10-K – 2026-02-26 – lmca-20251231x10k.htm

season based on the pro rata number of games played to date to the total number of games during the season. Concession and parking revenue are recognized on a per game basis during the baseball season. Major League Baseball (“MLB”) revenue is earned throughout the year based on an estimate of revenue generated by MLB on behalf of the 30  MLB clubs. Sources of MLB revenue primarily include the Major League Central Fund and distributions from various licensing agreements.
Mixed-Use Development revenue. Revenue from Braves Holdings’ minimum rents are recognized on a straight-line basis over the terms of their respective lease agreements. Some retail tenants are required to pay overage rents based on sales over a stated base amount during the lease term. Overage rents are only recognized when each tenant’s sales exceed the applicable sales threshold. Tenants reimburse Braves Holdings for a substantial portion of Braves Holdings operating expenses, including common area maintenance, real estate taxes and property insurance. Braves Holdings accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. Braves Holdings recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Sponsorship revenue is recognized on a straight-line basis over each annual period. Parking revenue is recognized daily based on actual usage.
Cost of Motorsport Revenue
Formula 1’s cost of motorsport revenue consists of team payments, costs of promoting, organizing and delivering the Las Vegas Grand Prix, hospitality costs, which are principally related to catering and other aspects of the production and delivery of hospitality offerings at the Las Vegas Grand Prix and the Paddock Club at other events (“Formula 1 Events”), and costs incurred in the provision and sale of freight, travel and logistical services. Formula 1’s other costs of motorsport revenue also include sponsorship and digital product sales’ commissions, circuit rights’ fees payable under various agreements with race promoters to acquire certain commercial rights at Formula 1 Events, including the right to sell advertising, hospitality and support race opportunities, annual Federation Internationale de l’Automobile (“FIA”) regulatory fees, Formula 2 and Formula 3 cars, parts and maintenance services, costs related to the new F1 Academy series, television production and post-production services, advertising production services and digital and social media activities. These costs are largely variable in nature and typically relate directly to revenue opportunities.
MotoGP’s cost of motorsport revenue includes both variable and fixed costs components and relates to both primary and other motorsport revenue. On an annual basis, the largest components of costs of motorsport revenue are costs related to International Road-Racing Teams Association payments, which are generally fixed on a per race basis with slight variations based on the mix and number of MotoGP’s events and escalate on an annual basis, costs related to television productions, advertising and sponsorship materials, the delivery of hospitality offerings, freight travel and annual FIM fees.
Advertising Costs
Advertising expense aggregated $ 54 million, $ 34 million and $ 28 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is reflected in the selling, general and administrative expenses line in our consolidated statements of operations.
Stock-Based Compensation
As more fully described in note 12, Liberty has granted to its directors, employees and employees of its subsidiaries restricted stock (“RSAs”), restricted stock units (“RSUs”) and options to purchase shares of Liberty common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an Award based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Stock-based compensation, included in selling,

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

general and administrative expense in the accompanying consolidated statements of operations, was $ 21 million, $ 30 million and $ 27 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date.
When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations.
Foreign Currency Translation
​
The U.S. Dollar is the functional currency of the Company and Formula 1. MotoGP’s functional currency is the Euro.  Assets and liabilities of foreign subsidiaries are translated at the spot rate in effect at the applicable reporting date, and the consolidated statements of operations are translated at the exchange rates in effect during the applicable period, which approximates the average exchange rate. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings (loss) in stockholders’ equity.
Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains (losses) which are reflected in the accompanying consolidated statements of operations and comprehensive earnings (loss) as unrealized (based on the applicable period-end exchange rate) or realized upon settlement of the transactions. Unrealized gains (losses) are included in other, net in the consolidated statements of operations and realized gains (losses) are included in selling, general and administrative in the consolidated statements of operations.
Earnings Attributable to Liberty Stockholders Per Common Share
Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.
​

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Series A, Series B and Series C Liberty Formula One Common Stock
The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the years ended December 31, 2025, 2024 and 2023 are 2 million, 4  million and 4 million potentially dilutive shares of Liberty Formula One common stock, respectively, because their inclusion would be antidilutive.
​
​

​

​

​

​

​

​

​

​
​
Years ended December 31,
​

​
  ​ ​ ​
2025
  ​ ​ ​
2024
​
2023
​

​
​
number of shares in millions
​

Basic WASO
 
250
 
240
​
234
​

Potentially dilutive shares (a)
 
8
 
3
​
6
​

Diluted WASO (b)
 
258
 
243
​
240
​

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses are reported since the result would be antidilutive.
(b) As described in note 1, the Liberty SiriusXM Group’s intergroup interest in the Formula One Group was settled and extinguished in 2023. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group had an attributed value in the Formula One Group which was generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock was underlying the 1.375 % Cash Convertible Senior Notes due 2023 (the “Convertible Notes”). Therefore, the market price of Series A Liberty Formula One common stock was used for the quarterly mark-to-market adjustment. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest was dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period.

For periods in which share settlement of the 2.25 % Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. In addition, for periods in which share settlement of the Shareholders’ Agreement, which may be partially settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the share of earnings (loss) attributable to the noncontrolling interests, net of tax where appropriate.

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

​

​

​

​

​

​

​

​

​
Years ended December 31,
​

​
​
2025
  ​ ​ ​
2024
​
2023
​

​
​
amounts in millions
​

Basic earnings (loss) attributable to Liberty Formula One stockholders
$
603
​
( 30 )
​
185
​

Adjustments
​
( 42 )
​
—
​
( 37 )
​

Diluted earnings (loss) attributable to Liberty Formula One stockholders
$
561
​
( 30 )
​
148
​

​
Series A, Series B and Series C Liberty Live Common Stock
The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the years ended December 31, 2025 and 2024 and the period from August 3, 2023 to December 31, 2023 are zero , 1 million and 1 million potentially dilutive shares of Liberty Live common stock, respectively, because their inclusion would be antidilutive.
​
​

​

​

​

​

​

​

​

​
​
January 1, 2025 to
​
Year ended
​
August 3, 2023 to
​

​
​
December 15, 2025
  ​ ​ ​
December 31, 2024
​
December 31, 2023
​

​
​
number of shares in millions
​

Basic WASO
​
92
 
92
 
92
​

Potentially dilutive shares (a)
​
—
 
—
 
—
​

Diluted WASO
​
92
 
92
 
92
​

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty Live Group are reported since the result would be antidilutive.

Series A, Series B and Series C Liberty SiriusXM Common Stock
The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the period from January 1, 2024 to September 9, 2024 and the year ended December 31, 2023 are 18 million and 26 million potentially dilutive shares of Liberty SiriusXM common stock, respectively, because their inclusion would be antidilutive.
​
​

​

​

​

​

​

​
​
January 1, 2024 to
​
Year ended
​

​
  ​ ​ ​
September 9, 2024
​
December 31, 2023
​

​
​
number of shares in millions
​

Basic WASO
 
327
​
327
​

Potentially dilutive shares (a)
 
13
​
16
​

Diluted WASO (b)
 
340
​
343
​

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive.
(b) For periods in which share settlement of the 2.125 % Exchangeable Senior Debentures due 2048 and 2.75 % Exchangeable Senior Debentures due 2049, which could have been settled in shares of Series C Liberty SiriusXM common stock, and 3.75 % Convertible Senior Notes due 2028, which could have been settled in shares of Series A Liberty SiriusXM common stock, were dilutive, the numerator adjustment includes a reversal of the interest expense

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. The settlement of the 2.125 % Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125 % Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture.  
​
​

​

​

​

​

​

​
January 1, 2024 to
​
Year ended
​

​
September 9, 2024
  ​ ​ ​
December 31, 2023
​

​
amounts in millions
​

Basic earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders
$
( 2,002 )
​
829
​

Adjustments
​
( 93 )
​
1
​

Diluted earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders
$
( 2,095 )
​
830
​

​
Series A, Series B and Series C Liberty Braves Common Stock
The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the period from January 1, 2023 to July 18, 2023 are 7 million potentially dilutive shares of Liberty Braves common stock because their inclusion would be antidilutive.
​
​

​

​

​

​
​
January 1, 2023 to
​

​
  ​ ​ ​
July 18, 2023
  ​ ​ ​

​
​
number of shares in millions
​

Basic WASO
 
53
 

Potentially dilutive shares (a)
 
1
 

Diluted WASO (b)
 
54
 

(a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive.
(b) As described in note 1, the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group were settled and extinguished in connection with the Atlanta Braves Holdings Split-Off. The intergroup interests were quasi-equity interests that were not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group had attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests were marked to fair value. As the notional shares underlying the intergroup interests were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock was underlying the Convertible Notes. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock were historically used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively. During the second quarter of 2023, Liberty determined that, in connection with the Atlanta Braves Holdings Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Group attributed to the Liberty SiriusXM Group. Following such determination, the market price of Series C Liberty Braves common stock was used for the mark-to-market adjustment for the intergroup interest held by the Liberty SiriusXM Group.

