Detailed financial statements for Liberty Media Corporation (FWONK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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Analysis Summary
Liberty Media Corporation reported revenue of $4.48B in the most recent fiscal year, growing at a 5-year CAGR of 31.4%.
Trailing-twelve-month margins: gross margin 32.8%, operating margin 12.3%, net margin 10.6%.
At the current price of $95.00, FWONK trades at a P/E of 47.55 and an ROE of 5.94%. Market capitalisation stands at $23.8B, placing it among large-cap names.
Balance sheet quality for FWONK: current ratio of 1.5, net debt of $4.07B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $751.0M represents 135% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $1.78B | $1.83B | $2.02B | $1.15B | $2.14B | $2.57B | $3.22B | $3.65B | $4.48B |
| Cost of Revenue | $10.0M | $1.22B | $1.27B | $1.39B | $974.0M | $1.49B | $1.75B | $2.24B | $2.49B | $3.36B |
| Gross Profit | -$10.0M | $564.0M | $554.0M | $628.0M | $171.0M | $647.0M | $823.0M | $982.0M | $1.17B | $1.12B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $58.0M | $199.0M | $204.0M | $210.0M | $174.0M | $210.0M | $288.0M | $316.0M | $408.0M | $35.0M |
| Operating Expenses | $58.0M | $604.0M | $664.0M | $663.0M | $615.0M | $607.0M | $650.0M | $685.0M | $878.0M | $514.0M |
| Operating Income | $443.0M | -$40.0M | -$110.0M | -$35.0M | -$444.0M | $40.0M | $173.0M | $297.0M | $287.0M | $604.0M |
| EBITDA | -$58.0M | $321.0M | $452.0M | $247.0M | -$119.0M | $363.0M | $762.0M | $794.0M | $577.0M | $1.15B |
| Interest Expense | $19.0M | $220.0M | $192.0M | $195.0M | $146.0M | $123.0M | $149.0M | $214.0M | $208.0M | $28.0M |
| Pre-tax Income | $500.0M | -$304.0M | -$200.0M | -$401.0M | -$706.0M | -$157.0M | $251.0M | $211.0M | $17.0M | $733.0M |
| Income Tax | $171.0M | -$561.0M | -$50.0M | -$90.0M | -$112.0M | -$37.0M | -$311.0M | $27.0M | $47.0M | $137.0M |
| Net Income | $329.0M | $255.0M | -$150.0M | -$311.0M | -$596.0M | -$190.0M | $558.0M | $185.0M | -$30.0M | $555.0M |
| EPS | $1.03 | $1.23 | $-0.65 | $-1.35 | $-2.57 | $-0.82 | $2.39 | $0.79 | $-0.13 | $2.15 |
| EPS (Diluted) | $1.02 | $1.21 | $-0.65 | $-1.35 | $-2.57 | $-0.82 | $2.15 | $0.79 | $-0.12 | $2.15 |
| Shares Outstanding (Diluted) | $321.0M | $211.0M | $232.0M | $231.0M | $232.0M | $232.0M | $244.0M | $234.6M | $240.0M | $250.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.08B | $1.62B | $711.0M | $934.0M |
| Gross Profit | $414.0M | $108.0M | $298.0M | $329.0M |
| Operating Income | $158.0M | $237.0M | $64.0M | $88.0M |
| EBITDA | $248.0M | $358.0M | $238.0M | $213.0M |
| Net Income | $66.0M | $102.0M | $57.0M | $5.0M |
| EPS | $0.26 | $1.33 | $0.23 | $0.02 |
