Analyst Consensus ?
ConsensusBuy20 ratings
Bullish1575.0%
Neutral420.0%
Bearish15.0%
Formula One Group · FWONA · FY2026 Q3 · Calendar Q4 2026
Formula One’s Q3: Hospitality and licensing offset calendar variability
The transcript supports a cautiously constructive operating case: Formula 1 and MotoGP are extending monetization through hospitality, licensing and media partnerships, while calendar volatility, geopolitical disruption and operating costs remain material offsets. The supplied analysis does not establish the scale of future financial growth.
Why did FWONA rise 9.5% after missing EPS estimates in FY2026 Q3?
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Reported Before market openNASDAQCommunication Services
$24.99B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.43
Consensus $0.56
EPS surprise
-23.5%
Reported versus consensus
Reported revenue
—
Consensus $1.24B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+9.5%
Event window
SPY move
-4.4%
Same window
Abnormal move
+14.0%
Stock minus SPY
Volume
3.9×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
FWONASPY benchmark
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Why did FWONA rise 9.5% after missing EPS estimates in FY2026 Q3?What changed in FWONA's guidance and outlook in FY2026 Q3?Give me the bull and bear case for FWONA after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Relative to Q2’s emphasis on streaming, premium experiences and MotoGP commercial expansion, Q3 analysis highlights the completed acquisition of John Malone’s high-vote shares and details additional plans for hospitality, licensing, race formats and geographic expansion. Calendar variability remains a reported headwind.
Guidance delta
Guidance sentiment was maintained. The supplied transcript analysis does not specify a numerical guidance change.
Key takeaways
- The analysis describes strong Formula 1 and MotoGP franchise performance, with record attendance and growth in hospitality and licensing.
- Management identified expansion opportunities in Paddock Club, licensing partnerships and MotoGP’s race-weekend format.
- The Malone high-vote share transaction simplified the capital structure, according to the supplied analysis.
- Calendar variability and geopolitical tensions remain offsets to the growth initiatives.
Management priorities
- Expand Paddock Club capacity and premium hospitality experiences.
- Develop licensing partnerships and global fan engagement.
- Advance MotoGP’s new race-weekend format and planned geographic expansion.
- Increase Formula 1 sprint events and develop new race locations.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$99.55Current
$108Low
$115.67Average
$124High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 6, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Guggenheim | Buy | Buy | Maintain | Aug 17, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 2, 2026 |
| Citigroup | Buy | Buy | Maintain | May 11, 2026 |
| Benchmark | Buy | Buy | Maintain | Jun 12, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 2, 2024 |
| Rosenblatt | Buy | Buy | Maintain | Sep 5, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Sep 4, 2023 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 2, 2023 |
| TD Cowen | Outperform | Outperform | Maintain | Jun 5, 2023 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 18, 2023 |
| Pivotal Research | Buy | Buy | Maintain | Apr 17, 2023 |
| JP Morgan | Overweight | Overweight | Maintain | Mar 9, 2023 |
| Barclays | Underweight | Underweight | Maintain | Aug 8, 2022 |
| B. Riley FBR | Buy | Buy | Maintain | Mar 18, 2020 |
| B. Riley Securities | Buy | Buy | Maintain | Mar 17, 2020 |
| FBN Securities | Sector Perform | Outperform | Downgrade | Sep 18, 2019 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 23, 2019 |
| B. Riley | Buy | Neutral | Upgrade | May 16, 2019 |
| Bank of America | Buy | Buy | Maintain | Sep 28, 2017 |
| FBR Capital | Neutral | Neutral | Maintain | Aug 15, 2017 |
Named analyst price targets
Upside is calculated against the persisted current price $99.55. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Curry Baker | $124 | $95.76 | +24.6% | Aug 14, 2026 |
| Deutsche Bank | Bryan Kraft | $115 | $95.98 | +15.5% | Aug 14, 2026 |
| Deutsche Bank | Analyst unavailable | $108 | $87.84 | +8.5% | Dec 18, 2025 |
| Deutsche Bank | Bryan Kraft | $83 | $66.95 | -16.6% | May 30, 2024 |
| Deutsche Bank | Bryan Kraft | $73 | $57.94 | -26.7% | Apr 2, 2024 |
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Start freeCompany context
Snapshot as of publicationFormula One Group is involved in the motorsports industry, conducting business both in the United States and globally. Its primary function is holding the commercial rights to the Formula One World Championship, an extensive motor racing series that unfolds over approximately nine months each year. In this competition, teams contend for the constructors' championship, while individual drivers vie for the drivers' championship. The company was founded in 1950 and maintains its headquarters in Englewood, Colorado. Formula One Group operates as a subsidiary of Liberty Media Corporation.
Communication Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| TIGO Millicom International Cellular S.A. | FY2026 Q3 · Calendar Q4 2026 | -40.8% | +2.6% | Millicom sets Q3 EBITDA record, maintains full-year guidance |
| FWONK Liberty Media Corporation | FY2026 Q3 · Calendar Q4 2026 | -3.7% | +7.7% | F1 attendance and hospitality lead, while expansion carries execution risks |
| LYV Live Nation Entertainment, Inc. | FY2026 Q3 · Calendar Q4 2026 | +11.9% | -1.1% | Live Nation raises outlook as record attendance and Ticketmaster gains drive Q3 |
Latest beats and misses
Who reports nextBeat on EPS
- MTDFY2026 Q3 · November 5, 2026+3.6% EPS+4.8% move
- IAGFY2026 Q3 · November 5, 2026+16.7% EPS+4.6% move
- GMABFY2026 Q3 · November 5, 2026+55.6% EPS-4.3% move
- STEFY2027 Q2 · November 4, 2026+9.7% EPS+2.5% move
- IRMFY2026 Q3 · November 5, 2026+4.6% EPS-11.1% move
- AFRMFY2027 Q1 · November 5, 2026+23.8% EPS+1.9% move
Missed on EPS
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
- NTRAFY2026 Q3 · November 5, 2026-49.3% EPS-15.2% move
- TIGOFY2026 Q3 · November 5, 2026-40.8% EPS+2.6% move
- UHALFY2027 Q2 · November 4, 2026-15.4% EPS-3.2% move
- LAMRFY2026 Q3 · November 5, 2026-3.6% EPS-0.8% move
- CMIFY2026 Q3 · November 5, 2026-6.0% EPS-4.9% move
Get the FWONA recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-11-05T21:18:12.445166+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T11:50:46.367720+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T11:50:46.365050+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-06. For educational purposes only; not investment advice.