Liberty Media has shared the financial report of Q3 of F1 2025 in comparison to the same time in 2024, as revenue is up.
Into the third quarter of 2025, Liberty Media has presented its financial record of Q3 of the ongoing season which saw six races held in the period which is one less than last year. Looking at the numbers, the total revenue of F1 stood at $911 millions in 2024 when compared to $1,085 millions in 2025.
The decrease in the ‘primary’ revenue was due to one race less which resulted in decreased race promotion fees and media rights. The primary revenue – race promotion revenue, media rights fees and sponsorship fees – in 2025 stood at $738 millions from 2024’s $758 millions.
The other revenue increased to $131 millions in 2025 from $103 millions in 2024 due to Paddock Club revenue increase. The same period saw F1 pay the teams – excluding Concorde payments – $341 millions in 2025 as opposed to $371 millions paid in 2024.
There was operating income increase to $168 millions in 2025 from $146 millions in 2024. In same way, the total income of F1 after adjusted OIBDA increased to $234 millions in 2025 from $221 millions in 2024.
“We are nearing the end of another incredible season showcasing the very best of F1 – thrilling racing, tight competition and nearly half the grid reaching the podium,” said Stefano Domenicali. “F1 remains a cultural cornerstone, evidenced by the global box office success of the F1 movie and further underscored by increasing engagement across our channels.
“We completed multiple commercial agreements this quarter and continue to have success accelerating renewals and signing new partners with attractive terms, including our new US distribution partnership with Apple that will highlight the collaborative innovation between our brands for continued growth in the US. Recent strong race renewals and early extensions in key markets including Austin, Azerbaijan and Monaco also demonstrate the value F1 brings to the cities in which we race. We are confident in the next chapter of growth at F1.”
Here’s full note from Liberty Media –
There were six races held in the third quarter of 2025 compared to seven races held in the third quarter of 2024. There were 17 races held year-to-date through the third quarter of 2025 and 18 races held year-to-date through the third quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season, which will impact the year-over-year revenue and cost comparisons on a quarterly basis.
Primary F1 revenue decreased in the three months ended September 30, 2025 primarily due to the calendar variance compared to the prior year, which drove declines across race promotion and media rights revenue with a smaller proportion of season-based income recognized during the period. This was partially offset by increased sponsorship revenue from new partners, contractual fee increases across all primary revenue streams and growth in F1 TV subscription revenue.
Primary F1 revenue increased in the nine months ended September 30, 2025 with growth across sponsorship and media rights revenue, partially offset by a decline in race promotion revenue due to one less event held. Sponsorship revenue growth reflects contractual fee increases as well as revenue from new sponsors. Media rights revenue grew due to contractual fee increases, growth in F1 TV subscription revenue and the recognition of one-time revenue in the second quarter associated with the release of the F1 movie, partially offset by the impact of lower proportionate recognition of season-based revenue due to one less event held.
Other F1 revenue increased in the third quarter and nine months ended September 30, 2025 due to higher hospitality revenue and growth in licensing income. The increase in hospitality revenue was driven by underlying Paddock Club growth and other premium hospitality offerings, as well as an increase in Grand Prix Plaza activities during the third quarter. Other F1 revenue in the nine months ended September 30, 2025 also benefitted from higher freight revenue from the pass through of increased costs.
Operating income and Adjusted OIBDA grew in the three and nine months ended September 30, 2025. Team payments decreased for the three months ended September 30, 2025 due to the pro rata recognition of team payments with one less race held in the third quarter compared to the prior year. Team payments were flat for the nine months ended September 30, 2025 as the impact of one fewer race was offset by expected higher team payments for the full year. Other cost of F1 motorsport revenue is largely variable in nature and derived from servicing both Primary and Other F1 revenue opportunities. These costs increased for both the three and nine months ended September 30, 2025 due to higher Paddock Club costs from increased attendance and costs from activities at Grand Prix Plaza that didn’t occur in the prior year.
Growth in other cost of F1 motorsport revenue in the nine months ended September 30, 2025 was also impacted by higher freight costs associated with the different order of events and cost inflation, higher commissions and partner servicing costs linked to underlying revenue growth, increased costs to service new sponsors and higher costs of delivering F1 TV to a growing subscriber base. Selling, general and administrative expense increased in the three and nine months ended September 30, 2025 primarily due to higher marketing costs, including marketing spend associated with the 75th season launch event at London’s The O2 in the nine-month period. Personnel costs also increased during the nine months ended September 30, 2025.
Here’s Q2 report from Liberty Media
