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How Liberty Media (FWONA) makes money
Liberty Media (FWONA) made $1.2B of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Primary brought in $1.0B (84%); Other brought in $193M (16%). Of every dollar of revenue, 19¢ was left as operating profit, 13¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Primary | $1.0B | 84.3% | +34% | +17% |
| Other | $193M | 15.7% | +19% | -4% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.2B | 100.0% |
| Operating profit | $237M | 19.3% |
| Income tax | $82.0M | 6.7% |
| Net earnings | $163M | 13.3% |
| Operating cash flow | $382M | 31.2% |
| Free cash flow | $337M | 27.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.2B | +13% |
| Q2 2026 | $934M | -30% |
| Q1 2026 | $711M | +59% |
| Q4 2025 | $1.6B | +38% |
| Q3 2025 | $1.1B | +19% |
| Q2 2025 | $1.3B | +36% |
| Q1 2025 | $447M | -24% |
From Liberty Media's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Liberty Media make money?
Liberty Media (FWONA) made $1.2B of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Primary brought in $1.0B (84%); Other brought in $193M (16%). Of every dollar of revenue, 19¢ was left as operating profit, 13¢ was left as net earnings.
What is Liberty Media's biggest business?
Primary: $1.0B in the third quarter 2026, 84% of revenue, +17% from a year earlier.
What is Liberty Media's profit margin?
Net earnings were $163M, 13.3% of revenue, in the third quarter 2026; the operating margin was 19.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.