Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

6 Months Ended

Jun. 30, 2026

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share

(5) Earnings Attributable to Liberty Media Corporation 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.

Excluded from diluted EPS for the three and six months ended June 30, 2026 are approximately 12 million and 7 million potentially dilutive shares of Liberty Formula One common stock, respectively, because their inclusion would be antidilutive. Excluded from diluted EPS for the three and six months ended June 30, 2025 are approximately 6 million and 3 million potentially dilutive shares of Liberty Formula One common stock, respectively, because their inclusion would be antidilutive. There were no potentially dilutive shares of Liberty Live common stock excluded from diluted EPS for the three and six months ended June 30, 2025 because their inclusion would be antidilutive.

Series A, Series B and Series C Liberty Formula One Common Stock

The basic and diluted EPS calculations are based on the following WASO.


	Three months ended June 30,					Six months ended June 30,
	2026			2025		2026		2025

		number of shares in millions
Basic WASO		251		250		251		249
Potentially dilutive shares (a)		1		2		5		6
Diluted WASO		252		252		256		255

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


	Three months ended June 30,					Six months ended June 30,
	2026			2025		2026		2025

		amounts in millions
Basic earnings (loss) attributable to Liberty Formula One stockholders	$	5		382		62		404
Adjustments (a)		—		—		(48)		(8)
Diluted earnings (loss) attributable to Liberty Formula One stockholders	$	5		382		14		396

(a)

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.

Series A, Series B and Series C Liberty Live Common Stock

The basic and diluted EPS calculations are based on the following WASO.


	Three months ended			Six months ended
	June 30, 2025			June 30, 2025

	number of shares in millions
Basic WASO		92		92
Potentially dilutive shares (a)		—		—
Diluted WASO		92		92

(a)

Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.