Liberty Media has shared the financial report of Q2 of F1 2025 in comparison to the same time in 2024, as revenue is up.
Into the second quarter of 2025, Liberty Media has presented its financial record of Q2 of the ongoing season which saw nine races held in the period as opposed to eight in the same period last year. Looking at the numbers, the total revenue of F1 stood at $871 millions in 2024 when compared to $1,126 millions in 2025.
The increase in the ‘primary’ revenue was due to one race more which resulted in increased race promotion fees and media rights along with one time revenue from F1 movie. The primary revenue – race promotion revenue, media rights fees and sponsorship fees – in 2025 was up to $1,032 millions from 2024’s $739 millions.
The other revenue increased to $194 millions in 2025 from $132 millions in 2024 due to Paddock Club revenue increase. The same period saw F1 pay the teams – excluding Concorde payments – $513 millions in 2025 as opposed to $435 millions paid in 2024.
There was operating income of $280 millions in 2025 from operating income of $59 millions in 2024. In same way, the total income of F1 after adjusted OIBDA increased to $369 millions in 2025 from $165 millions in 2024.
“This season has showcased phenomenal racing, with multiple teams and drivers competing at the very highest level,” said F1 boss Stefano Domenicali. “The F1 movie from Apple debuted to well-deserved accolades, marking the largest box office theatrical release for any streaming service and captivating audiences of both core and new F1 fans alike.
“Cultural moments like the F1 movie alongside exciting on-track action are generating strong viewership trends and especially robust social and digital engagement, including a record number of social impressions delivered by content posted on official F1 channels. Thanks to the efforts of our teams, partners and the F1 community, we are driving excellent momentum at Formula 1 on and off the track.”
Here’s full explanation from Liberty Media –
There were nine races held in the second quarter of 2025 compared to eight races held in the second quarter of 2024. There were 11 races held year-to-date through the second quarter of both 2025 and 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 increased in the three months ended June 30, 2025 primarily due to the calendar variance compared to the prior year, which drove additional race promotion revenue and higher sponsorship and media rights revenue with a larger proportion of season-based income recognized during the period, as well as contractual increases in fees across all primary revenue streams. Sponsorship revenue also benefitted from revenue recognized from new sponsors. Media rights revenue also increased due to continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Other F1 revenue increased in the second quarter primarily due to higher hospitality and experiences revenue and growth in licensing income. The increase in hospitality and experiences revenue was driven by underlying Paddock Club growth as well as one additional event and the mix of races held. The calendar variance and mix of events also led to higher revenue from travel, technical and freight services in the second quarter.
Primary F1 revenue increased in the six months ended June 30, 2025 with growth across all revenue streams compared to the prior year. Sponsorship revenue grew due to revenue recognized from new sponsors and growth in revenue from existing contracts. Media rights revenue grew due to contractual increases in fees, continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Race promotion revenue increased due to contractual increases in fees and growth in other support race fees. Other F1 revenue increased in the six months ended June 30, 2025 primarily driven by higher freight income due to the different routes flown and the pass through of increased freight costs, higher hospitality from growing attendance at Paddock Clubs and growth in revenue from licensing.
Operating income and Adjusted OIBDA grew in the three and six months ended June 30, 2025. Team payments increased for both periods due to the pro rata recognition of expected higher team payments for the full year. Other cost of F1 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 six months ended June 30, 2025 due to higher freight costs associated with the different order of events, higher commissions and partner servicing costs linked to underlying revenue growth, higher Paddock Club costs due to increased attendance, increased costs to service new sponsors, higher costs of delivering F1 TV to a growing subscriber base and expense associated with the Grand Prix Plaza in Las Vegas, which launched new activations and other events in the second quarter. Growth in other cost of F1 revenue in the three months ended June 30, 2025 was also impacted by the additional race held, which impacted costs of the Paddock Club, technical, travel and freight services. Selling, general and administrative expense increased in the three and six months ended June 30, 2025 primarily due to higher personnel and marketing expense, including marketing costs associated with the 75th season launch event at London’s The O2 in the six-month period.
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