ClubsClubs
Every season on file · EUR · operating profit before player trading
Printed revenue streams, as a share of the total
From the printed income statement. Costs take away, totals stand on zero.
Each step is the change in one printed revenue stream; the ends are the printed totals.
Calc marks a figure worked out from printed lines
1st is always the better end: lowest for wages, player costs and net debt. In EUR at ECB rates.
Consolidated accounts of Real Madrid C.F. and subsidiaries (formulated 17 July 2025). Facts come from the Spanish original (es-2024-25). In that PDF the audit report pages (85-87) are images with no text layer, and ./ff ocr treats them as text-native, so the clean opinion was read in the English translation (en-2024-25 p85-87: Ernst & Young, S.L., unmodified opinion on the consolidated statements, dated 18 July 2025). REVENUE is the statutory 'Importe neto de la cifra de negocios' (1,158,908k). The club's headline 'ingresos de explotación (antes de enajenación de inmovilizado)' of 1,184,687k (note 22, p79) is a management measure that adds other operating income and regroups some items. Player sales are never in revenue under PGC; their gains sit in 'Resultados por enajenaciones' inside the operating result. Revenue streams follow the P&L face: REVENUE_MATCHDAY = 'Ingresos de socios y estadios' (members, season tickets, tickets, VIP, tour, events); REVENUE_BROADCAST = 'Ingresos de retransmisión' (domestic central TV rights); REVENUE_OTHER = 'Ingresos de amistosos y competiciones' (friendlies plus UEFA/FIFA competition income, incl. the first part of the 2025 Club World Cup); REVENUE_COMMERCIAL = 'Ingresos de marketing'. EBITDA is the club's own measure (note 22/23: 'Resultado de explotación antes de amortizaciones', includes disposal results and impairment); the club also prints 'EBITDA antes de enajenación' of 208,294k. Stadium remodelling: from 1 July 2024 the project is depreciated and its finance costs are expensed (no longer capitalised), hence higher D&A and finance costs. Net debt (management report p16-17): the club reports net debt EXCLUDING the stadium remodelling project of 12m EUR at 30/06/2025 (8m at 30/06/2024), defined as bank debt + creditors/debtors for acquisition and transfer of assets (players, works) - cash, plus long-term advances and a Club-Estadio cash adjustment; it leaves out the stadium financing (1,132m) and project creditors (140m). BORROWINGS here includes the stadium loans. Write-offs of player registrations ('Bajas Inmovilizado Intangible deportivo', 550k) sit in 'Deterioros y pérdidas' and are in neither IMPAIRMENT_PLAYERS nor PLAYER_TRADING_RESULT.
Wages are all staff costs, not only the players.