Formula One Group (FWONA) Q4 2025 earnings summary

Executive summary

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

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

• Positioned as a premier global sports investment vehicle anchored by F1 and MotoGP, both delivering record fan attendance and engagement, with new sponsorships and broadcast agreements.

• Focused on operational excellence, disciplined capital allocation, and unlocking long-term value in both F1 and MotoGP.

Financial highlights

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

• MotoGP revenue rose 14% to $573 million, Adjusted EBITDA/OIBDA up 15% to $201 million, and operating income up 86% to $54 million.

• Year-end cash and liquid investments totaled $1.1 billion; principal debt was $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 discontinued operations and noncontrolling interests.

Outlook and guidance

• Continued deleveraging expected at MotoGP in 2026.

• Team payments as a percent of pre-team share Adjusted EBITDA expected to improve by ~200 basis points in 2026, then remain stable through 2030.

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

• Ongoing investment in commercial functions and fan experience at MotoGP; F1 expects further growth in sponsorship, media rights, and hospitality.