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.

• Formula 1 and MotoGP both showed robust growth and engagement, with F1 benefiting from an extra race and new sponsorships, and MotoGP seeing increased fan engagement and record attendance.

• Operating income improved to $64 million from a loss of $67 million in Q1 2025, reflecting stronger Formula 1 performance and reduced acquisition costs.

• Net earnings from continuing operations were $53 million, up from $17 million in the prior year.

• Strategic priorities include sustaining F1 momentum, positioning MotoGP for growth, and disciplined capital allocation.

Financial highlights

• Q1 2026 revenue grew 59% year-over-year to $711 million, with Formula 1 revenue up 53% to $617 million and MotoGP revenue up 25% to $94 million.

• Adjusted OIBDA increased 148% year-over-year to $181 million, outpacing expense growth.

• Cash and cash equivalents totaled $1.33 billion at quarter end, up $277 million from year-end 2025.

• Total debt was approximately $5 billion; net leverage stood at 3x.

• Net cash provided by operating activities was $357 million.

Outlook and guidance

• Largest financial impact from canceled F1 races expected in Q2, with only five races versus nine last year.

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

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

• Expect roughly 200 basis point improvement in leverage for the full year; payout percentage to teams expected to remain stable under the new Concorde Agreement.

• Potential to reschedule one F1 race later in the season; ongoing evaluation of calendar adjustments.