Aug 6, 2026 earnings call — F1 and MotoGP quarterly performance and updates
Year-to-date, F1 revenue declined 15% and adjusted OIBDA declined 30%, driven by the change in race count.
Revenue $0.9B (est $1.0B) · EPS $0.02 (est $0.24)
Key quotes
"In the U.S., Formula One's momentum on Apple continues to build with viewership up year-over-year, season to date and total hours watched up 13%."
"More importantly, for the long term, MotoGP completed agreements with all manufacturers and teams through 2031."
"Year-to-date, revenue declined 15% and adjusted OIBDA declined 30%, driven by the change in race count."
Analyst Q&A 6
media rights trends and Las Vegas profit
Q (Kutgun Maral · Evercore): They asked how media rights conversations and economics are evolving across deals and whether media rights revenue is trending up or down as deals renew. They also asked how profitability at the Las Vegas Grand Prix is trending year-over-year and how the 10-year extension affects future financials.
A: Management said they are constantly in discussions with media partners and feel good about their products and recent renewals like Apple and Sky. They said they control and produce the content, have many platforms to reach fans, and that the 10-year extension with Las Vegas strengthens the Grand Prix's potential profitability and long-term growth.
"But through those discussions, you're constantly sort of hearing about what's going on in these markets, whether or not digital players are coming in globally in other markets, what their expansion aspirations are." — Derek Chang (CEO)
business performance and SG&A investments
Q (Stephen Laszczyk · Goldman Sachs): They asked how the business has performed year-to-date and which parts are outperforming. They also asked what is driving SG&A growth and how to think about its pace into the second half and into 2027.
A: Management said calendar timing makes revenue recognition lumpy but sponsorship, licensing, and Paddock Club are performing very strongly. On SG&A, they cited one-time marketing from the 75th anniversary, FX headwinds from the British pound, higher personnel costs, LVGP sales-function buildout, and increased IT spending.
"But if you kind of look through that, we're seeing really good growth on sponsorship as we did last year, we're seeing really strong performances in licensing." — Brian Wendling
commercial licensing and MotoGP deal
Q (Matthew Condon · Citizens Bank): He asked what the key levers are to grow commercial licensing over time. He also asked for an overview and key points of the new agreement with MotoGP teams and manufacturers.
A: They said digital investment will help grow commercial licensing, renewing big partners early is a focus, they will protect the AI area, and they are creating capsules and content to reach more fans. For MotoGP, they secured a 5-year deal aligning teams and manufacturers, are coordinating investment so teams can grow their brands, and expect new regulations in 2027 to improve the racing product.
"The investment on digitalization that Brian was mentioning before will allow us to grow this opportunity even further." — Stefano Domenicali (CEO)
MotoGP costs and sponsorship expirations
Q (David Joyce · Seaport Research Partners): He asked how much of the quarter's costs were for incremental MotoGP growth initiatives. He also asked how much sponsorship is expiring next year that could be upgraded or expanded.
A: They said the investment phase for MotoGP this quarter was limited: higher marketing and some personnel, but SG&A was relatively flat and cost increases were not material aside from a few items. On sponsorships, they said deals flow on a regular 3-5 year cycle but the bigger opportunity is expanding into non-endemic sponsors and growing the audience beyond standard renewal paradigms.
"So far, you're not seeing material increases in the cost base through the investment other than some personnel and marketing costs." — Brian Wendling
Sprint races and Germany media rights
Q (Brent Navon · BofA): He asked how many more Sprint races can be added and how Sprints affect revenue sources like promotion, media, sponsorship, and hospitality. He then asked whether bringing a race back to Germany could help media-rights discussions there.
A: They said Sprint races create more on-track action and will increase revenue opportunities, including new deals, but they want to keep scarcity so value remains. On Germany, they said the market is in flux after RTL/Sky changes and streaming entrants, making it a more robust market; Germany could become an important market again and help media and promoter opportunities, but this is a medium-term development.
"This is also an opportunity to increment the revenue stream for sure." — Stefano Domenicali (CEO)
Paddock Club supply versus demand
Q (Ian Moore · Bernstein): He asked what signals show demand for premium hospitality (Paddock Club) still outpaces supply after adding capacity. He wanted evidence that demand remains stronger than available supply.
A: They said signals are very positive and that for 2028 they have already allocated all Paddock Club hospitality to teams, showing tight supply. They noted promoters and teams are offering new and innovative experiences, strong partner demand, and they will focus on pricing and new offers with promoters to extend this strength.
"I mean, today, I can tell you that today, we are talking about the fact that already next year, 2028, we have already allocated for the teams all the Paddock Club hospitality that we have." — Stefano Domenicali (CEO)