Borussia Dortmund increased its commercial revenue in the 2025-26 financial year despite a significant drop in overall turnover, as a shorter UEFA Champions League run weighed heavily on the German club’s finances.
The Bundesliga side reported total revenue of €460.5 million for the 2025-26 financial year, down 12.4% from the €526 million recorded in the previous campaign.
The decline was primarily attributed to Dortmund’s reduced Champions League performance. The club reached the quarter-finals in 2024-25 but exited in the round of 16 in 2025-26. The comparison was also affected by FIFA Club World Cup revenues being included in the previous financial year.
Dortmund subsequently recorded a net loss of €21.7 million, compared with a €6.5 million profit a year earlier. A €21.5 million increase in net transfer revenue helped partially offset the decline in operating income.
Sponsorship revenue continues to grow
One of the brighter spots in Dortmund’s financial results was its commercial business.
Advertising and sponsorship revenue increased from €153.6 million to €157.9 million, despite the overall decline in turnover. The growth was supported by several prominent new partners joining the club’s commercial network, which now comprises more than 500 businesses.
Among the most significant additions was Vodafone, which became Dortmund’s new primary shirt sponsor ahead of the 2025-26 season on a five-year agreement.
German supermarket chain Rewe also joined the club as its new training-kit sponsor in a deal reportedly worth around €15 million.
Dortmund maintains a strong balance sheet
Despite the €21.7 million net loss, Dortmund management stressed that the club remains financially robust.
Managing director Thomas Treß said the loss was “not satisfactory” but highlighted that the club’s equity remained at around €300 million, while its equity ratio exceeded 50%. Dortmund also incurred no new financial debt and did not draw on overdraft facilities during the year.
CEO Carsten Cramer said the challenging season had provided an opportunity to address structural weaknesses, identify new growth areas and reduce the club’s dependence on player-transfer activity.
“We’ve emerged from last season stronger than ever,” Cramer said.
Break-even target for 2026-27
Dortmund is forecasting a financially balanced 2026-27 season, with an internal projection allowing for a net profit of up to €10 million.
A strong performance in the Champions League will be crucial to achieving that target, both through additional competition revenues and by strengthening the club’s commercial appeal.
The 2026-27 campaign will also mark the final season of Dortmund’s controversial partnership with defence technology company Rheinmetall.
Rheinmetall became a “Champion Partner”, Dortmund’s highest sponsorship category, in May 2024. The agreement immediately drew criticism from sections of the club’s fanbase.
In November 2024, Dortmund members voted to terminate the partnership at the earliest possible opportunity, meaning the agreement will expire at the end of the 2026-27 season.
The club will therefore need to identify a new major commercial partner to fill the top sponsorship position. A deep run in the Champions League could prove particularly valuable in demonstrating Dortmund’s international profile to prospective sponsors.