F1 posts record £400 million turnover as profit falls slightly

Newly released financial documents show Formula 1 posted a record turnover of £429.6 million GBP ($ 574.2 million USD) in the 2025 season. 

Uploaded to Companies House, the full accounts for Formula One Management Limited have been published for the financial year ending December 31st, 2025, and thus covering the 24-race campaign of Lando Norris's title-winning season. 

The figures do not cover the 2026 season and the impact of postponed or potentially cancelled grands prix in the Middle East owing to the ongoing Iran War. F1 derives most of its income from race-hosting fees grands prix pay to feature on the calendar, with fewer races meaning less money is put into the pot. 

The impact of the Iran War and potentially cancelled grands prix will not be known until F1's accounts for the 2026 financial year are published in September 2027. 

For the 2025 year, F1 posted a record gross turnover of £429,637 million, climbing from £393,362 million in the 2024 period, a rise of around nine per cent. 

Its cost of sales rose from £192,097 million in 2024 to £207,110 million in 2025, leaving a gross profit for 2025 of £222,527 million, rising from £201,295 million in the 2024 year.

After factoring in administrative expenses of £198,733 million for 2025, F1 has an operating profit of £23,794 million. 

This is up £2.6 million from £21,111 million operating profit in 2024, despite F1 having £18.6 million more in administrative expenses year-on-year.

Once interest is applied, it leaves F1 with a decidely similar profit before tax of £19.958 million in profit before tax in 2025, up just from £19.938 million in 2024.

F1 paid £552,000 in tax in 2025 for its ordinary activities, as opposed to £9.533 million in 2024. 

This means the company recorded an overall profit of £19.406 million for the financial year in 2025, down from £29.471 million in 2024.

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A change in London HQ for Formula 1

Elsewhere, the filing to Companies House, shows that F1 is looking at moving its London offices from St James' Market to new premises in Westminster.

On February 24, 2017, a 15-year lease was signed on the current HQ, with a 10-year break clause on F1's side.

This is now expected to be triggered in 2027, as on February 26th, 2026, F1 entered into a lease agreement for a new head office on Broadway in Westminster, near Buckingham Palace and the Houses of Parliament.

The property "requires fit out and is expected to be available for occupation" from early 2027, with the lease understood to be for 15 years.

Financial statements from UK-based F1 teams are expected by the end of September, including Red Bull, McLaren, Williams, and Aston Martin. 

Mercedes filed its 2025 figures in June.