Liberty Media
FWONA · NasdaqTelevision Broadcasting Stations · Fiscal year ends Dec 31
Liberty Media reported revenue of $4.5B in the fiscal year ended Dec 2025, up 22.7% from the year before. Operating income was $577M, an operating margin of 12.9%, and net income was $555M. Operating cash flow of $908M less capital expenditure of $119M left free cash flow of $789M. Net debt was $4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.4B | $3.2B | $3.6B | $3.7B | $4.5B |
| Selling, general & admin | $1.9B | $393M | $659M | $421M | $514M |
| Operating income | $2B | $145M | $266M | $287M | $577M |
| Interest expense | $642M | $689M | $782M | $208M | $249M |
| Pre-tax income | $789M | $707M | $97M | −$24M | $733M |
| Income tax | $45M | −$202M | $24M | $44M | $137M |
| Net income | $398M | $1.8B | $761M | −$2.1B | $555M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.8B | $1.9B | $1.4B | $2.6B | $1.1B |
| Receivables | $828M | $837M | $123M | $114M | $115M |
| Current assets | $4.8B | $3.9B | $3.4B | $3.3B | $1.4B |
| Goodwill | $19.2B | $4.1B | $4B | $4.1B | $7B |
| Total assets | $44.4B | $42.5B | $41.3B | $13B | $15.4B |
| Deferred revenue | $1.8B | $1.8B | $247M | $267M | $263M |
| Current liabilities | $6.6B | $5.4B | $4.7B | $1.1B | $939M |
| Short-term debt | $2.9B | $1.7B | $106M | $26M | $52M |
| Long-term debt | $15.7B | $15B | $4.1B | $3B | $5B |
| Total liabilities | $25.5B | $23.3B | $21.9B | $6B | $6.9B |
| Shareholders' equity | $14.7B | $16B | $16.4B | $7B | $7.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.4B | $2.5B | $2.5B | $567M | $908M |
| Capital expenditure | $440M | $309M | $461M | $75M | $119M |
| Free cash flow | $2B | $2.2B | $2B | $492M | $789M |
| Depreciation & amortisation | $1.1B | $433M | $406M | $352M | $393M |
| Stock-based compensation | $256M | $28M | $27M | $30M | $21M |
| Acquisitions | $14M | $136M | – | $205M | $3.3B |
| Share buybacks | $555M | $37M | – | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −72.3% | 13.0% | 2.3% | 22.7% |
| Operating income growth (YoY) | – | −92.7% | 83.4% | 7.9% | 101.0% |
| Operating margin | 17.3% | 4.6% | 7.4% | 7.9% | 12.9% |
| Net margin | 3.5% | 57.4% | 21.3% | −56.5% | 12.4% |
| Return on equityBlank when equity is negative | 2.7% | 11.4% | 4.6% | −29.3% | 7.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.2% | 0.4% | 0.7% | 2.4% | 4.0% |
| Free cash flow margin | 17.5% | 70.8% | 56.1% | 13.5% | 17.6% |
| Cash conversion (CFO ÷ net income) | 6.12x | 1.40x | 3.24x | −0.27x | 1.64x |
| Receivable days | 27 | 97 | 13 | 11 | 9 |
| Interest cover | 3.08x | 0.21x | 0.34x | 1.38x | 2.32x |
| Debt ÷ equity | 1.27x | 1.04x | 0.26x | 0.43x | 0.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $15.8B | $14.7B | $2.8B | $361M | $4B |
| Current ratio | 0.73x | 0.71x | 0.71x | 2.95x | 1.46x |
Recent filings
More in Television Broadcasting Stations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.