AC Milan Reports €464.6m Revenue as Sponsorship Income Surpasses €100m.

Roger Hampel

Image: Mathieu Guazy

AC Milan generated €464.6 million in revenue in 2025/26, maintaining turnover close to the record levels of the previous two seasons despite not participating in European competition.

Revenue was 6% below 2024/25 but remained 1.7% above the 2023/24 level, with commercial operations continuing to expand. Sponsorship revenue exceeded €100 million for the first time in the club's history, while average Serie A home attendance remained above 72,000.

The Board of Directors has approved the draft financial statements for the year ended June 30, 2026. The accounts will now be submitted to the Shareholders' Meeting for approval.

Sponsorship Revenue Exceeds €100m for First Time Milan

Commercial revenue continued to grow during the financial year, led by partnerships.

The most significant milestone was sponsorship revenue moving above €100 million for the first time.

That development helped support overall revenue during a season in which Milan did not receive income from participation in UEFA club competitions. Despite that absence, total revenue remained above €460 million and close to the levels recorded across the previous two financial years.

The figures indicate an increasingly broad revenue base, with commercial operations providing a larger source of income alongside matchday activities and competition-related revenue.

Milan also cited Brand Finance's latest valuation of the club at €514 million in 2026, representing a 28% year-on-year increase. According to the consultancy, AC Milan has been the world's fastest-growing football brand since 2021.

More Than 72,000 Fans Per Serie A Home Match

Matchday demand remained high during 2025/26.

AC Milan averaged more than 72,000 spectators per Serie A home game, recording the highest average attendance in the league for a second consecutive season.

The scale of demand at San Siro remains an important component of Milan's existing matchday business and provides context for the club's longer-term infrastructure strategy.

The club is seeking to develop a stadium model capable of expanding its commercial opportunities beyond conventional ticketing, including premium hospitality and other matchday and non-matchday revenue streams.

Milan Records €24m Net Loss

AC Milan closed the financial year with a net loss of approximately €24 million, with the club pointing to the temporary financial impact of not participating in European competitions.

The result came alongside €464.6 million in revenue and continued growth in sponsorship income, illustrating the financial effect that UEFA participation can have even for clubs with substantial domestic and commercial revenue.

Milan also continued investing across its sporting and long-term development activities during the year.

At June 30, net financial debt stood at €145.3 million, compared with approximately €92 million a year earlier. The club attributed the increase primarily to the use of credit facilities supporting its investment programme, growth initiatives and long-term projects.

Shareholders' equity stood at €176.4 million at the end of the financial year.

AC Milan and Inter Complete Joint San Siro Acquisition

Among Milan's key long-term development projects is the proposed new stadium.

In November 2025, AC Milan and Inter Milan completed the joint acquisition of the San Siro stadium and surrounding land, representing a major step in the clubs' shared stadium development project.

For Milan, the stadium is positioned as a long-term infrastructure investment intended to strengthen the club's economic model.

A new venue would provide additional scope for premium hospitality, commercial spaces and other stadium-generated revenue, while giving the clubs greater control over the development and operation of a major infrastructure asset.

The project therefore sits alongside sporting investment and commercial expansion as one of the principal components of Milan's longer-term growth strategy.

Calvelli Takes Over as Chief Executive

The financial year also brought a change in Milan's executive leadership.

Massimo Calvelli was appointed Chief Executive Officer of AC Milan, while continuing in his role as an Operating Partner at owner RedBird Capital Partners.

The club enters its next development phase with revenue remaining close to recent record levels, sponsorship above €100 million for the first time and the stadium project moving forward.

The 2025/26 results also underline the importance of competition performance to that model. Milan maintained revenue at €464.6 million without European football, while the approximately €24 million net loss shows the financial impact of a season without UEFA competition income.

The next stage will combine the club's existing commercial base with continued investment in the squad, its international brand and the joint stadium project with Inter.