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Information About Liberty's Operating Segments | 6 Months Ended
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Jun. 30, 2026
Information About Liberty's Operating Segments |
Information About Liberty's Operating Segments | (9) Information About Liberty's Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the motorsport and live entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings. Liberty’s chief operating decision maker, the chief executive officer, evaluates performance and makes decisions about allocating resources to the Company’s reportable segments based on financial measures such as revenue, operating expenses (including team payments and other cost of revenue), selling, general and administrative expenses and Adjusted OIBDA. For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. The Company has identified the following subsidiaries as its reportable segments:
| ● | Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the F1 Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The F1 Championship takes place on various circuits with a varying number of Formula 1 Events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the F1 Championship as well as various aspects of its management and administration.
| ● | MotoGP is a global motorsports business that holds exclusive commercial rights with respect to the MotoGP Championship and other motorcycle racing championships. The MotoGP Championship is comprised of a varying number of events taking place in different countries around the world each season.
The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K. Performance Measures ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, 2026 | ​
​ | ​ ​ ​ | ​ | ​ | ​ | ​ | ​ ​ ​ | Reportable | ​ | Corporate and | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​
​ | ​ | Formula 1 | ​ | MotoGP | ​ | segments total | ​ | Other | ​ | Eliminations | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Primary revenue | ​ | $ | 622 | ​ | 150 | ​ | 772 | ​ | — | ​ | — | ​ | 772 | ​
Other revenue | ​ | ​ | 142 | ​ | 20 | ​ | 162 | ​ | 6 | ​ | (6) | ​ | 162 | ​
Total revenue | ​ | ​ | 764 | ​ | 170 | ​ | 934 | ​ | 6 | ​ | (6) | ​ | 934 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ |
Team payments | ​ | ​ | (316) | ​ | — | ​ | (316) | ​ | — | ​ | — | ​ | (316) | ​
Other cost of revenue | ​ | ​ | (220) | ​ | (75) | ​ | (295) | ​ | — | ​ | 6 | ​ | (289) | ​
Selling, general and administrative, excluding stock-based compensation | ​ | ​ | (89) | ​ | (19) | ​ | (108) | ​ | (15) | ​ | — | ​ | (123) | ​
Adjusted OIBDA | ​ | $ | 139 | ​ | 76 | ​ | 215 | ​ | (9) | ​ | — | ​ | 206 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30, 2026 | ​
​ | ​ ​ ​ | ​ | ​ | ​ | ​ | ​ ​ ​ | Reportable | ​ | Corporate and | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​
​ | ​ | Formula 1 | ​ | MotoGP | ​ | segments total | ​ | Other | ​ | Eliminations | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Primary revenue | ​ | $ | 1,118 | ​ | 233 | ​ | 1,351 | ​ | — | ​ | — | ​ | 1,351 | ​
Other revenue | ​ | ​ | 263 | ​ | 31 | ​ | 294 | ​ | 12 | ​ | (12) | ​ | 294 | ​
Total revenue | ​ | ​ | 1,381 | ​ | 264 | ​ | 1,645 | ​ | 12 | ​ | (12) | ​ | 1,645 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ |
Team payments | ​ | ​ | (500) | ​ | — | ​ | (500) | ​ | — | ​ | — | ​ | (500) | ​
Other cost of revenue | ​ | ​ | (396) | ​ | (134) | ​ | (530) | ​ | — | ​ | 12 | ​ | (518) | ​
Selling, general and administrative, excluding stock-based compensation | ​ | ​ | (174) | ​ | (38) | ​ | (212) | ​ | (28) | ​ | — | ​ | (240) | ​
Adjusted OIBDA | ​ | $ | 311 | ​ | 92 | ​ | 403 | ​ | (16) | ​ | — | ​ | 387 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, 2025 | ​
