Liberty Live Group (LLYVK) Q1 2026 earnings summary

Executive summary

• Completed split-off from Liberty Media in December 2025, now operating independently with ownership of Quint and a significant stake in Live Nation.

• Revenue for Q1 2026 surged 59% year-over-year to $711 million, driven by strong growth in Formula 1 and the inclusion of MotoGP results.

• Formula 1 revenue increased 53% to $617 million, with operating income of $107 million and Adjusted OIBDA up 102% to $172 million, aided by an extra race and robust commercial demand.

• MotoGP contributed $94 million in revenue, with a $24 million operating loss and Adjusted OIBDA of $16 million on a pro-forma basis, reflecting the impact of the recent acquisition.

• Net loss widened to $294.1 million from $29.5 million in Q1 2025, primarily due to significant losses from equity affiliate Live Nation and unrealized losses on financial instruments.

Financial highlights

• Consolidated operating income was $64 million, compared to a loss of $67 million in Q1 2025.

• Adjusted OIBDA reached $181 million, up from $73 million year-over-year.

• Net cash and cash equivalents increased by $277 million during the quarter, ending at $1.33 billion.

• Total consolidated debt remained stable at $5.02 billion.

• Net loss per share was $(3.20), compared to $(0.32) in Q1 2025.

Outlook and guidance

• Formula 1 expects 22 races in 2026, two fewer than 2025, which will affect quarterly revenue and cost recognition.

• Management expects continued revenue growth from experiential packages, but notes potential adverse impacts from postponed Middle East events and ongoing macroeconomic uncertainty.

• Inflationary pressures and elevated interest rates may increase operational costs and impact consumer demand.