Equity Profile

FWONA

Formula One Group

Communication ServicesMovies & Entertainment$21.0B

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 worldwide and generating substantial revenue through broadcasting rights, sponsorships, and ticket sales.

Key Metrics to Watch

Revenue Growth

Investors will be keen to see if the company can maintain or improve revenue growth, especially after recent earnings misses.

N/A

EPS (Earnings Per Share)

EPS is a critical indicator of profitability, and any significant deviation from expectations could impact investor sentiment.

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, resulting in 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 are cautious as the company has missed earnings estimates in the last two quarters. Investors are looking for signs of recovery in revenue and profitability.

Bull Case

If Formula One can exceed EPS expectations and show strong revenue growth, it could signal a turnaround, boosting investor confidence.

Bear Case

Continued earnings misses or weak revenue growth could lead to further declines in stock price, as investor sentiment remains fragile.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue from sponsorships this quarter?

Sponsorship revenue is crucial for Formula One's financial stability, and any decline could raise red flags for investors.

Can the company provide guidance on future earnings growth?

Clear guidance on earnings growth will help investors gauge the company's recovery potential and overall health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for recovery in sponsorship revenue, which could significantly impact overall earnings.

Supporting Evidence

Recent trends in sports sponsorship suggest a rebound in interest and investment, which could benefit Formula One.

The company's unique global appeal and fan engagement strategies may lead to unexpected revenue growth.

Key Risk

If sponsorship revenue exceeds expectations, it could lead to a significant upward revision of earnings forecasts.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Formula One can recover from its recent earnings misses and show sustainable growth.

Bull Confirmed If

A positive EPS surprise of at least $0.10 would confirm the bull case.

Bear Confirmed If

An EPS below $0.05 would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±0.5%

The options market is pricing in a modest move of around 0.5%, indicating uncertainty about the upcoming earnings report.

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.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may remain flat or see a slight decline.

Miss

If the company misses expectations again, history suggests a potential drop of around 2.84%, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new sponsorship deals and their expected financial impact.
2Any commentary on ticket sales and fan engagement metrics.
3Management's outlook on future earnings growth and market conditions.
4Insights into the impact of global events on the racing schedule and viewership.
5Details on cost management strategies and their effect on profitability.

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

Revenue Growth

Investors will be keen to see if the company can maintain or improve revenue growth, especially after recent earnings misses.

N/A

EPS (Earnings Per Share)

EPS is a critical indicator of profitability, and any significant deviation from expectations could impact investor sentiment.

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

Overall, expectations are cautious as the company has missed earnings estimates in the last two quarters. Investors are looking for signs of recovery in revenue and profitability.

Bull Case

If Formula One can exceed EPS expectations and show strong revenue growth, it could signal a turnaround, boosting investor confidence.

Bear Case

Continued earnings misses or weak revenue growth could lead to further declines in stock price, as investor sentiment remains fragile.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue from sponsorships this quarter?

Sponsorship revenue is crucial for Formula One's financial stability, and any decline could raise red flags for investors.

Can the company provide guidance on future earnings growth?

Clear guidance on earnings growth will help investors gauge the company's recovery potential and overall health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for recovery in sponsorship revenue, which could significantly impact overall earnings.

Supporting Evidence

Recent trends in sports sponsorship suggest a rebound in interest and investment, which could benefit Formula One.

The company's unique global appeal and fan engagement strategies may lead to unexpected revenue growth.

Key Risk

If sponsorship revenue exceeds expectations, it could lead to a significant upward revision of earnings forecasts.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Formula One can recover from its recent earnings misses and show sustainable growth.

Bull Confirmed If

A positive EPS surprise of at least $0.10 would confirm the bull case.

Bear Confirmed If

An EPS below $0.05 would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±0.5%

The options market is pricing in a modest move of around 0.5%, indicating uncertainty about the upcoming earnings report.

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.

In-Line / Cautious

If results are in line but management provides cautious commentary, the stock may remain flat or see a slight decline.

Miss

If the company misses expectations again, history suggests a potential drop of around 2.84%, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new sponsorship deals and their expected financial impact.
2Any commentary on ticket sales and fan engagement metrics.
3Management's outlook on future earnings growth and market conditions.
4Insights into the impact of global events on the racing schedule and viewership.
5Details on cost management strategies and their effect on profitability.