F1: revenues down 27% in the first quarter of 2025
Formula 1 saw its revenues fall by 27% in the first quarter of 2025, mainly due to a calendar reduced to two races. Despite this, Liberty Media is confident in the sport's fundamentals.
The revenue of Formula 1 decreased from 553 million dollars (415 million pounds) in the first quarter of 2024 to 403 million dollars (302 million pounds) at the beginning of 2025, a drop of 27%. This decline is primarily due to the tightening of the calendar: three races were held at the start of 2024, compared to only two this year.
Primary revenues, including race promotion, media rights, and partnerships, are all declining. Fewer races, a different mix of events, and one less Grand Prix have impacted income. Nevertheless, contractual increases and the continued growth of F1 TV subscriptions have helped cushion the decline in media rights.
Other income and operating results down
The additional revenues of F1 also declined, notably due to a decrease in hospitality and experience-related revenues, due to one less Paddock Club. This was partially offset by higher freight revenues.
On the operational front, the contrast is clear: F1 goes from a profit of $136 million (£102M) in Q1 2024 to a loss of $28 million (£21M) this year. The reasons? Fewer races, but also increased costs associated with the Las Vegas Grand Prix Plaza, a more expensive marketing campaign for the launch of the 75th season at the O2 Arena in London, and a rise in personnel expenses.
Confident leaders in the outlook
Despite these declining figures, Liberty Media and the F1 management remain optimistic. “2025 is off to a strong start,” assures Derek Chang, CEO of Liberty Media. “Formula 1 is benefiting from enthusiasm on the track and a financial momentum driven by new commercial partnerships that came into effect this year.”
He wants to be reassuring: The diversified and contractual revenue streams of F1 are solid in the current economic context. The fundamentals remain robust, and we are confident in our ability to generate long-term value.
On his side, Stefano Domenicali, president of F1, highlights the quality of the show: “The 2025 season is already thrilling, with a tightly packed field and captivating races. This is reflected in the increase in viewership, both on television and digital platforms.”
He adds: « Our promoters continue to innovate, attracting record crowds. Above all, we have concluded the commercial terms of the 2026 Concorde Agreement with all teams, a beneficial and stabilizing agreement. »
Derek Chang concludes with enthusiasm: « The energy around F1 is exceptional. I have never seen such enthusiasm among current and potential sponsors. »
