The 2026 Formula 1 season once again highlights the extraordinary financial scale of the sport, with all 22 drivers on the grid commanding impressive salaries and contract terms. From multi-year mega deals to short-term agreements filled with performance clauses, the current driver market reflects both stability at the top and uncertainty further down the field.
Formula 1 remains one of the most lucrative arenas in global sport, rewarding elite talent with substantial earnings. However, not all drivers are paid equally. Salaries are heavily influenced by performance, experience, marketability, and the competitive strength of the team. While a select group earns vast sums, others rely significantly on sponsorship backing to secure and maintain their place on the grid.
The arrival of Lewis Hamilton at Ferrari ahead of the 2025 season reshaped the financial landscape in Formula 1. The seven-time world champion secured one of the most valuable contracts in the history of the sport, placing him among the highest-paid athletes worldwide. Only Max Verstappen currently earns more on an annual basis.
Meanwhile, several drivers have recently committed their futures with long-term agreements, including reigning 2025 world champion Lando Norris. At the same time, a number of drivers face uncertain prospects, with contracts set to expire at the end of 2026, increasing pressure to deliver strong performances.
Below is a comprehensive and updated overview of every Formula 1 driver’s contract status in 2026, including estimated annual salaries and deal durations.
Ferrari
Charles Leclerc
Contract: Until the end of 2029
Salary: Approximately £27.7 million per year
Charles Leclerc has established himself as the cornerstone of Ferrari’s long-term project since joining the Scuderia in 2019. The Maranello-based team moved early to secure his services, extending his contract in 2024 through to the end of the 2029 Formula 1 season.
Despite a challenging 2025 campaign for Ferrari, Charles Leclerc remained a consistent performer, collecting seven podium finishes. However, the lack of race victories highlighted the team’s struggles to compete at the very front. His current salary reflects his status as team leader, although it does not include significant performance bonuses.
Lewis Hamilton
Contract: Until the end of 2027
Salary: Approximately £53.2 million per year
Lewis Hamilton endured a difficult debut season with Ferrari in 2025, marking the first time in his Formula 1 career that he failed to secure a podium finish across an entire championship campaign. It is understood that both the driver and the team expect a stronger showing under the 2026 technical regulations, which are believed to better suit Lewis Hamilton’s driving characteristics.
Lewis Hamilton remains the second-highest-paid driver on the grid, earning over £50 million annually. His current Ferrari agreement runs until the end of 2027, although performance-related bonuses are relatively modest compared to his base salary.
Mercedes
George Russell
Contract: Multi-year (performance-based)
Salary: Approximately £19.6 million per year
Following the departure of Lewis Hamilton to Ferrari, George Russell stepped into the role of team leader at Mercedes. His position within the team was not entirely secure heading into 2025, but consistent results, including two victories and a fourth-place finish in the Drivers’ Championship, ensured a contract renewal.
The new agreement is believed to include performance-related clauses, effectively making it a “1+1” structure. With Mercedes producing one of the most competitive cars under the 2026 regulations, George Russell is expected to contend for the title, which would further solidify his position within the team.
Kimi Antonelli
Contract: Reportedly until 2029
Salary: Approximately £9.4 million per year
Kimi Antonelli’s promotion to a long-term contract reflects Mercedes’ continued faith in the young Italian driver. Despite an inconsistent rookie season, during which he still managed to score points regularly, the team opted to invest in his development.
His new deal represents a significant salary increase compared to his debut season, underlining Mercedes’ belief in his long-term potential. With a competitive package in 2026, Kimi Antonelli could emerge as a genuine contender in the championship battle.
McLaren
Lando Norris
Contract: Until the end of 2028 (with option for 2029)
Salary: Up to £43.4 million including bonuses
Lando Norris has been a central figure in McLaren’s resurgence, remaining loyal to the Woking-based team throughout his Formula 1 career. That commitment was rewarded with the 2025 Drivers’ Championship, marking McLaren’s first drivers’ title since Lewis Hamilton in 2008.
His current contract extension ensures continuity, while a combination of base salary and performance incentives elevates him into the top tier of earners in Formula 1.
Oscar Piastri
Contract: Until the end of 2028
Salary: Approximately £28.3 million including bonuses
Oscar Piastri has rapidly developed into one of the most competitive drivers on the grid. After securing multiple victories and mounting a serious title challenge in 2025, he further strengthened his reputation as a future world champion contender.
His long-term contract with McLaren reflects both his results and his potential, with performance-related bonuses significantly boosting his overall earnings.
Red Bull
Max Verstappen
Contract: Until the end of 2028
Salary: Approximately £57.4 million per year
Max Verstappen continues to set the benchmark in Formula 1, both in terms of performance and financial value. His current deal makes him the highest-paid driver on the grid, following a dominant period that included four consecutive world titles from 2021 to 2024.
Importantly, his contract contains exit clauses linked to performance under the new regulations, meaning his long-term future could depend on Red Bull’s competitiveness in 2026.
Isack Hadjar
Contract: Until the end of 2026
Salary: Up to £3.8 million
Isack Hadjar’s promotion to Red Bull represents a major step forward in his career. Like several drivers before him, he signed a short-term contract, reflecting the team’s tendency to evaluate drivers on a year-by-year basis alongside Max Verstappen.
The move also brings a substantial increase in salary compared to his previous deal.
Williams
Alex Albon
Contract: Until the end of 2027
Salary: Approximately £6 million
Alex Albon has played a crucial role in Williams’ upward trajectory, helping transform the team from a backmarker into a competitive midfield contender. His consistent performances were instrumental in securing a strong Constructors’ Championship result in 2025.
Carlos Sainz
Contract: Until the end of 2026 (options for extension)
Salary: Approximately £9.8 million plus bonuses
After departing Ferrari to make room for Lewis Hamilton, Carlos Sainz opted to join Williams despite interest from multiple teams. His decision reflects a long-term project perspective, with contractual options that could extend his stay beyond 2026.
Aston Martin
Fernando Alonso
Contract: Until the end of 2026
Salary: Approximately £20 million
Fernando Alonso, the most experienced driver on the grid, signed a contract extension that could potentially mark the final chapter of his Formula 1 career. It has been indicated that this agreement may be his last, with the Spanish driver aiming to finish on a competitive note.
Lance Stroll
Contract: At least until 2026
Salary: Approximately £10.2 million
Lance Stroll continues at Aston Martin under a contract structure that remains partially undisclosed. Backed by long-term investment from the team’s ownership, his position appears secure in the short term.
Other teams and key drivers
Across the remainder of the grid, a mix of experienced names and emerging talents continue to shape the competitive landscape. Drivers Pierre Gasly, Esteban Ocon, and Nico Hulkenberg provide stability, while younger prospects including Oliver Bearman, Gabriel Bortoleto, and Arvid Lindblad represent the next generation of Formula 1 stars.
Several of these drivers are operating under shorter contracts, particularly those in midfield and lower-tier teams, where performance remains the key determinant of long-term security.
Conclusion
The 2026 Formula 1 driver market illustrates a clear divide between established superstars and those still fighting to secure their futures. At the top end, figures like Lewis Hamilton and Charles Leclerc continue to command significant salaries and long-term commitments, reinforcing their value both on and off the track.
At the same time, the evolving technical regulations and increasing competitiveness across the grid mean that contract stability is far from guaranteed. As the season unfolds, performance will remain the ultimate currency in Formula 1, influencing not only championship battles but also the next wave of contract negotiations.
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