Red Bull F1 team reports stronger profits for 2024

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Red Bull Racing has reported stronger profits for its 2024 fiscal year, a season in which Max Verstappen claimed his fourth straight Formula 1 world championship.

The Milton Keynes outfit recorded revenue of £314.409 million ($425 m), up £7m ($9.5 m) from the previous year. Gross profit climbed by £4m ($5.4m), pushing overall profit after tax to £1.681m ($2.27 m) compared with £1.296m in 2023.

That growth came alongside Verstappen’s latest championship success, achieved with nine race victories, five further podiums and a final haul of 437 points – 63 clear of McLaren’s Lando Norris.

In its annual statement, the team tied its financial health directly to its competitive performance.

"The directors consider exceptional on-track performance, evidenced by race and championship wins, strong strategic and commercial partnerships and a controlled cost base to be the principal key performance indicators to assess progress towards strategic goals.

"2024 has been a landmark season, with Max Verstappen achieving his fourth consecutive drivers' world championship.

"The season started strongly, with five wins in the first seven races, before our competitors improved relative performance to pose a substantial challenge in the second half of the season."

Commercial muscle

Alongside Verstappen’s title, Red Bull reported progress away from the track. New partnerships included Visa and a record-breaking apparel deal with Castore, while existing sponsors such as AT&T, Tag Heuer and Exxon committed to long-term agreements.

The team also confirmed the end of its three-year commercial relationship with Bybit. The crypto firm’s deal was believed to be worth around £110 million ($150 m), accounting for roughly £35 million ($50 m) in 2024 alone. Oracle, meanwhile, is thought to contribute double that figure.

Horner’s final year

The accounts also detail Christian Horner’s last full season as team principal. He received £7.046m ($9.4 m) in 2024, a £46,000 increase on the previous year.

Horner was officially removed from his role in July after being sidelined in a non-operational position, with his departure settled via an early termination package worth around £74m ($100 m).

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.