Real Madrid announce financial statement as stadium investment and rising costs tighten margins | OneFootball

Real Madrid have released an interim financial statement as recent figures reveal a clear shift in how the club manages their finances.

According to financial analyst Hector Mohedano, the biggest change in the club’s finances over the past few years is their move from a strong position to relying more on external investments.

Madrid were financially comfortable a few years ago, building up large reserves thanks to strong revenues and several major financial agreements between 2021 and 2023.

However, Mohedano claims those reserves have now been used up. 

Over the past three years, Madrid’s net bank position has changed dramatically, moving from a positive €213 million to a negative €312m.

Much of that money was tied to the redevelopment of Santiago Bernabeu Stadium as well as commercial arrangements with investors such as Sixth Street.

Rebuilding the Bernabeu has been one of the most ambitious projects in the club’s history. While the club has managed to create new revenue streams, they’ve also required significant investment.

At the same time, Madrid have not pumped the brakes on building a squad capable of competing at the highest level. In the first half of the 2025/26 season, the club reported revenue of €571.3m.

That figure is slightly lower than what they recorded during the same period last year, falling by around 3.1%, mainly because they had stabilised their stadium income.

After the initial surge following the reopening of the upgraded Bernabeu, matchday and stadium revenue settled at about €43m.

The temporary suspension of concerts at the stadium has also limited potential earnings. Commercial income has dropped by more than 10%, while television revenue has remained largely unchanged.

The problem Madrid is facing at the moment is that expenses continue to increase while income has dipped. The club’s wage bill has risen almost 16% in just six months, climbing from €239m to €277m. 

Kylian Mbappe’s blockbuster arrival from Paris Saint-Germain is an obvious factor, although tying several key players to new deals also contributed to that surge.

But even at that, Madrid’s core business is still profitable. According to Mohedano’s analysis, Los Blancos generated around €67m in operating profit during the first half of the season.

However, much of that profit is now being used to manage debt. Interest payments, stadium loan repayments, and growing sporting costs are tightening the club’s financial breathing space.