FWONA

MKT CAP:$20B

Formula One Group

Market Cap

$20B

Communication Services·Entertainment·🇺🇸 United States·NASDAQ

Communication·Entertainment·🇺🇸·NASDAQ

Stock Price

$81.58-$7.49 (-8.41%)

Apr 23, 2026

Company Details

Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the world championship, approximately a nine-month long motor race-based competition in which teams compete for t...

CEO

Stefano Domenicali

IPO Date

Jan 10, 2013

Website

www.libertymedia.com/companies/formula-one-group.html

Key Metrics TTM

Revenue

$4.1B

+25.6% YoY

Net Income

$235M

EPS (Diluted)

$0.95

Free Cash Flow

$533M

Revenue / Share

$16.20

Gross Margin

32.4%

Operating Margin

11.2%

Net Margin

5.8%

FCF Margin

13.1%

P/S

5.0x

P/E

86.5x

Earnings Reports

Q3 2025

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$4.5B+22.7%EPS $2.15

Q2 2025

Aug 7, 2025

$1.3B+35.7%EPS $1.52

FY 2024

Feb 27, 2025

$3.7B+13.4%EPS -$0.12

Q4 2024

Feb 27, 2025

$1.2B-5.1%EPS -$0.99

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$114M	$33M	-$118M
Q3 18	$647M	$197M	$31M
Q1 19	$246M	$98M	-$58M
Q2 19	$620M	$179M	$14M
Q1 20	$39M	-$4M	-$152M
Q2 20	$24M	$8M	-$136M
Q4 21	$787M	$229M	$62M
Q1 22	$360M	$165M	$19M
Q4 22	$754M	$227M	$41M
Q1 23	$381M	$175M	$16M
Q3 23	$887M	$272M	$107M
Q4 23	$1.2B	$330M	$122M
Q1 24	$587M	$282M	$95M
Q2 24	$988M	$255M	$59M
Q4 24	$1.2B	$312M	$23M
Q2 25	$1.3B	$474M	$280M

Valuation

Quarter	P/S	P/E
Q1 18	4.6x	23.3x
Q3 18	4.1x	19.2x
Q1 19	5.0x	26.9x
Q2 19	5.0x	—
Q1 20	5.1x	—
Q2 20	7.3x	—
Q4 21	9.4x	—
Q1 22	11.4x	—
Q4 22	6.8x	—
Q1 23	6.6x	187.3x
Q3 23	6.1x	41.7x
Q4 23	4.1x	30.2x
Q1 24	4.5x	94.2x
Q2 24	4.0x	53.3x
Q4 24	5.2x	—
Q2 25	5.8x	100.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	$179M	$178M
Q3 18	$33M	$25M
Q1 19	$224M	$216M
Q2 19	-$25M	-$28M
Q1 20	$136M	$134M
Q2 20	-$235M	-$247M
Q4 21	$114M	$107M
Q1 22	$135M	$125M
Q4 22	$118M	$90M
Q1 23	$257M	$195M
Q3 23	$246M	$118M
Q4 23	$65M	-$53M
Q1 24	$140M	$113M
Q2 24	$261M	$248M
Q4 24	-$20M	-$43M
Q2 25	$237M	$215M

Capital Expenditures

Quarter	CapEx
Q1 18	$1M
Q3 18	$8M
Q1 19	$8M
Q2 19	$3M
Q1 20	$2M
Q2 20	$12M
Q4 21	$7M
Q1 22	$10M
Q4 22	$28M
Q1 23	$62M
Q3 23	$128M
Q4 23	$118M
Q1 24	$27M
Q2 24	$13M
Q4 24	$23M
Q2 25	$22M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 18	—	+1264.7%
Q3 18	+574.0%	+250.0%
Q1 19	-60.1%	-47.9%
Q2 19	+8.8%	+11.0%
Q1 20	-65.8%	-17.7%
Q2 20	-96.3%	-74.0%
Q4 21	+219.9%	+138.5%
Q1 22	-41.9%	-43.7%
Q4 22	+1833.3%	+273.3%
Q1 23	+1487.5%	+128.1%
Q3 23	+12.7%	+7.6%
Q4 23	+241.7%	+224.9%
Q1 24	-22.1%	-31.0%
Q2 24	+159.3%	+154.5%
Q4 24	+31.6%	+46.7%
Q2 25	+9.0%	-4.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$6M	5.3%
Q3 18	$7M	1.1%
Q1 19	$7M	2.8%
Q2 19	$8M	1.3%
Q1 20	$6M	15.4%
Q2 20	$6M	25.0%
Q4 21	$8M	1.0%
Q1 22	$3M	0.8%
Q4 22	$4M	0.5%
Q1 23	$5M	1.3%
Q3 23	$4M	0.5%
Q4 23	$6M	0.5%
Q1 24	$13M	2.2%
Q2 24	$6M	0.6%
Q4 24	$6M	0.5%
Q2 25	$6M	0.4%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 18	—	$40M	—
Q3 18	—	$48M	—
Q1 19	—	$46M	—
Q2 19	—	$51M	—
Q1 20	—	$44M	—
Q2 20	—	$40M	—
Q4 21	$112M	—	—
Q4 22	—	—	$96M
Q3 23	—	—	$79M
Q4 23	$65M	$28M	—
Q4 24	$79M	$34M	—

Revenue Segments

Quarter	Formula 1	Other
Q2 25	$1.2B	$138M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.3B	$0	$2.3B
Q2 22	$1.9B	$0	$1.9B
Q3 22	$2.1B	$0	$2.1B
Q4 22	$1.7B	$0	$1.7B
Q1 23	$1.6B	$0	$1.6B
Q2 23	$1.5B	$0	$1.5B
Q3 23	$1.5B	$0	$1.5B
Q4 23	$1.4B	$0	$1.4B
Q1 24	$1.2B	$0	$1.2B
Q2 24	$1.5B	$0	$1.5B
Q3 24	$3.1B	$0	$3.1B
Q4 24	$2.6B	$0	$2.6B
Q1 25	$3.1B	$0	$3.1B
Q2 25	$3.1B	$0	$3.1B
Q3 25	$1.3B	$0	$1.3B
Q4 25	$1.1B	$0	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	233M	0.0%	+30.2%
Q3 18	232M	-0.4%	+29.6%
Q1 19	233M	+0.4%	+8.9%
Q2 19	233M	0.0%	0.0%
Q1 20	234M	+0.4%	+0.4%
Q2 20	237M	+1.3%	+2.2%
Q4 21	232M	-2.1%	-0.4%
Q1 22	236M	+1.7%	+1.3%
Q4 22	250M	+5.9%	+6.8%
Q1 23	237M	-5.1%	0.0%
Q3 23	244M	+3.0%	+5.2%
Q4 23	235M	-3.8%	-0.6%
Q1 24	243M	+3.6%	-2.7%
Q2 24	238M	-2.1%	+0.4%
Q4 24	249M	+4.7%	+2.2%
Q2 25	252M	+1.1%	+7.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	$26.5K	4K
Q3 18	$150.2K	4K
Q1 19	$54.0K	5K
Q2 19	$136.1K	5K
Q1 20	$5.8K	7K
Q2 20	$3.6K	7K
Q4 21	$115.7K	7K
Q1 22	$52.9K	7K
Q4 22	$104.7K	7K
Q1 23	$52.9K	7K
Q3 23	$123.2K	7K
Q4 23	$192.2K	6K
Q1 24	$91.7K	6K
Q2 24	$154.4K	6K
Q4 24	$1M	1K
Q2 25	$1M	1K

Revenue / Employee