No matter how you take Stefano Domenicali's 'sold out' claim, F1's financials continue to impress.

For the first quarter, F1 revenue increased 53% from $403m (£295m) in 2025 to $617 (£452m) million, while operating income was $107m compared to a $28m deficit last year.

Adjusted OIBDA increased 102% on 2025, when it was $85m (£62m) , to $172m (£126m), largely from a combination of strong underlying growth, the effect of one extra race held during the quarter and the impact of the expected calendar on revenue and cost recognition.

The teams will be delighted, and therefore continue to support Stefano and whatever he says about the rules, the future of F1 and just about anything else, as team payments were up 61% from $114m (£83m) to $184m (£135m).

While the latest financials credit extended broadcast agreements with Sky in the UK and Italy, Foxtel in Australia and beIN in pan-Asia, these were not actually in the first quarter, nor was the return of the Turkish Grand Prix or the extended Salesforce and Allwyn partnerships and the new multi-year sponsorship agreements with Marsh, FanDuel and Betway.

On the other hand, this year's first quarter consisted of three races, compared to two in 2025, though the second quarter will be affected by the cancellation of the Saudi and Bahrain events, which the powers that be are now desperately seeking to reschedule.

"Liberty Media is off to a strong start in 2026," said Derek Chang, Liberty Media President and CEO, "with sustained momentum across Formula 1 and the implementation of our long-term strategy for MotoGP.

"Formula 1 continues to demonstrate the strength of its global platform, with growing audiences and deepening fan engagement driving robust demand across all commercial elements. We are excited by the meaningful opportunities to expand MotoGP's commercial reach over time.

"We remain focused on disciplined execution, investing behind our world-class brands and evaluating avenues for capital deployment to deliver long-term value for our shareholders."

"We had a thrilling start to the season, both on and off the track," added Domenicali, "with increased overtaking and a highly competitive early season.

"We continue to see positive momentum across our business, including a strong start to our partnership with Apple in the U.S., a renewed multi-year agreement with our long-standing partner, Sky and the addition of new commercial relationships, including those with Standard Chartered and Marsh.

"We remain focused on continuing to evolve the sport - including strengthening how we connect with fans globally and working with the FIA and teams to make the racing product even better. Together, we are committed to delivering competitive racing and continuing our industry leading growth."