How Real Madrid made history with $1.42 bn in 2025-26 despite winning nothing

Real Madrid have generated a record €1.221 billion in operating revenue for 2025-26, becoming the first sports organisation to cross the €1.2 billion mark despite ending the season without a major trophy. From the renovated Santiago Bernabéu and lucrative Adidas, Emirates and HP sponsorships to squad investments and global social programmes, here is how the club built its financial success, along with the accounting detail behind the historic milestone.