Red Bull profits shrink despite record-breaking year

Red Bull Racing saw a sharp fall in its profits for the 2023 F1 season despite a record-breaking year on track.

Across the 22 grands prix, Red Bull scooped 21 victories and set a new record in terms of points in the constructors' championship with 860. Max Verstappen won 19 of those 21 races on his way to the most dominant championship victory of all time.

Despite the unprecedented success, Red Bull Racing - a separate entity from parent company Red Bull GmbH - recorded a profit for the year of £1.296 million, according to documents provided on Companies House - a legal requirement for any business operating within the United Kingdom. 

In 2022, the first year of the ground-effect rules, Red Bull again won both F1 titles in the same season for the first time since 2013 and posted an after-tax profit of £2.057 million, leading to a drop last year of almost £800,000.

In terms of turnover, 2023 was the better year for the team with £307 million compared to £278 million in 2022. Costs such as administrative and operating expenses led to before-tax profits of £3.050 million in 2023 and £2.272 million in 2022.

Director wage improves

The documents also show the directors' remuneration rose significantly.

Red Bull Racing has two registered directors - Christian Horner, who is the team principal and CEO, as well as Helmut Marko, the motorsport advisor for Red Bull GmbH.

In 2022, the directors were paid £3.447 million, but this rose to £7.190 million in 2023. 

In terms of the highest-paid director, believed to be Horner, the salary was £7 million in 2023 up from the £3.447 million received in 2022.