(Former Red Bull Racing Team Principal Christian Horner via Bob Kupbens/Getty)
Despite Max Verstappen winning his fourth consecutive Drivers’ Championship last season, the Red Bull Formula 1 team recorded a profit of just $2.27 million in 2024.
That means the Red Bull Formula 1 team generated a significantly smaller net profit than Mercedes ($161 million) and McLaren ($72.6 million). Even Haas generated more profit last year than Red Bull at $8.7 million — an especially confusing comparison, given that Haas is such a small team that it has to buy the maximum number of car parts allowed from Ferrari each year because it can’t design and manufacture its own.
But while these numbers are shocking, they also don’t tell the whole story. After spending the last few days digging through hundreds of pages of financial documents to unravel Red Bull’s complex web of financial filings, what I have discovered is that Red Bull Racing operates its business unlike any other team on the Formula 1 grid.
So, as a continuation of our series breaking down the finances behind F1’s most successful teams, today’s newsletter will focus on Red Bull Racing. Specifically, we’ll cover the team’s most interesting (and secretive) details, including its annual revenue, profit margins, sponsorship fees, executive compensation, alternative business lines, research and development costs, and why next year’s numbers might be even worse.
We have already done deep dives into the McLaren and Mercedes Formula 1 teams, but this breakdown on Red Bull Racing is far more interesting. It gives an inside look at how one of the world’s most successful sports organizations operates financially.