| EPS (Diluted) | $0.26 | $1.33 | $0.23 | $0.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $168.0M | $282.0M | $160.0M | $587.0M | $1.68B | $2.07B | $1.73B | $1.41B | $2.63B | $1.05B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.0M | $84.0M | $110.0M | $69.0M | $121.0M | $66.0M | $123.0M | $123.0M | $114.0M | $229.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $175.0M | $479.0M | $310.0M | $748.0M | $2.26B | $2.37B | $2.02B | $1.71B | $3.02B | $1.37B |
| Property, Plant & Equipment | $89.0M | $95.0M | $90.0M | $112.0M | $124.0M | $119.0M | $408.0M | $838.0M | $810.0M | $868.0M |
| Goodwill | 0 | $3.96B | $3.96B | $3.96B | $3.96B | $3.96B | $3.96B | $3.96B | $4.13B | $7.03B |
| Intangible Assets | $1.0M | $5.11B | $4.74B | $4.30B | $3.88B | $3.51B | $3.16B | $2.86B | $2.69B | $5.10B |
| Total Assets | $3.00B | $11.80B | $10.96B | $11.51B | $11.19B | $11.66B | $11.02B | $10.27B | $11.76B | $15.40B |
| Accounts Payable | $16.0M | $258.0M | $233.0M | $264.0M | $150.0M | $308.0M | $396.0M | $472.0M | $645.0M | $575.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | $209.0M | $695.0M | $61.0M | $36.0M | $26.0M | $76.0M |
| Total Current Liabilities | $31.0M | $305.0M | $360.0M | $426.0M | $692.0M | $1.30B | $833.0M | $787.0M | $1.13B | $939.0M |
| Long-term Debt | $1.58B | $5.80B | $5.04B | $5.68B | $3.55B | $2.94B | $2.89B | $2.87B | $2.97B | $5.05B |
| Total Liabilities | $1.71B | $6.13B | $5.40B | $6.26B | $4.64B | $4.72B | $4.08B | $3.85B | $4.37B | $6.95B |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $7.79B |
| Total Equity | $1.29B | $5.67B | $5.55B | $5.24B | $6.55B | $6.34B | $6.91B | $6.42B | $7.39B | $7.76B |
| Total Debt | $1.58B | $5.80B | $5.04B | $5.68B | $3.76B | $3.63B | $2.95B | $2.91B | $2.99B | $5.12B |
| Net Debt | $1.42B | $5.51B | $4.88B | $5.09B | $2.08B | $1.56B | $1.21B | $1.50B | $361.0M | $4.07B |
| Working Capital | $144.0M | $174.0M | -$50.0M | $322.0M | $1.57B | $1.07B | $1.19B | $924.0M | $1.89B | $434.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.59B | $1.05B | $1.33B | $1.47B |
| Total Assets | $17.82B | $15.40B | $15.89B | $15.88B |
| Total Liabilities | $9.73B | $6.95B | $7.49B | $7.50B |
| Total Equity | $7.38B | $7.76B | $7.73B | $7.62B |
| Total Debt | $7.04B | $5.12B | $5.02B | $4.92B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $329.0M | $257.0M | -$150.0M | -$311.0M | -$594.0M | -$120.0M | $562.0M | $185.0M | -$30.0M | $555.0M |
| Depreciation & Amortization | $10.0M | $405.0M | $460.0M | $453.0M | $441.0M | $397.0M | $362.0M | $369.0M | $352.0M | $393.0M |
| Stock-based Compensation | $13.0M | $32.0M | $25.0M | $28.0M | $21.0M | $29.0M | $16.0M | $20.0M | $30.0M | $21.0M |
| Change in Working Capital | -$29.0M | -$282.0M | $98.0M | $58.0M | -$45.0M | $143.0M | $116.0M | $132.0M | -$65.0M | $147.0M |
| Operating Cash Flow | $378.0M | -$75.0M | $268.0M | $294.0M | -$139.0M | $481.0M | $534.0M | $619.0M | $567.0M | $870.0M |
| Capital Expenditure | -$2.0M | -$10.0M | -$14.0M | -$44.0M | -$21.0M | -$17.0M | -$291.0M | -$426.0M | -$75.0M | -$119.0M |
| Acquisitions | -$764.0M | -$1.66B | -$9.0M | -$6.0M | $88.0M | -$140.0M | -$43.0M | -$173.0M | -$212.0M | -$3.29B |