The notional shares representing the intergroup interests had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interests were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interests were dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period.
​

​

​

​

​
January 1, 2023 to
​

​
July 18, 2023
  ​ ​ ​

​
amounts in millions
​

Basic earnings (loss) attributable to Liberty Braves stockholders
$
( 111 )
​

Adjustments
​
—
​

Diluted earnings (loss) attributable to Liberty Braves stockholders
$
( 111 )
​

​
​
Reclasses and Adjustments
Certain prior period amounts have been reclassified for comparability with the current year presentation.
Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09,  Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires more detailed income tax disclosures. ASU 2023-09 requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 on a retrospective basis as of December 31, 2025. See notes 5 and 9 for new required disclosures.
Recent Accounting Pronouncements
In November 2024, the FASB issued Accounting Standards Update 2024-03,  Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which expands disclosures about specific expense categories at interim and annual reporting periods. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact of the new standard on the related disclosures.
​

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

(5)  Supplemental Disclosures to Consolidated Statements of Cash Flows
​
​

​

​

​

​

​

​

​

​
Years ended December 31,
 

​
2025
  ​ ​ ​
2024
  ​ ​ ​
2023
 

​
amounts in millions
 

Cash paid for acquisitions:
​
​
​
​
​
​
​

Fair value of assets acquired
$
( 15 )
 
59
 
—
​

Intangibles not subject to amortization
 
3,062
 
252
 
—
​

Intangibles subject to amortization
 
2,789
 
113
 
—
​

Net liabilities assumed
 
( 1,207 )
 
( 198 )
 
—
​

Deferred tax liabilities
 
( 671 )
 
( 21 )
 
—
​

Redeemable noncontrolling interests in equity of subsidiary
​
( 691 )
​
—
​
—
​

Cash paid (received) for acquisitions, net of cash acquired
$
3,267
 
205
 
—
​

​
​
​
​
​
​
​
​

Cash paid for interest, net of amounts capitalized
$
232
 
188
 
218
​

​
​
​
​
​
​
​
​

Cash paid for income taxes, net:
​
​
​
​
​
​
​

Federal
​
​
​
​
​
​
​

United States
$
20
​
54
​
135
​

State and local
​
​
​
​
​
​
​

Colorado
​
—
​
—
​
1
​

Foreign
​
​
​
​
​
​
​

United Kingdom
​
70
​
62
​
25
​

Spain
​
22
​
—
​
—
​

Italy
​
6
​
6
​
6
​

Germany
​
( 4 )
​
—
​
( 11 )
​

Other
​
9
​
( 1 )
​
3
​

Total cash paid for income taxes, net
$
123
 
121
 
159
​

​
​
The following table reconciles cash and cash equivalents and restricted cash reported in our consolidated balance sheets to the total amount presented in our consolidated statements of cash flows:
​
​

​

​

​

​

​

​

​

​
December 31,
​

​
2025
  ​ ​ ​
2024
​
2023
​

​
amounts in millions
​

Cash and cash equivalents
$
1,055
 
2,631
​
1,408
​

Cash and cash equivalents included in current assets of discontinued operations
​
—
​
325
​
611
​

Restricted cash included in other current assets
 
—
 
7
​
—
​

Restricted cash included in noncurrent assets of discontinued operations
​
—
​
—
​
9
​

Total cash, cash equivalents and restricted cash at end of period
$
1,055
​
2,963
​
2,028
​

​
​
​
​
(6)  Assets and Liabilities Measured at Fair Value
For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3.
Liberty’s assets and liabilities measured at fair value are as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
December 31, 2025
​
December 31, 2024
 

​
  ​ ​ ​
​
​
  ​ ​ ​
Quoted prices
  ​ ​ ​
Significant other
  ​ ​ ​
​
  ​ ​ ​
Quoted prices
  ​ ​ ​
Significant other
 

​
​
​
​
​
in active markets
​
observable
​
​
​
in active markets
​
observable
 

​
​
​
​
​
for identical assets
​
inputs
​
​
​
for identical assets
​
inputs
 

​
​
Total
​
(Level 1)
​
(Level 2)
​
Total
​
(Level 1)
​
(Level 2)
 

​
​
amounts in millions
 

Cash equivalents
  ​ ​ ​
$
783
  ​ ​ ​
783
  ​ ​ ​
—
  ​ ​ ​
2,142
  ​ ​ ​
2,142
  ​ ​ ​
—
  ​

Financial instrument assets
​
$
122
  ​ ​ ​
109
  ​ ​ ​
13
 
167
  ​ ​ ​
84
  ​ ​ ​
83
​

Debt
​
$
597
  ​ ​ ​
—
  ​ ​ ​
597
 
588
  ​ ​ ​
—
  ​ ​ ​
588
​

Financial instrument liabilities
​
$
—
​
—
​
—
​
138
​
—
​
138
​

​
The majority of Liberty’s Level 2 financial instruments are debt related instruments and derivative instruments, which include foreign currency forward contracts and interest rate swaps. These assets and liabilities are not always traded publicly or not considered to be traded on “active markets,” as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar asset or liability is utilized. Accordingly, those financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. As of December 31, 2025, financial instrument assets included in the table above are included in the other assets line item in the consolidated balance sheet. As of December 31, 2024, $ 27 million and $ 140 million of financial instrument assets included in the table above are included in the other current assets and other assets line items, respectively, in the consolidated balance sheet. As of December 31, 2024, financial instrument liabilities included in the table above are comprised of foreign currency forward contracts.
Realized and Unrealized Gains (Losses) on Financial Instruments, net
Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following (amounts in millions):
​

​

​

​

​

​

​

​

​

​
​
Years ended December 31,
 

​
  ​ ​ ​
2025
  ​ ​ ​
2024
  ​ ​ ​
2023
 

Debt measured at fair value (a)
​
$
( 6 )
 
( 95 )
 
( 13 )
​

Foreign currency forward contracts
​
​
335
​
( 138 )
​
—
​

Interest rate swaps
​
​
( 41 )
​
103
​
28
​

Debt and equity securities
​
​
( 12 )
 
( 5 )
 
27
​

Other
​
 
12
 
( 4 )
 
2
​

​
​
$
288
 
( 139 )
 
44
​

(a) The Company elected to account for its convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the convertible notes recognized in the consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

of the convertible notes attributable to changes in the instrument specific credit risk was a loss of $ 4 million, loss of $ 15 million and loss of $ 12 million for the years ended December 31, 2025, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $ 65 million as of December 31, 2025, net of the recognition of previously unrecognized gains and losses.

​
​
(7)  Goodwill and Other Intangible Assets
Goodwill
Changes in the carrying amount of goodwill are as follows:
​
​

​

​

​

​

​

​

​

​

​

​
Formula 1
​
MotoGP
  ​ ​ ​
Other
  ​ ​ ​
Total
 

​
amounts in millions
​

Balance at January 1, 2024
$
3,956
​
NA
​
—
​
3,956
​

Acquisition of QuintEvents
​
—
​
NA
​
252
​
252
​

Impairments
​
—
​
NA
​
( 73 )
​
( 73 )
​

Other
​
—
​
NA
​
( 1 )
​
( 1 )
​

Balance at December 31, 2024
$
3,956
​
NA
​
178
​
4,134
​

Acquisition of MotoGP
​
—
​
3,061
​
—
​
3,061
​

Liberty Live Split-Off
​
—
​
—
​
( 179 )
​
( 179 )
​

Other
​
—
​
8
​
1
​
9
​

Balance at December 31, 2025
$
3,956
​
3,069
​
—
​
7,025
​

​
​
Intangible Assets Subject to Amortization
Intangible assets subject to amortization are comprised of the following:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
December 31, 2025
​
December 31, 2024
 

​
​
  ​ ​ ​
Gross
  ​ ​ ​
​
  ​ ​ ​
Net
  ​ ​ ​
Gross
  ​ ​ ​
​
  ​ ​ ​
Net
 

​
​
​
carrying
​
Accumulated
​
carrying
​
carrying
​
Accumulated
​
carrying
 

​
Useful life
​
amount
​
amortization
​
amount
​
amount
​
amortization
​
amount
 

​
years
​
amounts in millions
 

FIA Agreement
35
​
$
3,630
​
( 1,632 )
​
1,998
​
3,630
​
( 1,473 )
​
2,157
​

FIM Agreement
36
​
​
1,657
​
( 23 )
​
1,634
​
—
​
—
​
—
​

Customer relationships
5 - 36
​
​
2,988
​
( 1,549 )
​
1,439
 
1,854
 
( 1,441 )
 
413
​

Other
various
​
 
264
​
( 233 )
​
31
 
381
 
( 262 )
 
119
​

Total
​
​
$
8,539
 
( 3,437 )
 
5,102
 
5,865
 
( 3,176 )
 
2,689
​

​

II-53

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Amortization expense was $ 322  million, $ 290  million and $ 327  million for the years ended December 31, 2025, 2024 and 2023, respectively. Based on its amortizable intangible assets as of December 31, 2025, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):
​
​
​
​
​

2026
  ​ ​ ​
$
363
​

2027
​
$
354
​

2028
​
$
337
​

2029
​
$
321
​

2030
​
$
270
​

​
Impairments
​
The Company performed a quantitative analysis of QuintEvents during the fourth quarter of 2024. Based on near-term business trends and their impact on long-term assumptions, we concluded that the estimated fair value of QuintEvents was less than its carrying value. As a result, QuintEvents recognized a goodwill impairment loss of $ 73 million during the year ended December 31, 2024. The fair value was determined using a discounted cash flow (income approach) calculation (Level 3).
​
(8)  Debt
Debt is summarized as follows:
​
​

​

​

​

​

​

​

​

​

​

​
​
Outstanding
​
Carrying value
 

​
  ​ ​ ​
Principal
  ​ ​ ​
December 31,
  ​ ​ ​
December 31,
 

​
​
December 31, 2025
​
2025
​
2024
 

​
​
amounts in millions
​

Corporate level notes and loans:
​
​
​
​
​
​
​
​
​

2.25 % Convertible Senior Notes due 2027 (1)
​
$
475
​
​
597
​
588
​

Other
​
​
24
​
​
24
​
53
​

Subsidiary notes and loans:
​
​
​
​
​
​
​
​
​

Formula 1 Senior Loan Facilities
​
​
3,350
​
​
3,331
​
2,357
​

MotoGP Credit Facilities
​
​
1,173
​
​
1,173
​
—
​

Deferred financing costs
​
​
​
​
​
( 25 )
​
( 6 )
​

Total debt
​
$
5,022
​
​
5,100
​
2,992
​

Debt classified as current
​
​
​
 
​
( 52 )
 
