Filing Flows › Liberty Media (FWONA) › Q3 2025
Liberty Media (FWONA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Liberty Media (FWONA) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), +19% from a year earlier and -19% from the quarter before. Operating margin was 13.7%, net earnings $13.0M (1.2% of revenue).
Liberty Media, Q3 2025: revenue $1.1B (+19% year over year), operating margin 13.7%, net earnings $13.0M, operating cash flow $185M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | -19% | +19% |
| Operating profit | $149M | -47% | +35% |
| Net earnings | $13.0M | -94% | — |
| Operating cash flow | $185M | -22% | +2% |
| Free cash flow | $182M | -16% | +7% |
What changed
Revenue was $1.1B in Q3 2025, up 19% year over year and down 19% from the previous quarter. Primary was the largest line at 82% of revenue. Primary added $0.13B year over year (up 17%), 73% of the total change.
Operating profit was $0.15B, a 13.7% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 12% margin then. Total costs grew 17% against revenue growth of 19%. The fastest-growing cost line was SG&A (+19%). Net earnings were $0.01B. The effective tax rate was 43.5%.
Operating cash flow was $0.18B (up 2% year over year), 1423% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $3.0M left free cash flow of $0.18B.
Questions
What was Liberty Media's revenue in the third quarter 2025?
Liberty Media (FWONA) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), +19% from a year earlier and -19% from the quarter before.
Was Liberty Media profitable in the third quarter 2025?
Operating profit was $149M (13.7% of revenue) and net earnings $13.0M.
Source: Liberty Media 10-Q on SEC EDGAR.