Arsenal came close to breaking even in the year ending 31 May 2025, cutting their pre-tax losses to £1.4 million from £17.7 million the year before.
A third consecutive second-place finish under Mikel Arteta, a lucrative run to the semi-finals of the expanded Champions League and success for the women in Europe, combined with the club’s commercial push, helped deliver record revenues of £691 million, up from £616.6 million in 2024.
Eating into those numbers, a significant increase in the wage bill (£346.8m), operating costs (£200.8m), player amortisation (£171.6m + £15.2m exceptional impairment costs) and net finance charges (£17.7m).
Reflecting on the results, a statement from CEO Richard Garlick [reads](https://www.arsenal.com/news/financial-results-202425):
“These financial results show a positive trajectory as we continue to pursue major trophies, following our second successive season back in the men’s UEFA Champions League in 2024/25.
“The investment in our teams, supported by revenue growth, resulted in strong campaigns for both our men’s and women’s teams last season.
“Our industry continues to face challenges in terms of the level of investment it takes to compete at the highest level in the face of rising costs in a regulated environment. This remains an important consideration as we look ahead.
“As we move into 2026, it’s an incredibly exciting time to be part of Arsenal. We continue to build something special on the back of these improved financial results. Our teams are pushing on to do everything we can to deliver major trophies and I want to thank all our staff for their passion and commitment to achieving our goals.
“The next few months represent a great opportunity for us all and it’s important we continue to build momentum together.”
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To download / read the full report, [click here](https://www.arsenal.com/media/536858/download).
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#### **Topline Figures**
**2018**
**2019**
**2020**
**2021**
**2022**
**2023**
**2024**
**2025**
**Year-on-year change**
**Matchday revenue**
98.9
96.2
78.8
3.8
79.4
102.6
131.7
153.9
+16.86%
**Broadcast revenue**
180.0
183.0
118.9
184.4
146.0
191.2
262.3
272.8
+4.00%
**Commercial revenue**
106.9
110.8
142.3
136.4
141.7
169.3
218.3
263.2
+20.57%
**Player sales**
120.0
12.12
60.1
11.8
22.2
10.7
51.1
81.2
+58.90%
**Player loans**
2.30
4.60
3.50
3.10
2.00
1.50
1.40
0.50
\-64.29%
**Wages**
209.1
205.2
234.5
244.4
212.3
234.8
327.8
346.8
+5.80%
**Net finance charges**
8.7
12.0
13.6
39.8
5.2
6.2
18.4
17.7
\-3.80%
**Matchday Revenue**
Champions League football meant more home games, bigger nights and fuller tills. Extra fixtures, strong attendances and rising season ticket income drove another bump in gate receipts and hospitality revenue. The average men’s home crowd was 60,047, while the women pulled in 29,833.
**Broadcast Revenue**
Broadcast income surged thanks to the expanded Champions League format and the run to the semi-finals. A second-place Premier League finish didn’t hurt either. More elite football inevitably means bigger TV cheques.
**Commercial Revenue**
Commercial growth came from renewed partnerships, stronger retail and global touring. Big sponsorship extensions, including adidas, a full year of Sobha’s training ground naming rights, and improved secondary deals all helped. Arsenal’s global profile continues to do heavy lifting here.
**Player Sales**
Player trading profits rose sharply after a quieter period. Meaningful exits such as Emile Smith Rowe (Fulham), Eddie Nketiah (Crystal Palace), Aaron Ramsdale (Southampton) and Mika Biereth (Sturm Graz) generated stronger fees and made sales a more visible contributor again.
**Player Loans**
Loan income dipped slightly year-on-year. Nothing dramatic, just the usual ebb and flow depending on who goes out and what fees can be negotiated. Likely contributors included Fabio Vieira (Porto), Reiss Nelson (Fulham) and Albert Sambi Lokonga (Sevilla).
**Wages**
The wage bill jumped significantly, driven by contract renewals (including the manager) and Champions League bonuses across both the men’s and women’s teams. Stronger sides cost more, and expanded commercial and operational staffing added to the rise.
**Net Finance Charges**
Finance costs edged up, largely due to higher borrowing levels and interest payments linked to ownership loans. Not dramatic, but a reminder that progress on the pitch still carries balance-sheet consequences.
**Operational Costs**
Operating costs rose alongside overall growth. More matches, bigger squads and expanded staffing all increase the baseline, while running a globally ambitious football club simply costs more year on year.
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All in all, things look pretty solid. Losses trimmed to almost nothing, record revenues, and multiple income streams pointing firmly in the right direction.
Of course, progress costs money. Bigger squads, better players and the general inflation of elite football mean wages remain the great leveller. Arsenal are now operating in the tier where success and spending move together, and you don’t really get one without accepting the other.
Still, much of that stability is tethered to Champions League football. Drop out of that ecosystem, and the picture changes quickly, as we’ve seen before. No pressure, Mikel!
What it does do, though, is inevitably raise an eyebrow when ticket prices keep creeping up. If the club is edging towards break-even while posting record revenues, supporters are well within their rights to ask where the line is. Sustainability cuts both ways.