Since Liberty Media acquired Formula One in 2017, the sport’s revenue has grown by nearly US$2 billion.
Last year, revenue increased 14 per cent year-on-year (YoY) to US$3.87 billion. As a result, the grid is starting to see greater financial returns thanks to increased commercial revenue and prize money, as well as more lucrative sponsorship deals of their own.
Primary Formula One revenue, spanning race promotion, media rights and sponsorship fees, hit US$3.09 billion in 2025. The teams are entitled to around 45 per cent of that figure, which is slightly lower than the series’ total revenue.
Most of the series’ 11 teams file their accounts with Companies House by virtue of being based in the UK, but two teams – Ferrari and Sauber – do not reveal full financial information. Meanwhile, Haas and Cadillac do not report the costs of their US operations.
But who is financially flourishing amid Formula One’s commercial boom? With most financial accounts for 2025 now published, BlackBook Motorsport breaks down the figures.
Mercedes
2025 Revenue: UK£633.4 million (US$835.3 million)
2024 Revenue: UK£632.1 million (US$808.2 million)
2025 Operating profit: UK£166.7 million (US$219.9 million)
2024 Operating profit: UK£156.2 million (US$199.6 million)
Formula One’s most financially successful operation saw its operating profit reach new heights in 2025, delivering a seven per cent YoY increase. That is only set to grow further following Mercedes’ constructors’ championship victory this season, with Sportico reporting that the team’s annual revenue will top UK£750 million (US$1 billion) in 2026.
According to their latest accounts, the increase was largely driven by higher commercial revenues from sponsorship and licensing, which accounted for over UK£415 million (US$557 million) of revenue in 2025. Its financial security is also underlined by a lack of borrowing – the team has a UK£250 million (US$335.2 million) credit facility available until December 2028 which remains undrawn.
The team’s on-track success was fuelled by an investment of UK£145.9 million (US$195.6 million) into research and development last year, representing 23 per cent of its turnover.
Mercedes are also the only team on the grid paying their owners a substantial dividend. Last year, UK£125 million (US$167.7 million) was split between Mercedes-Benz, Ineos, Toto Wolff, and CrowdStrike chief executive George Kurtz.
Interestingly, staff costs rose 26 per cent to UK£157.5 million (US$211.3 million) despite the team’s headcount only rising marginally from 1,323 to 1,348 employees. While not an exact science, the average cost per employee rose from UK£94,500 (US$126,800) to UK£116,900 (US$156,800).
Ferrari
2025 Revenue: US$926 million (Sportico estimate)
2024 Revenue: US$670 million (Forbes estimate)
2025 Operating profit: US$194 million (Sportico estimate)
2024 Operating profit: US$80 million (Forbes estimate)
Ferrari does not publish standalone financial reports for its Formula One team, which is included in the accounts its Italian operating company files on the Registro delle Imprese. As a result, some of the figures below are estimates, guided by industry reporting and sources.
One thing we know for sure is that Liberty Media paid the teams a combined US$1.4 billion in 2025. Around five per cent of this is reportedly guaranteed for Ferrari thanks to the longstanding heritage payment in the Concorde Agreement, which would be in the region of US$70 million.
It is generally understood the remaining money is split into two halves. The first share is divided equally among the teams, and the second share is weighted depending on the constructors’ championship. There is also an additional fund for historic performance. A conservative estimate, therefore, would have Ferrari earning north of US$200 million from central revenue distributions.
The only Formula One-specific revenue included in Ferrari’s group accounts is the €93 million (US$104.1 million) generated from engine sales to customer teams. We also know the wider Ferrari group’s revenue from sponsorship, commercial and lifestyle rose 23.8 per cent YoY to €879.3 million (US$983.9 million).
All told, Sportico estimates Ferrari generated US$926 million in revenue in 2025, helping the team to a US$194 million operating profit.
McLaren
2025 Revenue: UK£588.5 million (US$776.1 million)
2024 Revenue: UK£488.4 million (US$624.4 million)
2025 Operating loss: UK£42.8 million (US$56.4 million)
2024 Operating profit: UK£48.5 million (US$62.0 million)
In a year when McLaren won the constructors’ championship and continued growing their impressive partnership portfolio, it’s no surprise to see a UK£100 million (US$111.9 million) increase in revenue. Notably, this does not include the new naming rights deal with Mastercard, which itself is worth an estimated US$100 million per season.
Despite the revenue increase, the team made a notable loss for the year. However, this largely came down to a staff incentive scheme whereby eligible employees have financial payouts tied directly to the team’s valuation and on-track performances.
Considerable improvement in both areas saw the payout jump to UK£136.2 million (US$182.7 million) in 2025. This also benefitted the team’s highest-paid director, who it has previously been reported is chief executive Zak Brown. The American received UK£8.2 million (US$11 million) for the year, alongside UK£73.7 million (US$98.9 million) from the incentive payout.
