Formula One’s annual revenue rose 14 per cent year-over-year (YoY) to US$3.87 billion for the year ended 31st December 2025.
Key details:
- 2025 revenue boosted by record Q4 figure of US$1.38 billion, up 22 per cent from 2024 result of US$1.13 billion
- Overall operating income rose 28 per cent from US$492 million in 2024 to US$632 million this year
- Other revenue – such as hospitality and licensing – grew 20 per cent YoY to US$787 million
- 2025 fan attendance rose four per cent to 6.75 million, while live TV viewership grew 21 per cent compared to 2024
Context:
Primary Formula One revenue grew to US$3.09 billion, which comprised revenue from race promotion (26.7 per cent), media rights fees (31.3 per cent), and sponsorship (21.7 per cent). This is the first time that sponsorship has accounted for more than 20 per cent of Formula One’s primary revenue since Liberty Media acquired the sport.
Sponsorship grew thanks to a wide array of new partners, most notably the landmark ten-year contract that saw LVMH Group introduce its fleet of brands to the sport, including Louis VuittonMoët Hennessy and Tag Heuer. In the wider portfolio, the likes of Nestlé, Santander, Allwyn and PepsiCo joined the series. Race promotion revenue grew primarily due to contractual increases in fees, while Canada, Mexico City, Miami, Austin, Azerbaijan and Monaco all agreed extensions last year.
Media rights revenue was boosted by the F1 movie, which generated over US$550 million at the global box office so far. While it is unclear how much of that total went to Liberty Media, the company’s chief accounting officer Brian Wendling said on a Q2 earnings call that the figure was in the “mid-teens”. There was also a continued growth in F1 TV subscription revenue.
Other Formula One revenue grew thanks to increased hospitality revenue, licensing income, freight income and revenue generated from activities at the new Grand Prix Plaza in Las Vegas.
Since Liberty Media acquired the sport in 2017, revenue has grown by nearly US$2 billion and 2025 marks the fifth straight year where overall revenue has increased compared to the previous year. If you discount the Covid-disrupted 2020 season, revenue has grown each season under Liberty Media.
Comment:
“Formula One finished another record-breaking season, marking an exceptional 75th anniversary year for the sport,” said Stefano Domenicali, president and chief executive of Formula One.
“The next chapter of F1 brings on-track excitement with a new race in Madrid, the debut of Cadillac and Audi and the return of Honda and Ford to the grid. This upcoming season is a thrilling time for our sport as we introduce the next generation of cars, engines and regulations that are sure to make for dynamic racing and compelling storylines.
“Our sport has never been stronger, as evidenced by our roster of marquee partners, including Disney, Lego, Pepsi, Apple and Standard Chartered.”
Looking to unlock more exclusive insights and strategic connections in the motorsport industry?
The BlackBook Motorsport Forum is the destination that connects and inspires top decision-makers and leaders across global motorsport. Join us in London on 27th March 2025 to dissect the critical balance between on and off-track performance, exploring areas such as technical innovation, sustainability and commercial success. Discover more here.