( 26 )
​

Total long-term debt
​
​
​
​
$
5,048
 
2,966
​

(1) Measured at fair value
2.25 % Convertible Senior Notes due 2027
On August 12, 2022, Liberty issued $ 475 million convertible notes at an interest rate of 2.25 % per annum, which, at Liberty’s election, are convertible into cash, shares of Series C Liberty Formula One common stock or a combination of cash and shares of Series C Liberty Formula One common stock and mature on August 15, 2027 (the “ 2.25 % Convertible Senior Notes due 2027”). As of December 31, 2025, the conversion rate for the notes is approximately 12.0505  shares of Series C Liberty Formula One common stock per $ 1,000 principal amount of notes, equivalent to a conversion price of approximately $ 82.98  per share of Series C Liberty Formula One common stock. Liberty has elected to account for the notes using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

II-54

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Formula 1 Senior Loan Facilities
On November 23, 2022, Formula 1 refinanced its previous Term Loan B and revolving credit facility with a new $ 725 million first lien Term Loan A, a refinanced $ 1.7 billion Term Loan B and a new $ 500 million revolving credit facility. On September 19, 2024, Formula 1 refinanced the Term Loan B with a new $ 1.7 billion Term Loan B and extended the maturities of the approximately $ 689 million Term Loan A and the $ 500 million revolving credit facility. In connection with the September 19, 2024 refinancing, Formula 1 also marketed an incremental $ 850 million of Term Loan B funding, which was in addition to an incremental $ 150 million of commitments to the Term Loan A obtained in April 2024 (collectively, the “Incremental Term Loans”). The financing of the Incremental Term Loans closed on July 1, 2025 and was used to fund a portion of the MotoGP acquisition, as described in note 3. The Term Loan B, Term Loan A and revolving credit facility are collectively the “Senior Loan Facilities.” The Term Loan A and revolving credit facility mature on September 30, 2029 and the Term Loan B matures on September 30, 2031. As of December 31, 2025, there were no outstanding borrowings under the $ 500 million revolving credit facility. The margin for the Term Loan B was originally 2.25 %, was reduced to 2.0 % on September 19, 2024 and permanently stepped down to 1.75 % on November 5, 2025.  The margin for the Term Loan A and revolving credit facility is between 1.50 % and 2.25 % depending on leverage ratios, amongst other things. The reference rate for the Term Loan A, Term Loan B and dollar borrowings under the revolving credit facility is the Adjusted Term Secured Overnight Financing Rate (“ Term SOFR ”). The weighted average interest rate on the Senior Loan Facilities was approximately 5.36 % and 6.19 % as of December 31, 2025 and 2024, respectively. The Senior Loan Facilities remain non-recourse to Liberty. The Senior Loan Facilities are secured by share pledges and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, in order to manage the interest rate risk of its $ 3.3 billion Senior Loan Facilities, Formula 1 had $ 2.2 billion of interest rate swaps as of December 31, 2025, with a termination date in September 2031 and an early termination date in September 2029, at the option of the counterparty.
MotoGP Credit Facilities
On August 18, 2025, MotoGP refinanced its previous € 975 million Term Loan B with a new € 800 million Term Loan B with a maturity of August 18, 2032, previous € 150 million Term Loan A with a new $ 232.5 million Term Loan A with a maturity of August 18, 2030 and previous € 100 million multicurrency revolving credit facility with a new € 100 million multicurrency revolving credit facility with a maturity of August 18, 2030 (collectively, the “Credit Facilities”). Effective August 18, 2025, the margin for the Term Loan B was reduced from 3.25 % to 2.75 % (with a range of 2.25 % to 2.75 % depending on a leverage ratio) with a reference rate of the euro interbank offered rate (“EURIBOR”), the margin for the Term Loan A was reduced from 2.50 % to 1.75 % (with a range of 1.50 % to 2.00 % depending on a leverage ratio) with a reference rate of Term SOFR and the margin for the revolving credit facility was reduced from 2.50 % to 2.25 % (with a range of 2.00 % to 2.50 % depending on a leverage ratio) with a reference rate of one of Term SOFR, the sterling overnight index average or EURIBOR based on the currency of the applicable borrowing. The weighted average interest rate on the Credit Facilities was approximately 5.01 % as of December 31, 2025. The Credit Facilities remain non-recourse to Liberty and are secured by pledges of the equity interests, accounts and intercompany receivables of MotoGP.
Debt Covenants
The Formula 1 Senior Loan Facilities and the MotoGP Credit Facilities contain certain financial covenants, including a leverage ratio. Additionally, Formula 1’s debt, MotoGP’s debt and other borrowings contain certain non-financial covenants.
​
Fair Value of Debt
Due to the variable rate nature of the Formula 1 Senior Loan Facilities and the MotoGP Credit Facilities, the Company believes that the carrying amount approximates fair value at December 31, 2025.

II-55

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Five Year Maturities
The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions):
​
​
​
​
​

2026
  ​ ​ ​
$
52
​

2027
​
$
558
​

2028
​
$
84
​

2029
​
$
643
​

2030
​
$
195
​

​
​
​
(9)  Income Taxes
Income tax expense (benefit) consists of:
​
​

​

​

​

​

​

​

​

​

​
​
Years ended December 31,
 

​
  ​ ​ ​
2025
  ​ ​ ​
2024
  ​ ​ ​
2023
 

​
​
amounts in millions
 

Current:
​
​
​
​
​
​
​
​

Federal
​
$
—
 
( 37 )
 
( 31 )
​

State and local
​
 
—
 
( 6 )
 
( 1 )
​

Foreign
​
 
119
 
58
 
41
​

​
​
 
119
 
15
 
9
​

Deferred:
​
​
​
​
​
​
​
​

Federal
​
 
( 8 )
 
1
 
36
​

State and local
​
 
7
 
( 1 )
 
1
​

Foreign
​
 
19
 
29
 
( 22 )
​

​
​
 
18
 
29
 
15
​

Total:
​
​
​
​
​
​
​
​

Federal
​
​
( 8 )
​
( 36 )
​
5
​

State and local
​
​
7
​
( 7 )
​
—
​

Foreign
​
​
138
​
87
​
19
​

Income tax expense (benefit)
​
$
137
 
44
 
24
​

​
The following table presents a summary of our domestic and foreign earnings (loss) from continuing operations before income taxes:
​
​

​

​

​

​

​

​

​

​

​
​
Years ended December 31,
 

​
  ​ ​ ​
2025
  ​ ​ ​
2024
  ​ ​ ​
2023
 

​
​
amounts in millions
 

Domestic
​
$
288
 
( 444 )
 
( 177 )
​

Foreign
​
 
445
 
444
 
274
​

Total
​
$
733
 
—
 
97
​

​

II-56

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Expected income tax expense (benefit) differs from the amounts computed by applying the U.S. federal income tax rate of 21 % as a result of the following:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Years ended December 31,
​

​
  ​ ​ ​
2025
​
2024
  ​ ​ ​
2023
​

​
​
dollar amounts in millions
​
​

U.S. Federal statutory tax rate
​
$
154
 
21
%
​
—
​
21
%
 
20
​
21
%
​

Domestic federal reconciling items
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Tax credits
​
​
( 1 )
​
—
%
​
—
​
n/m
​
​
—
​
—
%
​

Nontaxable or nondeductible items
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

(Nontaxable gain) / nondeductible loss
​
​
( 69 )
​
( 9 )
%
​
49
​
n/m
​
​
17
​
18
%
​

Nondeductible executive compensation
​
​
6
​
1
%
​
10
​
n/m
​
​
4
​
4
%
​

Capitalized transaction costs
​
​
4
​
1
%
​
7
​
n/m
​
​
3
​
3
%
​

Other
​
​
( 12 )
​
( 2 )
%
​
( 2 )
​
n/m
​
​
( 3 )
​
( 3 )
%
​

Cross-border tax laws
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Global intangible low-taxed income
​
​
( 6 )
​
( 1 )
%
​
1
​
n/m
​
​
10
​
10
%
​

Subpart F
​
​
—
​
—
%
​
( 9 )
​
n/m
​
​
11
​
11
%
​

Other
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Change in valuation allowance
​
​
17
​
2
%
​
2
​
n/m
​
​
4
​
4
%
​

Domestic state and local income taxes, net of federal effect
​
​
6
​
1
%
​
( 6 )
​
n/m
​
​
—
​
—
%
​

Foreign reconciling items
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

United Kingdom
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Rate differential
​
​
23
​
3
%
​
12
​
n/m
​
​
2
​
2
%
​

Stock compensation
​
​
( 4 )
​
( 1 )
%
​
( 11 )
​
n/m
​
​
( 2 )
​
( 2 )
%
​

Nondeductible interest
​
​
—
​
—
%
​
7
​
n/m
​
​
( 19 )
​
( 20 )
%
​

Tax credits
​
​
( 9 )
​
( 1 )
%
​
( 9 )
​
n/m
​
​
( 8 )
​
( 8 )
%
​

Other
​
​
9
​
1
%
​
4
​
n/m
​
​
1
​
1
%
​

Cayman Islands - rate differential
​
​
—
​
—
%
​
( 22 )
​
n/m
​
​
( 25 )
​
( 26 )
%
​

Italy - withholding taxes
​
​
6
​
1
%
​
6
​
n/m
​
​
6
​
6
%
​

Luxembourg
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Nondeductible interest
​
​
10
​
1
%
​
—
​
n/m
​
​
—
​
—
%
​

Other
​
​
( 4 )
​
( 1 )
%
​
3
​
n/m
​
​
( 2 )
​
( 2 )
%
​

Other jurisdictions
​
​
7
​
1
%
​
2
​
n/m
​
​
5
​
5
%
​

Income tax expense (benefit)
​
$
137
 
18
%
​
44
​
n/m
​
 
24
​
24
%
​

n/m – Percentages are not meaningful when earnings (loss) from continuing operations before income taxes is zero.
For the years ended December 31, 2025, 2024 and 2023, state and local income taxes in Colorado comprised the majority of the domestic state and local income taxes, net of federal effect category.
For the year ended December 31, 2025, the Company recognized income tax expense less than the expected federal rate of 21 % primarily due to certain gains that are not taxable, partially offset by earnings in foreign jurisdictions taxed at rates higher than the 21 % U.S. federal rate and an increase in our valuation allowance.
For the year ended December 31, 2024, the Company recognized income tax expense primarily due to certain losses that are not deductible for tax purposes, partially offset by tax benefits related to stock-based compensation and earnings in foreign jurisdictions taxed at rates lower than the 21 % U.S. federal rate.

