Formula One Group
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Formula One Group (FWONA) investor relations material

Formula One Group Investor Day 2025 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Day 2025 summary20 Nov, 2025

Strategic and organizational developments

  • Liberty Live is being spun off, effective December 15, 2025, to highlight the value of Live Nation and make Formula One Group a standalone asset-backed security, enhancing transparency and investor appeal.

  • Closed MotoGP acquisition on July 3, 2025, expanding the sports portfolio and global reach.

  • Completed spin-off of GCI Liberty and accelerated the Liberty Broadband and Charter transaction.

  • Leadership transitions: Derek Chang is now CEO, John Malone will become chairman emeritus in 2026, and Dobb Bennett will become chairman.

  • Chase Carey joined the board, bringing deep experience from running Formula One.

Financial performance and guidance

  • Formula One achieved record financial results in 2024, with revenue and adjusted OIBDA both up 60% versus 2021; 2025 YTD revenue up 9% and adjusted OIBDA up 15% over prior year.

  • Formula One has nearly $16 billion in future revenue under contract, representing a 14% CAGR since 2022 and a diversified, growing revenue base.

  • Adjusted EBITDA margins for F1 are stable and expanding, finishing at 24.3% for the trailing 12 months.

  • Both F1 and MotoGP maintain high free cash flow conversion rates, with F1 at 58% and MotoGP at 72% of adjusted OIBDA over the past five years.

  • Net leverage at F1 is 3x and at MotoGP 5.6x, with both expected to delever quickly; consolidated net leverage is 3.8x.

Business growth and new initiatives

  • F1 signed a new 2026-30 Concorde commercial agreement, providing a simpler payout structure and supporting future growth.

  • Major new partnerships include a landmark 10-year deal with LVMH and expanded licensing with Disney and LEGO to engage younger fans.

  • F1 The Movie became the highest-grossing sports film ever, boosting global brand exposure and strengthening ties with Apple.

  • F1's fan base has grown to over 830 million, up 60% since 2018, with social media followers up 8x since 2017.

  • MotoGP is expanding into Brazil (2026) and Buenos Aires (2027), with multiple race renewals through 2031 and a brand refresh to close the monetization gap with F1.

MotoGP margin expansion cadence
F1 top-line growth and cash deployment
GCI Liberty's growth vehicle vision
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Q4 202526 Feb, 2026
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Frequently asked questions

Formula One Group is a subsidiary of Liberty Media Corporation. Liberty Media Corporation is a mass media company controlled by chairman John C. Malone. It operates as an interest entity with three divisions: Liberty SiriusXM Group, a subscription radio service; Braves Holdings, which indirectly holds an interest in the Atlanta Braves baseball club; and Formula One Group, an investment holding company. The company owns interests in Charter Communications and Live Nation Entertainment. Liberty Media also has a significant minority investment in Lions Gate Entertainment, the film and television entertainment company, and Barnes & Noble Education (formerly known as B&N Education), a leading operator of bookstores for college campuses and the education sector.

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