$1.12bn (£831m) revenue in Q4 2024 increases to $1.37bn (£1.02bn) in 2025, while operating income for the year was up 28% to $632m (£469m).
Primary revenue represents the majority of F1’s revenue and is derived from race promotion revenue, media rights fees and sponsorship fees. For the year ended December 31, 2025, these revenue streams comprised 26.7%, 31.3% and 21.7%, respectively, of total F1 revenue. Other revenue, which includes hospitality, freight and licensing, comprised 20.3% of total F1 revenue.
There were 24 races over the course of the season and 7 in the fourth quarter of 2025, compared to 6 races in the fourth quarter of 2024. In the fourth quarter of both 2025 and 2024, F1 directly promoted the Las Vegas Grand Prix and recognized the revenue (ticketing, sponsorship, hospitality) and costs related to the event.
Primary revenue grew for the full year with increases across all primary revenue streams. Sponsorship revenue grew due to recognition of revenue from new sponsors, contractual increases from existing sponsors and growth in digital advertising revenue. Media rights revenue increased due to contractual increases in fees, the continued growth in F1 TV subscription revenue and recognition of one-time revenue associated with the F1 movie. Race promotion revenue grew primarily due to contractual increases in fees.
Team payments for the year were up 11%, from $1.06bn (£786m) in 2024 to $1.18bn (£875m) in 2025.
“Formula 1 finished another record-breaking season, marking an exceptional 75th anniversary year for the sport,” said Stefano Domenicali. “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,” he added. “Our sport has never been stronger, as evidenced by our roster of marquee partners, including Disney, Lego, Pepsi, Apple and Standard Chartered.”
“2025 was an exceptional and productive year for Liberty, and we are excited about the opportunities ahead,” said Derek Chang, Liberty Media President & CEO. “We delivered on our key strategic objectives – strengthening Formula 1’s growth trajectory, completing the MotoGP acquisition and streamlining our structure following the Liberty Live split-off last December.
“This year, we remain focused on sustaining F1’s momentum, positioning MotoGP for future growth and remaining disciplined yet opportunistic with our capital to drive shareholder value.”