Real Madrid record revenue has reached a new level. The club closed the 2025-26 financial year with €1.221 billion in operating income before player sales, breaking the €1.2 billion barrier for the first time in its history.
The figure represents a 3.1% increase from the previous season and, according to Real Madrid, is the highest annual revenue recorded by any sports organization. For supporters, the accounts offer another reminder that the club’s power extends far beyond results on the field.
Real Madrid record revenue reaches €1.221 billion
The headline number is operating revenue of €1.221 billion, excluding income generated through player transfers.
That distinction is important. Real Madrid did not reach the total by selling major squad assets and adding those fees to the accounts. The growth came primarily from the club’s recurring business operations, including the Santiago Bernabéu, sponsorship agreements, commercial partnerships, television rights, and international competitions.
Revenue increased from approximately €1.185 billion in 2024-25 to €1.221 billion in 2025-26. While the 3.1% year-on-year rise may appear moderate, it came after Madrid had already established an exceptionally high financial base.
The club has now generated 61% more operating revenue than it did in 2018-19, the final full season before the Bernabéu renovation began. Madrid’s income has risen from €757 million to more than €1.22 billion during that period.
The Bernabéu is driving Real Madrid’s financial growth
The renovated Santiago Bernabéu remains central to the club’s economic strategy.
Stadium revenue increased by 11% during the 2025-26 financial year. Compared with 2018-19, revenue connected to the stadium has risen from €175 million to €363 million—an increase of 107%.
That growth shows why Real Madrid were prepared to undertake such an expensive and ambitious redevelopment project. The objective was never limited to improving the matchday experience. The Bernabéu was designed to become a year-round commercial asset capable of generating income beyond home fixtures.
Madrid said the renovation is now practically complete, with total accumulated investment reaching €1.4077 billion. The stadium project carries its own financing structure and is excluded from the club’s reported net-debt figure for normal operations.
The broader message is clear: the Bernabéu is beginning to produce the kind of financial return that the club envisioned when the transformation started.
Marketing revenue continues to rise
The stadium was not the only area of growth.
Real Madrid reported that marketing income increased by 6%, supported by renewed major sponsorship agreements and the addition of new commercial partners. Marketing revenue has climbed from €296 million in 2018-19 to €539 million in 2025-26.
Of Madrid’s €464 million increase in operating revenue since 2018-19, 93% has come from income directly managed by the club. Stadium and marketing activities account for most of that expansion, reducing Madrid’s dependence on variables such as competition results and external broadcasting agreements.
That does not make sporting success less important. Deep Champions League runs, major trophies, and global stars remain essential to Real Madrid’s commercial appeal. But the figures show the club has developed a business model capable of monetizing that appeal across several different areas.
Real Madrid also posts record EBITDA
Revenue is the attention-grabbing figure, but the club’s record EBITDA may be just as significant.
Real Madrid reported EBITDA of €287.4 million, an increase of 18% from the previous financial year. EBITDA before the disposal of fixed assets reached €242.9 million, up 17%. Both figures were club records.
EBITDA is useful because it provides a clearer view of operating performance before interest, taxes, depreciation, and amortization are applied. In practical terms, the increase indicates that Madrid did not simply generate more revenue—the club also improved its operating efficiency.
After taxes, Real Madrid recorded a profit of €26.3 million, representing an 8% increase from 2024-25. The result means Madrid have now completed 26 consecutive financial years with a profit, a sequence dating back to 2000.
What the numbers mean for Real Madrid’s transfer plans
Record revenue does not automatically mean every euro is available for transfers.
The club still has major operating costs, player salaries, transfer amortization, infrastructure investment, taxes, and obligations connected to its stadium project. Revenue should not be confused with profit or immediate transfer funds.
Still, the accounts confirm that Real Madrid enter the new season from a position of considerable financial strength.
The club invested €161 million in player acquisitions during 2025-26. It also spent €192 million across sporting personnel, facilities, and its technology platform during the financial year.
Spending on sporting squads has increased by €166 million since 2018-19, but the ratio of personnel costs to income remained at 46%. Real Madrid described that figure as comfortably below the 50% threshold it uses as a benchmark for financial excellence.
That balance is crucial. Madrid are increasing investment in the squad without allowing salary and amortization costs to grow faster than the business supporting them.
For fans following transfer targets, contract renewals, and José Mourinho’s squad construction, these accounts provide important context. The club possesses the financial capacity to act, but its model remains built around controlled investment rather than spending simply because money is available.
Real Madrid’s balance sheet remains strong
Real Madrid finished the financial year with equity of €624.4 million and cash holdings of approximately €82.8 million.
Net debt stood at €8.7 million when the Bernabéu renovation project was excluded, while the club also had €475 million in unused credit facilities. The reported net-debt-to-EBITDA ratio remained at 0.0.
Madrid also reported contributing €354.8 million in taxes and social-security payments during the season.
These figures reinforce the larger picture presented by the accounts: high revenue, record operating performance, continued investment, and limited conventional net debt.
Why this matters for Real Madrid
The biggest takeaway is not simply that Real Madrid generated more money than ever before.
The real achievement is how the club produced that growth. Stadium revenue has more than doubled since the Bernabéu redevelopment began, marketing income continues to rise, and Madrid have maintained profitability while investing heavily in infrastructure and sporting talent.
Because Real Madrid are owned by their members, profits are not distributed to private shareholders. The club says its earnings are reinvested in its teams, facilities, technology, and long-term development.
That model directly affects the football conversation. Strong finances provide greater freedom when Madrid evaluate elite signings, negotiate renewals, absorb difficult seasons, or plan several transfer windows ahead.
The next questions will center on how that economic strength is translated into Mourinho’s squad, which positions the club still intends to reinforce, and how the Bernabéu’s growing income changes Madrid’s long-term market strategy.
Real Madrid record revenue of €1.221 billion is therefore more than a historic accounting milestone. It is the financial foundation supporting the club’s ambition to remain dominant both commercially and competitively.
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