Liberty Media Posts Strong Q3 Growth as Formula 1 Revenue Climbs Despite Fewer Races

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The company's flagship Formula One Group, bolstered by strong hospitality and licensing, offset a lighter race calendar, while the newly acquired MotoGP and a pending Live Nation split-off signal a new strategic focus.

Liberty Media Corporation showcased robust financial health in its third-quarter 2025 earnings, demonstrating significant growth driven by its flagship Formula One Group. The company's performance was particularly notable as Formula 1 managed to increase its revenue and operating income even with one less race held during the quarter compared to the previous year.

The results highlight Formula 1's expanding global popularity and its increasing ability to generate revenue beyond the track. Total revenue for the Formula One Group surged to $1.085 billion for the quarter, a significant jump from $911 million in the third quarter of 2024. CEO Derek Chang praised the "robust financial performance" and F1's success in "capitalizing on its global popularity". This article will provide a report on the company's quarterly performance.

Formula 1: More Revenue from Fewer Races

The Formula 1 division is proving its financial resilience. The group reported a 1% increase in total revenue, reaching $869 million, despite the calendar variance. This success was driven by a strategic shift in revenue streams:

• Core Revenue: Primary F1 revenue, which includes race promotion, media rights, and sponsorship, saw a minor 3% decrease. This was an expected result of having only six races in the quarter compared to seven in Q3 2024.

• Hospitality and Other Revenue: This dip was more than offset by a 27% surge in "Other revenue," which climbed to $131 million. This growth was attributed to higher income from Paddock Club hospitality, increased licensing, and activities at the Grand Prix Plaza.

This strategic diversification helped boost F1's quarterly operating income by a strong 15% to $168 million.

F1's commercial momentum continues to accelerate. The company recently secured long-term contract renewals for the Austin, Azerbaijan, and Monaco Grand Prix. In a significant move for the U.S. market, Apple was announced as a new broadcast partner. This partnership follows the global box office success of the "F1 The Movie," which became Apple's largest film to date, grossing approximately $630 million.

MotoGP Integration and Liberty Live Split-Off

This quarter was the first to include results from the newly acquired MotoGP, which Liberty Media took ownership of on July 3, 2025. The premier motorcycle racing series contributed $169 million in revenue and $26 million in operating income on a pro forma basis.

"In our first months of MotoGP ownership, we are working on near-term operating enhancements as well as setting the stage for longer-term monetization opportunities to accelerate growth," said Derek Chang.

In a separate corporate update, Liberty Media confirmed it is in the final stages of its planned split-off of the Liberty Live Group. This group holds the company's investment in Live Nation, valued at $11.4 billion as of September 30. The split-off is expected to be completed on December 15 and is intended to "better highlight the value" of the Live Nation position.

Liberty Media's third-quarter results paint a picture of a company successfully diversifying its revenue streams within its core sports assets. By leveraging the F1 brand into high-margin hospitality and media, the company has insulated itself from simple calendar variations, setting a strong pace as it begins to integrate MotoGP and prepares to spin off its live entertainment holdings.