Equity Profile

FWONA

Formula One Group

Communication ServicesMovies & Entertainment$23.0B

Aug6Thu

Pre-Earnings Brief

UpcomingQ3-2024Pre-Market9:00 AM EDT

Company Snapshot

Formula One Group (FWONA) is a leading global motorsport organization that manages the Formula One racing series. As part of the Communication Services sector, it plays a significant role in the entertainment industry, attracting millions of fans and generating substantial revenue through broadcasting rights, sponsorships, and ticket sales.

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs and generating income.

N/A

Revenue Growth

Revenue growth is crucial for assessing the company's ability to expand its business and attract more fans and sponsors.

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 Group reported an EPS of $0.08, which was significantly below the expected $0.34, leading to a 4.61% drop in stock price the following day. The company has struggled to meet earnings expectations in recent quarters, raising concerns among investors.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations for this quarter are cautious, especially given the company's recent earnings misses. Investors will be closely watching for any signs of improvement in profitability and revenue.

Bull Case

The optimistic view hinges on a potential rebound in earnings, driven by increased viewership and sponsorship deals, which could lead to better-than-expected financial results.

Bear Case

Conversely, if the company continues to miss earnings expectations, it may signal deeper issues with its business model, leading to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q3-2024?

Given the significant misses in the past quarters, the EPS figure will be crucial in determining whether the company is on a recovery path or continuing to struggle.

How has the subscriber count changed this quarter?

An increase in subscribers would indicate growing fan engagement and potential revenue growth, which is critical for the company's future.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a rebound in viewership and sponsorship revenue, which could drive better-than-expected earnings this quarter.

Supporting Evidence

Recent trends in sports viewership suggest a resurgence in interest in motorsports, which could benefit Formula One.

The company's global expansion efforts may yield new sponsorship deals that have not yet been factored into earnings expectations.

Key Risk

If subscriber growth exceeds expectations, it could significantly alter the earnings outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether the company can turn around its earnings performance and attract more subscribers.

Bull Confirmed If

An EPS of $0.20 or better would confirm the bull case, indicating a recovery in profitability.

Bear Confirmed If

An EPS below $0.05 would confirm the bear case, suggesting ongoing challenges in the business.

Pre-Earnings Positioning

Options Market

Implied Move

±0.51%

The options market is pricing in a modest move around the earnings report, suggesting that investors are uncertain about the outcome.

Detail

ATM IV

0.3%

30d HV

25.0%

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

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss setup in Communication Services

n=30

Fade rate: 16 of 30 (53%)

This setup has occurred 30 times across Communication Services in the last 2 years. 16 of 30 faded and 14 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 3.4%, with a raw directional average of -0.6% (modestly negative historical bias).

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 Formula One beats expectations, history suggests the stock could rise by around 2.84%, confirming a positive turnaround narrative.

In-Line / Cautious

If results are in line with expectations, the stock may react cautiously, reflecting ongoing investor uncertainty.

Miss

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

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new sponsorship deals and partnerships.
2Details on changes in viewership numbers and engagement metrics.
3Insights into the company's strategy for expanding its global presence.
4Management's outlook on future earnings and growth potential.
5Any commentary on the impact of recent regulatory changes in the sports industry.

See the full picture

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs and generating income.

N/A

Revenue Growth

Revenue growth is crucial for assessing the company's ability to expand its business and attract more fans and sponsors.

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 potential rebound in earnings, driven by increased viewership and sponsorship deals, which could lead to better-than-expected financial results.

Bear Case

Conversely, if the company continues to miss earnings expectations, it may signal deeper issues with its business model, leading to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q3-2024?

Given the significant misses in the past quarters, the EPS figure will be crucial in determining whether the company is on a recovery path or continuing to struggle.

How has the subscriber count changed this quarter?

An increase in subscribers would indicate growing fan engagement and potential revenue growth, which is critical for the company's future.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a rebound in viewership and sponsorship revenue, which could drive better-than-expected earnings this quarter.

Supporting Evidence

Recent trends in sports viewership suggest a resurgence in interest in motorsports, which could benefit Formula One.

The company's global expansion efforts may yield new sponsorship deals that have not yet been factored into earnings expectations.

Key Risk

If subscriber growth exceeds expectations, it could significantly alter the earnings outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether the company can turn around its earnings performance and attract more subscribers.

Bull Confirmed If

An EPS of $0.20 or better would confirm the bull case, indicating a recovery in profitability.

Bear Confirmed If

An EPS below $0.05 would confirm the bear case, suggesting ongoing challenges in the business.

Pre-Earnings Positioning

Options Market

Implied Move

±0.51%

The options market is pricing in a modest move around the earnings report, suggesting that investors are uncertain about the outcome.

Detail

ATM IV

0.3%

30d HV

25.0%

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

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss setup in Communication Services

n=30

Fade rate: 16 of 30 (53%)

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 Formula One beats expectations, history suggests the stock could rise by around 2.84%, confirming a positive turnaround narrative.

In-Line / Cautious

If results are in line with expectations, the stock may react cautiously, reflecting ongoing investor uncertainty.

Miss

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

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new sponsorship deals and partnerships.
2Details on changes in viewership numbers and engagement metrics.
3Insights into the company's strategy for expanding its global presence.
4Management's outlook on future earnings and growth potential.
5Any commentary on the impact of recent regulatory changes in the sports industry.