Debt	6,881	0.00	13,954	13,388	15,476	17,429	18,590	16,632	4,223	4,548	5,100
Total Long-Term Debt	6,626	0.00	13,186	13,371	15,416	16,686	15,699	14,953	4,117	4,522	5,048
Net Debt	5,032	0.00	10,061	11,389	12,629	13,580	14,831	13,434	2,136	1,101	4,045
Capital Expenditures (CapEx)	0.00	506	496	4.00	68	439	57	208	350	-42	93
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,068	0.00	-2,497	-2,503	-2,645	-2,548	-1,721	-2,126	-2,973	-716	-569
Debt-free Net Working Capital (DFNWC)	-1,867	0.00	-1,468	-2,145	-1,423	283	1,093	120	-1,260	2,240	486
Net Working Capital (NWC)	-2,122	0.00	-2,236	-2,162	-1,483	-460	-1,798	-1,559	-1,366	2,214	434
Net Nonoperating Expense (NNE)	0.00	1,045	1,296	391	647	1,515	1,120	-1,843	-784	2,668	-86
Net Nonoperating Obligations (NNO)	5,032	0.00	10,061	11,389	12,629	13,580	14,831	13,434	-11,055	1,101	4,045
Total Depreciation and Amortization (D&A)	0.00	365	840	904	1,070	1,100	1,088	433	406	352	393
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-32.88%	-31.13%	-25.70%	-27.21%	-15.10%	-67.26%	-83.23%	-19.60%	-12.70%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	-19.33%	-26.68%	-13.83%	3.02%	9.59%	3.80%	-35.27%	61.32%	10.84%
Net Working Capital to Revenue	0.00%	0.00%	-29.44%	-26.89%	-14.41%	-4.91%	-15.77%	-49.32%	-38.24%	60.61%	9.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79	$3.94	$2.54	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	334.64M	586.70M	0.00	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M	250.47M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.46	($1.33)	($6.90)	$1.78	$3.66	$2.42	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	334.64M	586.70M	0.00	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M	250.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	334.64M	586.70M	0.00	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M	250.47M
Normalized Net Operating Profit after Tax (NOPAT)	0.00	-3,220	976	1,256	1,051	827	1,883	106	179	267	491
Normalized NOPAT Margin	0.00%	0.00%	12.85%	15.62%	10.21%	8.83%	16.52%	3.34%	5.02%	7.30%	10.96%
Pre Tax Income Margin	0.00%	0.00%	10.89%	12.95%	4.98%	-15.33%	6.92%	22.37%	-0.70%	-0.66%	16.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.37	2.62	2.26	-0.63	2.93	1.88	1.85	2.51	2.79
NOPAT to Interest Expense	0.00	0.00	5.39	2.07	1.51	0.20	2.90	1.00	0.72	0.82	1.88
EBIT Less CapEx to Interest Expense	0.00	0.00	1.53	2.62	2.16	-1.32	2.84	0.76	0.44	2.69	2.41
NOPAT Less CapEx to Interest Expense	0.00	0.00	4.55	2.07	1.41	-0.50	2.82	-0.12	-0.69	0.99	1.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-0.45%	3.17%	6.82%	19.60%	-4.60%	7.80%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-47.61%	77.72%	212.60%	769.45%	-139.25%	287.10%	1.82%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Liberty Media Corporation - Liberty Formula One Series C's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.43%	-100.00%	62.32%	-77.03%	-69.54%	0.00%	193.27%	-100.00%	35.73%	0.00%	51.16%
EBITDA Growth	2.11%	-260.88%	141.47%	-70.86%	-72.28%	23.90%	91.45%	-438.07%	93.73%	-11.73%	72.29%
EBIT Growth	3.76%	-293.09%	143.80%	-73.84%	-74.96%	2.76%	112.54%	-846.67%	149.40%	-13.38%	74.94%
NOPAT Growth	-1.14%	-321.13%	164.39%	-69.34%	-89.19%	2.76%	112.54%	-985.16%	423.46%	-13.38%	74.94%
Net Income Growth	-55.04%	-195.62%	63.52%	371.15%	67.33%	-1,634.94%	288.75%	-374.29%	-59.76%	81.17%	-40.12%
EPS Growth	-60.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-19.85%	-219.08%	104.65%	-80.18%	-51.02%	129.45%	-142.59%	190.84%	-12.17%	-4.95%	1,466.67%
Free Cash Flow Firm Growth	22.82%	-48.92%	17,359.15%	-29.75%	10.53%	4,125.29%	-93.71%	2,494.23%	1,665.72%	-124.25%	-225.21%
Invested Capital Growth	-2.30%	-4.22%	-74.23%	-2.58%	-3.93%	-73.81%	-2.84%	-74.65%	-74.04%	54.43%	56.62%
