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Formula One Group (FWONA) investor relations material
Formula One Group Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary20 Nov, 2025
Strategic direction and business developments
Liberty Live is being spun off, effective December 15, to highlight the value of Live Nation and create a standalone Formula One Group asset-backed security, emphasizing both Formula One and MotoGP.
Corporate simplification included the Liberty Trip merger, GCI Liberty spin-off, and Liberty Broadband Charter merger, with further acceleration expected via the Cox transaction.
John Malone will transition to chairman emeritus in 2026, with Dobb Bennett becoming chairman, ensuring continuity in leadership.
Formula One continues to expand its brand, with new sponsors like Disney, Pepsi, PwC, and Pottery Barn, and a major U.S. media rights deal with Apple.
MotoGP is undergoing a brand refresh, expanding global awareness, and investing in commercial functions to close the monetization gap with F1.
Financial performance and guidance
Formula One has nearly $16 billion in future revenue under contract, representing a 14% CAGR since 2022, with a diversified revenue base and expanding EBITDA margins.
F1 revenue for the trailing 12 months grew 6% compared to 2024, despite one fewer race, and adjusted EBITDA margins reached 24.3%.
Team payments as a percentage of pre-team share EBITDA have declined, supporting long-term growth and ecosystem health; a new Concorde Agreement will simplify payouts from 2026.
MotoGP's financial profile is similar to early F1, with high unlevered free cash flow conversion and recent refinancing to reduce interest expense.
Both F1 and MotoGP maintain strong liquidity, with $1.2 billion in cash and over $600 million in revolver availability.
Growth initiatives and market expansion
F1 is leveraging its always-on strategy, expanding digital content, experiential venues, and licensing partnerships with brands like Disney and Lego.
F1's fan base has grown to over 830 million, up 60% since 2018, with social media followers increasing eightfold since 2017.
MotoGP is applying F1's playbook to grow its global brand, with a focus on new markets, enhanced fan engagement, and commercial partnerships.
MotoGP hosted a record 22 Grand Prix in 2025, with over 3.6 million fans attending and a global fan base of 632 million, up significantly year-on-year.
Both F1 and MotoGP are targeting younger and more diverse audiences, with tailored content and expanded event experiences.
MotoGP margin expansion cadence
F1 top-line growth and cash deployment
GCI Liberty's growth vehicle vision
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Next Formula One Group earnings date
Q4 20252 Mar, 2026
Next Formula One Group earnings date
Q4 20252 Mar, 2026
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Frequently asked questions
Formula One Group is a subsidiary of Liberty Media Corporation. Liberty Media Corporation is a mass media company controlled by chairman John C. Malone. It operates as an interest entity with three divisions: Liberty SiriusXM Group, a subscription radio service; Braves Holdings, which indirectly holds an interest in the Atlanta Braves baseball club; and Formula One Group, an investment holding company. The company owns interests in Charter Communications and Live Nation Entertainment. Liberty Media also has a significant minority investment in Lions Gate Entertainment, the film and television entertainment company, and Barnes & Noble Education (formerly known as B&N Education), a leading operator of bookstores for college campuses and the education sector.
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