At a glance
Liberty Media Corporation Series C Liberty Formula One is worth $22.26B, about 40 times its fiscal 2025 earnings. Revenue grew 22.7% to $4.48B in fiscal 2025, with 12.4% kept as profit; over 3 years it has grown 12.3% a year. It pays no dividend; it spent $592.0M buying back its shares over FY2021–FY2025. The stock returned −6.4% over the past year with dividends reinvested and +10.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.3% in the 2020 crash (S&P 500: 33.7%) and 20.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 8 months after the lows.
The business in plain English
Liberty Media owns Formula 1 and the MotoGP motorcycle championship, run mainly from the UK and Spain. Through split-offs, where shareholders swap stock for shares in a separated company, it shed the Atlanta Braves (2023), Sirius XM (2024) and Liberty Live (December 2025). The Liberty Formula One shares, including FWONK, are its only common stock and no longer a tracking stock, meaning they now reflect the whole company rather than one business.
Formula 1 holds the exclusive commercial rights to the FIA Formula One World Championship, which staged 24 races in 21 countries in 2025. Broadcasters pay to show races (media rights, 31.3% of Formula 1's 2025 revenue), and race promoters, such as circuit owners and governments, pay to host events (26.7%). Sponsorship is the third main source. Most contracts are paid in advance with yearly fee increases. Formula 1 also promotes the Las Vegas Grand Prix itself and earns from Paddock Club hospitality, F1 TV streaming, freight services for teams and the F2, F3 and F1 Academy series.
Liberty's 2025 revenue was $4.48 billion, up 22.7%. Motorsport made up 91.6% and other products and services 8.4%. By location, 84.4% was attributed to the UK, 8.4% to the US and 6.9% to Spain. Most races run from March to December, so the first quarter is usually the weakest.
Price history
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FWONK -6.4% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Motorsport | $4.11B | 91.6% |
| Product Service Or Other | $377.0M | 8.4% |
By geography
| GB | $3.78B | 84.4% |
| US | $378.0M | 8.4% |
| ES | $310.0M | 6.9% |
| Other Country Other Than Us And Uk | $12.0M | 0.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $934.0M, down 30.4% from a year earlier, and net income was $5.0M (-97.5%).
- For fiscal 2025, revenue was $4.48B (+22.7% year over year; +12.3% a year from FY2022 to FY2025) with a 12.4% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +12.3% good |
|---|---|
| Operating margin | 12.9% watch |
| Free cash flow margin | 17.6% good |
| Return on equity (FY2025) | 7.2% weak |
| Return on assets (FY2025) | 3.6% watch |
| Net cash (cash minus debt) | $-3.46B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.36B | $-1.42B | $1.28B |
| FY2021 | $11.40B | $398.0M | $2.00B |
| FY2022 | $3.16B | $1.81B | $2.24B |
| FY2023 | $3.57B | $761.0M | $2.00B |
| FY2024 | $3.65B | $-2.06B | $492.0M |
| FY2025 | $4.48B | $555.0M | $789.0M |
Valuation snapshot
| Market value | $22.26B |
|---|---|
| P/E ratio | 40.1 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FWONK price data to Oct 27, 2026 | -9.9% | -6.4% | +11.3% | +10.4% | +12.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.9% |
| 2025 | +6.3% |
| 2024 | +46.8% |
| 2023 | +7.4% |
| 2022 | -5.5% |
| 2021 | +48.5% |
| 2020 | -7.3% |
| 2019 | +49.7% |
| 2018 | -10.1% |
| 2017 | +9.0% |
| 2016 | +12.7% |
| 2015 | +8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.3% over that stretch · deepest drop along the way 56.3%, back to its old high 12 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.3% over that stretch · deepest drop along the way 20.7%, back to its old high 8.4 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (23 read): 0 open-market purchases and 7 sales ($26.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 27, 2026 | Chase Carey Director | sell | $8.9M |
| Dec 16, 2025 | Chase Carey Director | sell | $7.8M |
| Dec 17, 2025 | Chase Carey Director | sell | $5.6M |
| Dec 17, 2025 | Chase Carey Director | sell | $2.5M |
| Jun 15, 2026 | Renee L Wilm Chief Legal/Admin Officer | sell | $1.0M |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Investment Management, Inc. | 15.3% | Sep 30, 2025 |
| Linonia Partners Fund LP | 9% | Sep 30, 2024 |
| PRINCIPAL GLOBAL INVESTORS | 5.7% | Mar 31, 2026 |
| Norges Bank | 5.5282% | Jun 30, 2026 |
| BlackRock, Inc. | 5.5% | Mar 31, 2025 |
| State of Wisconsin Investment Board | 4.98% | Jun 30, 2026 |
| Vanguard Capital Management | 4.93% | Sep 30, 2026 |
| JANUS HENDERSON GROUP PLC | 4.8% | Sep 30, 2025 |
| Point72 Asset Management, L.P. | 4.6% | Dec 31, 2024 |
| Corvex Management LP | 4% | Mar 31, 2025 |
ETFs with the most weight in FWONK
| FRTY Alger Mid Cap 40 ETF | 4.18% |
| PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | 3.04% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 2.56% |
| JHAC John Hancock Fundamental All Cap Core ETF | 2.3% |
| BKIV BNY Mellon Innovators ETF | 1.9% |
| CNEQ Alger Concentrated Equity ETF | 1.81% |
| QQJG Invesco ESG NASDAQ Next Gen 100 ETF | 1.6% |
| HFGO Hartford Large Cap Growth ETF | 1.44% |
What could go wrong
- Split-offs could bring large tax bills. Liberty separated Liberty Sirius XM Holdings in 2024 and Liberty Live Holdings in 2025 through split-offs, share exchanges meant to be tax-free. If either fails to qualify, Liberty could face significant tax liabilities.
