F1 Reveals Distorted 61% Income Loss in Q2 2026 as Calendar Shift Bites

Formula 1's revenue in the second quarter of 2026 dropped 38% compared with 12 months ago, with operating income down 61%, as the loss of races hit its bottom line. The figures, released by owner Liberty Media on Thursday, underscore the significant impact of a reduced race calendar.

Revenue between April and June fell from $1.22 billion in 2025 to $764 million this year, while operating income dropped from $293 million to $73 million. Adjusted OIBDA also declined, from $361 million to $139 million. The downturn is largely due to a calendar that featured only five races in Q2, down from nine in 2025.

Key changes include the Japanese GP moving earlier into March, the cancellation of Bahrain and Saudi Arabian Grands Prix due to Middle East tensions, and Imola being dropped. This led to a 44% decline in race count for the quarter and a 27% drop for the first half of the year, from 11 to 8 races. Despite the apparent alarm, the 38% drop in motorsport revenue for Q1 and 15% for the first six months is not a cause for major concern.

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With Bahrain GP reinstated (albeit in Malaysia in October), the second half of the season should stabilise finances. Q3 will feature seven races, including the Spanish GP in Madrid, versus six in 2025, while Q4 could have eight races if Qatar and Abu Dhabi proceed, compared to seven last year. If those two races are cancelled, CEO Stefano Domenicali has suggested the season could end in Europe, with Imola as the likely finale venue.

The financial hit also affects teams: Liberty reports that teams shared $316 million in Q2, down from $513 million last year, and $500 million for the first half, versus $627 million in 2025. While the calendar is full until 2028, F1 is considering increasing the number of sprint races from next year.

Domenicali told investors on Thursday: "We are going to have more sprint races next year, and we will inform when we announce the [2027] calendar how many. The principle is simple. This is an opportunity to increment the revenue stream that we can really leverage from a commercial point of view." He ruled out sprints at every GP to maintain scarcity, but confirmed an increase.

F1 is also focusing on premium experiences, such as the 'Outlap' dinner with LVMH, priced over €10,000 per head, and sees growth in licensing deals. However, Domenicali ruled out a single AI partner, stating: "We will never give it to anyone or a single partner because that area is too big."

Reported by The-Race, the earnings reveal a distorted quarter but a solid long-term strategy for revenue growth.