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FWONK

Formula One Group

FWONK

Formula One Group • NASDAQ
$95.98 ▲ 0.36% (+0.34)
Market Cap $31.78 B
52w High $109.36
52w Low $75.26
Dividend Yield 0%
P/E -168.39
Volume 541.00K
Outstanding Shares 331.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.078B ▼ $256M ▲ $66M ▼ 6.122% ▼ $0.26 ▼ $248M ▼
Q2-2025 $1.341B ▲ $194M ▲ $382M ▲ 28.486% ▲ $1.53 ▲ $584M ▲
Q1-2025 $447M ▼ $193M ▼ $5M ▲ 1.119% ▲ $0.02 ▲ $108M ▲
Q4-2024 $1.167B ▲ $289M ▲ $-248M ▼ -21.251% ▼ $-0.99 ▼ $-86M ▼
Q3-2024 $911M $206M $117M 12.843% $0.48 $257M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.588B ▼ $17.821B ▲ $9.731B ▲ $7.376B ▼
Q2-2025 $3.14B ▲ $12.485B ▲ $4.633B ▼ $7.852B ▲
Q1-2025 $2.833B ▲ $12.086B ▲ $4.675B ▲ $7.411B ▲
Q4-2024 $2.631B ▼ $11.759B ▼ $4.371B ▲ $7.388B ▼
Q3-2024 $2.666B $11.98B $4.338B $7.642B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13M ▼ $157M ▼ $-3.019B ▼ $982M ▲ $-1.552B ▼ $154M ▼
Q2-2025 $382M ▲ $237M ▼ $61M ▲ $21M ▲ $324M ▲ $215M ▼
Q1-2025 $5M ▲ $381M ▲ $-181M ▼ $-13M ▼ $191M ▲ $348M ▲
Q4-2024 $-248M ▼ $-20M ▼ $-15M ▼ $11M ▼ $-35M ▼ $-43M ▼
Q3-2024 $117M $186M $31M $948M $1.174B $174M

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 statement shows a clear recovery and growth story over the past five years. Revenue has climbed steadily from the pandemic lows, reflecting more races, higher media and sponsorship deals, and stronger hospitality. Profitability at the operating level has improved from losses earlier in the decade to consistent operating profits more recently, suggesting the core business is now structurally sound. However, net income has been uneven, swinging between losses and profits, which hints at the impact of interest costs, non‑cash charges, and one‑off items. In short, the underlying business is stronger and more stable than the headline earnings volatility might suggest, but reported profit can still move around from year to year.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid and gradually improving. Total assets have stayed fairly stable to slightly higher, while shareholders’ equity has trended upward, pointing to value being built over time despite some loss years. Debt levels are meaningful but have edged down from earlier peaks and have not been rising recently, which lowers balance sheet risk compared with the past. Cash on hand has increased in the latest year, giving the company more flexibility to weather shocks, invest, or manage debt. Overall, the company appears better capitalized and somewhat less leveraged than a few years ago, though it still relies on debt as part of its structure.

Cash Flow

Cash Flow Cash flow is a relative strength. After a difficult period at the start of the decade, operating cash flow has been consistently positive and has grown over time, even in years when accounting profit was modest or negative. Free cash flow has generally been positive as well, indicating the business is generating cash after its investment needs. There was a phase of heavier investment that temporarily weighed on free cash flow, but the most recent year shows a combination of solid operating cash and lighter capital spending. This pattern suggests the business model is cash‑generative and can support ongoing operations and some reinvestment without obvious strain, though future investment cycles could change that picture.

Competitive Edge

Competitive Edge Formula One Group holds a uniquely strong competitive position. It controls the exclusive commercial rights to one of the world’s most prestigious sports properties, backed by long‑term agreements with teams, circuits, and the governing body. The Concorde Agreement effectively locks in the top teams and stabilizes the championship, making it difficult for any rival global single‑seater series to emerge at comparable scale. The brand is globally recognized, with iconic events and a calendar that spans key markets, attracting blue‑chip sponsors, broadcasters, and host cities willing to pay for the halo effect. On top of that, F1 has expanded into direct‑to‑consumer streaming, premium hospitality, and esports, deepening fan engagement and diversifying revenue streams. Key risks to this position include dependence on continued fan interest, regulatory and political dynamics in host countries, and the need to balance team economics with commercial growth, but the structural moat today is very strong.

Innovation and R&D

Innovation and R&D Innovation is central to Formula One’s appeal and business model, even though much of the engineering spend occurs at the team level. The series sets increasingly advanced technical rules around hybrid power units, aerodynamics, data usage, and safety, ensuring it remains the technical pinnacle of motorsport. Looking forward, the planned 2026 regulations are a major innovation milestone: more electric power, removal of certain complex components, and mandatory sustainable fuels. These moves are designed to align with the auto industry’s shift toward electrification and decarbonization, attract new manufacturers, and reinforce F1’s relevance. Off the track, the group continues to innovate in digital products, streaming (F1 TV), data‑rich broadcasts, social media, and esports, all aimed at younger and more global audiences. The main execution risks are around delivering the 2026 changes smoothly, keeping racing exciting, and managing costs and competitiveness for teams while pushing technological and sustainability goals.

Summary

Formula One Group today combines a healthier financial profile with a powerful and differentiated sports entertainment asset. Revenues and operating performance have strengthened markedly from pandemic lows, while the balance sheet has slowly improved, with better cash reserves and a somewhat lighter debt burden. Cash generation has become a notable positive, supporting the view that the business model is robust beneath sometimes choppy headline earnings. Strategically, the company benefits from entrenched contractual relationships, a globally admired brand, and multiple monetization levers across media, sponsorship, hospitality, and digital. At the same time, it is leaning into innovation and sustainability, particularly with the 2026 technical overhaul and net‑zero ambitions, which could extend its relevance with manufacturers, partners, and fans. Key uncertainties include how well F1 navigates regulatory changes, geopolitical and economic shocks, and the ongoing challenge of keeping the sport compelling for both traditional and new audiences. Overall, the data points to a maturing, cash‑generative franchise with a strong moat, offset by the inherent cyclicality and complexity of global sports and media.

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