REAL MADRID CLOSES THE 2024/25 FINANCIAL YEAR WITH A NET PROFIT OF 24 MILLION EUROS
REVENUES FOR THE 2024/25 CAMPAIGN, WITHOUT PLAYER TRANSFERS, REACHED €1.185 BILLION, 10% UP ON THE PREVIOUS YEAR, WHICH SAW THE CLUB BREAK THE BILLION-EURO REVENUE MARK, SOMETHING NO OTHER FOOTBALL TEAM HAS ACHIEVED TO DATE
EBITDA BEFORE DISPOSALS (€208 MILLION) AND EBITDA (€243 MILLION) FOR THE 2024/25 FINANCIAL YEAR ARE THE CLUB’S HIGHEST EVER FIGURES
THE CLUB MAINTAINS ITS SOUND FINANCIAL STATUS, WITH AN EQUITY OF €598 MILLION CASH AND CASH EQUIVALENTS OF €166 MILLION AND NET DEBT OF €12 MILLION (DEBT/EBITDA ratio 0.0x) AS OF 30 JUNE 2025
| FINANCIAL SUMMARY 2023/24 (excluding stadium renovation project) | ||
| MILLIONS OF EUROS | 2023/24 | 2024/25 |
|---|---|---|
| Revenues (prior to profit/loss on disposal of fixed assets) | 1.073,2 | 1.184,7 |
| EBITDA prior to disposal | 143,6 | 208,3 |
| EBITDA | 156,3 | 242,9 |
| Profit after tax | 15,6 | 24,3 |
| Net equity as of 30 June | 574,1 | 598,3 |
| Liquidity as of 30 June | 82,0 | 165,7 |
| Net debt as of 30 June | 8,5 | 11,7 |
| EBITDA to debt ratio | 0,1x | 0,0x |
| Debt/equity ratio | 0,0x | 0,0x |
| STADIUM RENOVATION PROJECT (MILLIONS OF EUROS) | ||
| 2023/24 | 2024/25 | |
|---|---|---|
| Total investment | 1.162,6 | 1.347,0 |
| Loan used | 1.154,6 | 1.131,7 |
The Real Madrid C.F. Board of Directors, who met on the 17th of July, have prepared the annual accounts for the financial year 2024-2025.
From a sporting perspective, the football first team won the European and Intercontinental Super Cup titles, reached the Champions League quarterfinals, the Copa del Rey final, and finished as runner-up in the domestic league. The basketball first team won the ACB League title and reached the EuroLeague quarterfinals.
The football first team also competed in the inaugural FIFA Club World Cup, which was held from June 15 to July 13, 2025. Real Madrid finished as semi-finalists in the tournament. Given the tournament began in the 2024/25 financial year, and ended in 2025/26, the Club's income and expenses for the first part of the tournament have been recorded in the 2024/25 financial year, while the Club's income and expenses for the second part of the tournament will be recorded as part of 2025/26.
Operating revenues (before disposals of fixed assets) for the 2024/25 financial year reached €1.185 billion, an increase of €111 million (10.4%) on the 2023/24 financial year, in which the Club surpassed the €1 billion revenue mark (before disposals of non-current assets) for the first time, a figure still unmatched by any other football club.
All business lines registered growth, with the exception of broadcasting, due to the removal of UEFA market pool revenues, as a result of the new revenue-sharing system, and the fact that revenues received from La Liga in 2024/25 were slightly lower than in the 2023/24 campaign. There were particularly notable increases in revenue from competitions, marketing, and the stadium operations. In competitions and friendly matches, the revenues from the first half of the FIFA Club World Cup has offset the fall in Champions League (the previous year we won the title), and there are also higher revenues from friendlies and the Copa del Rey final. In terms of commercial activity, the Club significantly boosted both its merchandising and sponsorship activities during the 2024/25 financial year, in the latter case by signing new major sponsorship deals. Regarding the stadium, the 2024/25 financial year was the first full cycle without any restrictions due to construction work, seeing the various recurring business lines of capacity and commercial operations in full operation and resulting in a significant increase in revenue. However, there are still some business lines that are not fully operational, particularly catering and concerts. Meanwhile, the "personal seat license" product continued its sales throughout 2024/25. This year saw lower revenues here, due to fewer seats being sold than in the previous year. Excluding this licensing revenue, revenue from the recurring capacity and commercial operations of the stadium in 2024/25 was 38% higher than the previous year.
The ratio value for the 2024/25 financial year stood at 43%, representing a 4 percentage point improvement over the previous year (47%), and the lowest value achieved by the Club since 2000.
Therefore, the ratio value for 2024/25 sits well below 50%, considered the threshold for excellence, and well below the 70% limits recommended by the European Club Association.
By ensuring revenue growth and a sound control of expenses, the Club has successfully kept the ratio value level under control for over 20 years, even during the periods affected by Covid-19, remaining below the levels recommended by the European Club Association at all times.
The growth in revenue, having deducted increased operating expenses incurred as a consequence of such higher revenues and operating activities, has presented an operating result before disposals and amortizations (EBITDA before disposals) of 208 million euros – some 65 million euros (45%) higher than the previous year, representing 18% of revenue. This is an improvement of 4.3 percentage points on the previous year (13%), underlining the superior revenues and operating efficiency achieved by the Club this year.
Once the results from the disposal of players and other fixed assets in 2024/25 (€35 million) is included, the result is an operating profit before depreciation and amortization (EBITDA) of €243 million. This is some €87 million (55%) higher than the previous year (€156 million EBITDA with a disposal result of €13 million).
