Bernabéu engine drives Madrid beyond €1.2bn barrier
Real Madrid have become the first sports organisation to exceed €1.2bn in annual revenue after growth at the Santiago Bernabéu helped deliver record EBITDA and a 26th consecutive profit.
Real Madrid generated record operating revenue of €1.221bn during the 2025-26 season, strengthening their position as the highest-earning football club and becoming the first sports organisation to pass €1.2bn.Revenue excluding player transfers increased by 3.1% from €1.185bn, with the redeveloped Santiago Bernabéu and new sponsorship agreements driving the latest rise.Stadium revenue grew by 11% during the year, while marketing income increased by 6% following the renewal of major commercial contracts and the addition of new partners.Madrid’s annual revenue has risen by 61% since 2018-19, with 93% of that growth generated by operations controlled directly by the club.Income from the Bernabéu has more than doubled across the same period, demonstrating the importance of the stadium redevelopment to Madrid’s long-term financial model.The venue is being positioned as a year-round entertainment asset capable of generating revenue from premium hospitality, concerts, retail, tours and other events alongside football.EBITDA increased by 18% to a club-record €287.4m, providing a stronger indication of operating performance than revenue growth alone.Net profit after tax reached €26.3m, extending Madrid’s run of profitable financial years to 26 consecutive seasons.That consistency is particularly significant given the club’s continued investment in their squads and infrastructure.Madrid invested €192m across facilities and sporting operations during the season, while the accumulated cost of the Bernabéu redevelopment reached €1.407bn.The club ended the year with net equity of €624m and net debt of €9m when financing attached specifically to the stadium project is excluded.Cash reserves stood at €83m, supported by €475m in unused credit facilities that provide additional liquidity for future spending and operating requirements.Madrid also contributed €354.8m in taxes and social security payments during the year.The club’s status as a member-owned organisation means profits are retained and reinvested rather than distributed to external shareholders.Madrid’s latest results show that the Bernabéu is beginning to deliver the diversified income required to support elite squad spending without relying as heavily on broadcast growth or player sales.The next commercial test will be maintaining that momentum as the stadium moves towards full operation and the club seek further value from its hospitality, sponsorship and entertainment inventory.