Key Highlights

● Formula 1 Revenue fell 38% to $764 million as races dropped to five from nine.

● Formula 1 Operating Income fell 75% to $73 million during the quarter.

● MotoGP revenue was steadier, down only 2% in US dollars to $170 million.

● The Las Vegas Grand Prix was extended for ten years through 2037.

Liberty Media Corporation (NASDAQ:FWONA) reported lower Formula 1 revenue and profit for the second quarter of 2026, and the company's own figures point first to the racing calendar. The Formula 1 segment held five races in the three months to 30 June 2026, compared with nine in the same period of 2025, and race promotion fees are recognised as events take place. The results were released on 6 August 2026.

What the Formula One Group owns

FWONA is the ticker for the Series A Liberty Formula One common stock, a tracking stock issued by Liberty Media Corporation. It is linked to the Formula One Group, which holds the commercial rights to the FIA Formula One World Championship, and to MotoGP, the motorcycle racing series. Liberty's businesses earn income from race promotion fees, media rights, sponsorship and related hospitality. Because revenue follows the number and location of events, one quarter rarely resembles another.

Liberty also completed the split-off of Liberty Live Holdings, Inc. on 15 December 2025. The company says its Quint Business was consolidated only until that date.

The second-quarter figures

Formula 1 revenue was $764m, against $1,226m a year earlier, a fall of 38%. Operating income fell 75% to $73m, and Adjusted OIBDA fell 61% to $139m from $361m. Year to date, eight races have been held, compared with eleven in the first half of 2025.

MotoGP was steadier. Revenue of $170m was 2% lower in US dollars and 5% lower at constant currency, compared with the pro forma prior-year period, while operating income was flat at $37m and Adjusted OIBDA rose 3% to $76m. Seven races took place in both periods.

For Liberty Media as a whole, revenue was $934m compared with $1,341m, operating income was $88m compared with $280m, and Adjusted OIBDA was $206m compared with $369m. Net Earnings attributable to Liberty stockholders were $5m, compared with $204m. The release does not give a single cause for the earnings change.

Calendar, contracts and balance sheet

The first half of 2026 was based on an assumed 22-race Formula 1 calendar. The Saudi Arabian Grand Prix was not held in April, and the Bahrain Grand Prix was moved to Malaysia in October, which brings the assumed 2026 total to 23 events. Liberty also said the Las Vegas Grand Prix has been extended for ten years through 2037 and the Pirelli Partnership runs through 2028.

At MotoGP, agreements with all manufacturers and teams were signed through 2031, CAA was named global sponsorship agency, and Debt was repriced with $114m repaid.

At 30 June 2026 Liberty held cash and equivalents of $1,465m against total debt of $4,855m at face value. Reported Leverage was 2.7 times for Formula 1, 4.5 times for MotoGP and 3.4 times on a consolidated basis. No shares were repurchased between 1 May and 31 July 2026, and $1.1bn remained under the buyback authorisation on 1 August 2026.

Risks and uncertainties

Revenue timing is the clearest uncertainty. A change to the schedule, such as the cancellation of an event or a relocation, can move income between quarters or remove it. The 2026 calendar has already changed once.

Leverage is another factor. MotoGP carries higher leverage than Formula 1, and the group relies on contracted media, promotion and sponsorship income to service its debt. The company also depends on long-term agreements with teams, manufacturers, promoters and broadcasters, so renewals and their terms matter.

A Fuller Race Calendar Ahead for Liberty Media

The second half of the year will include more races than the first, so quarterly comparisons should improve mechanically. Readers can track the calendar, the Malaysian round in October, further commercial renewals, any resumption of Buybacks and the next quarterly report.