Filing Flows › Liberty Media (FWONA) › Q2 2026
Liberty Media (FWONA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Liberty Media (FWONA) reported revenue of $934M for the second quarter 2026 (Q2 2026), -30% from a year earlier and +31% from the quarter before. Operating margin was 9.4%, net earnings $5.0M (0.5% of revenue).
Liberty Media, Q2 2026: revenue $934M (-30% year over year), operating margin 9.4%, net earnings $5.0M, operating cash flow $316M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $934M | +31% | -30% |
| Operating profit | $88.0M | +38% | -69% |
| Net earnings | $5.0M | -91% | -98% |
| Operating cash flow | $316M | -11% | +33% |
| Free cash flow | $271M | -20% | +25% |
What changed
Revenue was $934.0M in Q2 2026, down 30% year over year and up 31% from the previous quarter. Primary was the largest line at 83% of revenue. Primary lost $260.0M year over year (down 25%), 64% of the total change.
Operating profit was $88.0M, a 9.4% margin (down 11.5 points year over year). Total costs fell 20% while revenue fell 30%. The fastest-growing cost line was SG&A (+16%). Net earnings were $5.0M, down 98% year over year. The effective tax rate was 75.8%.
Operating cash flow was $316.0M (up 33% year over year), 3950% of net income including minority interests. Non-cash charges added back $112.0M of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items added $190.0M. Capital expenditures of $45.0M left free cash flow of $271.0M.
Questions
What was Liberty Media's revenue in the second quarter 2026?
Liberty Media (FWONA) reported revenue of $934M for the second quarter 2026 (Q2 2026), -30% from a year earlier and +31% from the quarter before.
Was Liberty Media profitable in the second quarter 2026?
Operating profit was $88.0M (9.4% of revenue) and net earnings $5.0M.
Source: Liberty Media 10-Q on SEC EDGAR.