The latest financial report from F1 reveals that its total revenue was $744m (£616m) in the second quarter of the year compared to $501m (£415m) in the same period last year.
Interestingly, both quarters, which cover the months April to June, comprised 7 races, and when combined with the $360m (£298m) revenue in the first quarter - which was double the amount recorded over the same period last year - brings F1's revenue to the first six months of the year to $1.1bn (£911m).
Team payments for the second quarter are up 19% compared to 2021, from $308m (£255m) to $368m (£304m), while primary revenue, which represents the majority of F1's revenue and is derived from race promotion revenue, media rights fees and sponsorship fees, was up 35% from $464m (£384m) to $628m (£520m).
Operating income for the second quarter was $49m (£40m) while in the same period last year there was a loss of $43m (£35m).
"Primary revenue increased in the second quarter with growth across race promotion, media rights and sponsorship," said Liberty Media in its report. "Race promotion revenue increased due to higher fees generated from the different mix of events held and contractual increases in fees. Media rights increased due to growth in F1 TV subscription revenue and increased fees under new and renewed contractual agreements. Sponsorship revenue increased due to the recognition of revenue from new sponsors and higher race-specific revenue generated from the different mix of events held.
"Other F1 revenue increased in the second quarter primarily due to an increase in freight revenue driven by the increased number of events held outside of Europe and inflation in underlying costs, as well as higher hospitality revenue generated from the Paddock Club, which F1 operated at 5 races in the second quarter of 2022 but was unable to operate in the prior year period.
"The 2022 season continues to set records," said Stefano Domenicali, "as we've seen exciting action and unpredictable outcomes on the track.
"We are attracting fans in person and across all our platforms," he added. "We are making meaningful progress working with all of our stakeholders including our teams, race promoters, the FIA and business partners towards our goal to hit net-zero carbon by 2030."
Other than the success of Drive to Survive, the figures show that the sport has finally emerged from the nightmare of the pandemic.
However, as Max Verstappen cruises towards what appears to be his second title, F1 bosses will be fearing how this might impact the final quarter should the Dutchman wrap up the title early as expected.
We understand Turk Thrust is on standby.