Max Verstappen extends contract with Red Bull to 2030 after he weighed up leaving F1

ZANDVOORT, Netherlands (AP) — Max Verstappen says he seriously considered leaving Formula 1 before the four-time champion instead committed to four more years with Red Bull on Thursday.

The announcement of his contract extension ahead of Verstappen’s home Dutch Grand Prix this weekend ends speculation that he could seek a blockbuster move to another team or quit the sport.

It comes despite Red Bull struggling to match the pace of leading team Mercedes this season, and Verstappen's own frustration with how much the 2026 cars rely on electrical power.

“After the first few races (this year), I said to Laurent (Mekies, Red Bull team principal): ‘Don’t come to me with any kind of questions about the future because I don’t even know if I want to stay.’ Honestly, we always kept it very open,” Verstappen said.

He added that talks with F1 and governing body the FIA had persuaded him that “we are slowly working towards something that becomes better and better” with the current cars, while the new contract until 2030 could cover a potential — but not confirmed — return to simpler V8 engines.

“Even if I’m not entirely happy with how the package is, I still love racing, this is still the pinnacle of motorsport, so I still want to be here,” he added.

Asked whether he’d spoken with other teams, he said: “I think I was closer to retiring than changing team.”

Seeing out the contract in full would take Verstappen to 15 seasons with Red Bull. It would be the longest-running driver-team pairing in F1 history. It comes with strong support for team principal Mekies after he replaced the team's founding boss Christian Horner last year.

In return, Mekies laid out how the team is built around Verstappen.

“He’s a lot more than the fastest driver in the world for us,” Mekies said. “He’s the central point of the team. He’s one we always refer to for all the strategic decisions we are making, and to know that he’s going to be with us in order to build that next winning cycle is phenomenal.”

Verstappen, already considered one of F1’s all-time greats at the age of 28, has yet to win a race this season. The 71-time race winner hasn’t had a winless season since his rookie year in 2015.

Verstappen’s previous contract ran through 2028 but reportedly included performance-related clauses which could have potentially allowed him to leave earlier and which fueled speculation he might seek to move.

Red Bull backed Verstappen’s career from childhood and brought him into F1 at the age of 17 in 2015 at its second team, then called Toro Rosso. That made him the youngest driver in series history, a record he still holds.

Still, there had been signs of tension in recent years amid the departures of a series of key staff including Horner last year and car design great Adrian Newey.

Verstappen also raised safety concerns this season after two separate faults with the Red Bull car’s rear wing hurled him into high-speed crashes.

Verstappen had been linked with a move to McLaren after reports of a meeting in June between his representatives and McLaren management. McLaren chief executive Zak Brown said at the time the team didn't have an opening for him and would stick with defending champion Lando Norris and Oscar Piastri, who said Thursday he hadn't been worried for his seat.

Mercedes had also signaled interest in the past.

“Drivers talk with different teams, teams talk with different drivers. Everyone has to just see what their cards are," Mercedes' George Russell said Thursday. "My seat never felt under threat, and I felt 100% security with Toto (Wolff, team principal) and the team. That obviously now continues.”

One driver who had been considered a potential replacement for Verstappen at Red Bull, Carlos Sainz Jr., signed a new contract on Wednesday with Williams.

See AP’s full auto racing coverage here

Red Bull driver Max Verstappen of the Netherlands walks away after a news conference ahead of the Dutch Formula One Grand Prix in Zandvoort, Netherlands, Thursday, Aug. 20, 2026. (AP Photo/Darko Bandic)

Red Bull driver Max Verstappen of the Netherlands attends a news conference ahead of the Dutch Formula One Grand Prix in Zandvoort, Netherlands, Thursday, Aug. 20, 2026. (AP Photo/Darko Bandic)

Red Bull driver Max Verstappen of the Netherlands attends a news conference ahead of the Dutch Formula One Grand Prix in Zandvoort, Netherlands, Thursday, Aug. 20, 2026. (AP Photo/Darko Bandic)

NEW YORK (AP) — Walmart reported its slowest growth in U.S. comparable sales in six years during its most recent quarter, and the retailer’s guidance for the rest of the year was seen as cautious by Wall Street.

