Filing Flows › Liberty Media (FWONA) › Q1 2026
Liberty Media (FWONA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Liberty Media (FWONA) reported revenue of $711M for the first quarter 2026 (Q1 2026), +59% from a year earlier and -56% from the quarter before. Operating margin was 9.0%, net earnings $57.0M (8.0% of revenue).
Liberty Media, Q1 2026: revenue $711M (+59% year over year), operating margin 9.0%, net earnings $57.0M, operating cash flow $357M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $711M | -56% | +59% |
| Operating profit | $64.0M | -69% | — |
| Net earnings | $57.0M | -83% | 11× |
| Operating cash flow | $357M | +280% | -9% |
| Free cash flow | $337M | +921% | -6% |
What changed
Revenue was $711.0M in Q1 2026, up 59% year over year and down 56% from the previous quarter. Primary was the largest line at 81% of revenue. Primary added $260.0M year over year (up 82%), 98% of the total change.
Operating profit was $64.0M, a 9.0% margin (up 24.0 points year over year). Total costs grew 26% against revenue growth of 59%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $57.0M, up 1040% year over year ($53.0M including minority interests, which bore $4.0M of losses). The effective tax rate was 8.6%.
Operating cash flow was $357.0M (down 9% year over year), 674% of net income including minority interests. Non-cash charges added back $112.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $187.0M. Capital expenditures of $20.0M left free cash flow of $337.0M.
Questions
What was Liberty Media's revenue in the first quarter 2026?
Liberty Media (FWONA) reported revenue of $711M for the first quarter 2026 (Q1 2026), +59% from a year earlier and -56% from the quarter before.
Was Liberty Media profitable in the first quarter 2026?
Operating profit was $64.0M (9.0% of revenue) and net earnings $57.0M.
Source: Liberty Media 10-Q on SEC EDGAR.