Filing Flows › Liberty Media (FWONA) › Q2 2026 › vs Q1 2026
Liberty Media (FWONA) Q2 2026 vs Q1 2026 (quarter over quarter)
Liberty Media's revenue rose $223M (+31%) from $711M in Q1 2026 to $934M in Q2 2026. The biggest changes: Primary +$193M (+33%); Other +$30.0M (+23%). Operating margin 9.4% against 9.0% (+0.4 pts).
Liberty Media, Q2 2026: revenue $934M (-30% year over year), operating margin 9.4%, net earnings $5.0M, operating cash flow $316M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 9.4% | 9.0% | +0.4 pts |
| Net margin | 0.5% | 8.0% | -7.5 pts |
| Free cash flow margin | 29.0% | 47.4% | -18.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Primary | $772M | $579M | $193M | +33% |
| Other | $162M | $132M | $30.0M | +23% |
| Revenue | $934M | $711M | $223M | +31% |
| Operating profit | $88.0M | $64.0M | $24.0M | +38% |
| Costs & expenses | $846M | $647M | $199M | +31% |
| Pre-tax earnings | $33.0M | $58.0M | −$25.0M | -43% |
| Other expense, net | $55.0M | $6.0M | $49.0M | +817% |
| SG&A | $129M | $122M | $7.0M | +6% |
| Other operating costs | $717M | $525M | $192M | +37% |
| Net earnings | $5.0M | $57.0M | −$52.0M | -91% |
| Minority interests | $3.0M | −$4.0M | $7.0M | — |
| Income tax | $25.0M | $5.0M | $20.0M | +400% |
| Depreciation & amortization | $112M | $112M | $0 | 0% |
| Share-based compensation | $6.0M | $5.0M | $1.0M | +20% |
| Working capital & other | $193M | $183M | $10.0M | +5% |
| Operating cash flow | $316M | $357M | −$41.0M | -11% |
| Free cash flow (OCF − capex) | $271M | $337M | −$66.0M | -20% |
| Capital expenditures | $45.0M | $20.0M | $25.0M | +125% |
Questions
How much did Liberty Media's revenue grow quarter over quarter in Q2 2026?
Liberty Media's revenue rose $223M (+31%) from $711M in Q1 2026 to $934M in Q2 2026.
What drove Liberty Media's revenue change in Q2 2026?
Primary +$193M (+33%); Other +$30.0M (+23%).