Liberty Live Group (LLYVK) Q4 2025 earnings summary

Executive summary

• Achieved a highly productive year, meeting all strategic priorities: F1 growth, MotoGP acquisition, and Liberty Live split-off, with consolidated revenue up 23% to $4.48 billion and operating income rising to $577 million from $287 million in 2024.

• Completed the split-off of Liberty Live Holdings, streamlining the corporate structure and presenting Liberty Live as discontinued operations.

• Now positioned as a premier global sports investment vehicle anchored by F1 and MotoGP, focused on operational excellence, disciplined capital allocation, and unlocking long-term value.

• Key strategic objectives met: sustained Formula 1 momentum, completed MotoGP acquisition, and disciplined capital allocation.

Financial highlights

• Formula 1 revenue increased 14% to $3.87 billion, operating income up 28% to $632 million, and Adjusted OIBDA up 20% to $946 million year-over-year.

• MotoGP revenue rose 14% to $573 million, operating income surged 86% to $54 million, and Adjusted OIBDA up 15% to $201 million (pro forma, as if acquired Jan 1, 2024).

• Consolidated Adjusted OIBDA grew 20% to $1.07 billion for the year.

• Year-end cash and liquid investments totaled $1.1 billion; principal debt was $5.1 billion.

• Net earnings from continuing operations were $555 million, reversing a prior year loss.

Outlook and guidance

• Focus remains on sustaining F1's growth, expanding MotoGP, and disciplined capital deployment to drive shareholder value.

• Continued deleveraging expected at MotoGP in 2026.

• Team payments as a percent of pre-team share Adjusted OIBDA expected to improve by ~200 basis points in 2026, then remain stable through 2030.

• Ongoing investment in commercial functions and fan engagement initiatives for both F1 and MotoGP.

• Strategic priorities for 2026 include leveraging new races, partners, and regulations in F1 and expanding MotoGP's global footprint.