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FWONA

Formula One Group

FWONA

Formula One Group • NASDAQ
$87.88 ▲ 0.97% (+0.84)
Market Cap $21.95 B
52w High $99.52
52w Low $68.00
Dividend Yield 0%
P/E -156.93
Volume 45.26K
Outstanding Shares 249.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.085B ▲ $305M ▲ $33M ▲ 3.041% ▲ $0 ▲ $227M ▲
Q2-2025 $0 $7M ▲ $-178M ▼ 0% $-1.94 ▼ $-219M ▼
Q1-2025 $0 $4M $-17M ▲ 0% $-0.19 ▲ $71M ▲
Q4-2024 $0 $4M ▲ $-107M ▼ 0% $-1.17 ▼ $-131M ▼
Q3-2024 $0 $3M $15M 0% $0.16 $28M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.588B ▲ $17.821B ▲ $9.731B ▲ $7.376B ▲
Q2-2025 $308M ▼ $1.371B ▲ $1.86B ▲ $-511M ▼
Q1-2025 $314M ▼ $1.231B ▲ $1.583B ▲ $-374M ▼
Q4-2024 $325M ▼ $1.223B ▼ $1.56B ▲ $-359M ▼
Q3-2024 $388M $1.255B $1.438B $-206M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $233.897M ▲ $697.36M ▲ $-3.008B ▼ $906.513M ▲ $1.458B ▲ $733.76M ▲
Q2-2025 $-178M ▼ $-6M ▼ $0 ▲ $0 ▲ $-6M ▲ $-6M ▼
Q1-2025 $77M ▲ $140M ▲ $-296M ▼ $-11M ▲ $-167M ▼ $113M ▲
Q4-2024 $-109M ▼ $-3M ▲ $0 ▲ $-60M ▼ $-63M ▼ $-3M ▲
Q3-2024 $15M $-4M $-3M $-11M $-18M $-4M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Formula 1
Formula 1
 $850.00M ▲$1.92Bn ▲$400.00M ▼$1.20Bn ▲
Other
Other
 $60.00M ▲$230.00M ▲$50.00M ▼$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Formula One Group’s income picture shows a business that has moved from modest losses toward slight operating profitability, but with a history of uneven results. Revenue appears concentrated in the most recent period, which may reflect changes in reporting or consolidation rather than a sudden shift in the underlying business. Operating profit has turned positive, but bottom-line profitability has not yet been consistently established. Overall, the company looks to be trending in the right direction, yet still carries a track record of prior losses and limited visibility into fully steady earnings.

Balance Sheet

Balance Sheet The balance sheet shows a business with substantial debt and negative shareholder equity, which points to a leveraged and financially thin capital structure. Assets have been growing, and cash on hand has improved, but debt still meaningfully outweighs the company’s recorded equity value. Negative equity can result from past losses, heavy use of debt, or accounting related to prior transactions; it does, however, signal a narrower buffer against shocks. The gradual improvement in the equity deficit is a positive sign, but the balance sheet still leans heavily on borrowing, which adds financial risk.

Cash Flow

Cash Flow Cash flow from operations has been slightly negative for several years, and free cash flow has mirrored that pattern, suggesting the business is not yet consistently self-funding from day‑to‑day activities. Capital spending appears very light, consistent with a rights‑based, asset‑light model rather than a manufacturing or infrastructure-heavy business. Persistent, even if small, cash outflows can mean continued reliance on external financing, group support, or balance sheet flexibility. The scale of the shortfall looks modest, but the pattern underscores the importance of stable future cash generation to support the capital structure.

Competitive Edge

Competitive Edge Formula One Group benefits from a rare and powerful position: it holds long‑term exclusive commercial rights to a globally recognized sport, with a large, loyal, and growing fan base. The combination of strong brand, global media presence, and deep relationships with teams, regulators, broadcasters, and sponsors creates very high barriers to entry for rivals. Its revenue streams are diversified across race promotion, media rights, sponsorship, licensing, and feeder series, which reduces dependence on any single partner or geography. The ecosystem nature of Formula 1—where teams, the governing body, and FWONA all rely on each other—further reinforces its entrenched position.

Innovation and R&D

Innovation and R&D Innovation in this ecosystem is intense, even if much of the direct R&D spend happens at the team level rather than on FWONA’s own balance sheet. Technological advances in hybrid power units, aerodynamics, materials, and data usage keep the sport at the cutting edge and enhance its prestige and appeal. On the commercial side, FWONA is innovating via digital fan engagement, data analytics, and new entertainment formats such as streaming, experiential venues, and content partnerships like “Drive to Survive.” Forthcoming sustainability moves, new engine rules in 2026, and expanded use of data and AI all signal an ongoing push to keep the product relevant, greener, and more engaging for both fans and partners.

Summary

Overall, Formula One Group combines a unique, hard‑to‑replicate global franchise with a more stretched financial profile. Its competitive moat is strong, anchored by exclusive rights, global reach, and multiple revenue streams built around a highly engaging sports product. At the same time, the company carries notable financial leverage, negative equity, and a pattern of slightly negative free cash flow, which all add financial risk and heighten the importance of steady future cash generation. The key watchpoints are continued growth in media and sponsorship, the success of digital and experiential initiatives, and execution on sustainability and 2026 regulations, all against the backdrop of a leveraged balance sheet.

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