July 29 – Real Madrid have become the first sports organisation to generate more than €1.2 billion in annual revenue, largely thanks to the commercial impact of the Santiago Bernabéu redevelopment as the Spanish giants stretch ahead at the top of the financial race in world football.
This club has reported operating revenue of €1.221 billion for the 2025-26 financial year, excluding player trading, a 3.1% increase on the previous year.
It is another landmark for Los Blancos, whose commercial strategy has centred on maximising revenues generated directly by the club rather than relying on transfer profits.
Growth was led by the Bernabéu itself and the club’s wider sponsorship-based commercial operation. Thanks to its renovation, stadium income rose by 11% over the year, while marketing revenue increased by 6% following a series of sponsorship renewals and new commercial agreements – including a five-year extension to front-of-shirt partner Fly Emirates.
Stadium revenue has now more than doubled compared with the 2018-19 season – the final campaign before renovation work began – with the project transforming the venue into a year-round entertainment and events destination rather than simply a football stadium.
That investment came at a cost. Real Madrid says the redevelopment has now reached a total investment of €1.408 billion, although the project is now substantially complete and beginning to finally deliver the commercial returns the club had anticipated.
Operating performance improved alongside revenue. EBITDA rose 18% to a club-record €287.4 million, while EBITDA before asset disposals increased 17% to €242.9 million. Profit after tax reached €26.3 million, up 8% year-on-year, extending Madrid’s run of profitable financial years to 26 consecutive seasons.
Unlike many of Europe’s elite, Real Madrid operates under its member-owned model, meaning profits are retained rather than distributed to shareholders. The club says all earnings are reinvested into infrastructure and its sporting operations.
During the financial year of renovation, the club invested €192 million across facilities, technology and its football and basketball squads, including €161 million on new player registrations. Staff accounted for 46% of the revenue, comfortably below UEFA’s recommended threshold and a figure the club points to as evidence of financial discipline despite rising investment.
Excluding stadium financing, Real Madrid ended the year with net debt of just €9 million, cash reserves of €83 million and available but unused credit facilities worth €475 million. It also pointed to its net assets, which stand at €624 million.
The club also said it contributed €354.8 million in taxes and social security payments during the financial year.
Real Madrid are currently locked in a Vinicius Junior transfer saga, as the player weighs up a move away with only one year left on his contract. As one of the star players, the Brazilian is on a €21 million annual salary – which could either benefit Real Madrid’s finances upon his exit or worsen their report if they agree to extend his deal with the accompanying pay rise.
Contact the writer of this story, Harry Ewing, at [email protected]