Liberty Media Corp Liberty Formula One-A 2025年度报告

FORM10-K For the fiscal year ended December 31, 2025 OR Commission File Number001-35707 LIBERTY MEDIA CORPORATION (Exact name of Registrant as specified in its charter) Registrant’s telephone number, including area code: (720)875-5400Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the Registrant was required to file such reports) and (2)has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.◻ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting and non-voting common stock held by non affiliates of Liberty Media Corporation computed by reference to the last sales priceof such stock, as of the closing of trading on June30, 2025, was approximately $32.1 billion. The number of outstanding shares of Liberty Media Corporation’s common stock as of January31, 2026 was: Portions of the Registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders are hereby incorporated by reference into PartIII of this AnnualReport on Form10-K. LIBERTY MEDIA CORPORATION2025 ANNUAL REPORT ON FORM10-K Table of Contents PartI Item1.BusinessI‑3Item1A.Risk FactorsI-16Item1B.Unresolved Staff CommentsI-34Item 1C.CybersecurityI-34Item2.PropertiesI-36Item3.Legal ProceedingsI-36Item4.Mine Safety DisclosuresI-36 PartII Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity SecuritiesII‑1Item6.[Reserved]II‑2Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperationsII‑3Item7A.Quantitative and Qualitative Disclosures About Market RiskII‑17Item8.Financial Statements and Supplementary DataII‑17Item9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosureII‑17Item9A.Controls and ProceduresII‑17Item9B.Other InformationII‑18Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsII‑18 PartIII Item10.Directors, Executive Officers and Corporate GovernanceIII‑1Item11.Executive CompensationIII‑1Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder MattersIII‑1Item13.Certain Relationships and Related Transactions, and Director IndependenceIII‑1Item14.Principal Accountant Fees and ServicesIII‑1 PartIV Item15.Exhibits and Financial Statement SchedulesIV‑1Item16.Form10-K SummaryIV‑4 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ANDRISK FACTORS Certain statements in this Annual Report on Form10-K constitute forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995, including statements regardingbusiness, product and marketing plans, strategies and initiatives; renewal of licenses and authorizations;the recoverability of goodwill and other long-lived assets; projected sources and uses of cash; fluctuationsin interest rates and currency exchange rates; the anticipated non-material impact of certain contingentliabilities related to legal and tax proceedings; and other matters arising in the ordinary course of business.In