Revenue Q/Q Growth	26.92%	-100.00%	0.00%	126.35%	68.31%	-100.00%	0.00%	-100.00%	0.00%	-100.00%	0.00%
EBITDA Q/Q Growth	52.32%	-258.26%	150.62%	-76.12%	44.89%	-534.51%	227.35%	-142.17%	183.03%	-350.61%	297.90%
EBIT Q/Q Growth	92.73%	-285.52%	150.57%	-85.53%	84.44%	-820.48%	210.54%	-150.83%	161.61%	-427.54%	271.98%
NOPAT Q/Q Growth	149.11%	-299.40%	172.24%	-91.46%	-12.19%	-1,894.13%	257.91%	-135.58%	151.93%	-488.60%	345.68%
Net Income Q/Q Growth	482.69%	-236.96%	346.27%	-76.03%	106.94%	-1,520.12%	155.18%	-116.91%	130.36%	-764.71%	275.44%
EPS Q/Q Growth	28.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-18.76%	-215.08%	108.74%	142.59%	100.76%	-30.80%	-112.64%	1,756.52%	-39.37%	-25.11%	-28.90%
Free Cash Flow Firm Q/Q Growth	-5.28%	-55.39%	4,551.41%	-96.43%	49.04%	1,605.26%	-93.07%	1,373.63%	1.44%	-123.42%	59.98%
Invested Capital Q/Q Growth	0.57%	-2.45%	-73.49%	274.55%	-0.82%	-73.41%	-1.63%	-2.28%	1.58%	58.16%	-2.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.23%	0.00%	0.00%	48.04%	25.81%	0.00%	87.49%	0.00%	35.35%	0.00%	190.58%
EBITDA Margin	28.36%	0.00%	0.00%	29.98%	25.81%	0.00%	67.90%	0.00%	36.84%	0.00%	78.00%
Operating Margin	16.12%	0.00%	0.00%	15.84%	5.77%	0.00%	63.62%	0.00%	20.36%	0.00%	74.24%
EBIT Margin	20.44%	0.00%	0.00%	15.33%	16.80%	0.00%	63.62%	0.00%	30.87%	0.00%	74.24%
Profit (Net Income) Margin	9.34%	0.00%	0.00%	41.74%	51.32%	0.00%	191.19%	0.00%	15.21%	0.00%	75.74%
Tax Burden Percent	82.56%	33.74%	138.86%	3,500.00%	262.69%	602.01%	408.74%	100.00%	89.47%	100.00%	93.92%
Interest Burden Percent	55.35%	100.00%	118.33%	7.78%	116.27%	100.00%	73.53%	100.00%	55.07%	100.00%	108.62%
Effective Tax Rate	17.44%	0.00%	0.00%	42.86%	18.13%	0.00%	0.00%	0.00%	10.53%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.27%	0.00%	0.00%	0.46%	0.00%	0.00%	28.10%	0.00%	3.17%	0.00%	32.51%
ROIC Less NNEP Spread (ROIC-NNEP)	0.33%	0.00%	0.00%	1.99%	0.00%	0.00%	-25.17%	0.00%	2.48%	0.00%	34.40%
Return on Net Nonoperating Assets (RNNOA)	0.24%	0.00%	0.00%	1.28%	0.00%	0.00%	9.45%	0.00%	1.05%	0.00%	11.03%
Return on Equity (ROE)	1.51%	2.95%	0.00%	1.74%	6.88%	-40.65%	37.55%	0.00%	4.23%	0.00%	43.54%
Cash Return on Invested Capital (CROIC)	2.30%	0.53%	118.92%	2.63%	3.00%	115.50%	5.21%	117.37%	116.58%	-45.66%	-39.54%
Operating Return on Assets (OROA)	1.49%	0.00%	0.00%	0.58%	0.00%	0.00%	8.56%	0.00%	3.74%	0.00%	23.43%
Return on Assets (ROA)	0.68%	0.00%	0.00%	1.58%	0.00%	0.00%	25.74%	0.00%	1.84%	0.00%	23.91%
Return on Common Equity (ROCE)	1.24%	2.44%	0.00%	1.46%	5.81%	-36.06%	33.20%	0.00%	3.74%	0.00%	41.53%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	432	-861	622	53	47	-837	1,322	-470	244	-949	2,332
NOPAT Margin	13.31%	0.00%	0.00%	9.05%	4.72%	0.00%	63.62%	0.00%	18.22%	0.00%	74.24%
Net Nonoperating Expense Percent (NNEP)	0.94%	-3.38%	-33.63%	-1.54%	-3.82%	96.16%	53.27%	3.18%	0.69%	14.70%	-1.89%
Return On Investment Capital (ROIC_SIMPLE)	1.22%	-2.47%	2.63%	0.15%	0.13%	-7.08%	11.40%	-4.05%	2.01%	-6.58%	18.14%
Cost of Revenue to Revenue	48.77%	0.00%	0.00%	51.96%	74.19%	0.00%	12.51%	0.00%	64.65%	0.00%	-90.58%
SG&A Expenses to Revenue	17.97%	0.00%	0.00%	15.84%	9.92%	0.00%	0.00%	0.00%	8.80%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.11%	0.00%	0.00%	30.66%	18.93%	0.00%	24.83%	0.00%	14.77%	0.00%	116.43%
Earnings before Interest and Taxes (EBIT)	663	-1,230	622	90	166	-1,196	1,322	-672	414	-1,356	2,332
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	920	-1,456	737	176	255	-1,108	1,411	-595	494	-1,238	2,450
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.97	1.95	2.31	2.32	2.46	6.30	4.07	3.95	4.41	4.41	3.94
Price to Tangible Book Value (P/TBV)	0.00	0.00	3.95	0.00	0.00	96.15	138.89	102.54	50.96	0.00	0.00
Price to Revenue (P/Rev)	10.22	0.00	10.60	23.92	0.00	0.00	7.83	9.06	9.48	9.52	6.82
