Formula One Group (FWONA) Q4 2025 earnings summary

Executive summary

• Achieved all strategic priorities for 2025, including sustained F1 growth, completed MotoGP acquisition, and Liberty Live split-off, streamlining the corporate structure.

• Consolidated revenue rose 23% year-over-year to $4.48 billion, with operating income up to $577 million from $287 million in 2024.

• F1 and MotoGP delivered record fan attendance, engagement, and commercial momentum, with new sponsorships and broadcast agreements secured.

Financial highlights

• Formula 1 revenue increased 14% to $3.87 billion, operating income up 28% to $632 million, and Adjusted EBITDA/OIBDA up 20% to $946 million year-over-year.

• MotoGP revenue rose 14% to $573 million, operating income up 86% to $54 million, and Adjusted OIBDA up 15% to $201 million on a pro-forma basis.

• Year-end cash and liquid investments totaled $1.1 billion; principal debt at $5.1 billion.

• Consolidated Adjusted OIBDA grew 20% to $1.07 billion for the year.

• Net earnings attributable to stockholders were $(2.06) billion, reflecting significant discontinued operations and noncontrolling interests.

Outlook and guidance

• Continued focus on operational excellence at F1 and MotoGP, with disciplined capital allocation and further deleveraging.

• Strategic priorities for 2026 include expanding global reach, enhancing fan engagement, and leveraging new sponsorship and media partnerships.

• Expect stable team payment percentages under new Concorde Agreement through 2030 and similar operating leverage improvements in 2026.

• Both F1 and MotoGP see significant upside and are investing in fan engagement and commercial expansion.