Formula 1 reported annual revenue of $2.136 billion (£1.6bn) in 2021 after increasing the number of races on its calendar to 22.
The series made a profit of $92 million (£68m), having lost $386m during the pandemic-struck 2020 season.
The easing of restrictions arising from the Covid-19 pandemic last year meant five more races were held compared to the year before. Many were able to welcome spectators once more and the lucrative Paddock Club, which only operated a single event in 2020, resumed in July last year.
Therefore while F1 held seven races over the final quarter of 2021, as it did the year before, these brought in more money. They contributed $172m (£128m), an increase of 273% compared to the same period in 2020.
That helped F1’s revenues increase by 86% year-on-year. Its pay-outs to teams also rose, by 50%, to $1.068 billion (£800m). The relatively slower rate arose partly due to F1 making one-time payments to teams when they signed the Concorde Agreement in 2020.
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