Equity Profile

FWONK

Formula One Group

Communication ServicesMovies & Entertainment$25.0B

Aug6Thu

Pre-Earnings Brief

UpcomingQ3-2024Pre-Market9:00 AM EDT

Company Snapshot

Formula One Group (FWONK) is a leading motorsport organization that manages the Formula One racing series, a global phenomenon in the entertainment and sports sector. With a market cap of $25 billion, it plays a significant role in the communication services and entertainment industries, capitalizing on trends in consumer engagement and live events.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenues.

$-0.02

Revenue

Revenue figures will provide insight into the company's ability to attract fans and sponsors, which is crucial for growth.

$670M

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

FWONK Q3-2024 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+48.38%

Avg Stock Reaction

-0.73%

Last Quarter Recap

In Q2 2024, Formula One reported an EPS of $0.08, which was significantly below the expected $0.32, leading to a 5.12% drop in stock price the following day. The company continues to face challenges in meeting analyst expectations.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts are cautiously optimistic about Formula One's upcoming earnings, with expectations for a slight improvement in revenue but still anticipating a loss in EPS. The company needs to demonstrate better financial performance to regain investor confidence.

Bull Case

If Formula One can exceed revenue expectations and show a path to profitability, it could lead to a positive shift in investor sentiment and stock price appreciation.

Bear Case

Conversely, if the company fails to meet revenue targets or reports a larger loss than expected, it may further erode investor confidence and lead to a significant drop in stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$-0.02

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenues.

Revenue

$670M

Revenue figures will provide insight into the company's ability to attract fans and sponsors, which is crucial for growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will EPS come in better than the consensus estimate of $-0.02?

A better-than-expected EPS could signal improved cost management and operational efficiency, which is crucial for restoring investor confidence.

Can revenue exceed the consensus estimate of $670M?

Exceeding revenue expectations would indicate strong demand for Formula One events and sponsorships, which is vital for future growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a revenue surprise driven by increased fan engagement and sponsorship deals, which could lead to better-than-expected results.

Supporting Evidence

The options market is pricing in a 12.1% move, indicating expectations of volatility that may not align with the underlying fundamentals.

Recent trends in live event attendance suggest a rebound that could positively impact revenue.

Key Risk

If revenue comes in above $670M, it could significantly alter the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it will either reinforce or challenge the current market perception of Formula One's financial health.

Bull Confirmed If

Revenue growth exceeding $670M with a path to profitability indicated by EPS improvement.

Bear Confirmed If

Revenue falling below $570M or a larger EPS loss than consensus.

Pre-Earnings Positioning

Options Market

Implied Move

±12.1%

The options market is pricing in a significant potential movement in the stock price, suggesting that investors are anticipating volatility around the earnings report.

Detail

ATM IV

0.3%

30d HV

27.0%

Calls (700)P/C Ratio: 47.14Puts (33K)

Edge

Institutional Ownership

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

Mixed flows

Institutional

100.84%

of float

Insider

2.75%

of float

Holders

835

institutions

Top Holders· as of Dec 2025

Vanguard Group Inc
21,133,295 sh · $1.9B
9.43%
3.5%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Formula One beats expectations, history suggests a potential stock price increase of around 2.91%, confirming a positive outlook.

In-Line / Cautious

If results are in line but cautious commentary is given, the stock may see muted movement as investors reassess future growth prospects.

Miss

A miss on either EPS or revenue could lead to a decline of around 2.91%, reflecting ongoing concerns about the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on sponsorship deals or partnerships that could boost revenue.
2Insights into fan engagement metrics and attendance figures for recent races.
3Management's commentary on cost management strategies and operational efficiency.
4Guidance on future events and their expected financial impact.
5Any changes in the competitive landscape that could affect Formula One's market position.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenues.

$-0.02

Revenue

Revenue figures will provide insight into the company's ability to attract fans and sponsors, which is crucial for growth.

$670M

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

FWONK Q3-2024 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+48.38%

Avg Stock Reaction

-0.73%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Formula One can exceed revenue expectations and show a path to profitability, it could lead to a positive shift in investor sentiment and stock price appreciation.

Bear Case

Conversely, if the company fails to meet revenue targets or reports a larger loss than expected, it may further erode investor confidence and lead to a significant drop in stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$-0.02

EPS is a key indicator of profitability and will show how well the company is managing its costs and revenues.

Revenue

$670M

Revenue figures will provide insight into the company's ability to attract fans and sponsors, which is crucial for growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will EPS come in better than the consensus estimate of $-0.02?

A better-than-expected EPS could signal improved cost management and operational efficiency, which is crucial for restoring investor confidence.

Can revenue exceed the consensus estimate of $670M?

Exceeding revenue expectations would indicate strong demand for Formula One events and sponsorships, which is vital for future growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a revenue surprise driven by increased fan engagement and sponsorship deals, which could lead to better-than-expected results.

Supporting Evidence

The options market is pricing in a 12.1% move, indicating expectations of volatility that may not align with the underlying fundamentals.

Recent trends in live event attendance suggest a rebound that could positively impact revenue.

Key Risk

If revenue comes in above $670M, it could significantly alter the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it will either reinforce or challenge the current market perception of Formula One's financial health.

Bull Confirmed If

Revenue growth exceeding $670M with a path to profitability indicated by EPS improvement.

Bear Confirmed If

Revenue falling below $570M or a larger EPS loss than consensus.

Pre-Earnings Positioning

Options Market

Implied Move

±12.1%

The options market is pricing in a significant potential movement in the stock price, suggesting that investors are anticipating volatility around the earnings report.

Detail

ATM IV

0.3%

30d HV

27.0%

Calls (700)P/C Ratio: 47.14Puts (33K)

Edge

Institutional Ownership

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

Mixed flows

Institutional

100.84%

of float

Insider

2.75%

of float

Holders

835

institutions

Top Holders· as of Dec 2025

Vanguard Group Inc
21,133,295 sh · $1.9B
9.43%
3.5%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Formula One beats expectations, history suggests a potential stock price increase of around 2.91%, confirming a positive outlook.

In-Line / Cautious

If results are in line but cautious commentary is given, the stock may see muted movement as investors reassess future growth prospects.

Miss

A miss on either EPS or revenue could lead to a decline of around 2.91%, reflecting ongoing concerns about the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on sponsorship deals or partnerships that could boost revenue.
2Insights into fan engagement metrics and attendance figures for recent races.
3Management's commentary on cost management strategies and operational efficiency.
4Guidance on future events and their expected financial impact.
5Any changes in the competitive landscape that could affect Formula One's market position.