Filing Flows › Liberty Media (FWONA) › Q3 2026 › vs Q3 2025
Liberty Media (FWONA) Q3 2026 vs Q3 2025 (year over year)
Liberty Media's revenue rose $141M (+13%) from $1.1B in Q3 2025 to $1.2B in Q3 2026. The biggest changes: Primary +$148M (+17%); Other −$7.0M (-4%). Operating margin 19.3% against 14.6% (+4.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.3% | 14.6% | +4.8 pts |
| Net margin | 13.3% | 1.2% | +12.1 pts |
| Free cash flow margin | 27.5% | 16.8% | +10.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Primary | $1.0B | $885M | $148M | +17% |
| Other | $193M | $200M | −$7.0M | -4% |
| Revenue | $1.2B | $1.1B | $141M | +13% |
| Other income, net | $7.0M | −$122M | $129M | — |
| Operating profit | $237M | $158M | $79.0M | +50% |
| Costs & expenses | $989M | $927M | $62.0M | +7% |
| Pre-tax earnings | $244M | $36.0M | $208M | +578% |
| SG&A | $147M | $131M | $16.0M | +12% |
| Other operating costs | $842M | $796M | $46.0M | +6% |
| Loss borne by minority interests | $1.0M | $0 | $1.0M | — |
| Net earnings | $163M | $13.0M | $150M | 13× |
| Income tax | $82.0M | $23.0M | $59.0M | +257% |
| Depreciation & amortization | $110M | $118M | −$8.0M | -7% |
| Share-based compensation | $6.0M | $7.0M | −$1.0M | -14% |
| Working capital & other | $103M | $47.0M | $56.0M | +119% |
| Operating cash flow | $382M | $185M | $197M | +106% |
| Free cash flow (OCF − capex) | $337M | $182M | $155M | +85% |
| Capital expenditures | $45.0M | $3.0M | $42.0M | 15× |
Questions
How much did Liberty Media's revenue grow year over year in Q3 2026?
Liberty Media's revenue rose $141M (+13%) from $1.1B in Q3 2025 to $1.2B in Q3 2026.
What drove Liberty Media's revenue change in Q3 2026?
Primary +$148M (+17%); Other −$7.0M (-4%).