FWONK

MKT CAP:$22B

Formula One Group

Market Cap

$22B

Communication Services·Entertainment·🇺🇸 United States·NASDAQ

Communication·Entertainment·🇺🇸·NASDAQ

Stock Price

$90.65-$7.39 (-7.53%)

Apr 20, 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

Jul 8, 2014

Website

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

Key Metrics TTM

Revenue

$3.9B

+1.0% YoY

Net Income

$256M

EPS (Diluted)

$1.03

Free Cash Flow

$694M

Revenue / Share

$15.34

Gross Margin

31.7%

Operating Margin

8.8%

Net Margin

6.6%

FCF Margin

18.0%

P/S

5.7x

P/E

86.7x

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

Q1 2025

May 7, 2025

$447MEPS $0.02

FY 2024

Feb 27, 2025

$3.7B+13.4%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$39M	-$4M	-$152M
Q2 20	$24M	$8M	-$136M
Q4 20	$485M	$121M	-$41M
Q4 21	$787M	$229M	$62M
Q1 22	$360M	$165M	$19M
Q2 22	$744M	$210M	$49M
Q4 22	$754M	$227M	$41M
Q1 23	$381M	$175M	$16M
Q2 23	$724M	$205M	$52M
Q3 23	$887M	$272M	$107M
Q4 23	$1.2B	$330M	$122M
Q2 24	$988M	$255M	$59M
Q3 24	$911M	$316M	$110M
Q4 24	$1.2B	$312M	$23M
Q1 25	$447M	$122M	-$71M
Q2 25	$1.3B	$474M	$280M

Valuation

Quarter	P/S	P/E
Q1 20	5.9x	—
Q2 20	6.1x	—
Q4 20	9.2x	—
Q4 21	11.0x	—
Q1 22	9.1x	—
Q2 22	6.1x	—
Q4 22	5.5x	48.7x
Q1 23	7.5x	49.4x
Q2 23	6.8x	35.8x
Q3 23	5.9x	32.2x
Q4 23	4.6x	79.6x
Q2 24	4.5x	53.6x
Q3 24	4.8x	60.5x
Q4 24	5.5x	—
Q1 25	6.4x	—
Q2 25	6.7x	101.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$136M	$134M
Q2 20	-$235M	-$247M
Q4 20	$128M	$124M
Q4 21	$114M	$107M
Q1 22	$135M	$125M
Q2 22	$99M	-$142M
Q4 22	$118M	$90M
Q1 23	$257M	$195M
Q2 23	$51M	-$67M
Q3 23	$246M	$118M
Q4 23	$65M	-$53M
Q2 24	$261M	$248M
Q3 24	$186M	$174M
Q4 24	-$20M	-$43M
Q1 25	$381M	$348M
Q2 25	$237M	$215M

Capital Expenditures

Quarter	CapEx
Q1 20	$2M
Q2 20	$12M
Q4 20	$4M
Q4 21	$7M
Q1 22	$10M
Q2 22	$241M
Q4 22	$28M
Q1 23	$62M
Q2 23	$118M
Q3 23	$128M
Q4 23	$118M
Q2 24	$13M
Q3 24	$12M
Q4 24	$23M
Q1 25	$33M
Q2 25	$22M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	-91.9%	-62.5%
Q2 20	-90.2%	-47.4%
Q4 20	-21.8%	-13.2%
Q4 21	+50.5%	+32.8%
Q1 22	+823.1%	+78.5%
Q2 22	+3000.0%	+334.4%
Q4 22	+55.5%	+35.6%
Q1 23	-51.6%	-49.7%
Q2 23	+101.1%	+97.1%
Q3 23	+19.2%	+12.2%
Q4 23	+63.1%	+55.4%
Q2 24	+159.3%	+154.5%
Q3 24	+25.8%	+19.2%
Q4 24	+31.6%	+46.7%
Q1 25	-63.7%	-53.2%
Q2 25	+35.7%	+14.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$6M	15.4%
Q2 20	$6M	25.0%
Q4 20	$4M	0.8%
Q4 21	$8M	1.0%
Q1 22	$3M	0.8%
Q2 22	$4M	0.5%
Q4 22	$4M	0.5%
Q1 23	$5M	1.3%
Q2 23	$5M	0.7%
Q3 23	$4M	0.5%
Q4 23	$6M	0.5%
Q2 24	$6M	0.6%
Q3 24	$6M	0.7%
Q4 24	$0	0.0%
Q1 25	$2M	0.4%
Q2 25	$6M	0.4%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 20	—	$44M	—
Q2 20	—	$40M	—
Q4 20	—	$47M	—
Q4 21	—	—	$69M
Q1 22	—	—	$56M
Q2 22	—	—	$68M
Q4 22	—	—	$96M
Q1 23	—	—	$75M
Q2 23	—	—	$69M
Q3 23	—	—	$79M
Q4 23	$65M	$28M	—
Q2 24	—	—	$91M
Q3 24	—	—	$113M
Q4 24	$79M	$34M	—
Q1 25	—	—	$104M
Q2 25	—	—	$111M

Revenue Segments

Quarter	Formula 1	Other
Q3 24	$848M	$63M
Q1 25	$400M	$47M
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	$2.7B	$0	$2.7B
Q4 24	$2.6B	$0	$2.6B
Q1 25	$2.8B	$0	$2.8B
Q2 25	$3.1B	$0	$3.1B
Q3 25	$1.6B	$0	$1.6B
Q4 25	$1.1B	$0	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	232M	+0.4%	+0.4%
Q2 20	232M	0.0%	-0.4%
Q4 20	232M	0.0%	-0.4%
Q4 21	232M	0.0%	+0.4%
Q1 22	232M	0.0%	0.0%
Q2 22	241M	+3.9%	+3.9%
Q4 22	247M	+2.5%	+6.5%
Q1 23	237M	-4.0%	+2.2%
Q2 23	244M	+3.0%	+5.2%
Q3 23	244M	0.0%	+1.2%
Q4 23	237M	-2.9%	-4.0%
Q2 24	238M	+0.4%	+0.4%
Q3 24	244M	+2.5%	0.0%
Q4 24	249M	+2.2%	+2.2%
Q1 25	257M	+3.1%	+8.4%
Q2 25	252M	-1.9%	+5.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$5.8K	7K
Q2 20	$3.6K	7K
Q4 20	$69.7K	7K
Q4 21	$115.7K	7K
Q1 22	$52.9K	7K
Q2 22	$109.4K	7K
Q4 22	$104.7K	7K
Q1 23	$52.9K	7K
Q2 23	$100.6K	7K
Q3 23	$123.2K	7K
Q4 23	$192.2K	6K
Q2 24	$154.4K	6K
Q3 24	$142.3K	6K
Q4 24	$1M	1K
Q1 25	$406.4K	1K
Q2 25	$1M	1K

Revenue / Employee