Filing Flows › Liberty Media (FWONA) › Q2 2026 › vs Q2 2025
Liberty Media (FWONA) Q2 2026 vs Q2 2025 (year over year)
Liberty Media's revenue fell $407M (-30%) from $1.3B in Q2 2025 to $934M in Q2 2026. The biggest changes: Primary −$260M (-25%); Other −$147M (-48%). Operating margin 9.4% against 20.9% (-11.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.4% | 20.9% | -11.5 pts |
| Net margin | 0.5% | 15.2% | -14.7 pts |
| Free cash flow margin | 29.0% | 16.1% | +12.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Primary | $772M | $1.0B | −$260M | -25% |
| Other | $162M | $309M | −$147M | -48% |
| Revenue | $934M | $1.3B | −$407M | -30% |
| Operating profit | $88.0M | $280M | −$192M | -69% |
| Costs & expenses | $846M | $1.1B | −$215M | -20% |
| Pre-tax earnings | $33.0M | $277M | −$244M | -88% |
| Other expense, net | $55.0M | $3.0M | $52.0M | 18× |
| SG&A | $129M | $111M | $18.0M | +16% |
| Other operating costs | $717M | $950M | −$233M | -25% |
| Net earnings | $5.0M | $204M | −$199M | -98% |
| Minority interests | $3.0M | $0 | $3.0M | — |
| Income tax | $25.0M | $73.0M | −$48.0M | -66% |
| Depreciation & amortization | $112M | $80.0M | $32.0M | +40% |
| Share-based compensation | $6.0M | $6.0M | $0 | 0% |
| Working capital & other | $193M | −$52.0M | $245M | — |
| Operating cash flow | $316M | $238M | $78.0M | +33% |
| Free cash flow (OCF − capex) | $271M | $216M | $55.0M | +25% |
| Capital expenditures | $45.0M | $22.0M | $23.0M | +105% |
Questions
How much did Liberty Media's revenue grow year over year in Q2 2026?
Liberty Media's revenue fell $407M (-30%) from $1.3B in Q2 2025 to $934M in Q2 2026.
What drove Liberty Media's revenue change in Q2 2026?
Primary −$260M (-25%); Other −$147M (-48%).