Revenue growth remains highly erratic, ranging from a 23.9% contraction in 2025Q1 to a 59.1% surge in 2026Q1, while gross margins have fluctuated significantly between 6.7% and 48.0% due to the evolving cost structure of self-promoted events.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 4.75B | 4.48B | 3.65B | 3.22B | 2.57B | 2.14B | 1.15B | 2.02B | 1.83B | 1.78B | 0 | 4.79B | 59M | 4B | 2B | 1.41B |
| Revenue Growth % | 35.1% | 22.69% | 13.38% | 25.22% | 20.46% | 86.55% | -43.37% | 10.67% | 2.47% | - | -100% | 8027.12% | -98.53% | 100.2% | 41.87% | - |
| Cost of Goods Sold | 3.45B | 3.36B | 2.49B | 2.24B | 1.75B | 1.49B | 974M | 1.39B | 1.27B | 1.22B | 10M | 2.72B | 1.63B | 1.82B | 0 | 0 |
| COGS % of Revenue | - | 75.06% | 68.11% | 69.52% | 68.01% | 69.71% | 85.07% | 68.94% | 69.68% | 68.37% | - | 56.68% | 2765.17% | 45.6% | - | - |
| Gross Profit | 1.29B | 1.12B | 1.17B | 982M | 823M | 647M | 171M | 628M | 554M | 564M | -10M | 2.08B | 59M | 2.18B | 368M | 1.41B |
| Gross Margin % | 27.27% | 24.94% | 31.89% | 30.48% | 31.99% | 30.29% | 14.93% | 31.06% | 30.32% | 31.63% | - | 43.32% | 100% | 54.4% | 18.41% | 100% |
| Gross Profit Growth % | - | -4.03% | 18.64% | 19.32% | 27.2% | 278.36% | -72.77% | 13.36% | -1.77% | 5740% | -100.48% | 3420.34% | -97.29% | 491.58% | -73.88% | - |
| Operating Expenses | 555M | 514M | 878M | 685M | 650M | 607M | 615M | 663M | 664M | 604M | 58M | 81M | 175M | 1.36B | 448M | 878M |
| OpEx % of Revenue | - | 11.47% | 24.04% | 21.26% | 25.26% | 28.42% | 53.71% | 32.79% | 36.34% | 33.88% | - | 1.69% | 296.61% | 34.06% | 22.41% | 62.31% |
| Selling, General & Admin | 530M | 35M | 408M | 316M | 288M | 210M | 174M | 210M | 204M | 199M | 58M | 72M | 136M | 764M | 176M | 151M |
| SG&A % of Revenue | - | 0.78% | 11.17% | 9.81% | 11.19% | 9.83% | 15.2% | 10.39% | 11.17% | 11.16% | - | 1.5% | 230.51% | 19.09% | 8.8% | 10.72% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 479M | 470M | 369M | 362M | 397M | 441M | 453M | 460M | 405M | 21M | 9M | 39M | 599M | 272M | 727M |
| Operating Income | 739M | 604M | 287M | 297M | 173M | 40M | -444M | -35M | -110M | -40M | 443M | -81M | -116M | 814M | -80M | 531M |
| Operating Margin % | 15.57% | 13.48% | 7.86% | 9.22% | 6.72% | 1.87% | -38.78% | -1.73% | -6.02% | -2.24% | - | -1.69% | -196.61% | 20.34% | -4% | 37.69% |
| Operating Income Growth % | - | 110.45% | -3.37% | 71.68% | 332.5% | 109.01% | -1168.57% | 68.18% | -175% | -109.03% | 646.91% | 30.17% | -114.25% | 1117.5% | -115.07% | - |
| EBITDA | 1.13B | 997M | 639M | 666M | 535M | 437M | -3M | 418M | 350M | 365M | 453M | -72M | -100M | 1.13B | -38M | 584M |
| EBITDA Margin % | 23.79% | 22.24% | 17.49% | 20.67% | 20.79% | 20.46% | -0.26% | 20.67% | 19.16% | 20.47% | - | -1.5% | -169.49% | 28.21% | -1.9% | 41.45% |
| EBITDA Growth % | 135.7% | 56.03% | -4.05% | 24.49% | 22.43% | 14666.67% | -100.72% | 19.43% | -4.11% | -19.43% | 729.17% | 28% | -108.86% | 3071.05% | -106.51% | - |
| D&A (Non-Cash Add-back) | 390M | 393M | 352M | 369M | 362M | 397M | 441M | 453M | 460M | 405M | 10M | 9M | 16M | 315M | 42M | 53M |
| EBIT | 1.04B | 761M | 225M | 425M | 400M | -34M | -560M | -206M | -8M | -84M | -68M | -81M | -256M | 8.99B | 1.64B | 774M |
| Net Interest Income | -223M | -28M | -208M | -214M | -149M | -123M | -139M | -195M | -192M | -220M | 0 | 0 | -21M | -132M | -7M | -16M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 223M | 28M | 208M | 214M | 149M | 123M | 146M | 195M | 192M | 220M | 19M | 20M | 21M | 132M | 7M | 16M |
| Other Income/Expense | 76M | 129M | -270M | -86M | 78M | -197M | -262M | -366M | -90M | -264M | 57M | -196M | -161M | 8.04B | 1.71B | 227M |
| Pretax Income | 815M | 733M | 17M | 211M | 251M | -157M | -706M | -401M | -200M | -304M | 500M | -277M | -277M | 8.86B | 1.63B | 758M |
| Pretax Margin % | 17.17% | 16.35% | 0.47% | 6.55% | 9.76% | -7.35% | -61.66% | -19.83% | -10.95% | -17.05% | - | -5.78% | -469.49% | 221.29% | 81.49% | 53.8% |
| Income Tax | 171M | 137M | 47M | 27M | -311M | -37M | -112M | -90M | -50M | -561M | 171M | -102M | -248M | -135M | 469M | 165M |
| Effective Tax Rate % | 20.98% | 18.69% | 276.47% | 12.8% | -123.9% | 23.57% | 15.86% | 22.44% | 25% | 184.54% | 34.2% | 36.82% | 89.53% | -1.52% | 28.79% | 21.77% |
| Net Income | 607M | 555M | -30M | 185M | 558M | -190M | -596M | -311M | -150M | 255M | 329M | -175M | -29M | 8.78B | 1.41B | 836M |
| Net Margin % | 12.79% | 12.38% | -0.82% | 5.74% | 21.69% | -8.9% | -52.05% | -15.38% | -8.21% | 14.3% | - | -3.65% | -49.15% | 219.39% | 70.74% | 59.33% |
