The golden goose continues to lay as F1 revenue increases for the fourth successive year.

At $3.65bn 2024's revenue was up 18% on 2023's $3.22bn, despite the final quarter being down on the previous year. The $1.16bn achieved in the final three months of 2024 - compared to $1.23 in 2023 - put down to less money incoming from the (F1 promoted) race in Las Vegas.

Payments to teams in 2024 were up 4% from $1.21bn to $1.26, of which more later.

The majority of F1's revenue and is derived from race promotion revenue, media rights fees and sponsorship fees, and for 2024 these revenue streams comprised 29.3%, 32.8% and 18.6%, respectively, of the sport's total revenue.

Sponsorship revenue grew due to recognition of revenue from new sponsors, contractual increases from existing sponsors and additional sponsorship inventory with two additional races held. Media rights revenue increased due to contractual increases in fees and continued growth in F1 TV subscription revenue, while race promotion revenue grew primarily due to fees from the two additional races held compared to the prior year, following the return of China and Imola to the calendar, as well as contractual increases in fees, partially offset by lower ticketing revenue generated from the Las Vegas Grand Prix.

Primary revenue decreased in the fourth quarter primarily driven by a decline in race promotion and media rights revenue. Race promotion revenue decreased due to lower ticketing revenue generated from the Las Vegas Grand Prix. Media rights revenue declined due to the lower proportionate recognition of season-based income (6/24 races took place in the fourth quarter of 2024 compared to 6/22 in the fourth quarter of 2023), partially offset by continued growth in F1 TV subscription revenue. Sponsorship revenue increased in the fourth quarter due to recognition of revenue from new sponsors, which offset the lower proportion of season-based revenue recognized.

Other F1 revenue decreased in the full year and fourth quarter. Growth in hospitality income at most events and higher freight and licensing revenue was offset by lower hospitality revenue generated from the Las Vegas Grand Prix. For the full year, Other F1 revenue also benefited from the sale of new F2 cars and associated parts at the beginning of the new F2 vehicle cycle.

"As I reflect on my first month as CEO, I am energized by the opportunities ahead at Liberty Media and our portfolio companies," said Derek Chang, Liberty Media President & CEO. "My time as a board member has enabled an efficient transition as we move quickly to accomplish our strategic priorities for 2025. This includes capitalizing on Formula 1's success with the key building blocks to drive continued growth, closing the acquisition of MotoGP and addressing the Liberty Live structure. I am committed to maintaining our current momentum and working with the Liberty team as we execute our strategy to drive shareholder value."

"Formula 1 capped off a record 2024 in race count, revenue and Adjusted OIBDA," added Stefano Domenicali, F1 President and CEO. "We are equally optimistic about 2025 as we mark F1's 75th anniversary which will provide incremental momentum for our brand, and we celebrated this milestone by welcoming the entire F1 community to a first of its kind season launch event at The O2 last week.

"Our sponsorship roster is the strongest in the sport's history and the commercial pipeline remains robust. This commercial success is paired with on-track excitement, as we expect more intense competition after last season's highly competitive Championship and we welcome several rookie drivers to the grid."

As for the team payments, these are based on the constructors' standing in 2023, and distributed on a sliding scale.

Consequently, according to our old friend Mat Coch at Speedcafe, this means £140m ($176m) for Red Bull, £131m ($165m) for Mercedes, £122m ($153m) for Ferrari and £113 ($142m) for McLaren, all of which are greater than the $135m (£107.3m) cost cap in 2024.

Aston Martin received £103.9m ($130.7), Alpine £94.9m ($119m), Williams £87m ($109m), RB £78m ($98m), Sauber £69m ($86.8m) and Haas £60m ($75m).