Formula One Just Hit Terminal Velocity, Now Comes the Hard Part
Formula One just had a breakout year — naturally, that’s when things get complicated. Under Liberty Media’s turnaround, revenues have nearly doubled to $3.9B, but 2026 brings the sharpest corner yet — a risky Apple deal, radical car overhauls, and several new teams, all at once.
- Since Liberty’s 2017 takeover, operating profit has swung from -$37M to $632M — with global partners more than doubling to include LVMH and Aramco.
- Now, F1 is swapping ESPN’s massive reach for a $700M Apple TV+ deal — a big bet on a platform still finding its footing in live sports.
Speed bumps ahead: The media gambit isn’t F1’s only leap of faith. New technical rules will shrink the cars, simplify aerodynamics, and split combustion-electric power for the first time — changes that veteran drivers have publicly criticized as “anti-racing.” Cadillac and Ford motors are joining the grid, adding a patriotic nod in the quest to deepen US viewership. The season starts in days, is down on the year, and F1 has never asked investors to take more on faith at once.
