Real Madrid has become the first football club to generate more than €1.2 billion in annual operating revenue, closing the 2025/26 financial year with another record-breaking performance while posting a profit for the 26th consecutive year.
According to the club’s financial results, consolidated operating revenue, excluding player trading, reached €1.221 billion, up 3.1% from €1.185 billion in the previous season. The Spanish giants reported a net profit of €26.3 million, exceeding both last year’s €24.3 million and the club’s budget projections.
Santiago Bernabéu continues to drive growth
The renovated Santiago Bernabéu Stadium remained a key contributor to the club’s financial performance. Stadium-related revenue increased 11% year-on-year to €363 million, more than double the €175 million generated in the final season before the redevelopment began in 2018/19.
Although the figure fell short of the club’s internal target of €402.5 million, the Bernabéu has firmly established itself as one of Real Madrid’s most valuable commercial assets.
Marketing remains the largest revenue stream
Commercial activities continued to be the club’s biggest source of income. Marketing revenue climbed to €539 million, a 6% increase compared with the previous season, supported by renewed long-term agreements with Adidas and Emirates, as well as new sponsorship partnerships.
Merchandise sales, however, declined slightly after benefiting from the club’s sporting success during the previous campaign.
Strong operating profitability
Real Madrid also strengthened its operating performance. EBITDA before player trading rose 17% to €242.9 million, outperforming the club’s budget by more than €20 million. Including €44.5 million in transfer-related gains, total EBITDA reached a record €287.4 million, up 18% year-on-year.
Despite higher investment in both the football and basketball squads, total sporting personnel and player amortisation costs increased to €618 million. Even so, the staff cost-to-revenue ratio remained at 46%, comfortably below the club’s internal benchmark of 50%.
Bernabéu investment exceeds €1.4 billion
The redevelopment of the Santiago Bernabéu continued throughout the year, with cumulative investment reaching €1.408 billion. Outstanding financing linked to the project declined to €1.108 billion as the club continued repaying the loans used to fund the renovation.
Excluding stadium-related debt, Real Madrid’s financial position remained exceptionally strong. Net debt fell from €11.7 million to €8.7 million, while shareholders’ equity increased to €624.4 million. The club also retains €475 million in unused credit facilities, providing substantial financial flexibility.
With another profitable year, Real Madrid has now reported a net profit in 26 consecutive financial years since 2000, reinforcing its position as one of the strongest and most financially sustainable clubs in world football.