Madrid, Spain – Real Madrid has once again solidified its position as the highest-revenue generating football club in the world, topping Deloitte's Football Money League for the third consecutive year. According to the 29th edition of the prestigious annual report, released on January 21, 2026, Los Blancos generated a staggering €1.161 billion during the 2024–25 season, marking a significant year-on-year increase of €115.5 million (approximately 11%) and establishing a new benchmark in club finances.
This figure places Real Madrid nearly €200 million ahead of second-placed FC Barcelona, which recorded €974.8 million in revenue. The gap underscores the Spanish giants' dominance in global football economics, even as they navigated a season without major trophy success in domestic or European competitions. Real Madrid's financial prowess continues to outpace even the wealthiest clubs in the English Premier League, with fifth-placed Liverpool generating €836.1 million—still over €300 million behind the leaders.
Deloitte's analysis highlights that the 2024–25 season represented a landmark period for football finances, with the top 20 clubs collectively surpassing €12 billion in total revenue for the first time, reaching €12.4 billion—an 11% increase from the previous year's €11.2 billion record. All three primary revenue streams—matchday, broadcast, and commercial—achieved unprecedented levels, with commercial revenue becoming the largest category at over €5 billion for the first time.
Real Madrid's success stems from a multifaceted strategy that capitalized on evolving revenue opportunities. Key drivers included the full exploitation of the newly renovated Santiago Bernabéu Stadium, which has transformed into a year-round entertainment venue hosting concerts, events, and premium experiences beyond football matches. Participation in high-profile tournaments, such as the UEFA Champions League and the expanded FIFA Club World Cup, also contributed significantly to broadcast and prize money inflows.
Commercial revenues proved particularly robust, surging 23% to approximately €570–594 million (variations in reporting place it around €594 million in some breakdowns). This growth was fueled by enhanced merchandising sales, innovative sponsorship deals, and expanded global brand partnerships. Deloitte noted that Real Madrid's commercial income alone would rank the club in the top 10 of the Money League if considered separately, illustrating the depth of their off-pitch monetization.
Broadcast revenues added €323 million, placing Real Madrid at the summit in this category as well. The club's consistent deep runs in European competitions, combined with the lucrative nature of the revamped Champions League format and the Club World Cup's broadcast uplift (averaging 17% for participating teams), bolstered this stream despite no ultimate trophy wins.
The report emphasizes Real Madrid's ability to thrive in a competitive landscape where infrastructure investment and brand leverage are increasingly decisive. The Bernabéu redevelopment, completed in phases over recent years, has enabled non-matchday events and premium hospitality offerings that generate revenue 365 days a year—a model Deloitte experts say other clubs must emulate to close the gap.
The full top-20 ranking from Deloitte's 2026 Football Money League (covering the 2024–25 season) is as follows:
- Real Madrid – €1,161.0m
- Barcelona – €974.8m
- Bayern Munich – €860.6m
- Paris Saint-Germain – €837.0m
- Liverpool – €836.1m
- Manchester City – €829.3m
- Arsenal – €821.7m
- Manchester United – €793.1m
- Tottenham Hotspur – €672.6m
- Chelsea – €584.1m
- Inter Milan – €537.5m
- Borussia Dortmund – €531.3m
- Athletic Club – €454.5m
- Aston Villa – €450.2m
- AC Milan – €410.4m
- Juventus – €401.7m
- Newcastle United – €398.4m
- Stuttgart – €296.3m
- Benfica – €283.4m
- West Ham United – €276.0m
Notably, this marks the first time in the report's 29-year history that no English club featured in the top four, with Spanish (Real Madrid and Barcelona), German (Bayern Munich), and French (PSG) sides occupying the leading positions. Liverpool's fifth place represents their highest-ever ranking and makes them the top-earning Premier League club for the first time, benefiting from a strong Champions League campaign and commercial growth at Anfield.
Manchester United's drop to eighth—their lowest position ever—highlights challenges faced by some English giants, including reduced broadcast income from earlier European exits and slower adaptation to modern revenue models.
Deloitte's Sports Business Group leaders pointed to broader trends shaping the industry. Commercial revenue now accounts for 43% of total income across the top 20, surpassing broadcast as the dominant stream. The expanded Club World Cup provided a notable boost for participants, though concerns remain about player welfare amid packed schedules.
Real Madrid's sustained leadership—topping the Money League 15 times in 21 seasons—reflects strategic foresight in stadium modernization, global merchandising, and tournament participation. Despite a trophyless campaign, the club's financial model proved resilient, driven by off-field innovation rather than on-pitch silverware.
As football navigates increasing commercialization, Deloitte's report signals that clubs investing in infrastructure, brand expansion, and diversified income sources are best positioned for future growth. Real Madrid's €1.161 billion milestone sets a new ceiling, challenging rivals to innovate amid rising costs and competitive pressures.
The findings arrive as the sport grapples with sustainability issues, including the impact of expanded competitions on calendars and finances for non-European clubs. Yet for Real Madrid, the numbers affirm their status as football's undisputed financial powerhouse.
