Liberty Media lines up record F1 year as Q3 revenue nudges $869m, Apple deal and Baku extension add fuel
Liberty Media’s F1 machine is still shifting up through the gears. The company reported $869 million in Formula 1 revenue for the third quarter, up $8m year-on-year, putting 2025 on course to be Liberty’s biggest season financially since it took control in 2017.
Year-to-date F1 revenue stands at $2.498 billion — already level with Liberty’s full-year haul from 2022, with the sport’s historically strong fourth quarter still to come. The final three months have topped $1bn in each of the last two years, which tells you where this is heading.
Teams are feeling the tailwind too. Liberty says $968m has been paid out to the grid so far in 2025, about 39% of F1’s take, with $341m landing in Q3 alone. As ever, the final pot is driven by the season’s income and the previous year’s finishing order. PlanetF1.com estimates that reigning Constructors’ champions McLaren have banked roughly $114.6m from the base prize pool. Thanks to long-standing success-related bonuses baked into the system, Mercedes is believed to have received around $159.6m and Ferrari about $192m.
Beyond the headline numbers, the commercial runway looks clear. Liberty has sealed a United States broadcast deal with Apple, replacing ESPN in what remains a crucial growth market. Fresh agreements have also been announced with Globo in Brazil and Televisa in Mexico, both markets that reliably deliver eyeballs and energy.
On the race-hosting side, the Azerbaijan Grand Prix has inked a four-year extension. Baku doesn’t just bring drama on the streets; it brings a sizeable cheque. The event is believed to be one of, if not the highest-paying on the calendar, worth an estimated $60m per year — exactly the kind of certainty Liberty likes in its ledger.
The broader motorsport portfolio is moving too. Liberty’s MotoGP interest delivered $169m in Q3 revenue with operating income of $26m, offering shareholders an early glimpse of the two-wheeled upside alongside F1’s established juggernaut.
Strip it all back and the picture is simple: F1’s business model — a blend of long-term race contracts, richer media rights, and a prize structure that keeps teams invested — is doing what it was designed to do. The rights holder gets its record year in sight. The teams get their cheques on time. And fans get a calendar that isn’t shy about premium markets or premium showpieces.
There’s more to watch in Q4, of course. Apple’s arrival will be parsed endlessly across the paddock and boardrooms alike, and attention will linger on how those US rights translate into reach and product. For now, the trajectory is unmistakable. F1 is still growing into the most lucrative version of itself, and Liberty’s numbers show there’s plenty of road left.
