Red Bull Technology Ltd, the company that operates the Red Bull Racing F1 team, increased its revenue to £385 million in 2022.
The number represented a 13% boost to its turnover compared to 2021 when it generated £341 million in revenue and left the company with a net after-tax profit of £12.7 million which was a slight decrease compared to 2021 when it earned 13.7 million.
Among RBT’s income stream is embedded the revenue sourced from AlphaTauri to which the group supplies parts and components.
Digging into the numbers and isolating the figures associated with its Red Bull Racing subsidiary, the racing team generated £278 million of revenue – a boost of almost £40 million from 2021 – while after tax profit clocked in at £2.0 million, a slight year-over-year increase from £1.3 million.
Despite finishing runner-up to Mercedes in F1’s 2021 Constructors’ Championship, Red Bull Racing benefitted from an increase of F1’s pay-out to the teams in 2022.
RBR also received a nice windfall from its principal sponsor, American technology company Oracle, which initiated its partnership with the Milton Keynes-based outfit in 2022.
In terms of production costs, RBR noted that the latter were lower thanks to “careful management of spend, strong relative performance and reliability, and limited race event accident damage.”
However, RBT’s administrative expenses were up in part due to the $7.0m or £6.2m fine imposed by the FIA on the team in October 2022 for breaching the previous year’s budget cap.
Company-wide bonuses related to Max Verstappen’s championship success, and to RBR’s constructors’ title victory, added to costs.
RBT had an overall headcount of 736, with 50 people directly attached to RBR. That number was down by 37 compared to 2021 and significantly down – due to the team’s cost cap measures – relative to 2020 when 934 people were listed as working for RBT.
©RedBull
Independently from RBT, Red Bull Powertrains (RBP) also recorded a profit in 2022.
Un until last year, the RBP entity, located on RB’s Milton Keynes campus, was wholly owned by Red Bull GmbH in Austria and serviced the power units supplied to RBR and to Scuderia AlphaTauri that will be used until the end of 2025 while also building its own engine system in collaboration with Ford.
In its accounts filed to the end of 2022, RBP recorded a profit of £5.8 million on a turnover of £184.56 million.
In its financial statement, Red Bull revealed the creation of a new company – Red Bull Powertrains 2026, once again wholly owned by Red Bull GmbH – formed to focus mainly on the team’s future power unit project.
“This has been a period of transition, whereby the activities relating to the implementation of an operation capable of delivering best-in-class power units for the new regulations expected to come into force for 2026, have been separated into a new legal entity, Red Bull Powertrains 2026 Limited,” Red Bull explained.
“These 2022 results, therefore, reflect a hybrid of those two distinct activities, with current generation power unit operations for the entire year, and future generation power unit activities for the first six months.
“It is important to note that the IP generated by Honda Racing Corporation in developing the current generation power unit has not been shared with Red Bull Powertrains or Red Bull Powertrains 2026 Ltd.
“The investment required to furnish a power unit entity with the resources required has again demonstrated the commitment of the Red Bull Group to Formula 1, and the pursuit of exceptional performance.”
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