FWONALiberty Media Corp

The four financial statements

Every company that sells shares in the US files four statements with the SEC. Together they show whether Liberty Media made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as Liberty Media filed it, with what each one means in plain English.

As filed with the SEC on Feb 26, 2026 · the full report · SEC's figures viewer

Income statement · also called the statement of operations, statement of earnings or profit and loss

Did it make money?

Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.

People usually check: Are sales growing compared with a year earlier?
People usually check: How much of each dollar of sales is left at each step (the margins)?
People usually check: Is profit growing faster or slower than sales?

From sales to profit: tap a bar to see the lines inside it.

Point at or tap a bar to see the lines inside it.

Out of every $100 of sales

costs of running the business: $87
other income and costs: $3 added
income tax: $4
kept as profit: $12.4

Every line, explained

Consolidated Statements Of Operations, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Revenue
	$4.5B▲ 23%	$3.7B	$3.6B
Operating costs and expenses
	$514.0M▲ 22%	$421.0M	$659.0M
	$393.0M▲ 12%	$352.0M	$406.0M
	$27.0M▼ 74%	$105.0M	$1.0M
	$3.9B▲ 16%	$3.4B	$3.3B
	$577.0M▲ 101%	$287.0M	$266.0M
Other income (expense)
	−$249.0M▼ 20%	−$208.0M	−$234.0M
	$288.0M	−$139.0M	$44.0M
	–	–	−$68.0M
	$117.0M▲ 95%	$60.0M	$89.0M
	$156.0M	−$287.0M	−$169.0M
	$733.0M	–	$97.0M
	−$137.0M▼ 211%	−$44.0M	−$24.0M
	$596.0M	−$44.0M	$73.0M
	−$41.0M▲ 98%	−$2.4B	$889.0M
	$555.0M	−$2.5B	$962.0M
	–	−$412.0M	$201.0M
	$555.0M	−$2.1B	$761.0M

Split by Formula One Group, Liberty Live Group, Liberty SiriusXM Group, Liberty Braves Group and more

Formula One Group
Profit from businesses it is keeping (Net earnings (loss) from continuing operations attributable to Liberty stockholders)	$603.0M	−$30.0M	$185.0M
Profit (net income) (Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)	$2.4M	−$130.0K	$790.0K
Profit (net income) (Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)	$2.2M	−$130.0K	$620.0K
Liberty Live Group
Profit from businesses it is keeping (Net earnings (loss) from continuing operations attributable to Liberty stockholders)	−$7.0M	−$12.0M	–
Businesses being sold or closed (Net earnings (loss) from discontinued operations attributable to Liberty stockholders)	−$41.0M	−$19.0M	−$142.0M
Profit (net income) (Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)	−$80.0K	−$130.0K	–
Businesses being sold or closed (Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)	−$450.0K	−$210.0K	−$1.5M
Profit (net income) (Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)	−$80.0K	−$130.0K	–
Businesses being sold or closed (Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)	−$450.0K	−$210.0K	−$1.5M
Liberty SiriusXM Group
Businesses being sold or closed (Net earnings (loss) from discontinued operations attributable to Liberty stockholders)	–	−$2.0B	$829.0M
Businesses being sold or closed (Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)	–	−$6.1M	$2.5M
Businesses being sold or closed (Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)	–	−$6.2M	$2.4M
Liberty Braves Group
Profit from businesses it is keeping (Net earnings (loss) from continuing operations attributable to Liberty stockholders)	–	–	−$111.0M
Profit (net income) (Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)	–	–	−$2.1M
Profit (net income) (Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)	–	–	−$2.1M
Motorsport
Sales (Total revenue)	$4.1B	$3.3B	$3.2B
Cost of making what it sold (Cost of services)	$2.8B	$2.3B	$2.2B
Other
Sales (Total revenue)	$377.0M	$335.0M	$350.0M
Cost of making what it sold (Cost of services)	$213.0M	$194.0M	–

Every line as the company filed it (USD ($), $ in Millions), shown in full dollars. See this statement on SEC.

Opening its latest reports…Reading every line of the four statements…Putting it into plain words…

Did it make money?

People usually check: Are sales growing compared with a year earlier?

People usually check: How much of each dollar of sales is left at each step (the margins)?

