Liberty Media Corp Liberty Formula One-A 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF1934 For the quarterly period endedJune 30, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF1934 For the transition period fromto Commission File Number001-35707 LIBERTY MEDIA CORPORATION(Exact name of Registrant as specified in its charter) Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports) and (2)has been subject to such filing requirements for the past 90days.Yes⌧No◻ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,""smaller reporting company," and “emerging growth company” in Rule12b-2 of the Exchange Act. Large Accelerated Filer☒AcceleratedFiler☐Non-acceleratedFiler☐SmallerReportingCompany☐Emerging GrowthCompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the Registrant is a shell company as defined in Rule12b-2 of the ExchangeAct.Yes☐No☒ The number of outstanding shares of Liberty Media Corporation's common stock as of July 31, 2025 was: Table of Contents Part I — Financial InformationItem 1. Financial StatementsLIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated BalanceSheets (unaudited)I-3LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed ConsolidatedStatements of Operations (unaudited)I-5LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed ConsolidatedStatements of Comprehensive Earnings (Loss) (unaudited)I-7LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed ConsolidatedStatements of Cash Flows (unaudited)I-8LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed ConsolidatedStatements of Equity (unaudited)I-9LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Notes to Condensed ConsolidatedFinancial Statements (unaudited)I-11Item 2. Management's Discussion and Analysis of Financial Condition and Results ofOperationsI-32Item 3. Quantitative and Qualitative Disclosures about Market RiskI-43Item 4. Controls and ProceduresI-44Part II — Other InformationItem 1. Legal ProceedingsII-1Item 1A. Risk FactorsII-1Item 2. Unregistered Sales of Equity Securities and Use of ProceedsII-13Item 5. Other InformationII-13Item 6. ExhibitsII-14SIGNATURESII-15 LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) (Continued) See accompanying notes to condensed consolidated financial statements. LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Continued) (unaudited) LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited)Three monthsendedSix monthsendedJune 30,June 30,2025202420252024amountsinmillions,except per share amountsRevenue:Formula 1 revenue$1,2038531,6031,403Other revenue138135185172Total revenue1,3419881,7881,575Operating costs and expenses:Cost of Formula 1 revenue (exclusive of depreciation shownseparately below)7796391,065918Other cost of sales8894127120Selling, general and administrative, including stock-basedcompensation (note 4)11898223192Acquisition costs3111420Depreciation and amortization80891571751,0689311,5861,425Operating income (loss)27357202150Other income (expense):Interest expense(57)(60)(112)(122)Share of earnings (losses) of affiliates, net (note7)71837259Realized and unrealized gains (losses) on financial instruments, net(note6)(129)87(64)66Other, net702610647(45)136250Earnings (loss) from continuing operations before income taxes228193204200Income tax (expense) benefit(24)(35)5(38)Net earnings (loss) from continuing operations204158209162Net earnings (loss) from discontinued operations (note 2)—349—590Net earnings (loss)204507209752Less net earnings (loss) attributable to the noncontrolling interests—50—92Net earnings (loss) attributable to Liberty stockholders$204457209660Net earnings (loss) from continuing operations attributable to Libertystockholders:Liberty Formula One common stock$38224404101Liberty Live common stock(178)134(195)61Net earnings (loss) from discontinued operations attributable to Libertystockholders:Liberty SiriusXM common stock—299—498$204457209660(Continued)See accompanying notes to condensed consolidated financial statements. LIBERTY MEDIA CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Continued) (unaudited) Three months endedSix months endedJune 30,June 30, 2025202420252024Basic net earnings (loss) from continuing