The Club's operational efficiency, as well as its responsiveness in adopting management measures to address the various challenges that present themselves, are reflected in how the Club has achieved an average annual EBITDA of €186 million from 2019/20 to 2024/25. This six-year period came with the impact of the COVID-19 pandemic and the limitations arising from the stadium renovation work. In this sense, it is also worth highlighting the Club’s improvements in operational efficiency, as evidenced by the EBITDA before disposals (€208 million) and EBITDA (€243 million) achieved in the 2024/25 financial year, the highest ever achieved by the Club.
Profit after tax is derived from EBITDA after taking into account any amortization expenses, financial results, and corporate income tax.
We should note that the 2024/25 financial year saw both the amortization expenses and financing expenses for the stadium renovation project charged to the P&L statement for the first time.
The Club closes the 2024/25 financial year with a profit after tax of €24 million, €9 million (56%) higher than the previous year.
This positive result continues the Club's consistent profit-to-earnings record in every financial year since 2000, with a particular emphasis on the five-year period from 2019/20 to 2023/24, which was influenced both by COVID-19 and, more specifically to the Club, by the stadium renovation work carried out in that time. All of this has been achieved through cost-containment measures and business improvements across the board.
As a result of the profits obtained, the Club has increased its equity year after year, reaching €598 million at 30 June, 2025.
The debt-to-equity ratio at 30 June, 2025, excluding the stadium remodeling project, is 0.0, reflecting maximum solvency and absolute financial autonomy.
The cash balance as of 30 June, 2025, excluding cash from the stadium remodeling project loan, is €166 million, compared to €82 million at 30 June, 2024.
The Club's operating activities and financial management generated cash flows that delivered an €84 million increase in cash balance, after making all operating payments, and those made for player acquisitions and other investments, as well as servicing the debt on the ICO loans (€40 million) and the stadium remodeling loan (€60 million).
In addition to a cash balance of €166 million, the Club has €425 million in undrawncredit facilities as of 30 June, 2025. These financial resources mean it is able to meet all expected payment commitments comfortably.
The Club's Net Debt, excluding the stadium remodeling project, is valued at €12 million as of 30 June, 2025, a similar value to the €8 million balance as of 30 June, 2024.
Net debt remained practically constant during the 2024/25 financial year, having been balanced by the cash flow coming from investment efforts, which amounted to €194 million, including facilities (excluding the remodelling project) and players. This includes investments in the acquisition of sporting staff in preparation for the 2025 FIFA Club World Cup, which were brought forward to June, and therefore to this 2024/25 financial year.
If we consider the historical evolution of net debt, we can clearly see the Club’s intense and sustained debt reduction efforts since June 2009. This has intensified following the outbreak of the COVID-19 pandemic in 2020, which caused the Club's net debt to rise to €241 million. Comparing this value with the current €12 million shows how the Club has managed to offset a loss of nearly €400 million in revenue caused by the pandemic, as well as a resulting impact on lower cash flow and, consequently, higher net debt. This was made possible by a series of savings measures and other business improvement initiatives.
The Debt-to-EBITDA ratio stands at 0.0, reflecting premium credit quality in the eyes of financial institutions.
As a whole, these data highlight the Club's solid financial position and enhanced solvency after overcoming the pandemic and operational limitations during the stadium construction project.
Real Madrid's contribution to tax and Social Security revenues in the 2024/25 financial year amounted to €356.2 million.
As for the Santiago Bernabéu stadium renovation project, work on the various structural components of the project (façade, roof, retractable pitch) was gradually completed during the 2023/24 financial year. Significant progress was achieved in the execution of the business development projects (VIP area, Tour, experiences, events, catering, store), which were the fundamental reasons for undertaking the renovation project. A total investment of €1.163 billion had been made as of 30 June, 2024. During the 2024/25 financial year, several actions continued, particularly in business development terms, in order to complete the project. The investment made as of 30 June, 2025 stands at €1.347 billion, a figure close to the final total investment.
As regards the loan, the full loan amount of €1.17 billion had been made available by November 2023. Furthermore, after paying only interest during the 2020/21, 2021/22, and 2022/23 financial years, the repayment of the loan principal began with €15 million in the 2023/24 financial year, and further €23 million of principal was repaid in the 2024/25 financial year. The outstanding loan balance as of 30 June, 2025, stands at €1.132 billion.
Forecasts
The final steps of the stadium remodeling will be conducted during the 2025/26 financial year, including certain catering activities and noise reduction improvements for concerts.
Pending the resumption of concerts hosted at the stadium, under approved conditions, the Club anticipates further growth in revenue from VIP seating, the RM Experience, and other stadium marketing activities, with the notable event of hosting an NFL game at the stadium.
In international competitions, it should be noted that Real Madrid qualified for the semifinals of the FIFA Club World Cup, which was held from 15 June to 13 July, 2025. Therefore, part of the tournament took place in the 2024/25 financial year, while it also ran into the 2025/26 financial year. As such, the income and expenses for the first part of the tournament have been recorded in the 2024/25 financial year, while the income and expenses for the second part of the tournament will be allocated to the 2025/26 financial year.
In terms of commercial activity, the Club expects to continue increasing sponsorship and merchandising revenues, well supported by the positive image derived from the composition of the squad and sporting success, as well as the remodelled stadium.
On a sporting level, the club intends to continue strengthening and developing its sports model in order to maintain the sporting successes in football and basketball that have distinguished the Club throughout its history, and significantly in recent years. In this regard, the Club has already strengthened its squads with the addition of new players and coaching staff.
All of this must be underpinned by an economic model that pursues self-sustaining growth. The goal is that a combined effort of revenue growth/diversification and cost containment can deliver the profitability and a financial structure that is capable of achieving the solvency requirements for the Club to undertake the necessary investments to develop its activities.