People usually check: Is profit growing faster or slower than sales?

Consolidated Statements Of Operations, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Revenue
	$4.5B▲ 23%	$3.7B	$3.6B
Operating costs and expenses
	$514.0M▲ 22%	$421.0M	$659.0M
	$393.0M▲ 12%	$352.0M	$406.0M
	$27.0M▼ 74%	$105.0M	$1.0M
	$3.9B▲ 16%	$3.4B	$3.3B
	$577.0M▲ 101%	$287.0M	$266.0M
Other income (expense)
	−$249.0M▼ 20%	−$208.0M	−$234.0M
	$288.0M	−$139.0M	$44.0M
	–	–	−$68.0M
	$117.0M▲ 95%	$60.0M	$89.0M
	$156.0M	−$287.0M	−$169.0M
	$733.0M	–	$97.0M
	−$137.0M▼ 211%	−$44.0M	−$24.0M
	$596.0M	−$44.0M	$73.0M
	−$41.0M▲ 98%	−$2.4B	$889.0M
	$555.0M	−$2.5B	$962.0M
	–	−$412.0M	$201.0M
	$555.0M	−$2.1B	$761.0M

Line (tap for what it means)

12 months to Dec 31, 2025

12 months to Dec 31, 2024

12 months to Dec 31, 2023

Revenue

$4.5B▲ 23%

$3.7B

$3.6B

Operating costs and expenses

$514.0M▲ 22%

$421.0M

$659.0M

$393.0M▲ 12%

$352.0M

$406.0M

$27.0M▼ 74%

$105.0M

$1.0M

$3.9B▲ 16%

$3.4B

$3.3B

$577.0M▲ 101%

$287.0M

$266.0M

Other income (expense)

−$249.0M▼ 20%

−$208.0M

−$234.0M

$288.0M

−$139.0M

$44.0M

–

−$68.0M

$117.0M▲ 95%

$60.0M

$89.0M

$156.0M

−$287.0M

−$169.0M

$733.0M

–

$97.0M

−$137.0M▼ 211%

−$44.0M

−$24.0M

$596.0M

−$44.0M

$73.0M

−$41.0M▲ 98%

−$2.4B

$889.0M

$555.0M

−$2.5B

$962.0M

–

−$412.0M

$201.0M

$555.0M

−$2.1B

$761.0M

Formula One Group

Profit from businesses it is keeping (Net earnings (loss) from continuing operations attributable to Liberty stockholders)

$603.0M

−$30.0M

$185.0M

Profit (net income) (Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)

$2.4M

−$130.0K

$790.0K

Profit (net income) (Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)

$2.2M

−$130.0K

$620.0K

Liberty Live Group

Profit from businesses it is keeping (Net earnings (loss) from continuing operations attributable to Liberty stockholders)

−$7.0M

−$12.0M

–

Businesses being sold or closed (Net earnings (loss) from discontinued operations attributable to Liberty stockholders)

−$41.0M

−$19.0M

−$142.0M

Profit (net income) (Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)

−$80.0K

−$130.0K

–

Businesses being sold or closed (Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)

−$450.0K

−$210.0K

−$1.5M

Profit (net income) (Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)

−$80.0K

−$130.0K

–

Businesses being sold or closed (Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)

−$450.0K

−$210.0K

−$1.5M

Liberty SiriusXM Group

Businesses being sold or closed (Net earnings (loss) from discontinued operations attributable to Liberty stockholders)

–

−$2.0B

$829.0M

Businesses being sold or closed (Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)

–

−$6.1M

$2.5M

Businesses being sold or closed (Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share)

–

−$6.2M

$2.4M

Liberty Braves Group

Profit from businesses it is keeping (Net earnings (loss) from continuing operations attributable to Liberty stockholders)

–

−$111.0M

Profit (net income) (Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)

–

−$2.1M

Profit (net income) (Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share)

–

−$2.1M

Motorsport

Sales (Total revenue)

$4.1B

$3.3B

$3.2B

Cost of making what it sold (Cost of services)

$2.8B

$2.3B

$2.2B

Other

Sales (Total revenue)

$377.0M

$335.0M

$350.0M

Cost of making what it sold (Cost of services)

$213.0M

$194.0M

–