II-57

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

For the year ended December 31, 2023, the Company recognized income tax expense greater than the expected federal rate of 21 % primarily due to certain losses that are not deductible for tax purposes and tax expense related to cross-border taxes, partially offset by tax benefits related to foreign currency adjustments on certain U.K. deferred tax assets and earnings in foreign jurisdictions taxed at rates lower than the 21 % U.S. federal rate.
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:
​
​

​

​

​

​

​

​

​
​
December 31,
 

​
  ​ ​ ​
2025
  ​ ​ ​
2024
 

​
​
amounts in millions
 

Deferred tax assets:
​
​
​
​
​
​

Tax loss and credit carryforwards
​
$
604
 
609
​

Other accrued liabilities
​
 
13
 
14
​

Accrued stock compensation
​
 
5
​
5
​

Intangible assets
​
​
—
​
8
​

Other future deductible amounts
​
​
3
​
—
​

Deferred tax assets
​
 
625
 
636
​

Valuation allowance
​
 
( 28 )
 
( 10 )
​

Net deferred tax assets
​
 
597
 
626
​

Deferred tax liabilities:
​
​
​
​
​
​

Intangible assets
​
​
625
​
—
​

Fixed assets
​
​
89
​
80
​

Investments
​
​
—
​
19
​

Other future taxable amounts
​
​
—
​
2
​

Deferred tax liabilities
​
 
714
 
101
​

Net deferred tax assets (liabilities)
​
$
( 117 )
 
525
​

​
During the year ended December 31, 2025, there was a $ 20 million increase in the Company’s valuation allowance that affected income tax expense and a $ 2 million decrease that affected equity.
At December 31, 2025, the Company had a deferred tax asset of $ 604 million for federal, state and foreign net operating losses (“NOLs”) and interest expense carryforwards. Of this amount, the Company has $ 33 million of federal NOLs, $ 43 million of federal interest expense carryforwards, $ 1 million of state NOLs, $ 261 million of foreign NOLs and $ 266 million of foreign interest expense carryforwards that may be carried forward indefinitely. These losses and interest carryforwards are expected to be utilized prior to expiration, except for $ 24 million of federal losses and interest carryforwards and $ 4 million of foreign losses and interest carryforwards, which, based on current projections, will not be utilized in the future and are subject to a valuation allowance.
As of December 31, 2025, the Company had no t recorded tax reserves related to unrecognized tax benefits for uncertain tax positions.
As of December 31, 2025, the Company’s tax years prior to 2022 are closed for federal income tax purposes. The IRS has completed its examination of the Company’s 2022 tax year. However, 2022 remains open until the statute of limitations lapses on October 15, 2026. The Company’s 2023 and 2024 tax years are under examination by the IRS and remain open until the statute of limitations lapses on October 15, 2027 and 2028, respectively. The Company’s 2025 tax

II-58

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

year is currently under examination as part of the IRS Compliance Assurance Process program. Various states are currently examining the Company’s prior years’ state income tax returns.
(10)  Stockholders’ Equity
Preferred Stock
Liberty’s preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by the Board of Directors. As of December 31, 2025, no shares of preferred stock were issued.
Common Stock
Series A Liberty Formula One common stock has one vote per share, Series B Liberty Formula One common stock has ten votes per share and Series C Liberty Formula One common stock has no votes per share except as otherwise required by Delaware law. Each share of Series B common stock is exchangeable at the option of the holder for one share of Series A common stock of the same group. All series of our common stock participate on an equal basis with respect to dividends and distributions.
Issuance of Common Stock
On August 22, 2024, the Company issued approximately 12.2 million shares of Series C Liberty Formula One common stock at an offering price of $ 77.50 per share, resulting in gross proceeds of approximately $ 949 million. The Company used the net proceeds of the offering to partially fund the acquisition of MotoGP and for general corporate purposes.  
Purchases of Common Stock
There were no repurchases of the Company’s common stock during the years ended December 31, 2025, 2024 and 2023.
​
(11)  Related Party Transactions with Officers and Directors
Chief Executive Officer Compensation Arrangements
In December 2019, the Compensation Committee (the “Committee”) of Liberty approved a compensation arrangement (the “former CEO Arrangement”) for our former CEO. Also in December 2019, each of the Service Companies executed an amendment to each Service Company’s services agreement with Liberty, pursuant to which components of the former CEO’s compensation described below were either paid directly to the former CEO by each Service Company or reimbursed to Liberty, in each case based on allocations among Liberty and each of the Service Companies set forth in the service agreement amendments. This allocation percentage was determined based on a combination of (1) relative market capitalizations, weighted 50 %, and (2) a blended average of historical time allocation on a Liberty-wide and former CEO basis, weighted 50 %, in each case, absent agreement to the contrary by Liberty and the Service Companies in consultation with the former CEO. The allocation percentage was adjusted annually and following certain events. As of December 31, 2024 and 2023, the allocation percentage for Liberty was 54 % and 54 %, respectively.

II-59

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

The former CEO Arrangement provided for a five year employment term which began on January 1, 2020 and ended December 31, 2024, with the following compensation components: (1) annual base salary of $ 3 million (with no contracted increase), (2) one-time cash commitment bonus of $ 5 million (paid in December 2019), (3) annual target cash performance bonus of $ 17 million (with payment subject to the achievement of one or more performance metrics as determined by the applicable company’s Compensation Committee), (4) upfront equity awards with an aggregate grant date fair value (“GDFV”) of $ 90 million (granted in two equal tranches in December 2019 and December 2020) and (5) annual equity awards with an annual aggregate GDFV of $ 17.5 million, consisting of time-vested options and/or performance-based restricted stock units (“PRSUs”).
On January 6, 2025, the Liberty board of directors approved an offer of employment for Derek Chang, Liberty’s President and Chief Executive Officer (the “CEO”).  The CEO began employment on February 1, 2025, and receives the following compensation: (1) annual base salary of $ 2.5 million, (2) one-time signing bonus of $ 150,000 , (3) upfront signing award of Series C RSUs of Liberty Formula One common stock with a GDFV of $ 5 million, (4) upfront award of Series C RSUs of Liberty Formula One common stock with a GDFV of $ 15 million and (5) annual option to purchase shares of Series C Formula One common stock with a GDFV of $ 3 million. See note 12 for grants made to the CEO during the year ended December 31, 2025.
Exchange Agreement with John C. Malone
On July 28, 2021, the Company entered into an exchange agreement, among the Company, John C. Malone (the then Chairman of the Board of the Company), and a revocable trust of which Mr. Malone is the sole trustee and beneficiary (the “JM Trust”) (the “Exchange Agreement”), whereby, among other things, Mr. Malone agreed to an arrangement under which his aggregate voting power in the Company would not exceed 49 % (the “Target Voting Power”) plus 0.5 % (under certain circumstances).
The Exchange Agreement provides for exchanges by the Company and Mr. Malone or the JM Trust of shares of Series B Liberty Formula One common stock for shares of Series C Liberty Formula One common stock in connection with certain events, including (i) any event that would result in a reduction in the outstanding votes of the Company’s common stock or an increase of Mr. Malone’s beneficially-owned voting power (other than a Voting Power Exchange (as defined below)) (an “Accretive Event”), in each case, such that Mr. Malone’s voting power would exceed the Target Voting Power plus 0.5 %, (ii) from and after the occurrence of any Accretive Event, any event that would result in an increase in the outstanding votes or a decrease of Mr. Malone’s beneficially-owned voting power (a “Dilutive Event”), in each case, such that Mr. Malone’s voting power falls below the Target Voting Power less 0.5 %, or (iii) on a quarterly basis or in connection with any annual or special meeting of stockholders, upon request by Mr. Malone or the JM Trust, if Mr. Malone’s aggregate voting power in the Company is less than the Target Voting Power and would continue to be less than the Target Voting Power upon completion of such exchange (a “Voting Power Exchange”). Additionally, the Exchange Agreement contains certain provisions with respect to fundamental events at the Company, meaning any combination, consolidation, merger, exchange offer, split-off, spin-off, rights offering or dividend, in each case, as a result of which holders of Series B common stock are entitled to receive securities of the Company, securities of another person, property or cash, or a combination thereof.
In connection with an Accretive Event, Mr. Malone or the JM Trust will be required to exchange with the Company shares of Series B Liberty Formula One common stock (“Exchanged Series B Shares”) for an equal number of shares of Series C Liberty Formula One common stock so as to maintain Mr. Malone’s voting power as close as possible to, without exceeding, the Target Voting Power, on the terms and subject to the conditions of the Exchange Agreement. In connection with a Dilutive Event, Mr. Malone and the JM Trust may exchange with the Company shares of Series C Liberty Formula One common stock for an equal number of shares of Series B Liberty Formula One common stock equal to the lesser of (i) the number of shares of Series B Liberty Formula One common stock which would maintain Mr. Malone’s voting power as close as possible to, without exceeding, the Target Voting Power and (ii) the number of

