Liberty Media has reported Formula 1’s financial results for the first quarter of 2025 – and they are skewed by there being fewer races in the period this season.
F1’s main revenue streams are allocated on a pro rata basis depending on how many races there are in the quarter.
Last year January-March included the very lucrative Bahrain and Saudi events, plus Australia. This year it was just Melbourne and Shanghai, with the drop from three to two events representing a significant percentage change that if reflected in the fall in revenue.
Correspondingly April-June will benefit from there being nine races this year, as opposed to eight last year – and it will include the two Middle East events.
Total revenue fell 27% from $553m to $403m, while total F1 Group operating income was down from $202m to $73m.
Explaining the change Liberty said: “Primary F1 revenue decreased in the first quarter with declines across media rights, race promotion and sponsorship driven by the calendar variance compared to the prior year.
“Race promotion revenue decreased due to one less race in the quarter and the different mix of races held. Lower media rights and sponsorship revenue was driven by one fewer race held in the current period resulting in a lower proportion of season-based revenue recognized, and sponsorship revenue also decreased due to the impact of the mix of races on event specific revenue.”
Recently appointed Liberty Media President and CEO Derek Chang remains bullish.
“2025 is off to a strong start,” he said. “F1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect
“We believe Formula 1’s contracted and diversified revenue streams position it well against the current macro and consumer backdrop. The business fundamentals remain strong and we’re confident in our ability to deliver long-term value.”
F1 CEO Stefano Domenicali added: “F1 is six races into another incredible season and delighting fans in new and creative ways. Close racing throughout the field has created captivating on-track action, helping drive viewership growth on linear and digital platforms.
“Our promoter partners continue to innovate on their race weekend experiences, generating demand and sell-out crowds. Importantly, we agreed to the commercial terms with all F1 teams for the 2026 Concorde Agreement which is financially attractive to all parties and provides stability for our future.”
Adam Cooper F1 