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Red Bull Racing made a lot less profit despite dominant 2023 season
Red Bull Racing have released their 2023 annual results, and they show that a lower amount of profit came from their dominant 2023 season compared to their results in 2022. However, the Austrian team did see its revenue rise thanks to their superb performances last season, leading to additional payments from sponsors
In what was one of the most dominant seasons in the history of Formula 1, Red Bull won 21 out of 22 races last year, with the Singapore Grand Prix the only race they could not win as a team, with Ferrari and Carlos Sainz finding the pace to beat the magnificent RB19. The superb season for the Austrian team has therefore led to fine financial figures.
Turnover and gross profit
Annual turnover rose from £278.03 million to £307.47 million. According to Red Bull, this was due to "success-based payments, reflecting the team's performance in 2023".
However, their gross profits did decline. In 2022, the Milton Keynes-based team recorded a gross profit of £24.90 million. In 2023, it was 'only' £19.69 million.
Horner and Marko salary
The report also reveals how much CEO and team boss Christian Horner and team advisor Helmut Marko earn. Red Bull employs two directors, and their salaries are mentioned in the financial figures. The highest-paid director (Horner) received about £7 million, while the other director, Marko, was credited about £200,000 last financial year. It should be added that Marko gets most of his salary from Red Bull GmbH headquarters.
Red Bull Technology reported revenue of £446.2 million in 2023, up £60.5 million from 2022. Profit was £11 million in the last calendar year. Red Bull Advanced Technologies realised a turnover of £10.662 million, with a loss of £35,000.
This article was created in collaboration with Corwin Kunst