| Stock Repurchased | -$11.0M | 0 | -$3.0M | -$24.0M | -$69.0M | -$55.0M | -$616.0M | -$9.0M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $376.0M | -$85.0M | $254.0M | $250.0M | -$160.0M | $464.0M | $243.0M | $193.0M | $492.0M | $751.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $157.0M | $85.0M | $357.0M | $316.0M |
| Capital Expenditure | -$3.0M | -$61.0M | -$20.0M | -$45.0M |
| Free Cash Flow | $154.0M | $24.0M | $337.0M | $271.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $5.0M | $6.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.5% | +10.7% | -43.4% | +86.6% | +20.5% | +25.2% | +13.4% | +22.7% | ||
| Net Income Growth (YoY) | -22.5% | -158.8% | -107.3% | -91.6% | +68.1% | +393.7% | -66.8% | -116.2% | +1,950.0% | |
| EPS Growth (YoY) | +19.4% | -152.8% | -107.7% | -90.4% | +68.1% | +391.5% | -66.9% | -116.5% | +1,753.8% | |
| Shares Change (YoY) | -34.3% | +10.0% | -0.4% | +0.4% | +0.0% | +5.2% | -3.8% | +2.3% | +4.2% | |
| FCF Growth (YoY) | -122.6% | +398.8% | -1.6% | -164.0% | +390.0% | -47.6% | -20.6% | +154.9% | +52.6% | |
| Gross Margin | 31.6% | 30.3% | 31.1% | 14.9% | 30.3% | 32.0% | 30.5% | 31.9% | 24.9% | |
| Operating Margin | -2.2% | -6.0% | -1.7% | -38.8% | 1.9% | 6.7% | 9.2% | 7.9% | 13.5% | |
| EBITDA Margin | 18.0% | 24.7% | 12.2% | -10.4% | 17.0% | 29.6% | 24.6% | 15.8% | 25.7% | |
| Net Margin | 14.3% | -8.2% | -15.4% | -52.1% | -8.9% | 21.7% | 5.7% | -0.8% | 12.4% | |
| FCF Margin | -4.8% | 13.9% | 12.4% | -14.0% | 21.7% | 9.4% | 6.0% | 13.5% | 16.8% | |
| Effective Tax Rate | 34.2% | 184.5% | 25.0% | 22.4% | 15.9% | 23.6% | -123.9% | 12.8% | 276.5% | 18.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.17 | $-0.40 | $1.09 | $1.08 | $-0.69 | $2.00 | $1.00 | $0.82 | $2.05 | $3.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $318.0M | $207.0M | $231.0M | $231.0M | $232.0M | $232.0M | $233.0M | $234.0M | $230.8M | $250.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 5.94% |
| Return on Invested Capital | 2.70% |
| Return on Assets | 2.90% |
| Gross Margin | 32.82% |
| Operating Margin | 12.33% |
| Net Margin | 10.62% |
Financial Health
| Debt / Equity | 0.65 |
| Current Ratio | 1.27 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.29 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.41 | 26.85 | -45.66 | -32.92 | -16.03 | -74.56 | 24.18 | 79.91 | -712.77 | 45.82 |
| P/B | 7.49 | 1.21 | 1.24 | 1.96 | 1.46 | 2.24 | 1.95 | 2.30 | 2.89 | 3.18 |
| P/S | 0.00 | 3.83 | 3.75 | 5.08 | 8.35 | 6.64 | 5.23 | 4.58 | 5.85 | 5.50 |
| Gross Margin | 0.0% | 31.6% | 30.3% | 31.1% | 14.9% | 30.3% | 32.0% | 30.5% | 31.9% | 24.9% |
| Operating Margin | 0.0% | -2.2% | -6.0% | -1.7% | -38.8% | 1.9% | 6.7% | 9.2% | 7.9% | 13.5% |
| Net Margin | 0.0% | 14.3% | -8.2% | -15.4% | -52.1% | -8.9% | 21.7% | 5.7% | -0.8% | 12.4% |
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