Filing Flows › Liberty Media (FWONA) › Q3 2026 › vs Q2 2026
Liberty Media (FWONA) Q3 2026 vs Q2 2026 (quarter over quarter)
Liberty Media's revenue rose $292M (+31%) from $934M in Q2 2026 to $1.2B in Q3 2026. The biggest changes: Primary +$261M (+34%); Other +$31.0M (+19%). Operating margin 19.3% against 9.4% (+9.9 pts).
Liberty Media, Q3 2026: revenue $1.2B (+13% year over year), operating margin 19.3%, net earnings $163M, operating cash flow $382M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.3% | 9.4% | +9.9 pts |
| Net margin | 13.3% | 0.5% | +12.8 pts |
| Free cash flow margin | 27.5% | 29.0% | -1.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Primary | $1.0B | $772M | $261M | +34% |
| Other | $193M | $162M | $31.0M | +19% |
| Revenue | $1.2B | $934M | $292M | +31% |
| Other income, net | $7.0M | −$55.0M | $62.0M | — |
| Operating profit | $237M | $88.0M | $149M | +169% |
| Costs & expenses | $989M | $846M | $143M | +17% |
| Pre-tax earnings | $244M | $33.0M | $211M | +639% |
| SG&A | $147M | $129M | $18.0M | +14% |
| Other operating costs | $842M | $717M | $125M | +17% |
| Loss borne by minority interests | $1.0M | −$3.0M | $4.0M | — |
| Net earnings | $163M | $5.0M | $158M | 33× |
| Income tax | $82.0M | $25.0M | $57.0M | +228% |
| Depreciation & amortization | $110M | $112M | −$2.0M | -2% |
| Share-based compensation | $6.0M | $6.0M | $0 | 0% |
| Working capital & other | $103M | $193M | −$90.0M | -47% |
| Operating cash flow | $382M | $316M | $66.0M | +21% |
| Free cash flow (OCF − capex) | $337M | $271M | $66.0M | +24% |
| Capital expenditures | $45.0M | $45.0M | $0 | 0% |
Questions
How much did Liberty Media's revenue grow quarter over quarter in Q3 2026?
Liberty Media's revenue rose $292M (+31%) from $934M in Q2 2026 to $1.2B in Q3 2026.
What drove Liberty Media's revenue change in Q3 2026?
Primary +$261M (+34%); Other +$31.0M (+19%).