Price to Earnings (P/E)	26.23	76.45	49.74	40.41	36.40	0.00	0.00	0.00	0.00	12.27	55.07
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.81%	1.31%	2.01%	2.47%	2.75%	0.00%	0.00%	0.00%	0.00%	8.15%	1.82%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.49	5.13	1.69	1.80	5.75	3.65	3.61	4.10	2.97	2.83
Enterprise Value to Revenue (EV/Rev)	15.37	0.00	12.05	33.20	0.00	0.00	8.14	9.37	9.70	11.11	7.88
Enterprise Value to EBITDA (EV/EBITDA)	73.90	0.00	49.81	122.07	0.00	0.00	31.36	0.00	543.60	0.00	32.48
Enterprise Value to EBIT (EV/EBIT)	215.10	0.00	93.97	260.89	0.00	0.00	49.89	0.00	0.00	0.00	50.87
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	241.10	9,503.77	0.00	0.00	153.90	0.00	0.00	0.00	75.25
Enterprise Value to Operating Cash Flow (EV/OCF)	86.81	0.00	67.88	511.74	0.00	75.68	53.77	35.76	43.01	49.84	38.88
Enterprise Value to Free Cash Flow (EV/FCFF)	63.79	275.42	1.77	63.46	58.82	2.07	68.96	1.24	1.45	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.81	0.22	0.79	0.74	0.59	0.65	0.65	0.65	0.87	0.60
Long-Term Debt to Equity	0.80	0.77	0.21	0.73	0.71	0.58	0.64	0.64	0.41	0.63	0.60
Financial Leverage	0.72	0.69	0.06	0.64	0.61	0.50	-0.38	0.48	0.42	0.36	0.32
Leverage Ratio	2.26	2.21	2.17	2.19	2.15	2.05	2.05	2.09	2.05	2.00	1.83
Compound Leverage Factor	1.25	2.21	2.57	0.17	2.51	2.05	1.51	2.09	1.13	2.00	1.99
Debt to Total Capital	45.69%	44.88%	17.84%	44.01%	42.65%	36.92%	39.21%	39.27%	39.46%	46.52%	37.64%
Short-Term Debt to Total Capital	2.22%	2.37%	0.45%	3.38%	1.94%	0.64%	0.22%	0.26%	14.82%	12.66%	0.38%
Long-Term Debt to Total Capital	43.47%	42.51%	17.39%	40.63%	40.71%	36.27%	38.99%	39.01%	24.63%	33.86%	37.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.44%	8.57%	12.88%	8.82%	8.93%	0.19%	0.19%	0.19%	0.18%	4.72%	5.11%
Common Equity to Total Capital	45.87%	46.55%	69.28%	47.17%	48.42%	62.89%	60.60%	60.54%	60.36%	48.76%	57.25%
Debt to EBITDA	24.88	-8.64	4.89	35.42	-65.62	-94.89	4.80	-31.26	78.67	-101.99	4.69
Net Debt to EBITDA	20.19	-6.84	2.47	27.02	-47.86	-18.00	1.16	-6.21	11.95	-68.23	3.72
Long-Term Debt to EBITDA	23.67	-8.18	4.77	32.70	-62.63	-93.24	4.77	-31.05	49.11	-74.23	4.64
Debt to NOPAT	-2,106.36	-12.81	23.66	2,757.50	-46.87	-14.71	23.54	-13.33	-25.11	-23.22	10.87
Net Debt to NOPAT	-1,709.35	-10.14	11.97	2,103.57	-34.19	-2.79	5.70	-2.65	-3.81	-15.53	8.62
Long-Term Debt to NOPAT	-2,004.16	-12.13	23.06	2,545.89	-44.74	-14.45	23.41	-13.25	-15.68	-16.90	10.76
Altman Z-Score	1.41	1.23	1.64	1.51	1.61	5.55	4.51	3.70	4.20	2.45	4.17
Noncontrolling Interest Sharing Ratio	17.67%	17.51%	0.00%	16.05%	15.55%	11.29%	11.59%	0.00%	11.49%	0.00%	4.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.74	0.78	0.71	0.66	0.81	2.89	2.95	2.54	1.32	0.67	1.46
Quick Ratio	0.57	0.62	0.39	0.50	0.65	2.49	2.71	2.28	1.16	0.54	1.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,195	533	24,792	886	1,321	22,521	1,560	22,989	23,319	-5,460	-2,185
Operating Cash Flow to CapEx	233.48%	0.00%	45.76%	485.19%	2,023.08%	1,516.67%	-176.92%	1,154.55%	1,050.00%	5,766.67%	201.64%
Free Cash Flow to Firm to Interest Expense	5.97	0.00	0.00	14.29	22.01	0.00	0.00	0.00	409.11	0.00	0.00
Operating Cash Flow to Interest Expense	2.69	0.00	0.00	2.11	4.38	0.00	0.00	0.00	4.05	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.54	0.00	0.00	1.68	4.17	0.00	0.00	0.00	3.67	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.00	0.09	0.04	0.00	0.00	0.13	0.11	0.12	0.22	0.32
Accounts Receivable Turnover	3.81	0.00	7.44	2.15	0.00	0.00	30.83	6.57	7.05	16.09	39.14
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.31	0.00	2.31	0.71	0.00	0.00	4.43	2.08	2.32	4.13	5.34
Accounts Payable Turnover	1.04	0.89	1.92	0.81	0.26	0.40	4.43	2.90	2.65	7.07	0.00
