Equity Profile

FWONA

Formula One Group

Communication ServicesMovies & Entertainment$23.7B

Aug6Thu

Pre-Earnings Brief

UpcomingQ3-2024Pre-Market9:00 AM EDT

Company Snapshot

Formula One Group (FWONA) is a leading motorsport and entertainment company that organizes and promotes Formula One racing events worldwide. With a market cap of $24 billion, it operates in the Communication Services sector, focusing on delivering high-quality entertainment experiences to a global audience....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will help gauge the company's financial health this quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to attract fans and sponsors, which is crucial for its ongoing success.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

FWONA Q3-2024 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

Avg EPS Surprise

-17.56%

Avg Stock Reaction

-0.71%

Last Quarter Recap

In Q2 2024, Formula One reported an EPS of $0.08, significantly below the expected $0.34, leading to a stock decline of 4.61% the following day. This miss highlighted ongoing challenges in meeting earnings expectations.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for the upcoming earnings report are cautious, given the company's recent history of missing earnings estimates. Investors will be closely watching for any signs of recovery or improvement in financial performance.

Bull Case

The optimistic view hinges on a strong recovery in EPS and revenue growth, potentially driven by increased fan engagement and successful marketing strategies.

Bear Case

The pessimistic view is that the company may continue to struggle with profitability, leading to further earnings misses and a decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected EPS for this quarter?

Given the company's recent history of missing earnings estimates, the EPS figure will be critical for assessing whether the company is on a path to recovery.

How has subscriber engagement changed this quarter?

Subscriber growth and engagement are essential for the company's digital strategy and overall revenue, making this a key focus area.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for subscriber growth due to increased digital engagement and marketing efforts, which could lead to better-than-expected revenue.

Supporting Evidence

The options market is pricing in a very modest move of only 0.51%, suggesting low expectations.

Recent trends in digital subscriptions indicate a potential uptick in engagement that could surprise analysts.

Key Risk

If subscriber growth exceeds expectations, it could significantly alter the outlook for revenue and profitability.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as the company seeks to recover from recent earnings misses and improve its financial outlook.

Bull Confirmed If

An EPS of $0.20 or higher would confirm a positive turnaround in profitability.

Bear Confirmed If

An EPS below $0.05 would indicate ongoing struggles and reinforce bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±0.51%

The options market is pricing in a modest move of about 0.51%, indicating low volatility expectations around the earnings announcement.

Detail

ATM IV

0.3%

30d HV

25.0%

Calls (100)P/C Ratio: 0.08Puts (0)

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Top holders adding

Institutional

91.13%

of float

Insider

1.85%

of float

Holders

399

institutions

Top Holders· as of Dec 2025

Linonia Partnership LP
2,118,059 sh · $172.4M
8.83%
Flat

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If the company beats expectations, history suggests a potential stock increase of around 2.84%, confirming a positive turnaround narrative.

In-Line / Cautious

If results are in line but cautious, the stock may experience muted movement as investors await clearer guidance.

Miss

If the company misses again, history suggests a decline of about 2.84%, reinforcing concerns about its financial health.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on subscriber growth and engagement metrics.
2Details on marketing strategies and their effectiveness this quarter.
3Insights into cost management and operational efficiency improvements.
4Any commentary on partnerships or sponsorship deals that could impact revenue.
5Management's outlook on the upcoming racing season and its expected impact on financial performance.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will help gauge the company's financial health this quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to attract fans and sponsors, which is crucial for its ongoing success.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

FWONA Q3-2024 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

Avg EPS Surprise

-17.56%

Avg Stock Reaction

-0.71%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

The optimistic view hinges on a strong recovery in EPS and revenue growth, potentially driven by increased fan engagement and successful marketing strategies.

Bear Case

The pessimistic view is that the company may continue to struggle with profitability, leading to further earnings misses and a decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected EPS for this quarter?

Given the company's recent history of missing earnings estimates, the EPS figure will be critical for assessing whether the company is on a path to recovery.

How has subscriber engagement changed this quarter?

Subscriber growth and engagement are essential for the company's digital strategy and overall revenue, making this a key focus area.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for subscriber growth due to increased digital engagement and marketing efforts, which could lead to better-than-expected revenue.

Supporting Evidence

The options market is pricing in a very modest move of only 0.51%, suggesting low expectations.

Recent trends in digital subscriptions indicate a potential uptick in engagement that could surprise analysts.

Key Risk

If subscriber growth exceeds expectations, it could significantly alter the outlook for revenue and profitability.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as the company seeks to recover from recent earnings misses and improve its financial outlook.

Bull Confirmed If

An EPS of $0.20 or higher would confirm a positive turnaround in profitability.

Bear Confirmed If

An EPS below $0.05 would indicate ongoing struggles and reinforce bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±0.51%

The options market is pricing in a modest move of about 0.51%, indicating low volatility expectations around the earnings announcement.

Detail

ATM IV

0.3%

30d HV

25.0%

Calls (100)P/C Ratio: 0.08Puts (0)

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Top holders adding

Institutional

91.13%

of float

Insider

1.85%

of float

Holders

399

institutions

Top Holders· as of Dec 2025

Linonia Partnership LP
2,118,059 sh · $172.4M
8.83%
Flat

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If the company beats expectations, history suggests a potential stock increase of around 2.84%, confirming a positive turnaround narrative.

In-Line / Cautious

If results are in line but cautious, the stock may experience muted movement as investors await clearer guidance.

Miss

If the company misses again, history suggests a decline of about 2.84%, reinforcing concerns about its financial health.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on subscriber growth and engagement metrics.
2Details on marketing strategies and their effectiveness this quarter.
3Insights into cost management and operational efficiency improvements.
4Any commentary on partnerships or sponsorship deals that could impact revenue.
5Management's outlook on the upcoming racing season and its expected impact on financial performance.