| Net Income Growth % | 695.1% | 1950% | -116.22% | -66.85% | 393.68% | 68.12% | -91.64% | -107.33% | -158.82% | -22.49% | 288% | -503.45% | -100.33% | 520.93% | 69.14% | - |
| Net Income (Continuing) | 644M | 596M | -30M | 184M | 562M | -120M | -594M | -311M | -150M | 257M | 329M | -175M | -29M | 8.99B | 1.16B | 593M |
| Discontinued Operations | -1000K | -41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 252M | 239M |
| Minority Interest | 674M | 693M | 0 | 0 | 25M | 600M | 5M | 2M | 3M | 2M | 5.96B | 7.2B | 8.78B | 9.8B | -8M | -10M |
| EPS (Diluted) | 2.43 | 2.15 | -0.12 | 0.79 | 2.15 | -0.82 | -2.57 | -1.35 | -0.65 | 1.21 | 1.02 | -0.38 | -0.06 | 17.18 | 8.20 | 4.85 |
| EPS Growth % | 956.63% | 1891.67% | -115.19% | -63.26% | 362.2% | 68.09% | -90.37% | -107.69% | -153.72% | 18.63% | 368.42% | -522.95% | -100.36% | 109.51% | 69.07% | - |
| EPS (Basic) | - | 2.22 | -0.13 | 0.79 | 2.39 | -0.82 | -2.57 | -1.35 | -0.65 | 1.23 | 1.03 | -0.38 | -0.06 | 17.37 | 8.20 | 4.85 |
| Diluted Shares Outstanding | 250.04M | 250.04M | 240M | 234.62M | 244M | 232M | 232M | 231M | 232M | 211M | 321.01M | 463.02M | 475.38M | 511.21M | 172.49M | 172.49M |
| Basic Shares Outstanding | 250.04M | 250.04M | 230.77M | 234M | 233M | 232M | 232M | 231M | 231M | 207M | 318.01M | 463.02M | 475.38M | 505.52M | 172.49M | 172.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational volatility from self-promotion
As reported in recent financial filings, FWONK's revenue growth has exhibited significant quarterly variance, ranging from a 23.9% contraction in 2025Q1 to a 59.1% surge in 2026Q1, reflecting the inherent seasonality and the lumpy nature of race promotion fees and multi-year media rights cycles.
The erratic top-line performance suggests that investors should look past quarterly fluctuations to the underlying multi-year contract renewals. The shift toward self-promoted events introduces a new layer of revenue complexity that may continue to distort year-over-year comparisons in the near term.
Based on the company's reported figures, gross margins have fluctuated between 6.7% and 48.0% over the last ten quarters, indicating that the transition toward self-promoted events like the Las Vegas Grand Prix is fundamentally altering the cost structure and diluting historical margin profiles.
The volatility in gross margins appears to be a direct consequence of the company assuming greater operational risk and capital expenditure for specific events. This transition warrants further investigation into whether the long-term revenue upside of self-promotion can consistently offset the increased burden of direct event costs.
According to recent income statements, operating income has failed to scale linearly with gross profit, as evidenced by the 2025Q4 operating margin of 14.7% despite a significant revenue base, largely due to the variable nature of team payments tied to underlying EBITDA performance.
The team payment structure effectively acts as a profit-sharing mechanism that limits the company's ability to capture full operating leverage during high-revenue periods. Investors should monitor whether future Concorde Agreement negotiations result in a higher percentage of commercial revenue being diverted to teams, which could further compress operating margins.
As indicated by the 2024Q4 net loss of $248 million, the company's pivot toward self-promoted events introduces significant bottom-line risk, suggesting that the previous capital-light licensing model provided a level of earnings stability that the current operational strategy may struggle to replicate in down cycles.
The shift from receiving flat promotion fees to bearing the full operational risk of events may lead to earnings volatility that the market has not fully priced in. If event attendance or sponsorship demand softens, the company lacks the insulation it once enjoyed under its traditional licensing-heavy business model.
Quick answers to the most common questions about buying FWONK stock.
For fiscal year 2025, Formula One Group (FWONK) reported total revenue of $4.48B. This represents a 218.1% increase compared to $1.41B in 2011.
Formula One Group (FWONK) is profitable, generating $555.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.4%.
Formula One Group (FWONK) reported an operating income of $604.0M, resulting in an operating profit margin of 13.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Formula One Group (FWONK) generated $1.12B in gross profit for the year, representing a gross profit margin of 24.9%. This demonstrates the company's core pricing power and production efficiency.