F1 Q4 Revenue Falls Despite Increase on Year

Formula 1 Group demonstrated strong financial performance, as total revenue for the year ending December 31, 2024, reached $3.653 billion (AUD$5.495 billion), representing a 6% increase compared to the $3.222 billion (AUD$4.968 billion) reported in 2023.

However, Q4 revenue  dropped to $1.126 billion (AUD$1.736 billion), compared to $1.230 billion (AUD$1.897 billion) in 2023.

F1’s operating income for the full year of 2024 sat at $492 million (AUD$758 million), increasing from $392 million (AUD$604 million) in 2023, while operating income from Q4 fell to $126 million (AUD$194 million), compared to $153 million (AUD$236 million) hte previous year.

The primary revenue sources for F1 include race promotion revenue, media rights fees, and sponsorship fees, contributing 29.3%, 32.8%, and 18.6% of the total revenue for 2024.

Commenting on the financial analysis, Formula 1 president and CEO, Stefano Domenicali, stated: “Formula 1 capped off a record 2024 in race count, revenue and Adjusted OIBDA.”

“We are equally optimistic about 2025 as we mark F1’s 75th anniversary which will provide incremental momentum for our brand.

“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,” Domenicali said.

The fourth quarter reflected an allocation of $17 million (AUD$26 million), and $66 million (AUD$103 million) for the full year in corporate-level selling, general and administrative expenses, including stock-based compensation allocated to Formula One Group.

The operations and assets attributed to Formula One Group primarily encompass Liberty Media’s subsidiaries, specifically F1 and Quint Ticketing.

Notably, the percentage of team payments as it relates to pre-team payment Adjusted OIBDA experienced a decrease from 62.6% in 2023 to 61.5% in 2024, reflecting a positive shift in payouts under the 2021 Concorde Agreement.

Additionally, corporate and other revenue saw growth in both the full year and fourth quarter, particularly due to the inclusion of Quint results and a notable recognition of $33 million (AUD$51 million) and $13 million (AUD$20 million) in rental income pertaining to the Las Vegas Grand Prix Plaza for the full year and fourth quarter.

In the fourth quarter, Quint’s performance was primarily driven by F1 Experiences across six significant races, contributing to its seasonal revenue spike during key events.

Liberty Live Group also reported an allocation of $4 million (AUD$6.2 million) and $11 million (AUD$17 million) in corporate-level selling, general, and administrative expenses for the fourth quarter and full year 2024, respectively, stemming from Liberty Media’s interests in entities such as Live Nation and other minority investments.

The insights from this year’s performance underscore the continued financial strength and expanding global presence of Formula One, positioning it as a vital player in the evolving sports business landscape.

Fan attendance reached an impressive 6.5 million, marking a 9% increase from 2023, while sport’s popularity continues to soar with a cumulative audience of 1.6 billion TV viewers and 97 million social media followers, indicating a robust growth trajectory.

As part of its strategic developments, F1 has renewed several key race promotion agreements, including a multi-year deal for the Belgian Grand Prix, commitments for the Dutch Grand Prix through 2026, the Chinese Grand Prix until 2030, and the Italian and Monaco Grands Prix extending through 2031.

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