Nasdaq:FWONA
Liberty Media Corp
A diversified holding company controlling premier global sports IP like NASCAR, Formula One, and UFC with a strong cash flow profile from licensing deals.
Key Metrics
Investment Thesis
Bull Case
FWONA offers exposure to high-growth sports entertainment sectors with recurring royalty-like income streams from its dominant IP portfolio. The company's strong cash generation capabilities provide flexibility for share buybacks, dividends, or further strategic acquisitions in the competitive media landscape. Diversified ownership across NASCAR, F1, and UFC creates a defensive characteristic against economic downturns compared to pure-play streaming services.
About Liberty Media Corp
Liberty Media Corp (FWONA) is a global media and sports entertainment conglomerate primarily serving audiences through its ownership stakes in NASCAR, Formula One Group, and UFC. The company generates revenue by licensing intellectual property, selling broadcasting rights, and operating streaming platforms across the United States and international markets. Key products include live racing broadcasts, combat sports events, and digital content distribution.
Analysis
Management Discussion
The company reported a net profit of $555M in 2025 following a loss of $2.48B in 2024, demonstrating resilience after the impact of large acquisitions totaling $3.27B. Operating cash flow of $870M supports ongoing operations and debt servicing despite significant investing cash outflows related to capital expenditures and acquisitions. The recovery in revenue from $3.65B in 2024 to $4.48B in 2025 suggests stabilizing performance post-acquisition integration.
Industry Overview
The global sports media industry is experiencing rapid transformation driven by digitalization, cord-cutting trends, and the shift from traditional broadcasting to direct-to-consumer streaming platforms. Major leagues are increasingly negotiating exclusive deals with technology companies while developing proprietary apps to capture subscriber data and reduce reliance on third-party networks. Consolidation among media conglomerates continues as ownership structures evolve to maximize IP value in an ever-changing regulatory environment.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $12.16B | $12.53B | $3.65B | $4.48B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $12.16B | $12.53B | $3.65B | $4.48B |
| Operating Expenses | $10.10B | $10.46B | $3.38B | $3.90B |
| Operating Income | $2.06B | $2.06B | $276.0M | $577.0M |
| G&A | $2.03B | $1.93B | $419.0M | $514.0M |
| Stock-Based Comp | $237.0M | $232.0M | $34.0M | $21.0M |
| D&A | $1.04B | $1.03B | $352.0M | $393.0M |
| Depreciation | $262.0M | $270.0M | $62.0M | $71.0M |
| Amortization | $782.0M | $760.0M | $290.0M | $322.0M |
| Other OpEx | $8.07B | $8.53B | $2.96B | $3.39B |
| Non-Operating Income | $129.0M | $-878.0M | $-300.0M | $156.0M |
| Interest Expense | $689.0M | $782.0M | — | — |
| Pre-Tax Income | $2.19B | $1.19B | $-24.0M | $733.0M |
| Income Tax | $164.0M | $223.0M | $39.0M | $137.0M |
| Continuing Ops | $2.03B | $962.0M | $-63.0M | $596.0M |
| Discontinued Ops | $0 | $0 | $-2.41B | $-41.0M |
| Net Income | $2.03B | $962.0M | $-2.48B | $555.0M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $2.03B | $962.0M | $-2.48B | $555.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $3.85B | $3.38B | $3.35B | $1.37B |
| Cash & Equivalents | $2.25B | $2.02B | $2.96B | $1.05B |
| Other Current Assets | $1.60B | $1.36B | $391.0M | $318.0M |
| Long-Term Assets | $38.61B | $37.79B | $9.60B | $14.03B |
| Goodwill | $19.34B | $19.16B | $4.13B | $7.03B |
| Operating Leases | $344.0M | $315.0M | $45.0M | $26.0M |
| Other LT Assets | $17.98B | $17.22B | $4.93B | $6.97B |
| Total Assets | $42.46B | $41.17B | $12.95B | $15.40B |
| Current Liabilities | $5.41B | $4.74B | $1.13B | $939.0M |
| Current Leases | $53.0M | $53.0M | — | — |
| Deferred Revenue | $1.77B | $1.44B | $267.0M | $263.0M |
| Other Current Liab | $3.58B | $3.25B | $866.0M | $676.0M |
| Long-Term Liabilities | $17.93B | $16.98B | $4.76B | $6.01B |
| Long-Term Debt | $14.95B | $14.18B | $4.52B | $5.05B |
| LT Operating Leases | $349.0M | $323.0M | — | — |
| Other LT Liab | $2.63B | $2.48B | $242.0M | $961.0M |
| Total Liabilities | $23.34B | $21.72B | $5.90B | $6.95B |
| Shareholders' Equity | $19.13B | $19.45B | $7.05B | $8.45B |
| Paid-In Capital | $1.41B | $1.32B | — | — |
| Retained Earnings | $14.59B | $15.06B | $7.18B | $7.79B |
| AOCI | $-39.0M | $12.0M | $-153.0M | $-30.0M |
| Total L&E | $42.46B | $41.17B | $12.95B | $15.40B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $2.03B | $962.0M | $-2.48B | $555.0M |
| Non-Cash Adjustments | $623.0M | $1.44B | $4.05B | $336.0M |
| Working Capital Changes | $-106.0M | $59.0M | $-143.0M | $-21.0M |
| Cash from Operations | $2.55B | $2.46B | $1.44B | $870.0M |
| Cash from Investing | $-46.0M | $-1.24B | $-896.0M | $-3.20B |
| Debt Issuances | $6.19B | $3.85B | $645.0M | $1.75B |
| Debt Repayments | $7.43B | $4.79B | $748.0M | $781.0M |
| Share Buybacks | $395.0M | — | — | — |
| Cash from Financing | $-3.15B | $-1.47B | $406.0M | $408.0M |
| FX Effect | $0 | $1.0M | $-10.0M | $16.0M |
| Net Change in Cash | $-648.0M | $-248.0M | $935.0M | $-1.91B |
| Beginning Cash | $2.92B | $2.28B | $2.03B | $2.96B |
| Ending Cash | $2.28B | $2.03B | $2.96B | $1.05B |
Frequently Asked Questions
How does Liberty Media Corp make money?
The company's revenue is driven by three main segments: Motorsports (NASCAR and Formula One), Combat Sports (UFC), and Broadcasting/Streaming services. These segments generate income through media rights fees, sponsorship revenue, merchandise sales, and digital subscription models.
What are the main risks for FWONA?
Fluctuations in advertising spending and media rights valuations could significantly impact operating income given the capital-intensive nature of the business. Regulatory changes regarding sports broadcasting and potential antitrust issues related to IP ownership pose ongoing operational risks. High leverage levels and significant debt obligations require careful management as interest rate environments shift.
What is FWONA's competitive advantage?
Liberty Media possesses unique control over world-class sports intellectual property with global reach, creating high barriers to entry for competitors. The company benefits from diversified revenue streams across different sports categories which mitigates risk associated with any single event or league. Strong brand loyalty among fans ensures consistent viewership and engagement across traditional TV and digital platforms.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.