Not including the incentive scheme, the team actually made a sizable profit of around UK£93.5 million (US$125.4 million).
In 2025, the team was also fully acquired by McLaren Group, which is majority owned by Mumtalakat, the sovereign wealth fund of Bahrain. As part of this acquisition, the Formula One team took on a UK£110.6 million (US$148.4 million) loan, which will be repayable on demand with interest.
Red Bull
2025 Revenue: UK£523.5 million (US$690.4 million)
2024 Revenue: UK£491.7 million (US$628.7 million)
2025 Operating profit: UK£24.5 million (US$32.3 million)
2024 Operating profit: UK£21.3 million (US$27.2 million)
The team’s turnover increased by a marginal 6.5 per cent YoY, but perhaps the most notable line in Red Bull’s accounts was the UK£67 million (US$89.9 million) in compensation paid to former team principal and chief executive Christian Horner.
Horner was relieved of his duties after a controversial 18-month period, which included accusations of sexual harassment by a female employee. Horner was twice cleared of the claims. As a result of his dismissal, overall administrative costs for the team skyrocketed from UK£90.6 million (US$121.5 million) to UK£174.1 million (US$233.6 million) in the space of a year.
The 2025 accounts also show that the team is focused on improving its long-term performance with UK£67.9 million (US$91.1 million) in capital spending. This figure has remained consistently high over the past three seasons, and UK£43.5 million (US$58.4 million) of this year’s investment went into ‘assets under construction’. This is most likely Red Bull’s new wind tunnel, which is expected to be operational some time next season.
The accounts also confirm that the team currently owes UK£178.1 million (US$238.9 million) to its owner, Red Bull GmbH. This acts as an interest-free loan for the team in place of borrowing from banks, and it reflects the increased capital expenditure to improve the team’s competitiveness.
Aston Martin
2025 Revenue: UK£344.2 million (US$454.0 million)
2024 Revenue: UK£280.7 million (US$358.9 million)
2025 Operating loss: UK£20.4 million (US$26.9 million)
2024 Operating loss: UK£14.6 million (US$18.7 million)
While the team’s turnover jumped by 22.6 per cent YoY, the second-largest increase on the grid, Aston Martin’s operating loss also widened. However, this is far from their worst post-Covid reporting period, with the team recording higher losses between 2021 and 2023.
Aston Martin are yet to post a profit under the ownership of billionaire Lawrence Stroll. The biggest cost increase came from staff costs, which almost doubled from UK£69.8 million (US$93.6 million) to UK£134.1 million (US$179.9 million).
Aston Martin also invest 40 per cent of their turnover – or UK£136.7 million (US$183.4 million) – back into research and development, which is the highest share of the teams that disclose this figure.
Based on accounts filed with Companies House, Aston Martin carry the highest reported debt of any team on the grid. A five-year UK£200 million (US$268.3 million) loan was taken out in 2022 at a nine per cent interest rate and then refinanced in 2024. The team added a further US$40 million loan last year, taking total borrowings to UK£336.6 million (US$451.6 million).
The team’s pre-tax loss in 2025 stood at UK£51.7 million (US$69.4 million) after UK£32.7 million (US$43.9 million) of interest. Net liabilities have risen 26.3 per cent YoY to UK£136.3 million (US$182.9 million).
Alpine
2025 Revenue: UK£287.6 million (US$379.2 million)
2024 Revenue: UK£238.5 million (US$304.9 million)
2025 Operating profit: UK£16.5 million (US$21.8 million)
2024 Operating loss: UK£10.2 million (US$13.0 million)
Alpine’s revenue increase was driven by a 29.5 per cent YoY jump in commercial revenue, which the accounts mainly put down to new sponsors. This drove the team’s swing from the red to the black between 2024 and 2025.
Next year, however, could be more of a struggle for Alpine. Not only will they face the financial impact of finishing last in the constructors’ standings in 2025, but they are also now paying for a customer supply of engines from Mercedes. Alpine’s UK accounts do not include the costs of the Viry-Châtillon engine operation.
While the team has no external or group borrowing, shareholders had to commit to UK£70 million (US$93.9 million) of new shares in December 2025 as forecasts suggested Alpine required more cash to reach March 2027.
Overall, the 2025 accounts hint at why Alpine’s reported US$3 billion valuation is proving a hard sell for potential investors. Mercedes, for example, baulked at the reported US$720 million that Otro Capital sought for its 24 per cent stake in early 2026.
Williams
2025 Revenue: UK£244.0 million (US$321.8 million)
2024 Revenue: UK£179.8 million (US$229.8 million)
2025 Operating loss: UK£20.0 million (US$26.4 million)
2024 Operating loss: UK£42.3 million (US$54.0 million)
Williams delivered the largest YoY revenue jump on the grid. That was mostly driven by a wave of new sponsorship deals, including its title partnership with Atlassian, which team principal James Vowles called “one of the biggest deals in the sport”. Despite the increase, the team still recorded a UK£20 million operating loss.
