Corporate and other revenue was $198 million year-to-date, including Quint results and rental income from Las Vegas Grand Prix Plaza, with adjusted OIBDA loss of $4 million.
Formula One Group Corporate had pro forma cash of approximately $480 million with no change to debt balance.
Formula One Group reported attributed cash and liquid investments of $3.1 billion at quarter end, with $1.8 billion in cash at Formula One and $70 million at Quint.
MotoGP's 6-month period ended 6/30/25 reported Spanish GAAP revenue of EUR 220 million and EBITDA of EUR 75 million, with 10 races held compared to 8 in prior year.
Pro forma for the MotoGP acquisition, F1 OpCo had approximately $380 million of cash and $3.4 billion of debt, resulting in pro forma leverage of 3.3x compared to 0.7x as of 6/30.
Team payments as a percentage of pre-team share adjusted OIBDA were 58.4% year-to-date compared to 61.9% in prior year, with full year 2025 expected to leverage against 2024's 61.5%.
Total Formula One Group attributed principal amount of debt was $2.9 billion at quarter end, with $2.4 billion at the OpCo level and $525 million at the corporate level.
Year-to-date, Formula One revenue grew 14% and adjusted OIBDA increased 21%, driven by sponsorship, race promotion, and media rights growth.
Adjusted EBITDA was $205 million, representing a 6.3% margin on net revenue, including a 7.8% adjusted EBITDA margin in the U.S. segment.
Cash from operations was $273 million, capital expenditures were $43 million, and free cash flow was $230 million, the strongest since Q3 2020.
CastleGate penetration increased by about 400 basis points year-over-year to roughly 25%, improving logistics efficiency and customer experience.
Gross margin was 30.1% of net revenue, reflecting tactical investments and demand elasticity measurement.
Net revenue grew 5% year-over-year and 6% excluding the impact of the exit from Germany, driven by strong performance across all brands and geographies.
Selling, operations, technology, general and administrative expenses were $370 million, down roughly $30 million year-over-year.
The company ended the quarter with $1.4 billion in cash and equivalents and $1.8 billion in total liquidity.
U.S. business revenue increased over 5%, and International segment grew over 3%, with Canada, the U.K., and Ireland showing momentum.
Adjusted EBITDA was $67.7 million, slightly down from $67.9 million last year, with an adjusted EBITDA margin of 5.7%, up 110 basis points from Q1 2025 but down 30 basis points year-over-year.
Capital expenditures totaled $58.3 million, focused on new stores, supply chain projects, IT, and maintenance.
Grocery Outlet reported net sales of $1.18 billion in Q2 2025, a 4.5% increase year-over-year, driven by new store openings and a 1.1% comp store sales growth.
Gross margin was 30.6%, exceeding the high end of guidance despite a 30 basis point decline from last year, supported by improved inventory management.
Net cash provided by operating activities for the first half of 2025 was $132.6 million, significantly higher than $49.4 million in the prior year.
Net income was $5 million or $0.05 per diluted share, down from $14 million or $0.14 per share last year, while adjusted net income decreased 9.3% to $22.8 million or $0.23 per adjusted diluted share.
SG&A expenses increased 4.2% but leveraged 10 basis points as a percentage of net sales due to reduced commission support and cost discipline.
Total debt was $474 million with net leverage at 1.7x adjusted EBITDA.
Dafinchi