Walmart’s second quarter fanned anxiety about the financial well-being of low-income shoppers who are spending cautiously as prices rise at the gas pump and everywhere else.

Company shares tumbled more than 8% Thursday and helped drag the U.S. stock market lower as well.

Walmart’s comparable sales in the U.S., which measure sales at stores open at least a year along with online sales tied to those locations, rose 2.6% in the second quarter. That is down from 4.1% in the first quarter.

Excluding the wellness category that includes Walmart’s pharmacies, comparable sales increased 3.4% in the second quarter. Sales were hit by federal legislation that requires pharmacies to dispense some high-cost Medicare drugs at capped prices, the retailer said. That was still below Wall Street projections of a 3.8% increase, according to FactSet.

Still, Walmart’s quarterly profit, boosted by a $2.9 billion tariff refund, topped expectations, and so did revenue. Walmart says it continues to take market share.

Walmart is using the U.S. tariff refunds to temporarily lower prices on 11,000 items, it said Thursday, particularly on groceries and general merchandise.

The U.S. Supreme Court ruled this year that President Donald Trump overstepped his authority when he imposed double-digit import taxes, meaning U.S. companies were owed refunds from the government.

Yet Walmart is trying to contain prices as it is squeezed by the same pressures hammering the American consumer, namely rising energy costs due to fighting in Iran. The company expects to book an additional $2 billion in incremental fuel costs this year.

Slowing comparable sales, particularly in Walmart stores, also reflect a strategic shift toward e-commerce, Walmart+ memberships and advertising. Walmart’s domestic e-commerce business, which has become a growth engine for the retailer, rose 24%.

U.S. e-commerce now represents 23% in the overall U.S business., Walmart said, double the share five years ago.

“As these businesses scale, they become a more meaningful part of our mix, and they’re changing the shape of our business,” CEO John Furner said Thursday.

Walmart is considered a barometer of consumer spending given its vast customer base. More than 150 million customers are on its website or in its stores every week, according to Walmart.

Walmart’s trajectory may draw even more attention after U.S. data released Friday showed retail sales were surprisingly weak in July. On the same day, a new read on consumers from the University of Michigan revealed growing pessimism about the economy.

Chief Financial Officer John David Rainey said Friday that when gasoline prices rise above $4, the company can feel it.

“There’s a psychological impact to that ... that there are choices that consumers are making,” Rainey said. “June was a little more obvious as we look at the quarter in terms of customers making trade-offs. And it’s why we have leaned so heavily into lower prices.”

The price of a gallon of gasoline ticked higher again overnight, according to AAA, reaching $4.10.

With prices higher, Walmart continues to capture a larger share of wealthier consumers. The biggest gains in market share for Walmart are coming from households with annual incomes over $100,000, the retailer has said.

Walmart’s quarterly net income was $6.37 billion, or 80 cents per share, in the three-month period ended July 31. Adjusted per-share results were 81 cents, easily topping the 74 cents Wall Street had expected, according to FactSet.

Sales rose 5.9% to $187.94 billion. Analysts were predicting $186.62 billion, according to FactSet.

For the third quarter, Walmart expects earnings per share of 62 cents to 64 cents. It projects sales to be up 3% to 3.75%, putting sales in a range of $184.9 billion to $186.23 billion.

For the full year, Walmart now expects earnings per share to be in the range of $2.80 to $2.87, while sales should be up anywhere from 4% to 5%. That would mean a forecast for sales in the range of $741.7 billion to $748.8 billion, according to FactSet.

Analysts expected $2.90 per share and sales of $752.06 billion for the year, according to FactSet.

The Walmart logo is displayed on a store, Aug. 14, 2025, in Manchester, N.H. (AP Photo/Charles Krupa, File)