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Exchanged Series B Shares at such time, on the terms and subject to the conditions of the Exchange Agreement. In a Voting Power Exchange, the Company will be required to exchange with Mr. Malone and the JM Trust shares of Series B Liberty Formula One common stock on a one -for- one basis for shares of Series C Liberty Formula One common stock, with the maximum number of shares of Series B Liberty Formula One common stock to be delivered to Mr. Malone or the JM Trust equal to the number of Exchanged Series B Shares at such time that may be delivered without resulting in Mr. Malone’s aggregate voting power in the Company exceeding the Target Voting Power, on the terms and subject to the conditions of the Exchange Agreement.
On December 8, 2025, pursuant to the Exchange Agreement, Mr. Malone exchanged with the Company 47,297 shares of Series B Liberty Formula One common stock for an equivalent number of shares of Series C Liberty Formula One common stock.
However, at this time, and as a result of his resignation from the board of the Company, no further exchanges to maintain the Target Voting Power are expected to be completed under the Exchange Agreement.  
John C. Malone’s Employment Agreement
On December 12, 2008, the Committee determined to modify its employment arrangements with Mr. Malone, to permit Mr. Malone to begin receiving payments in 2009 while he remains employed by the Company (instead of following his termination) in satisfaction of Liberty’s obligations to him under two deferred compensation plans and a salary continuation plan. Under one of the deferred compensation plans (the “ 8 % Plan”), compensation has been deferred by Mr. Malone since January 1, 1993 and accrues interest at the rate of 8 % per annum compounded annually from the applicable date of deferral. Under the second plan (the “ 13 % Plan”), compensation was deferred by Mr. Malone from 1982 until December 31, 1992 and accrues interest at the rate of 13 % per annum compounded annually from the applicable date of deferral. The amounts owed to Mr. Malone under the 8 % Plan and 13 % Plan aggregated approximately $ 2.4  million and $ 20  million, respectively, at December 31, 2008. The amount owed to Mr. Malone under his salary continuation plan aggregated approximately $ 39  million at December 31, 2008. Mr. Malone will receive 240 equal monthly installments as follows, which began on February 1, 2009: (1) approximately $ 20,000 under the 8 % Plan; (2) approximately $ 237,000 under the 13 % Plan; and (3) approximately $ 164,000 under the salary continuation plan. Interest ceased to accrue under his salary continuation plan once the payment began.
Effective January 1, 2026, Mr. Malone became Liberty’s Chairman Emeritus. Mr. Malone remains an employee of the Company and therefore the terms of Mr. Malone’s employment agreement as our former Chairman apply to his role as our Chairman Emeritus.
New Chairman of the Board
Effective January 1, 2026, Robert R. Bennett was appointed as Chairman of the Board of the Company (the “New Chairman”). See note 12 for the grant made to the New Chairman during the year ended December 31, 2025.
(12)  Stock-Based Compensation
Liberty grants Awards to certain of its directors, employees and employees of its subsidiaries. The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the GDFV of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

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LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the “2022 Plan”), the Company may grant Awards in respect of approximately 12.3 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1 - 5 years and have a term of 7 - 8 years . Liberty issues new shares upon exercise of equity awards.
Grants of Awards
Options granted in 2025, 2024 and 2023 are summarized as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Years ended December 31,
 

​
​
2025
​
2024
​
2023
 

​
​
Options
​
Weighted
​
Options
​
Weighted
​
Options
​
Weighted
 

​
​
granted
​
average
​
granted
​
average
​
granted
​
average
 

​
​
(000's)
​
GDFV
​
(000's)
​
GDFV
​
(000's)
​
GDFV
​

Series C Liberty Formula One common stock, Liberty employees and directors (1)
​
16
​
$
28.59
​
20
​
$
35.63
​
246
​
$
25.78
​

Series C Liberty Formula One common stock, Liberty CEO (2)
​
356
​
$
30.22
​
—
​
$
—
​
—
​
$
—
​

Series C Liberty Formula One common stock, subsidiary employees (3)
​
146
​
$
37.09
​
83
​
$
29.77
​
71
​
$
30.70
​

Series B Liberty Formula One common stock, New Chairman (4)
​
400
​
$
26.36
​
—
​
$
—
​
—
​
$
—
​

Series C Liberty Braves common stock, Liberty employees and directors (1)
​
NA
​
​
NA
​
NA
​
​
NA
​
3
​
$
14.24
​

(1) Mainly vests between one and three years for employees and in one year for directors.
(2) Grants vest ratably between one and five years . Grants were made in connection with the CEO’s employment arrangement, as disclosed in note 11.
(3) Grant made in 2025 vests equally over five years . Grants made in 2024 and 2023 mainly vested in equal quarterly installments over one year .
(4) Grant vests equally over five years .

The Company granted 178 thousand time-based RSUs of Series C Liberty Formula One common stock to our CEO during the year ended December 31, 2025. The RSUs had a weighted average GDFV of $ 94.11 per share and cliff vest on December 15, 2029.
The Company granted PRSUs to the former CEO in connection with his employment agreement. During the years ended December 31, 2024 and 2023, the Company granted 88 thousand and 81 thousand PRSUs of Series C Liberty Formula One common stock, respectively, and 31 thousand PRSUs of Series C Liberty Braves common stock during the year ended December 31, 2023 to the former CEO. Such PRSUs had a GDFV of $ 72.05 per share and $ 75.12 per share, respectively, and $ 34.44 per share, and cliff vested one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the Committee. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The value of the grant is re-measured at each reporting period.

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

The Company did not grant any options to purchase shares of Series A Liberty Formula One common stock during the year ended December 31, 2025.
The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2025, 2024 and 2023, the range of expected terms was 5.0 to 5.6 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty’s stocks and the implied volatility of publicly traded Liberty options, as applicable. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options.
The following table presents the ranges of volatilities used by the Company in the Black-Scholes Model for its stock option grants.
​
​

​

​

​

​

​

​

2025 grants
​
27.0
%
-
36.2
%

2024 grants
 
36.2
%
-
37.3
%

2023 grants
 
33.3
%
-
37.3
%

​
Outstanding Awards
The following table presents the number and weighted average exercise price (“WAEP”) of options to purchase Liberty common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the options.
Liberty Formula One
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Series C
​

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
Weighted
  ​ ​ ​
Aggregate
​

​
​
​
​
​
​
​
average
​
intrinsic
​

​
​
Liberty
​
​
​
​
remaining
​
value
​

​
​
 Options (000's)
​
WAEP
​
life
​
(in millions)
​

Outstanding at January 1, 2025
 
4,138
​
$
39.53
​
​
​
​
​
​
​

Granted
 
518
​
$
93.04
​
​
​
​
​
​
​

Exercised
 
( 1,122 )
​
$
37.50
​
​
​
​
​
​
​

Forfeited/Cancelled
 
—
​
$
—
​
​
​
​
​
​
​

Outstanding at December 31, 2025
 
3,534
​
$
48.02
 
2.5
years
​
$
178
​

Exercisable at December 31, 2025
 
2,935
​
$
39.63
 
1.7
years
​
$
173
​

​
As of December 31, 2025, 400 thousand options of Series B Liberty Formula One common stock remained outstanding at an exercise price of $ 85.09 , a remaining contractual life of 6.9 years and an intrinsic value of $ 1.2 million.   None of these options were exercisable as of December 31, 2025.
As of December 31, 2025, there were no outstanding options to purchase shares of Series A Liberty Formula One common stock.

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

As of December 31, 2025, the total unrecognized compensation cost related to unvested Awards was approximately $ 52  million. Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 2.3  years.
As of December 31, 2025, 3.9  million shares of Series B and Series C Liberty Formula One common stock were reserved for issuance under exercise privileges of outstanding stock options.
Exercises
The aggregate intrinsic value of all options exercised during the years ended December 31, 2025, 2024 and 2023 was $ 66  million, $ 106 million and $ 41  million, respectively.
Restricted Stock and Restricted Stock Units
The Company had approximately 387 thousand unvested RSUs of Liberty Formula One common stock held by certain directors, officers and employees of the Company as of December 31, 2025. These Series C unvested RSUs of Liberty Formula One common stock had a weighted average GDFV of $ 91.39 per share.
The aggregate fair value of all RSAs and RSUs of Liberty Formula One common stock that vested during the years ended December 31, 2025, 2024 and 2023 was $ 19  million, $ 17 million and $ 7  million, respectively.
(13)  Employee Benefit Plans
Liberty is the sponsor of the Liberty Media 401(k) Savings Plan (the “Liberty 401(k) Plan”), which provides its employees and the employees of certain of its subsidiaries an opportunity for ownership in the Company and creates a retirement fund. The Liberty 401(k) Plan provides for employees to make contributions to a trust for investment in Liberty common stock, as well as several mutual funds. The Company and its subsidiaries make matching contributions to the Liberty 401(k) Plan based on a percentage of the amount contributed by employees. In addition, certain of the Company’s subsidiaries have similar employee benefit plans. Employer cash contributions to all plans aggregated $ 12  million, $ 11  million and $ 10  million for each of the years ended December 31, 2025, 2024 and 2023, respectively.
(14)  Other Comprehensive Earnings (Loss)
Accumulated other comprehensive earnings (loss) included in Liberty’s consolidated balance sheets and consolidated statements of equity reflect the aggregate of foreign currency translation adjustments, unrealized holding gains and losses on debt and equity securities and Liberty’s share of accumulated other comprehensive earnings of affiliates.

