Mercedes profits soar in final Lewis Hamilton season

Mercedes has reported an after-tax profit of nearly £120 million for 2024, Lewis Hamilton's final season with the Brackley team. 

Hamilton announced even before the 2024 season had begun that he was moving to Ferrari for 2025, bringing to an end his success-laden spell with Mercedes, scoring 84 race wins and six world drivers' championships. 

In his final season, the team enjoyed a strong year financially, with the team boasting a profit after tax of £120,344,000 according to publicly available and legally required documents posted on Companies House in the UK.

This is a sharp rise of £36,498,000 from the 2023 recorded after-tax profit of £83.846 million, with the team stating in the documents, signed by team principal and CEO Toto Wolff, that "higher commercial revenues from sponsorship and licensing accounted for over 60% of income in 2024."

In terms of turnover, Mercedes reported a figure of £636.025 million in 2024, a rise from £546.450 million in 2023, an increase of £89.575 million year-on-year. 

Expenditure also rose from £413.671 million in 2023 to £448.793 million in 2024, with there being one extra grand prix to take into account, along with the return of the flyaway Chinese Grand Prix after a five-year COVID-enforced hiatus. 

Gross profit rose nearly £65 million in 2024 to £187.232 million, which, after expenses, left the team with an operating profit of £160.64 million, a rise of £113.786 million in 2023.

Once interest was recouped in 2024, it left Mercedes with a profit before tax of £164.046 million, a rise of £47.216 million from the 2023 level of £115.830 million. 

Tax of £42.702 million was then paid in 2024, leaving the team with an after-tax profit for the financial year ending December 31st, 2024, of £120.344 million up from £83.846 million in 2023. 

This represents the rise of £36.498 million. 

All UK-based F1 teams are required to submit similar documentation, including Red Bull and McLaren, although these are not due until September 30, 2025, although it is possible to file before this deadline, as Mercedes has done.