Formula One Group (FWONA) Q4 2025 earnings summary

Executive summary

• Achieved a highly productive and successful year, meeting all strategic priorities: F1 growth, MotoGP acquisition, and Liberty Live split-off.

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

• Now positioned as a premier global sports investment vehicle anchored by F1 and MotoGP, benefiting from strong industry growth trends.

• Formula 1 and MotoGP both delivered record fan attendance and engagement, with new sponsorships and broadcast agreements secured.

• Focused on operational excellence, disciplined capital allocation, and unlocking long-term value across the portfolio.

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 year-over-year.

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

• Year-end cash and liquid investments totaled $1.06 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 significant discontinued operations and noncontrolling interests.

Outlook and guidance

• Continued focus on deleveraging, especially at MotoGP, and maintaining net leverage targets.

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

• Expect team payments as a percent of pre-team share Adjusted EBITDA to improve by ~200 basis points in 2026, stabilizing thereafter.

• Ongoing investment in commercial functions and fan experience at MotoGP and F1 to drive future growth.