Days Sales Outstanding (DSO)	95.79	0.00	49.05	169.64	0.00	0.00	11.84	55.54	51.78	22.69	9.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	352.20	410.38	189.83	448.83	1,379.32	907.79	82.30	125.68	137.66	51.61	0.00
Cash Conversion Cycle (CCC)	-256.41	0.00	-140.78	-279.19	0.00	0.00	-70.46	-70.15	-85.88	-28.92	9.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,441	31,645	8,390	31,425	31,167	8,287	8,152	7,966	8,092	12,798	12,495
Invested Capital Turnover	0.10	0.00	0.17	0.05	0.00	0.00	0.44	0.16	0.17	0.32	0.44
Increase / (Decrease) in Invested Capital	-763	-1,394	-24,170	-833	-1,274	-23,358	-238	-23,459	-23,075	4,511	4,517
Enterprise Value (EV)	48,181	47,124	43,036	53,221	56,078	47,678	29,734	28,718	33,160	37,981	35,302
Market Capitalization	32,024	31,726	37,851	38,347	41,971	46,827	28,611	27,789	32,409	32,559	30,564
Book Value per Share	$26.52	$28.95	$25.12	$25.33	$26.11	$11.36	$20.65	$20.63	$21.51	$21.57	$22.68
Tangible Book Value per Share	($27.82)	($29.76)	$14.68	($25.37)	($24.50)	$0.74	$0.61	$0.79	$1.86	($14.89)	($12.78)
Total Capital	35,498	34,902	23,668	35,087	35,235	11,824	11,599	11,623	12,162	15,127	13,550
Total Debt	16,219	15,663	4,223	15,442	15,028	4,365	4,548	4,564	4,799	7,037	5,100
Total Long-Term Debt	15,432	14,836	4,117	14,257	14,343	4,289	4,522	4,534	2,996	5,122	5,048
Net Debt	13,162	12,406	2,136	11,780	10,960	828	1,101	907	729	4,708	4,045
Capital Expenditures (CapEx)	230	-245	118	27	13	12	13	33	22	3.00	61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,403	-2,336	-2,973	-2,152	-2,233	-572	-716	-896	-646	-840	-569
Debt-free Net Working Capital (DFNWC)	-472	-224	-1,260	-486	-148	2,482	2,240	2,251	2,802	748	486
Net Working Capital (NWC)	-1,259	-1,051	-1,366	-1,671	-833	2,406	2,214	2,221	999	-1,167	434
Net Nonoperating Expense (NNE)	129	-446	-400	-192	-460	6,363	-2,651	202	40	407	-47
Net Nonoperating Obligations (NNO)	13,162	12,406	-11,055	11,780	10,960	828	1,101	907	729	4,708	4,045
Total Depreciation and Amortization (D&A)	257	-226	115	86	89	88	89	77	80	118	118
Debt-free, Cash-free Net Working Capital to Revenue	-76.68%	0.00%	-83.23%	-134.25%	0.00%	0.00%	-19.60%	-29.22%	-18.89%	-24.57%	-12.70%
Debt-free Net Working Capital to Revenue	-15.06%	0.00%	-35.27%	-30.32%	0.00%	0.00%	61.32%	73.42%	81.95%	21.88%	10.84%
Net Working Capital to Revenue	-40.17%	0.00%	-38.24%	-104.24%	0.00%	0.00%	60.61%	72.44%	29.22%	-34.13%	9.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.51	$0.94	$0.00	$0.61	$0.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M	341.96M	250.47M
Adjusted Diluted Earnings per Share	$0.49	$0.89	$0.00	$0.52	$0.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M	341.96M	250.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M	341.96M	250.47M
Normalized Net Operating Profit after Tax (NOPAT)	447	-861	435	53	47	-833	925	-455	244	-930	1,632
Normalized NOPAT Margin	13.79%	0.00%	0.00%	9.05%	4.72%	0.00%	44.53%	0.00%	18.22%	0.00%	51.97%
Pre Tax Income Margin	11.31%	0.00%	0.00%	1.19%	19.53%	0.00%	46.78%	0.00%	17.00%	0.00%	80.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.32	0.00	0.00	1.45	2.77	0.00	0.00	0.00	7.26	0.00	0.00
NOPAT to Interest Expense	2.16	0.00	0.00	0.86	0.78	0.00	0.00	0.00	4.29	0.00	0.00
EBIT Less CapEx to Interest Expense	2.17	0.00	0.00	1.02	2.55	0.00	0.00	0.00	6.88	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.01	0.00	0.00	0.42	0.56	0.00	0.00	0.00	3.90	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-37.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are key trends from Liberty Media Corp (FWONA) quarterly statements over the past four years, focused on the latest four quarters in 2025. The bullets highlight metrics that could be meaningful to retail investors evaluating profitability, cash flow, and leverage.

