The result marks a 45 percent jump from the same period a year ago, with $840 million of that coming from F1 specifically.
That translated into an operating income of $206.7 million, a 289 percent increase on the previous year.
“We are seeing continued momentum both in financial performance and amplification of our fanbase, including through expanding our methods of fan engagement,” said Stefano Domenicali, president and CEO of Formula 1.
“We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75th anniversary of the FIA Formula One World Championship.
“We recently published our first ever Impact Report and are proud to highlight that we are on track to reach our net zero target by 2030 and continue to prioritize our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.”
Formula 1 primarily achieves its income from three streams, namely race promotion, media rights, and sponsorship.
With three races in the opening quarter this year versus two in 2023, those figures naturally increased proportionally, as did payments to teams.
Payments to teams were $247.8 million in the quarter, versus $170.2 million the year prior, with other costs also up from $142.9 million to $186.9 million.
The Q1 earnings report noted that “Primary F1 revenue increased in the first quarter with growth across race promotion, media rights, and sponsorship partly driven by one more race held in the current period, which resulted in a greater proportion of season-based revenue recognized.
“Race promotion revenue also increased due to fees from the additional race held in the period and contractual increases in fees.
“Media rights revenue also benefited from contractual increases in fees, higher fees from new and renewed contractual agreements and continued growth in F1 TV subscription revenue.
“Sponsorship revenue also increased due to recognition of revenue from new sponsors and growth in revenue from existing contracts.”
On top of its income through primary sources, Formula 1 Group also realised $136.8 million in other revenue, contributing to the $840 million in revenues posted by F1.
During the opening quarter, Formula 1 Group completed the acquisition of Quint, a corporate hospitality organisation active at some F1 events but with interests in other sports.
Revenue generated following its acquisition was accounted for in the $136.8 million of ‘other’ revenue under Formula 1.
Formula 1 (FWONK) stocks closed on Tuesday at $109.53 but rose to $115.69 on Wednesday’s opening following Liberty Media’s earnings announcement, marking a six percent increase.
All values converted from USD to AUD at 1:1.52.
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