Formula 1 delivered a strong start to the year: Liberty Media revenue in the first quarter rose to 711 million dollars
Liberty Media's financial results for the first quarter of 2026 showed a significantly stronger start to the year than analysts had expected. The company, whose portfolio includes Formula 1 and MotoGP, announced that consolidated revenue in the period ended March 31 reached 711 million dollars, compared with 447 million dollars in the same period last year. This represents growth of approximately 59 percent and exceeds market expectations, which according to available analyst estimates were around 670 million dollars. The published data confirm that the global commercial momentum of Formula 1 and the expansion of Liberty's portfolio to MotoGP are increasingly shaping the company's financial picture.
The most important part of the results remains Formula 1, whose revenue in the first quarter rose by 53 percent, from 403 million to 617 million dollars. The operating result of the F1 segment improved strongly: after an operating loss of 28 million dollars in the first quarter of 2025, this year an operating profit of 107 million dollars was recorded. Adjusted OIBDA, a measure that Liberty Media uses to show the operating strength of the business before certain accounting and one-off items, rose from 85 million to 172 million dollars. In the company's announcement, this jump is explained by a combination of organic growth, one additional race in the observed quarter and the impact of the calendar on the recognition of revenue and costs.
One additional race changed the quarterly picture
In the first quarter of 2026, three Formula 1 races were held, while in the same period of 2025 two were held. That difference had a direct effect on revenue from promoter fees, media rights, sponsorships, hospitality programs, logistics and travel. Liberty Media states that Formula 1's primary revenue, which includes race organizer fees, media rights and sponsorships, rose from 319 million to 496 million dollars. Other revenue of the F1 segment increased from 84 million to 121 million dollars, primarily because of the additional event in the calendar, growth in Paddock Club sales, new premium hospitality offerings, higher licensing revenue and activities connected with the Grand Prix Plaza in Las Vegas.
Such growth does not mean that every business item grew at the same speed or that the entire effect can simply be transferred to the rest of the year. Liberty Media specifically warns that quarter-by-quarter comparisons in 2026 will be affected by the race schedule and the fact that part of seasonal revenue and costs is recognized in proportion to the number of races held. In 2026, the Formula 1 calendar should have 22 races, two fewer than in 2025, because this year the Bahrain and Saudi Arabian Grands Prix were not held in April. The company linked the absence of those races to geopolitical tensions, which further shows how much the financial results of a global sporting competition depend on the stability of the international calendar.
Media rights, sponsors and premium experiences drive commercial growth
In recent years, Formula 1 has increasingly become not only a sporting competition, but also a global media and entertainment platform. In the first quarter of 2026, this was especially visible in revenue from media rights and sponsorships. According to Liberty Media's release, revenue from media rights and sponsorships grew because of a different race schedule, a larger share of seasonal revenue recognized in the quarter and contractual increases in fees. Sponsorship growth was further driven by new commercial partnerships, among which the company lists Standard Chartered, Marsh, FanDuel and Betway, while existing partnerships with Salesforce and Allwyn were extended.
Television and streaming agreements also carry particular weight. In the reporting period, Formula 1 highlighted the extension of rights with Sky in the United Kingdom and Italy, Foxtel in Australia and beIN for the pan-Asian region. Such agreements are important because media rights are one of the most stable and most valuable sources of revenue in modern sport. In the United States, according to Formula 1 President and CEO Stefano Domenicali, the partnership with Apple got off to a good start, which fits into the sport's broader strategy of relying on a combination of traditional broadcasting, digital platforms and global branding.
Costs also grew, but more slowly than revenue
Revenue growth did not come without cost growth. Payments to teams, excluding incentive payments from the Concorde Agreement, increased from 114 million to 184 million dollars. Other costs of motorsport revenue rose from 128 million to 176 million dollars, while selling, general and administrative expenses in the F1 segment increased from 76 million to 85 million dollars. Liberty Media states that the higher costs were connected with the additional event, higher hospitality costs, new premium offerings, transportation, travel, commissions and partner servicing. Part of the pressure also came from unfavorable currency movements and higher personnel and technology costs.