- MotoGP relies on key outside agreements. MotoGP could have to stop operating if its agreement with the FIM, motorcycle racing's governing body, or its IRTA team agreements ended. The FIM may also act against MotoGP's interests.
- MotoGP purchase may fall short. Success with MotoGP depends on integrating it well. Liberty warns it may not achieve the expected growth or cost savings, and acquired businesses can carry undisclosed legal liabilities.
- Large debt, partly at variable rates. Total debt was about $4.9 billion against $1.5 billion in cash and investments as of June 30, 2026. Some Formula 1 and MotoGP debt has variable rates, so payments could jump if interest rates rise.
- Another pandemic could disrupt racing. Formula 1 and MotoGP were materially affected by COVID-19, and a future outbreak could disrupt events again. The share price fell 56.3% between February 19 and March 16, 2020.
- Spending on live events falls in recessions. A substantial portion of revenue comes from discretionary, or optional, spending on live sporting events, which typically falls in recessions. The annual report also flags tariffs and inflation as pressures on demand and costs.
Recent events
- Investor presentation or announcement
- Executive or board change
- Unregistered sale of shares; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Liberty Media pays no dividend on FWONK, and its annual report says it has not paid dividends in the past and may not in the future. For an income investor, that means returns come only from the share price, and raising cash means trimming shares, which hurts most after a fall. Free cash flow (cash left after running and investing in the business) was $789 million in 2025, none of it paid as dividends. Buybacks (share repurchases) totaled about $592 million over fiscal 2021 to 2025, all of it in 2021 and 2022, before split-offs reshaped the company.
The shares have fallen hard in downturns. They dropped 56.3% from February 19 to March 16, 2020, and took about 12 months to recover. In 2022 they fell 20.7% from April 1 to May 9, recovering by January 20, 2023, though they lost only 6.3% across the market's full slide. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Liberty Media make money?
Mostly from Formula 1 and MotoGP. Formula 1 earns media rights fees from broadcasters (31.3% of its 2025 revenue), hosting fees from race promoters (26.7%) and sponsorship. It also makes money from Paddock Club hospitality, freight services for teams, the F2, F3 and F1 Academy series, F1 TV subscriptions and the Las Vegas Grand Prix, which it promotes itself. Most of these contracts are paid in advance and rise each year. Motorsport made up 91.6% of Liberty's $4.48 billion revenue in 2025.
Does Liberty Media (FWONK) pay a dividend?
No. Liberty Media pays no dividend on its Formula One shares, and its annual report says it has not paid dividends in the past and may not in the future. It spent about $592 million on share repurchases over fiscal 2021 to 2025, all in 2021 and 2022, before split-offs reshaped the company. For retirees who want regular income, that means no cash payouts; any money taken out would have to come from trimming shares.
Is FWONK still a tracking stock?
No. After Liberty completed the split-off of Liberty Live Holdings on December 15, 2025, the Liberty Formula One common stock became the company's only common stock and stopped being a tracking stock. A tracking stock is designed to follow the results of one business inside a company rather than the company as a whole. Earlier split-offs removed Atlanta Braves Holdings in July 2023 and Liberty Sirius XM Holdings in September 2024, leaving Formula 1 and MotoGP as the main businesses.
What is Liberty Media's P/E ratio?
About 40 as of October 27, 2026, based on 2025 earnings, with a market value of roughly $22.3 billion. The price-to-earnings (P/E) ratio compares the share price with profit per share; a higher figure means investors pay more for each dollar of earnings, often because they expect growth. Revenue rose 22.7% in 2025, but in the quarter ended June 30, 2026, revenue fell 30.4% from a year earlier and net income dropped to $5 million.
How has FWONK stock performed over the long term?
It has gained over long periods, with sharp drops along the way. As of October 27, 2026, the shares returned about 12.9% a year over 10 years (237% in total), 10.4% a year over five years and 11.3% a year over three years. They lost 6.4% over the prior 12 months and 9.9% in 2026 through October 27. The deepest drop in about 12 years of price history was 57.7%, and the shares fell 56.3% in the 2020 COVID crash. Past returns do not predict future ones.