Liberty Live Group (LLYVK) Q3 2025 earnings summary

Executive summary

• Completed all strategic priorities for the year, including the planned split-off of Liberty Live, expected to finalize December 2025, with trading as a standalone asset the next day and a shareholder vote on December 5.

• Completed acquisition of MotoGP, with Liberty Media holding 84% equity interest and strategic focus on enhancing the Grand Prix experience and expanding global reach.

• Renewed long-term agreements for key Formula 1 and MotoGP races, including Austin, Azerbaijan, Monaco, Japan, and several European venues.

• Announced Apple as new US broadcast partner for F1, following the success of the F1 movie, and entered a multi-year deal with Heineken.

• John Malone stepped down from the board, becoming Chairman Emeritus, with Dov Bennett named Chairman.

Financial highlights

• Formula One Group Q3 2025 revenue rose to $1,085M from $911M year-over-year; nine-month revenue up to $2,873M from $2,486M.

• F1 revenue up 9% and adjusted OIBDA up 15% year-to-date, despite one fewer race compared to the prior year.

• MotoGP Q3 2025 revenue was $169M, flat year-over-year; nine-month revenue up 12% to $417M.

• Liberty Live Group's Live Nation investment valued at $11.4B as of September 30, 2025.

• Net loss for Liberty Live Group was $55.7M for the quarter, with nine-month net loss at $265.5M, driven by higher SG&A and Split-Off related costs.

Outlook and guidance

• Confident in continued upside for F1 and MotoGP, with new commercial agreements and expanded fan engagement; more details to be shared at the upcoming Investor Day.

• Split-off of Liberty Live Group expected to unlock value and is on track for December 2025 completion.

• Management expects to incur approximately $7.5M annually in allocated costs from Liberty Media and $8.0M in standalone public company overhead.