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Liberty Media cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$337M in Q3 2026 · $978M over twelve months

Operating cash flow$382M
Capital spending−$45.0M
Free cash flow+$337M
Cash / net income2.4×

Analysis

In Q3 2026, Liberty Media generated $382M of operating cash flow and spent $45.0M on capital projects, leaving free cash flow of $337M. That is $155M more than in Q3 2025 ($182M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were other financing ($420M), capital spending ($171M); besides operations, cash came from net borrowing (+) / repaid (−) ($492M); the cash balance rose by $146M.

Operating cash flow was $382M against net income of $162M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$146M, depreciation & amortization +$110M, gains on investments −$66.0M.

Free cash flow

Liberty Media: free cash flow by quarterLiberty Media: free cash flow by quarter−$32.0MQ4 2024$358MQ1 2025$216MQ2 2025$182MQ3 2025$33.0MQ4 2025$337MQ1 2026$271MQ2 2026$337MQ3 2026
Operating cash flow less capital spending.
Liberty Media: operating cash flow against capital spendingLiberty Media: operating cash flow against capital spendingOperating cash flowCapital spending−$9.0M$23.0MQ4 2024$391M$33.0MQ1 2025$238M$22.0MQ2 2025$185M$3.0MQ3 2025$94.0M$61.0MQ4 2025$357M$20.0MQ1 2026$316M$45.0MQ2 2026$382M$45.0MQ3 2026
Latest (Q3 2026): Operating cash flow $382M, Capital spending $45.0M.

Capital allocation, year by year

Liberty Media: where the cash came from (up) and went (down), by fiscal yearLiberty Media: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.4BFY2021: Net borrowing $119MFY2021: Shares issued $575MFY2021: Asset sales $383MFY2021: Capital spending −$440MFY2021: Acquisitions −$14.0MFY2021: Buybacks −$555M$3.5BFY2021FY2022: Operating cash flow $2.5BFY2022: Net borrowing −$1.5BFY2022: Asset sales $101MFY2022: Capital spending −$309MFY2022: Acquisitions −$136MFY2022: Buybacks −$37.0M$2.6BFY2022FY2023: Operating cash flow $2.5BFY2023: Net borrowing $1.1BFY2023: Asset sales $110MFY2023: Capital spending −$461M$3.6BFY2023FY2024: Operating cash flow $567MFY2024: Net borrowing −$32.0MFY2024: Shares issued $939MFY2024: Asset sales $10.0MFY2024: Capital spending −$75.0MFY2024: Acquisitions −$205M$1.5BFY2024FY2025: Operating cash flow $908MFY2025: Net borrowing $967MFY2025: Asset sales $26.0MFY2025: Capital spending −$119MFY2025: Acquisitions −$3.3B$1.9BFY2025
Over these 5 years operating cash flow totalled $8.9B; the largest uses were acquisitions ($3.6B) and net borrowing ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debt$5.5B
Net debt$3.2B
Due within a year$52.0M

Liberty Media funds itself: free cash flow was $978M over the last twelve months, and $2.3B of cash and investments stands against $5.5B of debt ($52.0M due within a year, 45.0× covered by cash).

Liberty Media: debt maturities by year (FY2025)Liberty Media: debt maturities by year (FY2025)$52.0MYear 1$558MYear 2$84.0MYear 3$643MYear 4$195MYear 5
Principal due in each year as disclosed in the annual report, against $2.3B of cash and investments now.

Where the cash came from and went

Liberty Media: sources (+) and uses (−) of cash, Q3 2026Liberty Media: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$668MOther investing−$585MOperating cash flow$382MCash drawn (+) / kept (−)−$293MNot reconciled−$122MCapital spending−$45.0MExchange rates−$5.0M
Liberty Media: sources (+) and uses (−) of cash, TTM to Q3 2026Liberty Media: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.1BNot reconciled−$897MNet borrowing (+) / repaid (−)$492MOther financing−$420MCapital spending−$171MCash drawn (+) / kept (−)−$146MExchange rates−$7.0M

From profit to cash

Liberty Media: net income to operating cash flow, Q3 2026Liberty Media: net income to operating cash flow, Q3 2026Net income$162MDepreciation & amortization$110MStock-based pay$6.0MDeferred taxes$48.0MGains on investments−$66.0MOther non-cash$12.0MPayables$146MOperating cash flow$382M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$382M−$45.0M—$668M−$293M$337M
Q2 2026$316M−$45.0M—−$244M−$133M$271M
Q1 2026$357M−$20.0M—−$13.0M−$277M$337M
Q4 2025$94.0M−$61.0M—−$35.0M$557M$33.0M
Q3 2025$185M−$3.0M−$3.1B−$735M$1.9B$182M
Q2 2025$238M−$22.0M—−$5.0M−$318M$216M
Q1 2025$391M−$33.0M−$131M−$6.0M−$191M$358M
Q4 2024−$9.0M−$23.0M—$7.0M$98.0M−$32.0M

Liberty Media: income statement and cash flow

Liberty Media, Q3 2026: revenue $1.2B (+13% year over year), operating margin 19.3%. The chart follows the revenue to costs, profit and cash.

Liberty Media: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.