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

The change in the components of accumulated other comprehensive earnings (loss), net of taxes (“AOCI”), is summarized as follows:
​
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
Foreign
​
​
  ​ ​ ​
​
 

​
​
​
currency
​
​
​
​
 

​
​
​
translation
​
​
​
​
 

​
​
​
adjustment
​
Other
​
AOCI
 

​
​
amounts in millions
 

Balance at January 1, 2023
​
$
( 76 )
​
37
 
( 39 )
​

Other comprehensive earnings (loss) attributable to Liberty stockholders
​
​
19
​
32
​
51
​

Balance at December 31, 2023
​
​
( 57 )
​
69
 
12
​

Other comprehensive earnings (loss) attributable to Liberty stockholders
​
​
( 16 )
​
( 180 )
​
( 196 )
​

Split-Off of Liberty Sirius XM Holdings
​
​
31
​
—
​
31
​

Balance at December 31, 2024
​
​
( 42 )
​
( 111 )
 
( 153 )
​

Other comprehensive earnings (loss) attributable to Liberty stockholders
​
​
43
​
61
​
104
​

Split-Off of Liberty Live Holdings
​
​
19
​
—
​
19
​

Balance at December 31, 2025
​
$
20
​
( 50 )
​
( 30 )
​

​
The components of other comprehensive earnings (loss) are reflected in Liberty’s consolidated statements of comprehensive earnings (loss) net of taxes. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss).
​
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
​
  ​ ​ ​
Tax
  ​ ​ ​
​
 

​
​
Before-tax
​
(expense)
​
Net-of-tax
 

​
​
amount
​
benefit
​
amount
 

​
​
amounts in millions
 

Year ended December 31, 2025:
​
​
​
​
​
​
​
​

Credit risk on fair value debt instruments gains (losses)
​
$
( 5 )
​
1
​
( 4 )
​

Foreign currency translation adjustments
​
​
55
​
( 12 )
​
43
​

Other comprehensive earnings (loss) from continuing operations
​
$
50
​
( 11 )
​
39
​

Year ended December 31, 2024:
​
​
​
​
​
​
​
​

Credit risk on fair value debt instruments gains (losses)
​
$
( 17 )
​
4
​
( 13 )
​

Foreign currency translation adjustments
​
​
( 9 )
​
2
​
( 7 )
​

Other comprehensive earnings (loss) from continuing operations
​
$
( 26 )
​
6
​
( 20 )
​

Year ended December 31, 2023:
​
​
​
​
​
​
​
​

Credit risk on fair value debt instruments gains (losses)
​
$
( 13 )
​
3
​
( 10 )
​

Foreign currency translation adjustments
​
​
13
​
( 3 )
​
10
​

Recognition of previously unrealized (gains) losses on debt
​
​
( 1 )
​
—
​
( 1 )
​

Other comprehensive earnings (loss) from continuing operations
​
$
( 1 )
 
—
 
( 1 )
​

​
​
(15)  Commitments and Contingencies
Concorde Agreement
The 2021 Concorde Agreement provided, among other things, for the participation of the teams in the F1 Championship and provided for Formula 1 to make certain prize fund payments to the teams. The 2021 Concorde Agreement expired on December 31, 2025 and was made up of two separate documents: (a) the 2021 Concorde

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Commercial Agreement between Formula 1 and each of the teams; and (b) the 2021 Concorde Governance Agreement between Formula 1, the FIA and each of the Formula 1 Teams.
In March 2025, Formula 1 paid a total of $ 50 million to the 10 teams currently competing in the F1 Championship as an incentive for signing the 2026 Concorde Commercial Agreement. The $ 50 million one-time payment to the teams is excluded from Adjusted OIBDA (as defined below) for the year ended December 31, 2025. The 2026 Concorde Commercial Agreement addresses arrangements between Formula 1 and the teams for the F1 Championship seasons covering the period 2026 to 2030, and expires on December 31, 2030. In December 2025, Formula 1, the FIA and the Formula 1 Teams entered into the 2026 Concorde Governance Agreement for the same period.
Guarantees
In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees.
Litigation
The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying consolidated financial statements.
(16)  Information About Liberty’s Operating Segments
The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the motorsport and live entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings (losses) represent 10% or more of the Company’s annual pre-tax earnings (loss).
Liberty’s chief operating decision maker, the chief executive officer, evaluates performance and makes decisions about allocating resources to the Company’s reportable segments based on financial measures such as revenue, operating

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

expenses (including team payments and other cost of revenue), selling, general and administrative expenses, and Adjusted OIBDA.
For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.
The Company has identified the following subsidiaries as its reportable segments:
● Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the F1 Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors’ Championship and drivers compete for the Drivers’ Championship. The F1 Championship takes place on various circuits with a varying number of Formula 1 Events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the F1 Championship as well as various aspects of its management and administration.
● MotoGP is a global motorsports business that holds exclusive commercial rights with respect to the MotoGP Championship and other motorcycle racing championships. The MotoGP Championship is comprised of a varying number of events taking place in different countries around the world each season.

The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company’s summary of significant policies.
​

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Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Performance Measures
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Year ended December 31, 2025
​

​
  ​ ​ ​
​
​
  ​ ​ ​
​
​
Reportable
​
Corporate and
​
​
  ​ ​ ​
​
​

​
​
Formula One
​
MotoGP
​
segments total
​
Other
​
Eliminations
​
Total
​

​
​
amounts in millions
​

Revenue
​
$
3,873
​
325
​
4,198
​
414
​
( 130 )
​
4,482
​

Operating expenses
​
​
​
 
​
​
​
​
​
​
​
 
​
 

Team payments, excluding Concorde incentive payments
​
​
( 1,400 )
​
—
​
( 1,400 )
​
—
​
—
​
( 1,400 )
​

Other cost of revenue
​
​
( 1,181 )
​
( 162 )
​
( 1,343 )
​
( 308 )
​
130
​
( 1,521 )
​

Selling, general and administrative, excluding stock-based compensation
​
​
( 346 )
​
( 46 )
​
( 392 )
​
( 101 )
​
—
​
( 493 )
​

Adjusted OIBDA
​
$
946
​
117
​
1,063
​
5
​
—
​
1,068
​

​
​

​

​

​

​

​

​

​

​

​

​

​
​
Year ended December 31, 2024
​

​
  ​ ​ ​
​
​
  ​ ​ ​
Corporate and
​
​
  ​ ​ ​
​
  ​ ​ ​

​
​
Formula One
​
Other
​
Eliminations
​
Total
​

​
​
amounts in millions
​

Revenue
​
$
3,411
​
373
​
( 131 )
​
3,653
​

Operating expenses
​
​
​
 
​
​
​
 
​
 

Team payments
​
​
( 1,266 )
​
—
​
—
​
( 1,266 )
​

Other cost of revenue
​
​
( 1,066 )
​
( 194 )
​
38
​
( 1,222 )
​

Selling, general and administrative, excluding stock-based compensation
​
​
( 288 )
​
( 196 )
​
93
​
( 391 )
​

Adjusted OIBDA
​
$
791
​
( 17 )
​
—
​
774
​

​
​

​

​

​

​

​

​

​

​

​

​

​
​
Year ended December 31, 2023
​

​
  ​ ​ ​
​
​
  ​ ​ ​
Corporate and
  ​ ​ ​
​
  ​ ​ ​
​
​

​
​
Formula One
​
Other
​
Eliminations
​
Total
​

​
​
amounts in millions
​

Revenue
​
$
3,222
​
366
​
( 16 )
​
3,572
​

Operating expenses
​
​
​
 
​
 
​
 
​
​

Team payments
​
​
( 1,215 )
​
—
​
—
​
( 1,215 )
​

Other cost of revenue
​
​
( 1,041 )
​
—
​
16
​
( 1,025 )
​

Selling, general and administrative, excluding stock-based compensation
​
​
( 241 )
​
( 391 )
​
—
​
( 632 )
​

Adjusted OIBDA
​
$
725
​
( 25 )
​
—
​
700
​

​
​

II-68

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Total Assets
​
​

​

​

​

​

​

​

​
​
December 31,
​

​
​
​
2025
​
2024
​

​
​
amounts in millions
​

Formula 1
​
$
8,161
 
9,159
 

MotoGP
​
​
6,277
​
—
​

Corporate and other
​
 
1,548
 
2,833
 

Elimination
​
​
( 588 )
​
18
​

Assets of discontinued operations
​
​
—
​
991
​

Total assets
​
$
15,398
 
13,001
 

​
The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) from continuing operations before income taxes:
​
​

​

​

​

​

​

​

​

​

​
​
Years ended December 31,
 

​
  ​ ​ ​
2025
  ​ ​ ​
2024
  ​ ​ ​
2023
 

​
​
amounts in millions
 

Adjusted OIBDA
​
$
1,068
 
774
 
700
​

Stock-based compensation
​
 
( 21 )
 
( 30 )
 
( 27 )
​

Depreciation and amortization
​
 
( 393 )
 
( 352 )
 
( 406 )
​

Concorde incentive payments
​
​
( 50 )
​
—
​
—
​

Impairment and acquisition costs
​
​
( 27 )
​
( 105 )
​
( 1 )
​

Operating income (loss)
​
​
577
​
287
​
266
​

Interest expense
​
 
( 249 )
 
( 208 )
 
( 234 )
​

Realized and unrealized gains (losses) on financial instruments, net
​
 
288
 
( 139 )
 
44
​

Unrealized gains (losses) on intergroup interests
​
​
—
​
—
​
( 68 )
​

Other, net
​
 
117
 
60
 
89
​

Earnings (loss) from continuing operations before income taxes
​
$
733
 
—
 
97
​

​
Revenue by Geographic Area
​
Revenue by geographic area based on the country of domicile is as follows:
​
​

