Aug 6, 2026 earnings call — F1 and MotoGP performance, Las Vegas extension
Liberty announced the Las Vegas Grand Prix's 10-year extension through 2037, emphasizing F1's growing U.S. presence.
Revenue $0.9B (est $1.0B) · EPS $0.02 (est $0.24)
Key quotes
"In the U.S., Formula One's momentum on Apple continues to build with viewership up year-over-year, season to date and total hours watched up 13%."
"More importantly, for the long term, MotoGP completed agreements with all manufacturers and teams through 2031."
"At quarter end, Liberty Media had cash and liquid investments of approximately $1.5 billion, which included $1 billion of cash at F1 and $142 million of cash at MotoGP."
Analyst Q&A 6
media rights and Las Vegas profit
Q (Kutgun Maral · Evercore): Analyst asked how media rights deals are evolving globally and whether media rights revenue will trend up as deals renew. He also asked how Las Vegas Grand Prix profitability is trending year-over-year and the effect of the 10-year extension.
A: Management said media rights vary by market and partner and they keep talking with broadcasters and digital players. They said they feel good about deals like Apple, Sky and DAZN and they try to make the product more compelling. On Las Vegas, they said the 10-year extension with LVCVA helps build a more profitable Grand Prix going forward.
"Having now the opportunity of having agreed the 10-year extension with LVCVA means that can really build on even stronger the possibility for this Grand Prix to be even more profitable." — Stefano Domenicali (CEO)
year-to-date performance and SG&A
Q (Stephen Laszczyk · Goldman Sachs): Analyst asked for more detail on year-to-date underlying performance and which parts beat expectations. He also asked about SG&A investments and how SG&A should be expected to pace into the back half of the year and into 2027.
A: They said calendar timing makes revenue recognition lumpy, but sponsorship, licensing and Paddock Club demand are performing very well year-to-date. On SG&A they pointed to a 75th anniversary marketing benefit, negative FX impact on UK costs, higher personnel costs, higher IT costs, and that LVGP SG&A rose after taking over sales from Quint.
"But if you kind of look through that, we're seeing really good growth on sponsorship as we did last year, we're seeing really strong performances in licensing." — Brian Wendling
growing commercial licensing and MotoGP deal
Q (Matthew Condon · Citizens Bank): First he asked what the key levers are to make commercial licensing a bigger part of the business. Then he asked for an overview of the new agreement with MotoGP teams and manufacturers and key points going forward.
A: On commercial licensing, they said digital investment and market-by-market offers let them create new products and capsules, renew big partners earlier, and protect the AI area as a distinct opportunity. On MotoGP, they said they reached a multi-year alignment with teams and manufacturers, will invest to help teams grow their brands, and expect 2027 regulations to further improve the racing product.
"The sport is at an amazing place from the racing point of view and 2027 and the new regulations will only improve that." — Carlos Ezpeleta (CEO)
MotoGP costs and sponsorship timing
Q (David Joyce · Seaport Research Partners): How much of the quarter's costs were incremental for MotoGP growth initiatives, and how much sponsorship is expiring next year that could be upgraded or expanded?
A: They said the investment phase in the quarter was not large. Year-to-date there were higher marketing expenses and some personnel spend, but reported SG&A was relatively flat and cost increases have been offset by schedule changes. On sponsorships they said deals typically flow on a 3 to 5 year basis and the bigger opportunity is expanding beyond endemic sponsors as the audience grows.
"So far, you're not seeing material increases in the cost base through the investment other than some personnel and marketing costs." — Brian Wendling
Sprint races growth and Germany market
Q (Brent Navon · BofA): How many more Sprint races can be added and how do Sprints affect revenues, media, sponsorship and hospitality. Also asked about Germany being absent from the Sky extension and whether adding a race back helps media rights there.
A: They said Sprint races are being added next year and will increment revenue and create new commercial deals, but they want to keep scarcity to protect value. On Germany they said the market is in flux with the RTL Sky merger and new streaming entrants, making the market more robust and a medium-term opportunity tied to calendar and partner dynamics.
"Germany is a market in flux with the RTL Sky merger, I think also you've got some of the digital players, the streaming platforms that are coming into Germany." — Brian Wendling
Paddock Club demand vs supply
Q (Ian Moore · Bernstein): He asked what signals show demand for premium hospitality and Paddock Club still outpaces the added capacity, and what gives management confidence demand will stay ahead of supply.
A: They said signals are very positive and the market is strong, with teams having solid partners who want to invest. They noted new innovative products and promoter coordination on pricing. They said they have already allocated all Paddock Club hospitality to teams for 2028, which shows strong demand.
"I can tell you that today, we are talking about the fact that already next year, 2028, we have already allocated for the teams all the Paddock Club hospitality that we have." — Stefano Domenicali (CEO)