F1's revenue for the second quarter of 2025 is $1.03bn, up 40% on the corresponding period in 2024.
The second quarter this year consisted of 9 races compared to 8 in 2024, while the first six months for both years comprised 11 events.
Primary revenue for Q2 is $1.03bn (£766m) compared to $739m (£550m) in 2024, while team payments are up 18% from $435m (£324m) to $513m (£381m)
Total revenue for Q2 this year is $1.23bn (£915m), up 41% on 2024's $871m (£648m), while the first six months of this year saw an increase of 14% on the corresponding period last year.
Primary F1 revenue represents the majority of F1's revenue and is derived from race promotion revenue, media rights fees and sponsorship fees.
Primary F1 revenue increased in the three months ended June 30, 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, while 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, with growth across all revenue streams compared to 2024. Sponsorship revenue grew due to revenue recognized from new sponsors and growth in revenue from existing contracts. Other F1 revenue increased in the six months ended June 30, 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.
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.
"This season has showcased phenomenal racing, with multiple teams and drivers competing at the very highest level," said 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," he added. "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."
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