Real Madrid have etched its name in football’s financial history books by becoming the first club to surpass €1 billion in operating revenue for the 2023/24 season. According to the Football Benchmark European Champions Report 2025, this milestone marks an unprecedented achievement in the sport.
The report provides an analysis of key performance indicators and industry trends, based on the financial results of clubs that submitted their data as of December 2024. Real Madrid, under the leadership of Florentino Perez, recorded revenue of €1.065 billion, outpacing Manchester City (€838 million) and PSG (€806 million).
Notably, the club also improved its wage-to-revenue ratio, reducing it from 55% to an impressive 47%, showcasing financial efficiency alongside their revenue growth.
The recently renovated Santiago Bernabeu played a significant role in this success, generating a record-breaking €251 million in matchday revenue—a 28% increase compared to previous figures. The addition of new VIP zones contributed another €83 million to the club’s earnings.
Commercial revenue also soared, with a 26% increase in income from merchandising and sponsorship deals. Meanwhile, broadcasting revenue grew by 8%, largely thanks to the club’s Champions League triumph.
Another factor solidifying Real Madrid’s dominance is their market value, which is now estimated at €1.364 billion—the highest of any football team. Additionally, the club’s enterprise value reached a staggering €5.097 billion, further cementing its status as the most valuable football organisation in the world.
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