Formula One Group

What they do

Liberty Media, through Delta Topco (parent of Formula 1) and MotoGP, holds exclusive commercial rights to the FIA Formula One World Championship and the FIM Grand Prix World Championship. Formula 1 is a wholly-owned subsidiary and reportable segment; MotoGP became approximately 84%-owned on July 3, 2025. Operations are primarily headquartered in the U.K. and Spain. Prior tracking-stock businesses were separated via the 2023 Atlanta Braves split-off, the 2024 Liberty Sirius XM Holdings split-off, and the 2025 Liberty Live split-off.

Revenue drivers

• Formula 1 — Global motorsport segment generating race promotion, media rights and sponsorship revenue; second-quarter 2026 revenue was $764 million, down 38% on 4 fewer races.
• MotoGP — Motorcycle racing segment acquired July 2025; second-quarter 2026 revenue was $170 million, down 2% pro forma with 7 races in each period.
• Corporate and other — Corporate expenses and other revenue; second-quarter 2026 revenue was $6 million versus $145 million a year earlier, which included Quint through the December 2025 split-off.

Recent performance

Second-quarter 2026 consolidated revenue was $934 million versus $1,341 million in the prior-year quarter, reflecting 4 fewer Formula 1 races and the removal of Quint. Total operating income was $88 million versus $280 million, and interest expense rose to $68 million from $49 million. Formula 1 revenue fell 38% to $764 million, with operating income of $73 million and Adjusted OIBDA down 61% to $139 million. MotoGP posted $37 million of operating income and $76 million of Adjusted OIBDA, up 3% on a pro-forma basis. Six-month consolidated revenue was $1,645 million versus $1,788 million.

Strategy

Management describes a one-year-old MotoGP ownership and sees opportunities to grow that sport globally while Formula 1's expanding reach supports commercial momentum. Recent actions include a 10-year extension of the Las Vegas Grand Prix through 2037, a Pirelli partnership extension through 2028, and a renewed Austrian broadcast agreement with ServusTV. For MotoGP, the company signed new 5-year agreements with all manufacturers and teams through 2031, renewed Malaysia through 2031 and Silverstone through 2028, extended DAZN and Sky DACH broadcast deals, and named CAA as global sponsorship agency. MotoGP debt facilities were re-priced and $114 million of debt reduction was funded. CEO Derek Chang cites disciplined capital allocation and evaluation of strategic investment opportunities.

Risks

• MotoGP integration — The 10-K states the MotoGP acquisition's success depends on effective integration and management, including realization of growth potential, anticipated synergies, retention of personnel and potential undisclosed liabilities.
• Pro forma information limitations — The 10-K states the unaudited pro forma information is illustrative only and does not represent actual results had the MotoGP acquisition occurred on January 1, 2024, nor project future results.
• Race calendar variability — Quarterly Formula 1 revenue and profit swing with the number of races held, as shown by the 38% second-quarter revenue decline tied to 4 fewer races.
• Debt and interest expense — Long-term debt was $4,852 million at June 30, 2026, and second-quarter 2026 interest expense rose to $68 million from $49 million a year earlier.

Outlook

The company stated the first half of 2026 recognized season-based revenue and costs based on an assumed 22-race calendar. A rescheduled Bahrain Grand Prix to be held in Malaysia in October increases the assumed calendar to 23 races. Management said demand remains robust and resilient, that it is one year into MotoGP ownership, and that it continues to evaluate strategic investment opportunities while prioritizing disciplined capital allocation.