​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Corporate and | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​
​ | ​ | Formula 1 | ​ | Other | ​ | Eliminations | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Primary revenue | ​ | $ | 1,032 | ​ | — | ​ | — | ​ | 1,032 | ​
Other revenue | ​ | ​ | 194 | ​ | 145 | ​ | (30) | ​ | 309 | ​
Total revenue | ​ | ​ | 1,226 | ​ | 145 | ​ | (30) | ​ | 1,341 | ​
Operating expenses: | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ |
Team payments | ​ | ​ | (513) | ​ | — | ​ | — | ​ | (513) | ​
Other cost of revenue | ​ | ​ | (274) | ​ | (113) | ​ | 33 | ​ | (354) | ​
Selling, general and administrative, excluding stock-based compensation | ​ | ​ | (78) | ​ | (24) | ​ | (3) | ​ | (105) | ​
Adjusted OIBDA | ​ | $ | 361 | ​ | 8 | ​ | — | ​ | 369 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30, 2025 | ​
​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Corporate and | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​
​ | ​ | Formula 1 | ​ | Other | ​ | Eliminations | ​ | Total | ​
​ | ​ | amounts in millions | ​
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Primary revenue | ​ | $ | 1,351 | ​ | — | ​ | — | ​ | 1,351 | ​
Other revenue | ​ | ​ | 278 | ​ | 198 | ​ | (39) | ​ | 437 | ​
Total revenue | ​ | ​ | 1,629 | ​ | 198 | ​ | (39) | ​ | 1,788 | ​
Operating expenses: | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ |
Team payments | ​ | ​ | (627) | ​ | — | ​ | — | ​ | (627) | ​
Other cost of revenue | ​ | ​ | (402) | ​ | (152) | ​ | 39 | ​ | (515) | ​
Selling, general and administrative, excluding stock-based compensation | ​ | ​ | (154) | ​ | (50) | ​ | — | ​ | (204) | ​
Adjusted OIBDA | ​ | $ | 446 | ​ | (4) | ​ | — | ​ | 442 | ​
​ Our subsidiaries’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. Significant portions of the transaction prices are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $2,192 million for the remainder of 2026, $3,605 million in 2027, $3,219 million in 2028, $8,734 million in 2029 through 2033, and $1,580 million thereafter. We have not included any amounts in the undelivered performance obligations amounts for those performance obligations that relate to a contract with an original expected duration of one year or less. Total Assets ​
​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2026
​ | ​ | amounts in millions
Formula 1 | ​ | $ | 8,885 | ​
MotoGP | ​ | ​ | 6,029 | ​
Corporate and other | ​ |  | 1,541 |
Elimination | ​ | ​ | (576) | ​
Total Assets | ​ | $ | 15,879 |
​ The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) from continuing operations before income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 |
​ | ​ | amounts in millions | ​
Adjusted OIBDA | ​ | $ | 206 |  | 369 |  | 387 |  | 442 | ​
Concorde incentive payments | ​ | ​ | — | ​ | — | ​ | — | ​ | (50) | ​
Acquisition costs | ​ | ​ | — | ​ | (3) | ​ | — | ​ | (14) | ​
Stock-based compensation | ​ |  | (6) |  | (6) |  | (11) |  | (8) | ​
Depreciation and amortization | ​ |  | (112) |  | (80) |  | (224) |  | (157) | ​
Operating income (loss) | ​ | ​ | 88 | ​ | 280 | ​ | 152 | ​ | 213 | ​
Interest expense | ​ |  | (68) |  | (49) |  | (136) |  | (97) | ​
Realized and unrealized gains (losses) on financial instruments, net | ​ |  | (1) |  | 160 |  | 56 |  | 235 | ​
Other, net | ​ |  | 14 |  | 68 |  | 19 |  | 99 | ​
Earnings (loss) from continuing operations before income taxes | ​ | $ | 33 |  | 459 |  | 91 |  | 450 | ​
​

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- Definition The entire disclosure for reporting segments including data and tables. 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