Real Madrid surpasses €1.2 billion in revenue for the first time, driven by the Santiago Bernabéu business and the commercial area. The club has recorded 26 consecutive years of profit.
Real Madrid presented its annual accounts for the 2025/2026 season on Monday, revealing operating revenues of €1.221.3 billion, the highest in its history and also the largest achieved by any sports organisation in the world. The net profit stood at €26.3 million, an 8% increase compared to the previous year, and EBITDA (earnings before interest, taxes, depreciation, and amortisation) reached €287.4 million, also a record.
The 3.1% growth compared to the previous season (€1.184.7 billion) occurred despite the white team not winning any major titles in the last two campaigns and amidst a context of highly publicised presidential elections. The entity presided over by Florentino Pérez has managed to break the €1.200 billion revenue barrier, a milestone that underscores the robustness of its business model.
According to details provided by the club following the formulation of the accounts by its Board of Directors, the main driver of the progress was the areas directly managed by Real Madrid. Revenues from the Santiago Bernabéu stadium reached €363 million, an 11% increase from the previous season, while marketing revenues grew by 6%, reaching €539 million, supported by the renewal of major sponsorship agreements and the addition of new brands such as Louis Vuitton and Reale Seguros.
The comparison with the last financial year before the start of the Bernabéu renovations (2018/2019) is revealing: operating revenue has increased from €757 million to €1.221 billion, a 61% rise. The club asserts that 93% of this growth comes from businesses directly managed by the entity. The stadium has doubled its contribution during this period, rising from €175 million to €363 million (107% more), and the marketing area has grown by 82%, from €296 million to €539 million. In contrast, revenues from television and international competitions have only increased by 11%, reaching €319 million.
EBITDA before the sale of fixed assets stood at €243 million, with a 17% growth. The net profit of €26.3 million allows Real Madrid to maintain 26 consecutive years of profits since 2000. The net worth rose from €598.3 million to €624.4 million, while cash reserves decreased from €165.7 million to €82.8 million. Net debt, excluding the stadium renovation project, fell from €11.7 million to €8.7 million, and the net debt to EBITDA ratio remains at zero times.
The club also has unused credit lines totalling €475 million, which strengthens its capacity to face new investments and liquidity needs. The renovation of the Santiago Bernabéu, which Real Madrid considers nearly complete, has accumulated an investment of €1.407.7 billion, compared to €1.347 billion recorded at the end of the previous season. The loan taken out to finance the project amounted to €1.108.4 billion, down from €1.131.7 billion in the previous financial year.
The growth of revenues linked to the stadium constitutes one of the main economic arguments for the renovation. The venue now generates more than double what it did before the renovations, thanks to the exploitation of hospitality areas, catering, commercial activities, and hosting events beyond the first team matches. Aside from the renovation, Real Madrid allocated another €192 million during the financial year to facilities, technology platforms, and the sports team, of which €161 million corresponded to player acquisitions.
Spending on sports teams, including personnel costs and amortisation of signings, reached €618 million, compared to €451 million recorded in 2018/2019, a 37% increase. However, the ratio of personnel expenses to revenue remains at 46%, below the 50% threshold that the club considers a level of financial excellence.
The accounts reflect the solidity of a model that, even without recent titles, continues to generate record revenues and maintain a healthy financial position. For Madrid fans, these figures confirm that the club is prepared to face future sporting challenges with a solid economic base. Next season, with the Bernabéu fully operational, revenues are expected to continue growing.
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