VS Series

Mercedes F1 v Red Bull Racing

The two teams that owned an era of Formula 1, on the balance sheet

Mercedes F1 leads on turnover, pre-tax profit, profit margin and net assets; Red Bull Racing on growth. Mercedes F1 is the biggest by turnover at £633m, against £524m at Red Bull Racing. Mercedes F1 keeps more of every £100 it takes, £26.60 as pre-tax profit.

The year ends are close enough to compare like for like.

Spark Intel Research Desk·Last updated ·Source: Companies House filed accounts

Accounts compared: Mercedes F1 to Dec 2025 · Red Bull Racing to Dec 2025

Biggest by turnover

Mercedes F1

£633m

Highest profit margin

Mercedes F1

26.6%

Fastest-growing turnover

Red Bull Racing

+6.5%

Who they are

Mercedes F1

Mercedes-Benz Grand Prix Ltd · 00787446Mercedes-Benz Grand Prix Ltd runs the Mercedes-AMG Petronas Formula One team, designing and building its race cars at Brackley in Northamptonshire.In brief: Formula One team · based in Brackley · sponsorship and prize money · Mercedes-Benz, Wolff and INEOS ownershipFull profile →

Red Bull Racing

Red Bull Technology Limited · 05202976Red Bull Technology is the Milton Keynes engineering company that designs and builds the cars raced by the Red Bull Racing Formula One team.In brief: Formula One · car design and engineering · Milton Keynes · owned by Red BullFull profile →

The Numbers

MeasureMercedes F1Mercedes-Benz Grand Prix LtdRed Bull RacingRed Bull Technology Limited
Turnover£633m£524m
Turnover change+0.2%+6.5%
Pre-tax profit£168m£25m
Profit margin26.6%4.9%
Employees1,3481,100
Pay per head£117,000£183,000
Turnover per head£470,000£476,000
Net assets£240m£68m
Bank and cash£29m£9m
Accounts toDec 2025Dec 2025
BasisGroupGroup

The leader on each measure is marked. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).

Category winners

Biggest by turnover

Mercedes F1

£633m

Most pre-tax profit

Mercedes F1

£168m

Highest profit margin

Mercedes F1

26.6%

Fastest-growing turnover

Red Bull Racing

+6.5%

Biggest employer

Mercedes F1

1,348 staff

Highest pay per head

Red Bull Racing

£183,000

Most turnover per head

Red Bull Racing

£476,000

Largest net assets

Mercedes F1

£240m

Most cash

Mercedes F1

£29m

The Takeaway

  1. Mercedes F1 converts the most of its turnover. Of every £100, £26.60 reaches pre-tax profit, against £4.86 at Red Bull Racing.
  2. Mercedes F1 is the largest on the top line, £633m of turnover, 1.2x Red Bull Racing's £524m.
  3. Red Bull Racing is growing fastest, turnover +6.5% on its own prior year.
  4. Mercedes F1 is the biggest employer with 1,348 people; Red Bull Racing pays the most per head, an average staff cost of about £183,000.
  5. Mercedes F1 has the largest balance sheet, net assets of £240m.

Who keeps the most of every £100 of sales?

Mercedes F1 keeps the most: £26.60 of every £100 of turnover becomes pre-tax profit. Red Bull Racing keeps the least, £4.86.

Every profit figure here is the one the company filed.

The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.

Out of every £100 of turnover

£100£0 Payroll: £24.87 of every £100Payroll£24.87Financing: £0.14 of every £100Other costs: £48.39 of every £100Other costs£48.39Profit: £26.60 of every £100Profit £26.60Mercedes F1Year to Dec 2025£633m turnoverPayroll: £38.40 of every £100Payroll£38.40Financing: £0.04 of every £100Other costs: £56.69 of every £100Other costs£56.69Profit: £4.86 of every £100Profit £4.86Red Bull RacingYear to Dec 2025£524m turnover
Payroll (staff costs)Financing (interest paid)Other running costsPre-tax profitLoss: the costs beyond £100

Each column is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.

Who is the biggest, and does the comparison hold?

By turnover the order is Mercedes F1 (£633m), Red Bull Racing (£524m).

By headcount, Mercedes F1 leads with 1,348 employees.

The accounting periods all end in the same month. All are on the same filing basis.

Mercedes F1£633mRed Bull Racing£524m

Turnover on the latest filing

Who is growing fastest?

Red Bull Racing grew fastest, turnover +6.5% on its own prior year, ahead of Mercedes F1 (+0.2%).

Red Bull Racing+6.5%Mercedes F1+0.2%

Turnover change on each company's own prior year

Who employs the most, who pays the most, and who brings in the most per head?

Mercedes F1 employs the most, 1,348 people, against 1,100 at Red Bull Racing.

Red Bull Racing has the highest average staff cost, about £183,000 a head; Mercedes F1 the lowest, about £117,000.

Red Bull Racing brings in the most turnover per employee, about £476,000, against £470,000 at Mercedes F1. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.

Mercedes F1

1,348

employees, about £117,000 pay a head, £470,000 turnover a head, +1.9% on the year

Red Bull Racing

1,100

employees, about £183,000 pay a head, £476,000 turnover a head, +13.5% on the year

Who owns each one?

Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.

Mercedes-Benz Grand Prix Ltd · 00787446

Held by Mercedes-Benz Holdings Uk Limited

A company recorded as a person with significant control.

Who owns Mercedes F1 →

Red Bull Technology Limited · 05202976

Held by Mark Mateschitz

An individual recorded as a person with significant control.

Who owns Red Bull Racing →

What does the full ledger show?

MeasureMercedes F1Red Bull Racing
Registered nameMERCEDES-BENZ GRAND PRIX LTDRED BULL TECHNOLOGY LIMITED
Company number0078744605202976
Incorporated19642004
Accounts filed7 June 20265 October 2026
Turnover, prior year£632m£492m
Pre-tax profit, prior year£158m£19m
Staff costs£158m£201m
Payroll share of turnover24.9%38.4%
Employees, prior year1,323969
Dividends paid£125mn/d
Charges outstanding00

A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.

Mercedes F1 v Red Bull Racing: common questions

Who is the biggest of Mercedes F1 or Red Bull Racing?

Mercedes F1, with turnover of £633m in the year to December 2025.

Which makes the most profit?

Mercedes F1: £168m pre-tax in the year to December 2025.

Which employs the most people?

Mercedes F1, with 1,348 employees in its latest accounts.

Mercedes F1 or Red Bull Racing: which is bigger?

Mercedes F1, with turnover of £633m against £524m at Red Bull Racing on their latest filings. On margin, Mercedes F1 keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

Where do these figures come from?

Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.

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