Net income attributable to common shareholders in Q4 2025: $2,379,000,000, signaling a strong quarterly turnaround after softer 2025 quarters.
Revenue growth into year-end: Total Revenue in Q4 2025 was $3,141,000,000, up from $2,078,000,000 in Q4 2024.
Positive operating cash flow across 2025 quarters: Net Cash From Continuing Operating Activities were positive in Q1 ($381,000,000), Q2 ($231,000,000), Q3 ($173,000,000), and Q4 ($123,000,000).
Solid equity base through mid-2025: Total Common Equity around $7.3B (e.g., about $7,336,000,000 in Q3 2025), indicating a robust equity cushion.
Data irregularity in Q3 2025 revenue: Total Revenue reported as $0 in Q3 2025, suggesting a data gap or restatement that complicates trend interpretation.
Substantial noncurrent assets reflect acquisitions: Goodwill around $7.2B and Intangible Assets around $5.3–$5.6B in 2025, indicating large prior acquisitions and potential impairment risk if conditions worsen.
Leverage remains high and variable across 2025: Long-Term Debt ranged from roughly $5.1B to $14.3B across 2025 quarters, highlighting ongoing refinancing and debt-service considerations.
Earnings volatility in 2025: Net income was negative in multiple quarters (Q1 2025: -$672,000,000; Q3 2025: -$1,356,000,000), even though Q4 2025 rebounded.
Cash balance pressure in late 2025: Net Change in Cash & Equivalents was negative in Q3 2025 (-$1,860,000,000) and again in Q4 2025 (-$557,000,000), implying cash burn despite positive operating cash flow.
Investing cash outflows notable in some quarters: Net Cash From Investing Activities was substantially negative in certain periods (e.g., Q3 2025 around -$3,018,000,000) due to acquisitions/investments, which can stress liquidity absent offsetting financing or cash flow from operations.

