Michael is "fighting for his life" and doctors say he is in "a very serious situation."
"We cannot predict the future for Michael Schumacher," his anaesthetist Jean-Francois Payen said from Grenoble Hospital.
The seven-time F1 champion was taken to the hospital after he hit his head on a rock while skiing off-piste with his son in the French ski resort of Meribel.
"We operated urgently to try to eliminate the haematoma," Jean-Francois said. "After the operation we saw that we had been able to eliminate these haematoma but also sadly the appearance of various bilateral lesions.
"So therefore he was taken to intensive care to try to help.
"It's too early to say what is going to happen and to have a prognosis. Taking into consideration the very violent shock, his helmet did protect him to a certain extent, of course.
"Somebody who would have this kind of accident without a helmet, certainly, he would not have got to here."
His family are at his bedside.
The German race driver, who turns 45 on 3 January, is said to be a keen skier. He was with his 14-year-old son Mick at the time of the accident.
He retired from F1 for a second time in 2012 having won seven world championships and secured 91 race victories during his 19-year career.