​

​

​

​

​

​

​

​

​
​
Years ended December 31,
 

​
  ​ ​ ​
2025
  ​ ​ ​
2024
  ​ ​ ​
2023
 

​
​
amounts in millions
 

United Kingdom
​
$
3,782
 
3,318
 
3,222
​

United States
​
​
378
 
335
 
350
​

Spain
​
​
310
​
—
​
—
​

Other
​
​
12
​
—
​
—
​

​
​
$
4,482
 
3,653
 
3,572
​

​

II-69

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

Long-lived Assets by Geographic Area
​
​

​

​

​

​

​

​

​
​
December 31,
 

​
  ​ ​ ​
2025
  ​ ​ ​
2024
 

​
​
amounts in millions
 

United States
​
$
691
 
730
​

United Kingdom
​
 
161
 
80
​

Spain
​
​
15
​
—
​

Other
​
​
1
​
—
​

​
​
$
868
 
810
​

​
​
(17) Quarterly Financial Information (unaudited)
​
The retrospective presentation of discontinued operations related to the Liberty Live Split-Off, as described in note 2, resulted in material changes to previously reported quarterly financial information. The following tables summarize the effects of the discontinued operations presentation on the Company’s quarterly financial information.
​
​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
1st
  ​ ​ ​
2nd
  ​ ​ ​
3rd
  ​ ​ ​
4th
 

​
​
Quarter
​
Quarter
​
Quarter
​
Quarter
 

​
​
amounts in millions, except per share amounts
 

2025
​
​
​
​
​
​
​
​
​
​

Revenue
​
$
447
 
1,341
 
1,085
 
1,609
​

Operating income (loss)
​
$
( 67 )
 
280
 
158
 
206
​

Net earnings (loss) from continuing operations
​
$
17
​
386
​
63
​
130
​

Net earnings (loss)
​
$
5
 
204
 
13
 
333
​

Net earnings (loss) from continuing operations attributable to Liberty stockholders:
​
​
​
 
​
 
​
 
​
​

Liberty Formula One common stock
​
$
22
​
382
​
66
​
133
​

Liberty Live common stock
​
$
( 5 )
​
4
​
( 3 )
​
( 3 )
​

Net earnings (loss) from discontinued operations attributable to Liberty stockholders:
​
​
​
​
​
​
​
​
​
​

Liberty Live common stock
​
$
( 12 )
​
( 182 )
​
( 50 )
​
203
​

Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Formula One common stock
​
$
0.09
​
1.53
​
0.26
​
0.53
​

Liberty Live common stock
​
$
( 0.05 )
​
0.05
​
( 0.03 )
​
( 0.03 )
​

Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Live common stock
​
$
( 0.13 )
​
( 1.98 )
​
( 0.55 )
​
2.20
​

Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Formula One common stock
​
$
0.05
​
1.52
​
0.24
​
0.39
​

Liberty Live common stock
​
$
( 0.05 )
​
0.05
​
( 0.03 )
​
( 0.03 )
​

Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Live common stock
​
$
( 0.13 )
​
( 1.98 )
​
( 0.55 )
​
2.20
​

​

II-70

Table of Contents
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
December 31, 2025, 2024 and 2023

​
​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
1st
  ​ ​ ​
2nd
  ​ ​ ​
3rd
  ​ ​ ​
4th
 

​
​
Quarter
​
Quarter
​
Quarter
​
Quarter
 

​
​
amounts in millions, except per share amounts
 

2024:
​
​
​
​
​
​
​
​
​
​

Revenue
​
$
587
 
988
 
911
 
1,167
​

Operating income (loss)
​
$
95
 
59
 
110
 
23
​

Net earnings (loss) from continuing operations
​
$
100
​
4
​
118
​
( 266 )
​

Net earnings (loss)
​
$
245
 
507
 
( 2,870 )
 
( 357 )
​

Net earnings (loss) from continuing operations attributable to Liberty stockholders:
​
​
​
 
​
 
​
 
​
​

Liberty Formula One common stock
​
$
77
​
24
​
117
​
( 248 )
​

Liberty Live common stock
​
$
23
​
( 20 )
​
1
​
( 16 )
​

Net earnings (loss) from discontinued operations attributable to Liberty stockholders:
​
​
​
​
​
​
​
​
​
​

Liberty Live common stock
​
$
( 96 )
​
154
​
14
​
( 91 )
​

Liberty SiriusXM common stock
​
$
199
​
299
​
( 2,500 )
​
—
​

Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Formula One common stock
​
$
0.33
​
0.10
​
0.48
​
( 1.00 )
​

Liberty Live common stock
​
$
0.25
​
( 0.22 )
​
0.01
​
( 0.17 )
​

Basic net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Live common stock
​
$
( 1.04 )
​
1.67
​
0.15
​
( 0.99 )
​

Liberty SiriusXM common stock
​
$
0.61
​
0.91
​
( 7.65 )
​
NA
​

Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Formula One common stock
​
$
0.32
​
0.10
​
0.48
​
( 0.99 )
​

Liberty Live common stock
​
$
0.25
​
( 0.22 )
​
0.01
​
( 0.17 )
​

Diluted net earnings (loss) from discontinued operations attributable to Liberty stockholders per common share:
​
​
​
​
​
​
​
​
​
​

Liberty Live common stock
​
$
( 1.04 )
​
1.67
​
0.15
​
( 0.99 )
​

Liberty SiriusXM common stock
​
$
0.52
​
0.60
​
( 7.65 )
​
NA
​

​
​
​
​

II-71

Table of Contents

PART III.
The following required information is incorporated by reference to our definitive proxy statement for our 2026 Annual Meeting of Stockholders presently scheduled to be held in the second quarter of 2026:
Item 10.
Directors, Executive Officers and Corporate Governance

Item 11.
Executive Compensation

Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 13.
Certain Relationships and Related Transactions, and Director Independence

Item 14.
Principal Accountant Fees and Services

We expect to file our definitive proxy statement for our 2026 Annual Meeting of Stockholders with the Securities and Exchange Commission on or before April 30, 2026.
​
​

III-1

Table of Contents

PART IV.
Item 15.  Exhibits and Financial Statement Schedules.
(a)(1)  Financial Statements
Included in Part II of this Report:
​

​

​

​
  ​ ​ ​
Page No.

Liberty Media Corporation:
​
​

​
​
​

Reports of Independent Registered Public Accounting Firm ( KPMG LLP , Denver, CO , Auditor Firm ID: 185 )
​
II-20

Consolidated Balance Sheets, December 31, 2025 and 2024
​
II-24

Consolidated Statements of Operations, Years ended December 31, 2025, 2024 and 2023
​
II-26

Consolidated Statements of Comprehensive Earnings (Loss), Years ended December  31, 2025, 2024 and 2023
​
II-28

Consolidated Statements of Cash Flows, Years Ended December 31, 2025, 2024 and 2023  
​
II-29

Consolidated Statements of Equity, Years ended December 31, 2025, 2024 and 2023  
​
II-30

Notes to Consolidated Financial Statements, December 31, 2025, 2024 and 2023  
​
II-31

(a)(2)  Financial Statement Schedules
(i) All schedules have been omitted because they are not applicable, not material or the required information is set forth in the financial statements or notes thereto.
(a)(3)  Exhibits
Listed below are the exhibits which are filed as a part of this Report (according to the number assigned to them in Item 601 of Regulation S-K):
​

​

​
​

​

​

2.1

Reorganization Agreement by and among the Registrant, Liberty Sirius XM Holdings Inc. and Sirius XM Holdings Inc., dated as of December 11, 2023 (incorporated by reference to Exhibit 10.1 to the December 2023 8-K).

2.2

First Amendment to Reorganization Agreement, dated as of June 16, 2024, by and among Liberty Media Corporation, Sirius XM Holdings Inc. and Liberty Sirius XM Holdings Inc. (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on June 17, 2024 (File No. 001-35707)).
​

2.3

Reorganization Agreement, dated as of June 28, 2023, by and between the Registrant and Atlanta Braves Holdings, Inc. (incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed by the Registrant on July 18, 2023 (File No. 001-35707) (the “July 2023 8-K”)).

2.4

Share Purchase Agreement, dated as of March 29, 2024, by and among Liberty Media Corporation, Libertad Especia, S.L.U, Global Racing LX2 S.à.r.l., Global Racing LX1 S.à.r.l., and the other sellers named therein (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Registrant on April 1, 2024 (File No. 001-35707) (the “April 2024 8-K”)).
​

2.5

Reorganization Agreement, dated as of December 14, 2025, by and between Liberty Media Corporation and Liberty Live Holdings, Inc. (incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed by the Registrant on December 15, 2025 (File No. 001-35707) (the “December 2025 8-K”)).

3—Articles of Incorporation and Bylaws:

3.1
Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to t he Current Report on Form 8-K filed by the Registrant on A ugust 3, 2023 (File No. 001-35707) (the “A ugust 2023 8-K”)).

3.2
Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K as filed on August 1 5 , 202 4 (File No. 001-35707)).

IV-1

Table of Contents

4—Instruments Defining the Rights of Securities Holders, including Indentures:

4.1
Specimen certificate for shares of the Registrant’s Series A Liberty Formula One common stock, par value $.01 per share (incorporated by reference to Exhibit 4.4 to the 2023 Form S-4).

4.2
Specimen certificate for shares of the Registrant’s Series B Liberty Formula One common stock, par value $.01 per share (incorporated by reference to Exhibit 4.5 to the 2023 Form S-4).

4.3
Specimen certificate for shares of the Registrant’s Series C Liberty Formula One common stock, par value $.01 per share (incorporated by reference to Exhibit 4.6 to the 2023 Form S-4).

4.4
Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.*

4.5
The Registrant undertakes to furnish to the Securities and Exchange Commission, upon request, a copy of all instruments with respect to long-term debt not filed herewith.

10—Material Contracts:

10.1+
Liberty Media Corporation 2013 Incentive Plan (Amended and Restated as of March 31, 2015) (the “2013 Plan”) (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed on May 8, 2015 (File No. 001-35707)).

10.2+
Liberty Media Corporation 2006 Deferred Compensation Plan (Amended and Restated as of January 1, 2016) (incorporated by reference to Exhibit 10.9 to the 2015 10-K).

10.3+
Amendment to the Liberty Media Corporation 2006 Deferred Compensation Plan (Amended and Restated as of January 1, 2016) (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 filed on August 9, 2017 (File No. 001-35707)).

