Formula 1 has announced its financial results for 2022, with the sport boosting its year-over-year revenue to $2.5 billion amid sustained growth trends and record attendance figures.
Last year, Formula 1's top line increased by 20% from $2.136 billion in 2021 to $2.573 billion in 2022. However, the sport's bottom line improved by a healthy 160%, with operating income growing from $92 million in 2021 to $239 million in 2022.
The two calendar years are comparable as there were 22 races held in each period.
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Primary revenue – which represents the majority of F1’s revenue and is derived from (race promotion revenue, media rights fees and sponsorship fees – grew 14% year-over-year from $1,850 billion to $ 2,107 billion.
Overall, F1 paid out 8% more money to the sport's ten teams, with payments increasing from $1,068 in 2021 to $1,157 billion in 2022.
Formula 1's continued growth in popularity was reflected in last year's attendance figures which clocked in at 5.7 million, a figure that represents a 36% increase from 2019, the last season prior to 2022 that was not impacted by restrictions imposed by the global Covid crisis.
"F1 saw record attendance at its races in 2022 and we were once again the fastest growing major sport on social media," noted F1 CEO Stefano Domenicali.
"We are continuing to build fan engagement through our high-quality broadcast, enhanced content on F1 TV, social channels and new immersive experiences including the F1 Arcade and F1 Exhibition products.
"F1’s global relevance and sustainability efforts are enticing the entry of premier OEMs including Audi and Ford in 2026, and we are confident they will bring significant value to our sport.
“We look forward to a record 23 race calendar this year including, in particular, the inaugural Las Vegas Grand Prix," concluded Domenicali.
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