Real Madrid’s 2023/24 accounts cover a season when they won La Liga and the Spanish Super Cup, plus the Champions League for an incredible 15th time after defeating Borussia Dortmund in the final at Wembley.

Profit/(Loss) 2023/24

The financial headline is that Real Madrid became the first football club to exceed one billion Euros in revenue, as this grew by an amazing €230m (27%) from €843m to €1,073m.

However, profit from player sales dropped from €71m to €21m, while operating expenses also broke through the billion Euros barrier, rising €162m (18%) from €911m to €1,072m. In addition, there was an unfavourable €8m swing from €6m net interest receivable to €2m payable.

As a result, pre-tax profit was “only” €20m, though this was more than twice as much as the previous year’s €9m. Profit after tax was up from €12m to €16m, as tax payable went from a €3m credit to a €4m charge.

The revenue growth was particularly impressive, given that the stadium was not fully operational during the season.

Nevertheless, membership fees & stadium revenue more than doubled from €152m to €307m, while there was also notable growth in marketing, which rose €77m (23%) from €330m to €407m. In addition, international competitions & friendlies increased by €15m (11%) from €136m to €151m. These were new club records for all three revenue streams by some distance.

On the other hand, broadcasting fell €8m (4%) from €187m to €179m, while other income was down €9m (23%) from €39m to €30m.

Furthermore, the higher revenue was largely offset by a steep increase in the cost base. Total wages rose €52m (12%) from €453m to €505m, largely due to higher bonuses for the success on the pitch, while other expenses shot up €118m (39%) to €425m.

In contrast, player amortisation decreased €22m (15%) from €139m to €117m, though the club did book an €8m impairment provision.

Reported Profit/(Loss)

Madrid’s €20m pre-tax profit is the highest to date for last season, though almost all the comparatives are from 2022/23 (with the exception of Athletic Bilbao, Barcelona, Celta Vigo and Osasuna).