F1's second-quarter earnings look brutal on paper—revenue down 38 percent, operating income off 61 percent—but the numbers tell a calendar story more than a business crisis. Only five races ran between April and June compared to nine in 2025, a byproduct of Japan shifting into Q1, Imola falling off the schedule, and Bahrain and Saudi Arabia getting cancelled amid Middle East tensions. The 44 percent drop in Q2 race count explains most of the revenue crater.
The back half of 2026 rights the ship: seven races in Q3 versus six last year, eight in Q4 if Qatar and Abu Dhabi survive the geopolitical mess. F1 expects to land at 22 or 23 races total, minimizing the financial hit. Teams felt the squeeze too—$316 million in Q2 payouts versus $513 million a year ago. Stefano Domenicali says the calendar's locked through 2028, but more sprint races are coming in 2027 to juice revenue.
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