Formula One revenue dips 27% in Q1 2025 as reduced number of races and changed calendar affect profits

Formula One's revenue fell by 27 per cent year-on-year to US$403 million in Q1 2025, the series' first first-quarter operating loss since 2021. The drop is amid a reduced early-season race calendar, fewer high-value events, and shifting sponsorship dynamics. Despite this, Formula One's parent company, Liberty Media, reported this as its second-best Q1 financial result since taking over the sport in 2016, with strategic deals and audience growth hinting at longer-term resilience.The fewer number of races conducted during the first quarter of 2025 greatly impacted Formula One's bottom line. Two Grands Prix alone (Australia and China) were staged in the period compared to three that were done in Q1 of 2024. Combined, these two events raked in a total of an estimated US$90 million as promoter fees, while the trio of events last year (Bahrain, Saudi Arabia, and Australia) accounted for around US$140 million. While revenue at the top line declined, Formula One was building its digital base. Formula One president and CEO Stefano Domenicali cited a four per cent year-on-year rise in F1 TV subscribers, with the United States increasing by 20 per cent on its own. Domenicali pointed to the 2025 Australian Grand Prix as one of the highlight broadcasting successes, being the most viewed in US history at 1.1 million on ESPN. He also cited strong viewership in France, Brazil, and Australia. During the earnings call, new Liberty Media CEO Derek Chang presented a rosy scenario for the future health of the sport. He reiterated that through 31st March, Formula One had on its books $14.2 billion of future revenue in the contract books. Chang also reaffirmed optimism about the upcoming acquisition of MotoGP, citing that Liberty Media anticipates that the deal will be approved within the regulatory time frame of 30th June 2025. Plus, Formula One has just signed up for long-term race extensions with Mexico City through 2028 and Miami through 2041. While those deals don't count in Q1 figures, they add to Formula One's long-term commercial portfolio. Also read: Oliver Oakes resigns as Alpine F1 team boss, Flavio Briatore to take charge Despite a rough year financially to begin, Formula One is still riding high on its growth path. Subscriber growth, strategic sponsor sign-ons, and multi-year revenue deals indicate Liberty Media is in this for the long haul. Its sights focused on closing out the MotoGP purchase and banking huge future transactions, Formula One keeps constructing an indestructible, diversified commercial empire—though Q1 2025 was not its best lap yet.