The 2026 Formula 1 season revealed a significant financial effect of the changes in the category’s calendar. Liberty Media recorded $764 million in revenue in the second quarter, a 38% drop compared to $1.226 billion in the same period in 2025.
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The main reason for this difference was the number of races held between April and June. There were only five rounds this year, compared to nine in 2025, reducing opportunities for revenue recognition from race promotion, media rights, and sponsorships.
The main F1 revenue, which includes these three sources, fell 40%, from $1.032 billion to $622 million. In the same period, operating profit dropped from $293 million to $73 million, while adjusted OIBDA went from $361 million to $139 million.
The impact also appeared in payments to teams. In the second quarter, it was $316 million, compared to $513 million in the same period in 2025. In the first half of the year, the difference reached $127 million, with $500 million paid this year, although this amount cannot be treated as a definitive loss, since the financial model depends on the timing of revenue recognition.
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Instability in the Middle East directly contributed to the problem, with the Bahrain and Saudi Arabia GPs not being held on their original dates in the calendar. The later inclusion of Malaysia raised the forecast to 23 races, but still below the 24 rounds held in 2025, and may also present differences in promotion fees, hospitality, and operational costs.
For the teams, such changes can also affect cash flow and car development planning. Still, Liberty highlighted growth in audience, attendance, and digital engagement, indicating that the financial decline was mainly linked to the calendar. The results show how geopolitical events capable of altering the Formula 1 schedule can also produce significant consequences in its commercial structure.
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