Liberty Media, the US media giant and owner of motor racing’s iconic Formula 1 (F1) series, saw its revenues drop significantly year-on-year during the second quarter of 2026, with a 38% dip in F1 income the primary factor.
F1's substantial revenue decrease during the three months up to June 30 this year was mostly due to four fewer races being held in that period than were hosted in the equivalent period last year (five, as opposed to nine) – primarily a consequence of the regional conflict in the Middle East.
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Races in Bahrain and Saudi Arabia were both scheduled for April, but neither could be held at that time – and were thus postponed – because of the Middle East conflict, the main reason for the race number differential. Malaysia will now host a Grand Prix in place of Bahrain, in early October.
F1's Q2 income, therefore, only came to $764 million, as opposed to $1.22 billion the prior year, while its profits amounted to just $73 million, down from $293 million for Q2 in 2025.
Adjusted OIBDA for the 11-team series, meanwhile, only came to $139 million, down 61% year-on-year.
Across the whole Liberty Media empire, revenue came to $934 million across the three months, down from $1.34 billion the prior year.
Liberty now also owns the top-tier MotoGP motorcycling series, which it finalized the purchase of (through a deal to take over the Dorna Sports promoter and organizer) last July after the deal was initially unveiled in April 2024. It now holds an 84% stake in MotoGP, for which it has ended up paying $3.1 billion overall.
The pro forma results for MotoGP show a 2% drop in 'total motorsport revenue' in Q2, from $173 million to $170 million. Primary revenue decreased by 3% year-on-year, from $154 million to $150 million.
The slight drops have been attributed to "a decline in contractual media rights revenue and a decline in title sponsorship revenue related to event mix."
Derek Chang, president and chief executive at Liberty Media, commented on the second-quarter results, saying: "Demand for our brands remains robust and resilient, and we are continuing to find creative solutions to deal with global uncertainties.
"We are one year into our ownership of MotoGP and remain encouraged by the opportunities to grow the sport globally while Formula 1’s expanding reach and deepening fan engagement continue to support strong commercial momentum."
For F1 specifically, the majority of its primary income was derived from a combination of race promotion revenue, media rights fees, and sponsorship fees.
This combined income came to $622 million for the three months in question, as opposed to just over $1 billion in 2025, as fewer races meant decreased fees across all sectors listed above.
Other revenue – hospitality, freight, and licensing – also fell year-on-year (for the same reasons).
In total, in the 2026 F1 season, there will be one fewer race than in 2025 (23 as opposed to 24), it is assumed at the time of writing.
F1 commercial activity in Q2 included sealing an extension for the Las Vegas Grand Prix through 2037, signing off a partnership renewal with Pirelli, and renewing a broadcast deal with ServusTV in Austria.
For Liberty Media in Q1, meanwhile, one extra race in that time period for F1 helped it turn a $64 million profit. Liberty Media's Q1 results were the first in which MotoGP's results were included.
