Wow that is pretty high. Does that include drivers salaries?
F1 budget cap is 215millions. Imagine what ROI a team could get from that. WRC is just too expensive for teams.
Yup the budget cap was a game changer for F1 and made the teams sustainable for the first time in the F1 history. Which led to insane value gain. Back in days teams were burning money as a marketing tool, now they not only make money, but also can sell the team for more money than they ever invested. Also the popularity means insane prize money, in 2025 it was over 1.25 billion.
In F1 it's mainly the popularity combined with the budget cap, which plays into multiple factors: Popularity means interest of sponsors, which means that pretty much all the teams are able to cover the budget from the sponsorship money and prize money because the budget is set, and the days of some teams investing 600 millions per year while others just 40 millions.
Haas is probably the only team that operates well under the cost cap, but even they started to invest into the operation above the bare minimum and make they own development instead of outsourcing everything to Dallara and Ferrari. Audi and Cadillac are also probably putting money into operational costs, besides the infrastructure investments.
Limited grid space means the value of the teams is insane. Average value is 3.6 billion – Ferrari is valued to around 6.4b, while Haas around 1.5b. It's pretty much impossible to get into F1 other way than buying an existing team, it's a miracle that Cadillac was able to do so, and it costed them over 1b and backstage politics that involved FBI and nearly started a war between F1 and FIA.
Still, it's important to say that it may be a sort of bubble (but I don't think it is tbf). After all back in days teams were selling for 1 pound, Mercedes/INEOS/Toto Wolff got the Brawn GP for around 120 millions in 2010, Stroll got Force India for around 100 milion pounds (buy out of assets inc. debts) in 2018. Both just the fraction of money they had to pour into operational costs.
The economical state of F1 is insane. Kind of miracle. While it's partly thanks to the bunch of favorable factors, the budget cap is definitely one of the most important. So a budget cap won't make WRC profitable itself, but could definitely help get closer to it.