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Liberty Media (FWONA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Liberty Media (FWONA) Q3 2026 earnings results →
Q3 2026 Revenue up 13% year over year to $1.2B · 13¢ of every $1 of revenue kept as net profit · operating margin 19.3%
Liberty Media made $1.2B in Q3 2026 (+13% Y/Y): Primary $1.0B, Other $193M. Operating margin 19.3%, net earnings $163M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.2B in Q3 2026, up 13% year over year and up 31% from the previous quarter. Primary was the largest line at 84% of revenue. Primary added $0.15B year over year (up 17%), 105% of the total change. Other declined 4%.
Operating profit was $0.24B, a 19.3% margin (up 4.8 points year over year). Of the extra revenue versus Q3 2025, 56% reached operating profit, above the 15% margin then. Total costs grew 7% against revenue growth of 13%. The fastest-growing cost line was SG&A (+12%). Net earnings were $0.16B, up 1154% year over year. The effective tax rate was 33.6%.
Operating cash flow was $0.38B (up 106% year over year), 236% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.10B. Capital expenditures of $0.04B left free cash flow of $0.34B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $1.2B | +13% | 19.3% | $163M | $382M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $934M | -30% | 9.4% | $5.0M | $316M |
| Q1 2026 | 10-Q | May 7, 2026 | $711M | +59% | 9.0% | $57.0M | $357M |
| Q4 2025 | 10-K | Feb 26, 2026 | $1.6B | +38% | 12.8% | $333M | $123M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $1.1B | +19% | 13.7% | $13.0M | $156M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $1.3B | +36% | 20.9% | $204M | $238M |
| Q1 2025 | 10-Q | May 7, 2025 | $447M | -24% | -15.9% | $5.0M | $391M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Liberty Media
Liberty Media Corporation (“Liberty”, the “Company”, “we”, “us” and “our”), through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom (“U.K.”) and Spain. Our most significant subsidiaries include Delta Topco Limited (the parent company of Formula 1) (“Delta Topco”) and MotoGP. Braves Holdings, LLC ("Braves Holdings") was a subsidiary of the Company until the Atlanta Braves Holdings Split-Off (defined below) on July 18, 2023. Sirius XM Holdings Inc. (“Sirius XM Holdings”) was a subsidiary of the Company until the Liberty Sirius XM Holdings Split-Off (defined below) on September 9, 2024. QuintEvents, LLC (“QuintEvents”) was a subsidiary of the Company and Live Nation Entertainment, Inc.
In its own words, from its 10-K, filed Feb 26, 2026.
Liberty Media against its Television Broadcasting Stations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +16%. Operating margin: 19.3% against the peers' median 15.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FWONA Liberty Media | Q3 2026 | $1.2B | +13% | 19.3% |
| PSKY Skydance | Q2 2026 | $6.9B | +0.9% | 6.9% |
| FOXA Fox | Q1 FY27 | $4.6B | +22% | 28.1% |
| NXST Nexstar Media Group | Q3 2026 | $2.1B | +78% | 24.9% |
| VSNT Versant Media Group | Q3 2026 | $1.6B | -4% | 6.9% |
| GTN Gray Media | Q3 2026 | $972M | +30% | 27.4% |
| SBGI Sinclair | Q3 2026 | $893M | +16% | 15.0% |
| SSP E.W. Scripps | Q3 2026 | $545M | +4% | 12.3% |
| EVC Entravision Communications | Q3 2026 | $226M | +88% | 12.5% |
Source: Liberty Media 10-Q on SEC EDGAR · CIK 1560385 · Television Broadcasting Stations
Guidance and outlook
13F: who owns FWONA and who is buying
More on FWONA
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results