F1 Revenue Levels Out Despite Two Fewer Races in 2026

The headline number looks like a rebound, but the real story is a business that absorbed a serious hole in its calendar and came out nearly even. Formula 1's revenue has stabilised through the third quarter of 2026, recovering from the dent left by a thin first half of the season.

A rough first half, then a recovery

The cancelled Bahrain and Saudi Arabian rounds, combined with a reshuffled calendar, pushed revenue down 38% over the three months to June 30, 2026, compared with the same period in 2025. That's a steep fall, and it's the figure that explains why the year looked shaky for a while.

Parent company Liberty Media's third-quarter numbers show the damage was largely reversed. Revenue for the nine months to September 30 came in at $2.496 billion, just $2 million below the same stretch of 2025. That's remarkable when you consider the series ran two fewer races over those nine months. Essentially, the lost events were offset by revenue streams that held up or grew around them.

The three-month picture is more flattering still. Q3 revenue rose 28% year on year to $1.115 billion, helped by one additional race falling inside that quarter compared with 2025.

Profit up, EBITDA-style measure down

Operating income over the first nine months rose from $433 million to $450 million, which is a useful signal that the cost base is being managed. Adjusted OIBDA, which strips out depreciation and amortisation, fell 5% to $649 million over the same period. Those two measures don't always move together, and the gap here points to rising costs sitting above the operating line.

Those costs are easy to name. Fees paid to the FIA, freight, administrative expenses (largely higher personnel costs) and information technology spending have all eroded income. Lower costs tied to hosting at the F1-owned Grand Prix Plaza in Las Vegas offset some of that pressure, which is why the balance sheet looks healthier than the adjusted figure alone would suggest.

Where the growth is coming from

Primary race revenue fell with the cancelled events, as you'd expect. The gains came from sponsorship and hospitality, which is the part of the model that teams and promoters watch closely because it's less dependent on a single race weekend going ahead.

Partnership and licensing deals with Liqui Moly, Standard Chartered, Disney and Mattel added to the books over the quarter, as did F1's flagship pop-up stores and hubs. Taken together, that's a sign the series is squeezing more value out of its brand beyond the track.

Demand at the events themselves is also holding. Domenicali said every race this season has sold out, with more than half setting attendance records. Through Austin, F1 had welcomed 5.8 million fans and logged 18 consecutive sold-out events, with 11 races setting new attendance marks. F1 is now exploring extra Paddock Club hospitality capacity in Shanghai, Silverstone, Austria and "several other races", which tells you where the premium demand is concentrated.

The Middle East question still hangs over the calendar

Domenicali expects the 2026 season to run 23 races, one fewer than in 2025. Conflict in the Middle East puts the Qatar and Abu Dhabi Grands Prix at risk, and the Bahrain round was instead staged in Malaysia. Domenicali called that a success and pointed to the series' ability to find workable alternatives. He also said the disruption doesn't change the long-term regional strategy or the promoter partnerships, and that F1 still plans to finish the season in Qatar and Abu Dhabi.

That's the number to watch. Two races are a material chunk of revenue, and if the Gulf rounds slip again, the year-end comparison could look different from the nine-month figure. Teams in this position usually plan around hosting flexibility and contract terms that cover rescheduling, but the specifics here haven't been spelled out in the source material.

Looking ahead to 2027 and new markets

The 2027 calendar has been announced with 10 sprint events. F1 has also pointed to a future African Grand Prix in Rwanda in the 2030s and a launch event in Milan in February 2027. Domenicali framed Africa as a long-term growth bet, saying more than 100 million people are estimated to be F1 fans there already, with almost 60% of fans in key sub-Saharan markets under 35.

Digital reach is growing alongside that. Social media following reached 129 million, up 16% year on year. Total YouTube views have passed 1.7 billion, up 30%, and race highlights account for 217 million of those views, a 25% rise.

My read: the revenue story is less about a comeback and more about resilience. The series lost races, still held its ground on revenue, and grew sponsorship, hospitality and digital audiences. The watch-point for 2026 is whether the Gulf rounds run as planned and whether rising costs keep eating into operating margins. If the 2027 calendar goes ahead as announced, that stabilised base gives F1 room to push its hospitality and digital growth harder.