F1 Holding Company Increases Market Cap by 370 Billion in One Day Due to Earnings Surprise

Liberty Media Corporation’s F1-focused tracking stock (NYSE: FWONK) closed at $91.86 on the New York Stock Exchange on the 12th, up 1.29%. Its market capitalization reached about $20.5 billion (roughly KRW 28 trillion), rising by $269 million (approximately KRW 370 billion) in a single day.

In its first-quarter 2026 earnings released on the 7th, the company reported revenue of $711 million, a 59% increase year-on-year, and delivered earnings per share of $0.03—an earnings surprise that flipped the market’s expected loss into a profit. Growth in the number of races, coupled with strong demand for high-margin hospitality offerings such as media rights, sponsorships and Paddock Club packages, all contributed to the upside. At the same time, the renewal of long-term broadcasting agreements with Apple and Sky has further reinforced the franchise’s long-term growth story.

FWONK is a tracking stock that reflects Liberty Media’s economic interest in the Formula One Group. Its core revenue streams include broadcasting rights, hosting fees and sponsorship revenues generated by the F1 World Championship and MotoGP commercial rights. Since acquiring Formula One in the late 2010s, Liberty Media has expanded the race calendar, pursued digital and streaming strategies, and broadened its premium hospitality offerings, transforming the motorsport series into a global entertainment asset.