Liberty Media Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Liberty Media Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,276	7,594	8,040	10,292	9,363	11,400	3,161	3,572	3,653	4,482
Cost of revenue		1,219
Gross profit		6,375
Selling, general and administrative	886	1,147	1,179	1,805	1,750	1,907	393	659	421	514
Operating income	1,734	1,394	1,511	1,470	177	1,977	145	266	287	577
Interest expense	362	591	606	657	634	642	689	782	208	249
Other non-operating income	-315	-567	-470	-957	-1,612	-1,188	562	-169	-287	156
Pre-tax income	1,419	827	1,041	513	-1,435	789	707	97	-24	733
Income tax	495	-1,063	176	166	-44	45	-202	24	44	137
Net income to minority interests	244	536	334	241	30	292
Net income	680	1,354	531	106	-1,421	398	1,815	761	-2,063	555
EBITDA	2,088	2,218	2,416	2,531	1,260	3,049	578	672	639	970

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	562	1,029	358	1,222	2,831	2,814	1,884	1,408	2,631	1,055
Receivables	240	358	364	767	823	828	837	123	114	115
Other current assets	227	356	360	416	376	1,170	768	180	163	89
Total current assets	1,029	1,743	1,082	2,405	4,030	4,812	3,851	3,377	3,348	1,373
Property, plant and equipment	2,352	2,541	2,469	2,262	2,239	2,010	2,255	838	810	868
Lease right-of-use assets				510	465	403	344	36	45	26
Goodwill	14,345	18,383	18,386	19,939	19,218	19,248	4,132	3,956	4,134	7,025
Intangible assets	1,072	6,192	5,715	5,940	5,378	4,797	4,288	2,858	2,689	5,102
Long-term investments		1,114
Other non-current assets	480	599	1,861	2,013	2,136	2,554	1,811	612	778	491
Total assets	31,377	41,996	40,828	44,189	44,004	44,351	42,464	41,327	13,001	15,398
Accounts payable	985	1,250	1,116	1,621	1,583	1,832	1,856	474	649	575
Deferred revenue	1,877	1,941	2,079	2,113	2,070	1,790	1,773	247	267	263
Short-term debt	5	768	17	60	743	2,891	1,679	106	26	52
Total current liabilities	2,872	3,979	3,244	3,888	4,490	6,610	5,410	4,743	1,134	939
Long-term debt	8,013	13,186	13,371	15,416	16,686	15,699	14,953	4,117	2,966	5,048
Lease liabilities				495	453	405	349	323
Other non-current liabilities	751	779	864	1,047	1,101	987	874	188	241	305
Total liabilities	13,661	19,422	19,130	22,264	24,403	25,514	23,338	21,882	5,950	6,948
Total debt	8,018	13,954	13,388	15,476	17,429	18,590	16,632	4,223	2,992	5,100
Paid-in capital	87	3,892	2,984	2,575	2,688	1,954	1,408	1,317
Retained earnings	11,727	13,081	13,644	13,748	12,320	12,718	14,589	15,061	7,179	7,785
Other comprehensive income	-62	-35	-38	-33	78	-5	-39	12	-153	-30
Shareholders' equity	11,756	16,943	16,595	16,295	15,091	14,672	15,963	16,396	7,029	7,757
Minority interests	5,960	5,631	5,103	5,630	4,510	3,590	3,163	3,049	22
Total equity	17,716	22,574	21,698	21,925	19,601	18,262	19,126	19,445	7,051	7,757
Total liabilities and equity	31,377	41,996	40,828	44,189	44,004	44,351	42,464	41,327	13,001	15,398

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	924	1,890	865	347	-1,391	744	2,029	962	-2,475	555
Depreciation and amortization	354	824	905	1,061	1,083	1,072	433	406	352	393
Stock-based compensation	150	230	192	312	261	256	28	27	30	21
Deferred income tax	427	-1,064	167	120	-95	-41	-150	15	29	18
Change in payables	277	-247	132	100	-146	-111	203	152	-104	63
Cash from operations	2,171	1,732	2,156	2,313	1,730	2,437	2,546	2,464	567	908
Capital expenditures	-568	-517	-403	-510	-452	-440	-309	-461	-75	-119
Acquisitions		-1,754	-2	313		-14	-136		-205	-3,267
Purchases of investments	-784	-862	-414	-29	-113	-252	-57	-173	-8	-25
Sales and maturities of investments	273			73
Cash from investing	-1,264	-3,137	-370	314	-736	-689	-46	-1,240	-292	-3,202
Debt issued	2,745	6,697	3,617	6,020	4,898	6,411	3,289	30	645	1,748
Debt repaid	-1,749	-5,107	-4,057	-4,871	-2,931	-6,287	-4,787	-90	-677	-781
Stock issued	203				754				939
Share buybacks			-466	-443	-318	-555	-37
Cash from financing	-546	1,876	-2,380	-1,773	574	-1,698	-3,148	-1,473	965	694
Exchange rate effect		4	-1		3	-3
Net change in cash	361	475	-595	854	1,571	47	-648	-248	935	-1,908
Free cash flow	1,603	1,215	1,753	1,803	1,278	1,997	2,237	2,003	492	789
Interest paid	327	561	586	585	576	607	169	218	188	232
Income taxes paid	69	56	-26	40	48	97	101	159	121	123

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $94.86 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.9%	Operating income / revenue.
EBITDA margin	22.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.3%	Pre-tax income / revenue.
Net margin	9.4%	Net income / revenue.
FCF margin	19.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.9%	Cash from operations / revenue.
Effective tax rate	27.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.6%	Net income / average total assets.
SG&A / revenue	12.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	10.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	101.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	58.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	26.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	51.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-32.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	60.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-29.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-12.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	60.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-29.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-21.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-28.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-18.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.88x	(Cash + short-term investments) / current liabilities.
Debt / assets	31.0%	Total debt / total assets.
Liabilities / assets	47.2%	Total liabilities / total assets.
Net debt	$3.46B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.54x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.89x	Operating income / interest expense.
Working capital	$444.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	73.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	4.92x	Revenue / average property, plant and equipment.
Receivables turnover	17.0x	Revenue / average receivables.
Days sales outstanding	21 days	365 x average receivables / revenue.
FCF conversion	201.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.6%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.78B	Share price x shares outstanding.
Enterprise value	$27.24B	Market cap + total debt - cash - short-term investments.
P/E	58.3x	Market cap / net income. Only when net income is positive.
P/S	5.48x	Market cap / revenue.
P/FCF	28.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.0x	Market cap / cash from operations, when positive.
EV/Sales	6.28x	Enterprise value / revenue.
EV/EBIT	52.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).

What was Liberty Media Corp's revenue in fiscal 2025?

Liberty Media Corp reported revenue of $4.48B for fiscal 2025, 22.7% higher than the year before.

Was Liberty Media Corp profitable in fiscal 2025?

Yes. Net income was $555.0M, a net margin of 12.4%.

How much free cash flow did Liberty Media Corp generate in fiscal 2025?

Cash from operations of $908.0M minus capital expenditures of $119.0M left free cash flow of $789.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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