Dorilton Capital also did not directly invest any money for the first time in 2025. Between 2020 and 2024, it put UK£284 million (US$381 million) into new shares, including UK£112.4 million (US$150.8 million) in 2024 alone. That came amid a positive operating cash flow of UK£29.6 million (US$39.3 million), the first positive figure of the Dorilton era, compared with an outflow of UK£87.5 million (US$116.2 million) in 2024.
Meanwhile, capital expenditure rose to UK£37.4 million (US$50.2 million), compared to UK£14.4 million (US$19.1 million) in 2024, as Williams continue to endeavour to modernise their Grove headquarters within the limits of the cost cap.
Racing Bulls
2025 Revenue: €273.6 million (US$309.2 million)
2024 Revenue: €248.5 million (US$269.0 million)
2025 Operating profit: €7.8 million (US$8.8 million)
2024 Operating profit: €3.6 million (US$3.9 million)
Unsurprisingly, €143.1 million (US$160.6 million) – 52 per cent of Racing Bulls’ revenue – came from Red Bull-linked companies, including €110.1 million (US$123.6 million) from Red Bull GmbH itself.
Operating profit roughly doubled, but the team’s profit margin sits at 2.9 per cent. This underlines that Racing Bulls is a team built to cover its costs, rather than necessarily make money. The team also holds no debt after repaying a €38.3 million (US$43 million) to its parent company.
Staff costs increased 21.6 per cent YoY as the team’s headcount rose from 489 to 568, while capital spending also hit €20.1 million (US$22.6 million). This investment included two building plots, production machinery, and IT and track equipment.
Haas
2025 Revenue: US$259 million (Sportico estimate)
2024 Revenue: UK£119.4 million (US$152.6 million, UK company only)
2025 Operating profit: US$12 million (Sportico estimate)
2024 Operating profit: UK£7.5 million (US$9.6 million, UK company only)
Haas’s sponsorship revenue and prize money sits with its US parent company, Haas Formula LLC, which doesn’t publish its accounts. The team also has a design office in Italy, but this company is yet to file its 2025 accounts.
However, the accounts for its Banbury base show the team spent UK£147.4 million (US$165.5 million) on its UK operations in 2025. It shows up as revenue in the accounts as the Banbury operation bills those costs to the US and Italian companies with a mark-up of around nine per cent. This mark-up is why it recorded a profit after tax of UK£6.7 million (US$9 million).
Using the same methodology as for Ferrari, BlackBook Motorsport estimates that Haas likely received around US$100 million in prize money in 2025. Sportico estimated Haas’ total revenue for the year at US$259 million, with an operating profit of US$12 million.
Sauber (now Audi)
2025 Revenue: US$290 million (Sportico estimate)
2024 Revenue: US$240 million (Forbes estimate)
2025 Operating profit: US$14 million (Sportico estimate)
2024 Operating loss: US$25 million (Forbes estimate)
2025 was a transition year for the Swiss-based team, which officially became the Audi works outfit at the start of this season.
As a Swiss company, Sauber is not required to publish its accounts. However, its naming rights deal with online casino Stake is reportedly worth in the region of US$50 million a year. BlackBook Motorsport also estimates that, like Haas, the team likely received around US$100 million in prize money. It is also possible the team incurred losses due to Audi funding a new works programme.
Amid wider financial pressure and cost-cutting at its parent company, the team also secured backing from the Qatar Investment Authority. In November 2024, the sovereign wealth fund acquired around 30 per cent of the team for a reported US$360 million.
Cadillac
2025 Revenue: UK£600,000 (US$805,000)
2024 Revenue: N/A
2025 Operating loss: UK£120.8 million (US$162.2 million)
2024 Operating loss: UK£44.7 million (US$57.2 million)
The fledgling Cadillac operation has invested heavily to get ready for Formula One. While predominantly based in the UK for now, the team is also building its headquarters in Fishers, Indiana, which will not be included in the UK accounts.
Also excluded from the UK accounts are any costs tied to General Motors’ power unit programme or the US$450 million dilution fee paid to compete in Formula One.
The UK accounts do show that the team’s parent company, TWG Cadillac Formula 1 Team LLC, had invested UK£368.2 million (US$494.4 million) in the operation up to 31st December 2025, including UK£304.8 million (US$409.3 million) in 2025 alone. A further UK£96.3 million (US$129.3 million) followed in the first three months of 2026.
In total, the UK operation has recorded losses of UK£179.4 million (US$240.9 million) since 2022. Crucially, all of the parent company’s investment was classified as capital contributions rather than loans, so it carries no interest. In 2025, the team also spent UK£73.6 million (US$98.8 million) on facilities and equipment at Silverstone.