Liberty Media, the US media giant that owns elite motor racing series Formula 1 (F1), has released the competition’s earnings report for the first quarter (Q1) of the 2025 calendar year, a period that saw revenue drop year-on-year (YoY).
F1 Group revenue, which also includes premium events company Quint, totaled $447 million across the period, $403 million of which came directly from F1. That figure is down 27% from the $553 million generated in Q1 2025, despite non-F1 revenue growing from $44 million to $53 million.
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While this saw F1 as an individual unit slip into loss-making territory (minus $28 million) over the period, it can be explained as the series only hosted two races over the first three months of 2025, compared to three over the same period in 2024.
Indeed, Liberty attributes declines in media rights, race promotion, and sponsorship revenue to the lack of a third race over the quarter.
This is likely to be reflected later on in the year as the next quarter will host more races than in 2024, potentially pre-empting YoY revenue gains further down the line.
Over the period, F1 did, however, confirm the signing of a new Concorde commercial agreement by of all 11 of its teams for 2026 through 2030.
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By GlobalDataThe new deal oversees the start of a new rules cycle for F1, with changes to both engine and chassis regulations incoming for the start of next season.
The current Concorde Agreement allows for a maximum of 25 races to be on the sport's calendar, a figure which the current schedule is one short of.
The 2025 F1 season, featuring 24 races, began in Australia in mid-March and runs through to Abu Dhabi in early December. The next race will be the Emilia Romagna Grand Prix in northern Italy, taking place on May 18.
Speaking on the results, Liberty Media chief executive Derek Chang said: “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.”
Chang was appointed to the role in January 2025, replacing long-time head Greg Maffei.
Formula 1 president Stefano Domenicali added: “Formula 1 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.”
