REAL MADRID CLOSES THE 2025-2026 SEASON WITH THE HIGHEST REVENUE AND THE HIGHEST EBITDA IN ITS HISTORY

The Board of Directors of Real Madrid C. F., meeting on July 28, 2026, has approved the annual accounts for the 2025-2026 financial year. The figures confirm the strength of the club's economic model, which once again stands at the head of the global sports industry in revenue.

Record revenue in sports

Operating revenue, excluding player transfers, reached 1,221 million euros, 3.1% more than in the previous financial year. Real Madrid thus passes the 1,200 million euro barrier for the first time, a figure no other sports organization in the world has achieved to date and one that confirms the club as the revenue leader of the sports industry.

This growth rests above all on the businesses the club operates directly: stadium revenue rose 11% and marketing revenue 6%, driven by the renewal of the main sponsorship contracts and the addition of new sponsors.

Since 2018-2019, revenue has grown by 61%, but 93% of that growth comes from revenue managed directly by the club; stadium revenue, for example, has doubled (+107%) compared with 2018-2019, the last financial year before the works began.

REVENUE EVOLUTION 2018/19 - 2025/26
(2018/19 last fiscal year before the stadium renovation)
Data in millions €		Growth
		2018/19	2025/26	M€	%	% of Total
Stadium Revenues		175	363	188	107%	41%
Television and International Competitions Revenues		287	319	33	11%	7%
Marketing Revenues		296	539	243	82%	52%
TOTAL OPERATING REVENUES before Player Transfers		757	1.221	464	61%	100%
Sports Squad Expenses (Personnel+Amortization)		451	618	166	37%

The highest EBITDA in the club's history

Operating profit before depreciation and amortization (EBITDA) was 287.4 million euros, 18% higher than in the previous financial year. EBITDA before disposals of fixed assets reached 242.9 million euros, 17% more. Both figures are the highest ever achieved by Real Madrid and reflect the club's continued improvement in operating efficiency.

Profit after tax comes to 26.3 million euros, 8% more than in 2024-2025. With this result, the club records twenty-six consecutive financial years closing with a profit starting in 2000.

ECONOMIC-FINANCIAL SUMMARY 2025/26 (excluding stadium renovation project)
MILLIONS OF EUROS	2024/25	2025/26
Revenues (before fixed asset disposal result)	1,184.7	1,221.3
EBITDA before disposals	208.3	243.0
EBITDA	242.9	287.4
Net Profit After Taxes	24.3	26.3
Net Equity as of June 30	598.3	624.4
Cash as of June 30	165.7	82.8
Net Debt as of June 30	11.7	8.7
Debt/EBITDA Ratio	0.0x	0.0x
Debt/Equity Ratio	0.0x	0.0x

 

Everything is reinvested in the club

Real Madrid is a club owned by its members. It does not distribute profits or receive outside capital contributions: all profits are reinvested in the club itself, in its facilities and in its sports squads.

The renovation of the Santiago Bernabéu Stadium, now practically complete, represents a cumulative investment of 1,407.7 million euros. 

STADIUM RENOVATION PROJECT (MILLIONS OF EUROS)
	2024/25	2025/26
Cumulative Investment	1,347.0	1,407.7
Loan Disbursed	1,131.7	1,108.4

 

In the 2025-2026 financial year the club also invested 192 million euros in facilities, technology platforms and sports squads.  Squad spending has increased by 166 million euros (+37%) since 2018-2019, while keeping the ratio of personnel expenses to revenue at 46%, well below the 50% threshold of excellence.

This policy of sustained reinvestment is reflected on the pitch: Real Madrid keeps investing. In the 2025-2026 financial year alone, 161 million euros were allocated to player signings, and for the 2026-2027 season the club continues strengthening itself to keep competing at the highest level in football and basketball.

Financial strength

The club maintains a very solid balance sheet position: net equity of 624 million euros, cash of 83 million and net debt of 9 million euros, excluding the stadium project, with a debt/EBITDA ratio of 0.0 times. In addition, the club has undrawn credit facilities of 475 million euros.

Real Madrid's contribution to tax revenue and Social Security in the 2025-2026 financial year amounted to 354.8 mines de euros.

ANNEX - ECONOMIC PERFORMANCE

 

Disclaimer: Translation generated by artificial intelligence. It may contain inaccuracies.