Financials

Overview

How much do Milan earn, what is the money spent on, and who really owns the club? Here the finances are explained simply, with figures from the club's accounts.

In short

Milan earn more money than five years ago, but the season without Europe ended in a loss.

Revenue 2025/26

€464.6m

All the money the club brought in during the season that ended on 30 June 2026.

Result 2025/26

about −€24m

The club spent around 24 million more than it earned. The first loss since 2021/22.

Record revenue 2024/25

€494.5m

The highest revenue in the club's history, with the Champions League and big player sales.

Net debt at 30.06.2026

€145.3m

Loans minus cash. Up from about €92m the year before.

Equity at 30.06.2026

€176.4m

What the club owns, minus what it owes. Still well above zero.

Sponsorship revenue 2025/26

over €100m

For the first time in the club's history, according to the club.

In short: Milan are in much better health than five years ago. Back then the club was losing almost 100 million euros a year. From 2022/23 to 2024/25 the club made a small profit three years in a row.

Even so, the 2025/26 season showed how fragile the finances are. Without European football, Milan lost an estimated €70m to €80m in revenue, and the accounts ended with a loss of around €24m. Debt also rose, partly because the club used more of its credit lines.

Our verdict: the finances are stable, but not strong. The wage level is moderate compared with revenue, and the equity is solid. But the club depends on two things to make a profit: the Champions League and selling players at a profit. Without either of them, it quickly goes into the red.

Result, debt and equity

From big losses to three years of small profits, and then back into the red.

Bottom line and balance sheet at 30 June
Season	Result	Net debt	Equity
2020/21	−€96.4m	€101.6m	€67.3m
2021/22	−€66.5m	€28.4m	€131.2m
2022/23	+€6.1m	Net cash €10.8m	€177.2m
2023/24	+€4.1m	€49.6m	€196.3m
2024/25	+€3.0m	€92.6m	€199.4m
2025/26	about −€24m	€145.3m	€176.4m

The result is what is left after all revenue and costs, including interest and tax. Net debt is loans minus cash in the bank. In 2022/23 the club had more money in the bank than loans. Equity is the value of what the club owns minus what it owes.

The 2022/23 season brought a profit of €6.1m. It was the first time since 2006 that Milan had been in the black, which is why it was called the «first profit in 17 years». What made it special was that the profit came almost without selling players. It was down to the Champions League semi-final, bigger crowds and new sponsorship deals.

The profits in 2023/24 and 2024/25 were smaller, and they relied more on player sales. In 2024/25, profits from selling players accounted for €55.9m.

In 2025/26 things went wrong. Without European football, an estimated €70m to €80m in revenue disappeared. The club made a loss of around €24m. Net debt rose to €145.3m. According to the club, this was mostly because it used more of its credit lines for investments and projects, including the purchase of San Siro.

An important distinction: the loan RedBird took out to buy the club (the Comvest loan) sits in the holding company above Milan. It does not appear in the club's own accounts. But the owner has to pay interest and repayments on it, and that affects how much the owner can and will put into the club.

Glossary

The key terms explained simply.

Revenue (income): All the money the club brings in over a season, from tickets, TV, sponsors, prize money and player sales.
Costs: All the money the club spends, such as wages, travel, running costs and amortisation.
Wage bill / staff costs: Wages for all employees, including players and coaches, plus taxes and charges linked to wages.
Wage ratio: Wages divided by revenue. Shows how much of the revenue goes on wages.
Amortisation: A player's transfer fee is spread over the years of his contract. A €50m player on a five-year deal costs €10m a year in the accounts.
Write-down: An extra cost when a player or asset has become worth less than the accounts say.
Profit on player sales (plusvalenza): The sale price minus what is still left to amortise on the player. If the club sells a player from its own academy, almost the whole sum is profit.
Operating result: Revenue minus costs from normal operations, before interest and tax.
Net result (profit or loss for the year): What is left at the very end, after interest and tax. Plus means a profit, minus means a loss.
Debt: Money the club owes others, for example banks or other clubs.
Net debt: Loans minus the money the club has in the bank.
Equity: The value of everything the club owns minus everything it owes. Positive equity means the club owns more than it owes.
Vendor loan: When the seller lends the buyer part of the purchase price. Elliott did this when RedBird bought Milan.
Refinancing: Taking out a new loan to pay back an old one, often on different terms.
Credit line: An agreement with the bank that lets the club borrow up to a set amount when it needs to.
Squad cost rule: UEFA rule: wages, amortisation and agents' fees can make up at most 70% of revenue from 2025/26.
Football earnings rule: UEFA rule on how big a combined loss a club can have over three years.
Settlement agreement: An agreement between UEFA and a club that has broken the rules, with fines and targets the club must meet.
Deloitte Football Money League: Annual list of the clubs with the highest revenue in the world. Leaves out player sales.

Last updated 9 October 2026. The figures come from the club's accounts and reliable media, and may be adjusted when new accounts are published.

Overview

In short

Result, debt and equity

Glossary

Sources