Liberty Media F1 Revenue Drops 38% After Middle East Race Cancellations

Liberty Media has reported a 38 per cent drop in Formula 1 revenue for the second quarter of 2026, with income falling to $764 million after the Bahrain and Saudi Arabian Grands Prix were cancelled due to ongoing Middle East conflict. The losses were compounded by the fact that both races rank among the highest fee-paying events on the calendar, leaving three fewer races held through June compared to the previous year.

Why it matters:

The results highlight how vulnerable F1's finances are to geopolitical disruption. Adjusted OIBDA plunged 61 per cent to $139 million, underscoring the sport's heavy reliance on premium hosting fees from its Middle Eastern rounds.

The details:

• Overall F1 revenue fell 38 per cent year-over-year to $764 million for the three months ending June, while adjusted OIBDA dropped 61 per cent to $139 million.
• The Bahrain and Saudi cancellations hit multiple revenue streams, including race hosting, media rights, hospitality and freight, while also reducing team payments.
• Liberty confirmed the Bahrain Grand Prix will run later this season at Sepang in Malaysia, but warned "additional calendar changes may be necessary," including contingency plans for a European finale if Qatar or Abu Dhabi cannot be staged.
• Administrative costs still rose by $11 million in the quarter due to higher personnel and IT spending.

What's next:

F1 CEO Stefano Domenicali has pointed to growth in attendance and digital engagement as reasons for optimism, noting that Apple-partnership viewership has driven total hours watched up 13 per cent year-over-year. A landmark 10-year Las Vegas extension also points to long-term commercial health, though Liberty and the teams must stay ready for further calendar shifts as the season progresses.