10.4+
Services Agreement, dated as of September 23, 2011, by and between Liberty Interactive Corporation and t he Registrant (as assignee of Starz (f/k/a Liberty Media Corporation)) (incorporated by reference to Exhibit 10.5 to the Starz S-4).

10.5+
Restated and Amended Employment Agreement dated November 1, 1992, between Tele-Communications, Inc. and John C. Malone (assumed by Liberty Media LLC as of March 9, 1999), and the amendment thereto dated June 30, 1999 and effective as of March 9, 1999, between Liberty Media LLC and John C. Malone (collectively, the “Malone Employment Agreement” (assumed, as amended, by the Registrant as of January 10, 2013)) (incorporated by reference to Exhibit 10.11 to QVC Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2009 filed on February 25, 2010 (File No. 001-33982) (the “Liberty Interactive 2009 10-K”)).

10.6+
Second Amendment to Malone Employment Agreement effective January 1, 2003 (incorporated by reference to Exhibit 10.12 to the Liberty Interactive 2009 10-K).

10.7+
Third Amendment to Malone Employment Agreement effective January 1, 2007 (incorporated by reference to Exhibit 10.13 to QVC Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2008 filed on February 27, 2009 (File No. 001-33982) (the “Liberty Interactive 2008 10-K”)).

10.8+
Fourth Amendment to Malone Employment Agreement effective January 1, 2009 (incorporated by reference to Exhibit 10.14 to the Liberty Interactive 2008 10-K).

10.9+
Fifth Amendment to Malone Employment Agreement effective January 1, 2026.*

10.10+
Liberty Media Corporation Nonemployee Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed on May 8, 2015 (File No. 001-35707)).

10.11+
Form of Non-Qualified Stock Option Agreement (incorporated by reference to Exhibit 10.55 to the 2015 10-K).

10.12+
Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Omnibus Plan”) (incorporated by reference to Annex A to the Registrant’s Proxy Statement on Schedule 14A, filed with the SEC on April 20, 2017 (File No. 001-35707)).

10.13
Letter Agreement between Liberty Interactive Corporation and t he Registrant relating to the Services Agreement dated September 23, 2011 (incorporated by reference to Exhibit 10.60 to the 2017 10-K).

10.14+
Amendment, dated March 12, 2018, of certain o f the Registrant’s incentive plans (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed on May 9, 2018 (File No. 001-35707)).

10.15
Form of Amended and Restated Indemnification Agreement between the Registrant and its executive officers/directors (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 filed on May 9, 2019 (File No. 001-35707)).

10.16+
Form of Annual Option Award Agreement between t he Registrant and Gregory B. Maffei (incorporated by reference to Exhibit 10.2 to the 2019 8-K).

10.17+
Form of Upfront Award Agreement between t he Registrant and Gregory B. Maffei under the Liberty Media Corporation 2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to the 2019 8-K).

IV-2

Table of Contents

10.18+
Form of Nonqualified Stock Option Agreement under the Liberty Media Corporation 2017 Omnibus Incentive Plan, as amended from time to time, for certain officers (incorporated by reference to Exhibit 10.57 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2020 filed on February 26, 2021 (File No. 001-35707)(the “2020 10-K”)) .

10.19+
Form of Nonqualified Stock Option Agreement under the Liberty Media Corporation 2017 Omnibus Incentive Plan, as amended from time to time, for Nonemployee Directors (incorporated by reference to Exhibit 10.59 to the 2020 10-K) .

10.20
Exchange Agreement, dated as of July 28, 2021, by and among John C. Malone, the John C. Malone 1995 Revocable Trust U/A DTD 3/6/1995 and the Registrant (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on July 30, 2021 (File No. 001-35707)).

10.21+
Liberty Media Corporation 2022 Omnibus Incentive Plan (incorporated by reference to Annex A to the Registrant’s Proxy Statement on Schedule 14A, filed on April 26, 2022 (File No. 001-35707)) .

10.22
Shareholders’ Agreement, dated as of March 29, 2024, by and among Libertad Especia, S.L.U., Dorna Sports, S.L. and certain other equity holders named therein (incorporated by reference to Exhibit 10.1 of the April 2024 8-K).

10.23+
Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 8, 2024 (File No. 001-35707)).

10.24
Amendment Agreement, dated September 19, 2024, by and among Formula One Management Limited, J.P. Morgan SE, as facility agent, and other financial institutions party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed on November 12, 2024 (File No. 001-35707) (the “2024 Q3 10-Q”)).

10.25
2nd Amendment Agreement, dated October 9, 2024, by and between Formula One Management Limited and J.P. Morgan SE, as facility agent (incorporated by reference to Exhibit 10.2 to the 2024 Q3 10-Q).

10.26
3rd Amendment Agreement, dated March 29, 2025, by and between Formula One Management Limited and J.P. Morgan SE, as facility agent (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 7, 2025 (File No. 001-35707)).

10.27
Amended and Restated First Lien Facilities Agreement, dated November 23, 2022, by and among Formula One Management Limited, J.P. Morgan SE, as facility agent, NatWest Markets plc and other financial institutions party thereto, conformed to reflect amendments through October 9, 2024 (incorporated by reference to Exhibit 10.3 to the 2024 Q3 10-Q).

10.28+
Letter Agreement, dated January 7, 2025 by and between the Registrant and Derek Chang (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on January 8, 2025 (File No. 001-35707)).

10.29
TLA Incremental Facility Commitment Letter, dated July 1, 2025, by and among Formula One Management Limited, J.P. Morgan SE, as facility agent, and other financial institutions party thereto (incorporated by reference to Exhibit 10.3 to the 2025 Q2 10-Q).

10.30
TLB Incremental Facility Commitment Letter, dated July 1, 2025, by and among Formula One Management Limited, J.P. Morgan SE, as facility agent, and other financial institutions party thereto (incorporated by reference to Exhibit 10.4 to the 2025 Q2 10-Q).

10.31
Tax Sharing Agreement, dated as of December 15, 2025, by and between Liberty Media Corporation and Liberty Live Holdings, Inc. (incorporated by reference to Exhibit 10.1 to the December 2025 8-K).

10.32
Tax Sharing Agreement, dated as of September 9, 2024, by and between Liberty Media Corporation and Liberty Sirius XM Holdings Inc. *

10.33+
Form of Upfront/Sign-On Restricted Stock Units Agreement between the Registrant and Derek Chang.*

10.34+
Form of 2025 Annual Option Award Agreement between the Registrant and Derek Chang.*

10.35+
Form of Performance-based Restricted Stock Units Agreement under the Liberty Media Corporation 2022 Omnibus Incentive Plan, as amended from time to time, for certain officers.*

10.36+
Form of 2026-2029 Annual Option Award Agreement between the Registrant and Derek Chang.*

10.37+
Form of Restricted Stock Units Agreement under the Liberty Media Corporation 2022 Omnibus Incentive Plan, as amended from time to time, for certain officers.*

10.38+
Form of Nonqualified Stock Option Agreement between the Registrant and Robert R. Bennett.*

10.39+
Form of Nonqualified Stock Option Agreement under the Liberty Media Corporation 2022 Omnibus Incentive Plan, as amended from time to time, for Nonemployee Directors . *

10.40+
Form of Restricted Stock Units Agreement under the Liberty Media Corporation 2022 Omnibus Incentive Plan, as amended from time to time, for Nonemployee Directors.*

10.41+
Amendment to Certain Nonqualified Stock Options and Restricted Stock Units Held by Derek Chang.*

IV-3

Table of Contents

19.1
Liberty Media Corporation Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 27, 2025 (File No. 001-35707)).

21
Subsidiaries of Liberty Media Corporation.*

23.1
Consent of KPMG LLP.*

31.1
Rule 13a-14(a)/15d-14(a) Certification.*

31.2
Rule 13a-14(a)/15d-14(a) Certification.*

32
Section 1350 Certification. **

97
Liberty Media Corporation Clawback Policy for the Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 28, 2024 (File No. 001-35707)).

101.INS
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*

101.SCH
Inline XBRL Taxonomy Extension Schema Document.*

101.CAL
Inline XBRL Taxonomy Calculation Linkbase Document.*

101.LAB
Inline XBRL Taxonomy Label Linkbase Document.*

101.PRE
Inline XBRL Taxonomy Presentation Linkbase Document.*

101.DEF
Inline XBRL Taxonomy Definition Document.*

104
Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101).*

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*
Filed herewith.

**
Furnished herewith.

+
This document has been identified as a management contract or compensatory plan or arrangement.

Item 16.  Form 10-K Summary.
Not applicable.
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IV-4

Table of Contents

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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LIBERTY MEDIA CORPORATION

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Date: February 26, 2026
By:
/s/ DEREK CHANG

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Derek Chang
President and Chief Executive Officer

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Date: February 26, 2026
By:
/s/ BRIAN J. WENDLING

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Brian J. Wendling
Chief Accounting Officer and Principal Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.
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Signature
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Title
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Date

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/s/ Robert R. Bennett
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Chairman of the Board and Director
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February 26, 2026

Robert R. Bennett
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/s/ Derek Chang
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Director, President and Chief Executive Officer
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February 26, 2026

Derek Chang
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/s/ Brian J. Wendling
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Chief Accounting Officer and Principal Financial
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February 26, 2026

Brian J. Wendling
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Officer (Principal Financial Officer and Principal Accounting Officer)
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/s/ Chase Carey
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Director
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February 26, 2026

Chase Carey
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/s/ Brian Deevy
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Director
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February 26, 2026

Brian Deevy
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/s/ M. Ian G. Gilchrist
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Director
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February 26, 2026

M. Ian G. Gilchrist
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/s/ Evan D. Malone
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Director
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February 26, 2026

Evan D. Malone
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/s/ Larry E. Romrell
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Director
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February 26, 2026

Larry E. Romrell
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/s/ Andrea L. Wong
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Director
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February 26, 2026

Andrea L. Wong
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