Still, revenue grew faster than costs, which enabled a strong turnaround in operating profit. For investors, this is a particularly important signal because it shows Formula 1's operating leverage: when the calendar, sponsorship agreements and media rights work in favor of the business, a significant part of additional revenue can flow into earnings. At the same time, the quarterly result should be viewed cautiously because the structure of the calendar can move revenue and costs from one period to another. That is precisely why the annual picture, and not just one quarter, is crucial for assessing the sustainability of growth.
MotoGP enters Liberty Media's financial picture more significantly for the first time
An important difference compared with last year is the inclusion of MotoGP in Liberty Media's results. The company states that actual results included MotoGP from the date of acquisition, while for comparison with the previous year pro forma data are also used, as if the acquisition had closed on January 1, 2024. In the first quarter of 2026, MotoGP generated 94 million dollars of revenue, an operating loss of 24 million dollars and adjusted OIBDA of 16 million dollars. On a pro forma basis, MotoGP revenue rose 25 percent in dollars, or 13 percent on a constant-currency basis.
MotoGP had three races in both comparable periods, but a different event schedule affected revenue recognition. MotoGP's primary revenue, which also includes promoter fees, media rights and sponsorships, rose primarily because of higher promoter fees connected with a different mix of races and because of stronger sponsorship revenue from trackside advertising and new sponsors. At the same time, a reduction in contractual media-rights revenue partially reduced that growth. MotoGP renewed its contract with ServusTV in Austria until 2030 and entered into an exclusive multiyear partnership with Quint for its premium hospitality offering.
The company emphasizes global demand, but also calendar risks
Liberty Media President and CEO Derek Chang said that the company entered 2026 strongly, with continued momentum in Formula 1 and the implementation of the long-term strategy for MotoGP. According to him, Formula 1 continues to demonstrate the strength of a global platform, while audience growth and deeper fan engagement are driving demand in commercial segments. Domenicali, meanwhile, emphasized that the season began with an increased number of overtakes and a very competitive order, which is important for the sporting product because Formula 1's commercial value ultimately depends on the credibility and attractiveness of the racing.
But the same results also show the limits of a business model that depends on a global calendar. The non-holding of the Bahrain and Saudi Arabian Grands Prix in April, as well as the postponement of the MotoGP race in Qatar to November, are reminders that geopolitical risks can quickly affect the schedule, revenue recognition and costs. In its notes, Liberty Media specifically warns that projections and expectations are exposed to risks, including demand for live events, regulatory issues, geopolitical unrest, acquisition risks and changes in laws. For a sports-media company, such notes are not a formality, but part of the reality of doing business on multiple continents.
Result better than expected, but the market will look at the sustainability of growth
The comparison with Wall Street expectations shows why the results attracted investors' attention. Consolidated revenue of 711 million dollars was significantly above estimates that ranged around 670 to 674 million dollars, depending on the consensus source. Net earnings attributable to Liberty Media shareholders amounted to 57 million dollars, after 5 million dollars a year earlier. Consolidated operating profit was 64 million dollars, compared with an operating loss of 67 million dollars in the first quarter of 2025, while adjusted OIBDA at the company level rose from 73 million to 181 million dollars.
Despite the strong report, the key issue for the market will be how much of this growth is structural and how much is the result of the race schedule and the expansion of consolidation after the MotoGP acquisition. Formula 1 still has a strong brand, a global audience, high media-rights value and an increasingly developed premium hospitality segment. MotoGP can open additional room for growth, especially if Liberty succeeds in applying some of the commercial lessons from Formula 1. Still, in the coming quarters investors will look for confirmation that the growth is not only the consequence of a calendar shift, but proof that the combination of sport, media, sponsorships and the experience economy continues to increase the value of Liberty's motorsport portfolio.
Sources:
- Liberty Media Corporation – official release on financial and operating results for the first quarter of 2026 (link)
- Liberty Media Corporation – page with financial results and investor documents (link)
- Formula 1 Corporate – investor resources and reference to Liberty Media financial releases (link)
- Seeking Alpha – consensus revenue and earnings estimates for Formula One Group ahead of the results release (link)
- Yahoo Finance / Zacks Equity Research – results preview and analyst expectations for the first quarter of 2026 (link)