Filing Flows › Liberty Media (FWONA) › Q2 2025
Liberty Media (FWONA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Liberty Media (FWONA) reported revenue of $1.3B for the second quarter 2025 (Q2 2025), +36% from a year earlier and +200% from the quarter before. Operating margin was 20.9%, net earnings $204M (15.2% of revenue).
Liberty Media, Q2 2025: revenue $1.3B (+36% year over year), operating margin 20.9%, net earnings $204M, operating cash flow $238M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +200% | +36% |
| Operating profit | $280M | — | +375% |
| Net earnings | $204M | 41× | -60% |
| Operating cash flow | $238M | -39% | -68% |
| Free cash flow | $216M | -40% | -71% |
What changed
Revenue was $1.3B in Q2 2025, up 36% year over year and up 200% from the previous quarter. Primary was the largest line at 77% of revenue. Primary added $0.29B year over year (up 40%), 83% of the total change.
Operating profit was $0.28B, a 20.9% margin (up 14.9 points year over year). Of the extra revenue versus a year earlier, 63% reached operating profit, above the 6% margin then. Total costs grew 14% against revenue growth of 36%. The fastest-growing cost line was SG&A (+20%). Net earnings were $0.20B, down 55% year over year. The effective tax rate was 10.5%.
Operating cash flow was $0.24B (down 68% year over year), 117% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.02B left free cash flow of $0.22B.
Questions
What was Liberty Media's revenue in the second quarter 2025?
Liberty Media (FWONA) reported revenue of $1.3B for the second quarter 2025 (Q2 2025), +36% from a year earlier and +200% from the quarter before.
Was Liberty Media profitable in the second quarter 2025?
Operating profit was $280M (20.9% of revenue) and net earnings $204M.
Source: Liberty Media 10-Q on SEC EDGAR.