Real Madrid have become the first club to record over €1 billion ($1.04bn) in annual revenue in the Deloitte Football Money League, the consulting firm said on Thursday.
The figures, which cover the 2023-24 season, assess the Spanish and European champions as having registered €1,045,500,000 in income to top the ranking.
Manchester City, with €838m, are ranked second in the study, followed by Paris Saint-Germain (€806m), Manchester United (€771m) and Bayern Munich (€765m).
The Premier League dominates the top 10, which also includes Barcelona, Arsenal, Liverpool, Tottenham Hotspur and Chelsea.
The 20 clubs included in the study collectively received €11.2bn, which is up 6% on 2022-23, Deloitte said.
Madrid’s 2023-24 season saw them win the Champions League, beating Borussia Dortmund in the final at Wembley, and win LaLiga, finishing 10 points ahead of second-placed Barcelona.
Their €1bn figure was made up of €248m in matchday revenue, €316m in broadcast revenue and €482m in commercial revenue.
Progress in the redevelopment of the Bernabéu Stadium, which is now all but complete, saw matchday income double compared to a year earlier.
Madrid’s matchday revenue of €248m is significantly higher than any other club, with PSG ranked next, at €170m.
The club’s commercial revenue, which also outstrips any rival in the study, increased by 19%.
Deloitte said the gap between the top two ranked teams in the 2025 study — Madrid and City — had never been bigger, at €208m.