Red Bull Racing’s 2023 financials reveal rising revenues, but profits drop amid increased performance-based costs and penalties.
Red Bull announced an increase in revenue for its Formula 1 team, the reigning world champion, during its dominant 2023 campaign.
However, the team, which claimed the constructors’ title for the sixth time last year, saw its profits decrease slightly.
The team reported revenue of €370 million for the 2023 fiscal year, an increase of nearly €36 million compared to the previous period. However, Red Bull’s profits declined slightly over the same period, falling from €2.4 million to €1.5 million. No dividends were paid.
Red Bull noted that “the rise in the cost base is primarily due to success-based payments, reflecting the team’s performance on track in 2023.” This trend is expected to continue this year, as the team’s record 860 points in the world championship led to an increase in its 2024 entry fees to €7.5 million. This is higher than the €7 million fine they had to pay in 2022 for breaching the budget cap introduced the previous year.
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Red Bull Racing’s 2023 financial statements have been released Red Bull Racing’s 2023 financial statements have been released
