History made – Real Madrid become the first club to surpass €1 billion in operating income

Real Madrid have made history in financial terms, becoming the first club to surpass €1 billion in operating income, according to Football Benchmark’s 2025 Champions Report, as relayed by MARCA.

This report evaluates the business performance of the national champions from six European leagues (Inter Milan, Manchester City, Paris Saint-Germain, PSV Eindhoven, Real Madrid, and Sporting CP) during the 2023/24 season.

The Spanish capital club, chaired by Florentino Perez, reported total income of €1.065 billion, ahead of Manchester City with €838 million. PSG completed the top three with €806 million in operating income.

Record revenues from the Santiago Bernabeu

The redevelopment of the Santiago Bernabeu stadium has been a significant revenue driver for Real Madrid.

The club generated a record €251 million from matchday income, marking a 28% year-on-year growth in operating income.

The new VIP areas contributed an additional €83 million in revenue.

Furthermore, the club saw a 26% increase in commercial income from merchandising sales and advertising agreements, and an 8% rise in broadcasting revenue, bolstered by their victory in the UEFA Champions League.

Another area where Real Madrid leads is in the market value of their squad, which is valued at €1.364 billion, according to the report. The club’s enterprise value also tops the global rankings at €5.097 billion.

Most revenue from academy player sales

The report also highlights the development of youth talent, evaluating metrics such as the number of academy players reaching the first team in the 2024/25 season, income from sales of academy players between 2019/2025, and the percentage of minutes played by U-21 players between April 2023 and March 2024.

In this regard, Real Madrid and PSV Eindhoven stand out as the two clubs with the best youth development performance among the six champions. Both clubs excel in the number of academy players reaching the first team.

Moreover, Real Madrid leads in income generated from the sale of academy players among the six champions. Between 2019 and 2025, the club generated €218 million from such sales.

Efficient cost management

When it comes to costs, four of the six champions analysed saw an increase in personnel expenses.

Manchester City were the exception, slightly reducing its expenses, while Inter Milan kept them stable.

On the other hand, PSG spent the most (€668 million), followed by Real Madrid with €505 million, which was a 12% increase due to collective bonuses (€41 million) awarded for sporting successes.

However, Real Madrid stood out for their efficiency in the ratio of personnel costs to operating income (47%), while PSG (83%) and Sporting CP (89%) surpassed the recommended threshold of 70%.

The Merengues ended the financial year with a positive net profit of €16 million, demonstrating financial solidity even with significant investments.

With efficient cost control, Real Madrid continue to serve as a benchmark in financial terms within European football, positioning themselves not only as a sporting giant but also as a leading global brand that combines financial success with on-field achievements.