05/05/26 03:57 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Liberty Media Corporation - Liberty Formula One Series C's Financials

When does Liberty Media Corporation - Liberty Formula One Series C's fiscal year end?

According to the most recent income statement we have on file, Liberty Media Corporation - Liberty Formula One Series C's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Liberty Media Corporation - Liberty Formula One Series C's net income changed over the last 10 years?

Liberty Media Corporation - Liberty Formula One Series C's net income appears to be on a downward trend, with a most recent value of $555 million in 2025, rising from $0.00 in 2015. The previous period was -$2.48 billion in 2024. See Liberty Media Corporation - Liberty Formula One Series C's forecast for analyst expectations on whatâ€™s next for the company.

What is Liberty Media Corporation - Liberty Formula One Series C's operating income?

Liberty Media Corporation - Liberty Formula One Series C's total operating income in 2025 was $577 million, based on the following breakdown:

Total Gross Profit: $4.48 billion
Total Operating Expenses: $3.91 billion

How has Liberty Media Corporation - Liberty Formula One Series C's revenue changed over the last 10 years?

Over the last 10 years, Liberty Media Corporation - Liberty Formula One Series C's total revenue changed from $0.00 in 2015 to $4.48 billion in 2025, a change of 448,200,000,000.0%.

How much debt does Liberty Media Corporation - Liberty Formula One Series C have?

Liberty Media Corporation - Liberty Formula One Series C's total liabilities were at $6.95 billion at the end of 2025, a 16.8% increase from 2024, and a 40.4% decrease since 2015.

How much cash does Liberty Media Corporation - Liberty Formula One Series C have?

In the past 10 years, Liberty Media Corporation - Liberty Formula One Series C's cash and equivalents has ranged from $0.00 in 2016 to $2.83 billion in 2020, and is currently $1.06 billion as of their latest financial filing in 2025.

How has Liberty Media Corporation - Liberty Formula One Series C's book value per share changed over the last 10 years?

Over the last 10 years, Liberty Media Corporation - Liberty Formula One Series C's book value per share changed from 32.71 in 2015 to 22.68 in 2025, a change of -30.7%.

Related Companies

Financial statements for NASDAQ:FWONK last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Liberty Media Corporation - Liberty Formula One Series C (FWONK) Financials

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Liberty Media Corporation - Liberty Formula One Series C (FWONK) Financials

Annual Income Statements for Liberty Media Corporation - Liberty Formula One Series C

Quarterly Income Statements for Liberty Media Corporation - Liberty Formula One Series C

Annual Cash Flow Statements for Liberty Media Corporation - Liberty Formula One Series C

Quarterly Cash Flow Statements for Liberty Media Corporation - Liberty Formula One Series C

Annual Balance Sheets for Liberty Media Corporation - Liberty Formula One Series C

Quarterly Balance Sheets for Liberty Media Corporation - Liberty Formula One Series C

Annual Metrics And Ratios for Liberty Media Corporation - Liberty Formula One Series C

Quarterly Metrics And Ratios for Liberty Media Corporation - Liberty Formula One Series C

Financials Breakdown Chart

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