--- title: "Liberty Live Holdings - C | 10-K: FY2025 Revenue: USD 4.482 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/277107566.md" datetime: "2026-02-26T22:25:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277107566.md) - [en](https://longbridge.com/en/news/277107566.md) - [zh-HK](https://longbridge.com/zh-HK/news/277107566.md) --- # Liberty Live Holdings - C | 10-K: FY2025 Revenue: USD 4.482 B Revenue: As of FY2025, the actual value is USD 4.482 B. EPS: As of FY2025, the actual value is USD 2.17. EBIT: As of FY2025, the actual value is USD 826 M. ### Formula 1 Segment #### Revenue - **Total Motorsport Revenue** was $3,873 million for the year ended December 31, 2025, an increase from $3,411 million in the prior year. - **Primary Formula 1 Revenue** was $3,086 million for the year ended December 31, 2025, up from $2,757 million in the prior year. This increase was driven by contractual increases in media rights fees, continued growth in F1 TV subscription revenue, one-time revenue from an F1 movie, contractual increases in race promotion revenue, and growth in sponsorship revenue from new and existing sponsors and digital advertising. - **Other Formula 1 Revenue** was $787 million for the year ended December 31, 2025, an increase from $654 million in the prior year, primarily due to higher hospitality revenue from increased Paddock Club attendance, growth in licensing income, higher freight income, and income from new activities at Grand Prix Plaza in Las Vegas. #### Operating Costs and Expenses - **Cost of Motorsport Revenue (excluding Concorde incentive payments)** was - $2,581 million for the year ended December 31, 2025, compared to - $2,332 million in the prior year. - Team payments were - $1,400 million in 2025, an increase from - $1,266 million in 2024, due to increased Formula 1 revenue impacting prize fund calculations. - Other costs of motorsport revenue were - $1,181 million in 2025, an increase from - $1,066 million in 2024, mainly due to higher commissions, partner servicing costs, hospitality costs, freight costs, Grand Prix Plaza activities, travel costs, race promotion costs, and technical costs. - **Selling, General and Administrative Expenses** were - $346 million for the year ended December 31, 2025, up from - $288 million in the prior year, driven by higher personnel and marketing costs, including the 75th season launch event. - **Concorde Incentive Payments** were - $50 million for the year ended December 31, 2025. - **Stock-Based Compensation** was - $1 million for the year ended December 31, 2025, a decrease from - $3 million in the prior year, due to longer vesting periods for awards granted in 2025. - **Depreciation and Amortization** was - $263 million for the year ended December 31, 2025, a decrease from - $296 million in the prior year, primarily due to decreases in amortization related to certain intangible assets. #### Operating Income - **Operating Income** was $632 million for the year ended December 31, 2025, an increase from $492 million in the prior year. #### Adjusted OIBDA - **Adjusted OIBDA** was $946 million for the year ended December 31, 2025, up from $791 million in the prior year. #### Other Key Metrics - The **Number of Formula 1 Events** was 24 in both 2025 and 2024. - **Cash and Cash Equivalents** were $539 million as of December 31, 2025. - **Goodwill** was $3,956 million as of December 31, 2025. - **Capital Expenditures** were $117 million in 2025. #### Outlook / Strategy Formula 1’s strategy is to continue scaling and broadening the F1 Championship’s global reach and appeal to maximize financial performance and overall value. This involves maximizing commercial rights value, augmenting the fanbase, improving on-track competition, and enhancing environmental and social impact with a goal of Net Zero by 2030. ### MotoGP Segment #### Acquisition Details - On July 3, 2025, Liberty Live Group acquired approximately 84% of the equity interests in MotoGP for a preliminary purchase price of approximately $3,659 million, funded with cash on hand and $1.0 billion in borrowings under Formula 1’s Senior Loan Facilities. - MotoGP’s results are consolidated from July 3, 2025, through December 31, 2025, with net earnings from operations since acquisition being approximately $1 million, including amortization expense of approximately $77 million. #### Pro Forma Operating Results (for full year comparison) - **Total Motorsport Revenue** was $573 million for the year ended December 31, 2025 (pro forma), an increase from $503 million in 2024 (pro forma). - **Primary MotoGP Revenue** was $502 million for the year ended December 31, 2025 (pro forma), up from $435 million in 2024 (pro forma), driven by contractual increases in media rights, growth in VideoPass subscription revenue, favorable currency exchange rates, two additional MotoGP Events, and contractual increases in race promotion revenue. - **Other MotoGP Revenue** was $71 million for the year ended December 31, 2025 (pro forma), an increase from $68 million in 2024 (pro forma), driven by higher hospitality revenue from two additional events and increased attendance, and favorable currency exchange rates, partially offset by decreased contractual fees related to the MotoE Championship. - **Cost of Motorsport Revenue** was - $292 million for the year ended December 31, 2025 (pro forma), compared to - $247 million in 2024 (pro forma), due to two additional MotoGP Events and more overseas events, driving higher IRTA, freight, travel, television production, and hospitality costs, and unfavorable currency exchange rates. - **Selling, General and Administrative Expenses** were - $80 million for the year ended December 31, 2025 (pro forma), a slight decrease from - $81 million in 2024 (pro forma), mainly due to a decrease in bad debt expense, partially offset by higher personnel and marketing costs and unfavorable currency exchange rates. - **Depreciation and Amortization** was - $147 million for the year ended December 31, 2025 (pro forma), relatively flat compared to - $146 million in 2024 (pro forma). #### Operating Income - **Operating Income** was $54 million for the year ended December 31, 2025 (pro forma), up from $29 million in 2024 (pro forma). #### Adjusted OIBDA - **Adjusted OIBDA** was $201 million for the year ended December 31, 2025 (pro forma), up from $175 million in 2024 (pro forma). #### Other Key Metrics - The **Number of MotoGP Events** was 22 in 2025, compared to 20 in 2024. - **Cash and Cash Equivalents** were $197 million as of December 31, 2025. - **Goodwill** was $3,069 million as of December 31, 2025. - For 2025, motorsport revenue had a constant currency growth rate of 8.6% versus a U.S. dollar growth rate of 13.9%, with the difference attributable to the weakening of the U.S. dollar to the Euro. #### Outlook / Strategy MotoGP’s goal is to strengthen brand awareness, increase global reach, expand the fan base, and scale business monetization. This strategy includes growing MotoGP in new markets, maximizing commercial rights value through enhanced brand awareness, transforming races to attract and engage fans, innovating the sport for competitive balance and safety, cultivating future athlete talent, and enhancing environmental and social impact. ### Corporate and Other Segment #### Revenue - **Revenue** was $414 million for the year ended December 31, 2025, an increase from $373 million in the prior year. #### Operating Income (Loss) - **Operating Loss** was - $93 million for the year ended December 31, 2025, an improvement from - $205 million in the prior year. #### Adjusted OIBDA - **Adjusted OIBDA** was $5 million for the year ended December 31, 2025, an improvement from - $17 million in the prior year. #### Other Key Metrics - **Cash and Cash Equivalents** were $319 million as of December 31, 2025. - **Goodwill** was $0 million as of December 31, 2025, after a - $179 million reduction due to the Liberty Live Split-Off. ### Consolidated Liquidity and Capital Resources - **Total Cash and Cash Equivalents** were $1,055 million as of December 31, 2025, a decrease from $2,631 million as of December 31, 2024. - **Net Cash Provided by Operating Activities** was $908 million in 2025, up from $567 million in 2024. - **Net Cash Used by Investing Activities** was - $3,202 million in 2025, significantly higher than - $292 million in 2024, primarily due to the MotoGP acquisition. - **Net Cash Provided by Financing Activities** was $694 million in 2025, compared to $965 million in 2024. - **Corporate-Level Debt Outstanding** was approximately $499 million principal amount as of December 31, 2025, consisting of $475 million under 2.25% Convertible Senior Notes due 2027 and $24 million of other obligations. - Approximately $1.1 billion was available for future **share repurchases** as of December 31, 2025. #### Outlook / Liquidity Liberty Live Group believes its available sources of liquidity, including cash balances, operating cash flow from subsidiaries, asset sales, and potential new debt/equity issuances, are sufficient to cover projected future uses of cash. These projected uses include investments, debt service, and common stock buybacks. ### Consolidated Income Taxes - **Income Tax Expense** was - $137 million for the year ended December 31, 2025, compared to - $44 million in 2024. - The **Effective Income Tax Rate** was 19% in 2025, which was less than the 21% federal rate due to non-taxable gains, partially offset by higher foreign tax rates and increased valuation allowance. ### Material Cash Requirements (as of December 31, 2025) - **Total Consolidated Material Cash Requirements** were $9,249 million. - **Long-term Debt** totaled $5,022 million, with $52 million due in less than 1 year, $642 million in 2-3 years, $838 million in 4-5 years, and $3,490 million after 5 years. - **Motorsport Agreement Obligations** totaled $2,878 million, with $165 million due in less than 1 year, $165 million in 2-3 years, $168 million in 4-5 years, and $2,380 million after 5 years. - **Interest Payments** totaled $1,274 million, with $241 million due in less than 1 year, $472 million in 2-3 years, $391 million in 4-5 years, and $170 million after 5 years. - **Operating Lease Obligations** totaled $27 million, with $5 million due in less than 1 year, $10 million in 2-3 years, $7 million in 4-5 years, and $5 million after 5 years. - **Short-term Leases** totaled $46 million, with $16 million due in less than 1 year and $30 million in 2-3 years. - **Other Obligations** totaled $2 million due in less than 1 year. ### Related Stocks - [LLYVK.US](https://longbridge.com/en/quote/LLYVK.US.md) ## Related News & Research - [LVPAI GROUP Ltd FY 2026: Revenue $0 Net income $(30,385), EPS $(0.00) — 10-K Summary](https://longbridge.com/en/news/286806541.md) - [SoundThinking Reports Stable Risk Profile Despite Potential Emerging Risks Beyond Formal Filings](https://longbridge.com/en/news/286662685.md) - [Greenwave Technology Delays Quarterly SEC Filing](https://longbridge.com/en/news/286623944.md) - [Nippo lifts profits and cash, delivers hefty special dividend ahead of earnings plateau](https://longbridge.com/en/news/286837429.md) - [ProShare Advisors LLC Purchases 257,762 Shares of Cintas Corporation $CTAS](https://longbridge.com/en/news/286893600.md)