Formula One Group (FWONA) Q1 2026 earnings summary

Executive summary

• Revenue rose 59% year-over-year to $711 million in Q1 2026, driven by strong Formula 1 growth and the inclusion of MotoGP results, despite the cancellation of Bahrain and Saudi Arabian Grands Prix due to Middle East instability.

• Formula 1 revenue increased 53% to $617 million, with robust fan demand, commercial partner interest, and media rights momentum, including Apple as the new exclusive U.S. partner.

• MotoGP revenue grew 25% to $94 million, with increased engagement, expanded calendar, and strong U.S. growth indicators, despite an operating loss of $24 million.

• Operating income improved to $64 million from a loss of $67 million in Q1 2025, and net earnings from continuing operations were $53 million, up from $17 million.

• The Liberty Live Split-Off was completed in December 2025, making Liberty Formula One common stock the sole outstanding stock.

Financial highlights

• Q1 2026 revenue grew 59% year-over-year to $711 million, with Adjusted OIBDA up 148% to $181 million, primarily due to Formula 1 and MotoGP contributions and an additional race.

• Cash and cash equivalents totaled $1.33 billion as of March 31, 2026, up $277 million from year-end 2025, driven by operating cash flow.

• Net cash provided by operating activities was $357 million, with $25 million used in investing and $52 million used in financing activities.

• Interest expense increased to $68 million, reflecting higher average debt balances.

• Total debt was $5.02 billion, with a weighted average interest rate of 5.39% on Formula 1 loans and 4.99% on MotoGP credit facilities.

Outlook and guidance

• Largest financial impact from canceled races expected in Q2, with only five races versus nine in Q2 2025; potential to reschedule one F1 race later in the season.

• Formula 1 expects 22 races in 2026, two fewer than 2025, impacting quarterly revenue and cost recognition.

• MotoGP's 2026 calendar maintains the same number of events as 2025, but with a different mix and order, affecting revenue timing.

• Full-year leverage expected to improve by roughly 200 basis points, with payout percentages stable under the new Concorde Agreement.

• Management expects sufficient liquidity to cover projected uses of cash, including investments, debt service, and potential share buybacks.