After closing the last three financial years in profit, Milan returns to posting a loss in 2026. This is reported by Calcio e Finanza, which estimates that the club based in Via Aldo Rossi closed its accounts on 30 June 2026 with a €25 million loss (the previous year had closed with a €2.9 million profit). The figure is clearly affected by the failure to qualify for European competitions and therefore the absence of UEFA prize money, which was partly offset by revenue from player trading activities in the region of €100 million (including capital gains and other minor operations), as relayed via Milan News.
This deficit, however, is not considered a problem for the club, as at 30 June 2025 Milan could rely on net equity of €199 million, more than sufficient to absorb the loss. “Also regarding UEFA Financial Fair Play, the negative result will allow Milan to remain within the parameters, also considering that UEFA deducts certain virtuous costs from the calculation for compliance with sustainability rules,” writes Calcio e Finanza.
Milan financial statements 2025–26: total revenues down, but commercial income grows
Milan’s total revenues in the 2025–2026 season were €433 million, down from €494 million in 2024/2025 (-12.4%). In this case too, the “blame” lies in the absence of matchday income from European fixtures, as well as the lower number of Coppa Italia matches played during the season. However, there was an increase in commercial revenues (over €160 million, +5.90% compared to the previous year), mainly thanks to higher payments from main sponsor Emirates. Without UEFA prize money there was, however, a predictable collapse in broadcasting revenues, which fell by 42.40% compared to the previous season (from €154 million to €89 million). Calcio e Finanza adds: “Finally, there is the management of player rights, which according to Calcio e Finanza’s estimates will account for almost a quarter of turnover, reaching €100 million. In 2024/2025 this item had reached €72.7 million, but last summer’s sales – above all Theo Hernández and Malick Thiaw – together with player buyouts completed during the season, further increased this figure at the Rossoneri club.”
Milan financial statements 2025–26: costs down compared to a year earlier
On the cost side, Milan is expected to record a reduction of around €25 million according to estimates (from €478 million to €443 million, a 7% decrease). Staff costs fell slightly compared to last year, while amortisation increased due to some major new signings. The club is also expected to save on the San Siro rent following the purchase of the stadium and adjacent area together with Inter. “Closing note on provisions, which in Calcio e Finanza’s estimates should amount to around €13 million to take account of departures in the management following a turbulent end to the season, including former CEO Giorgio Furlani and former sporting director Igli Tare. No provision is expected, however, for the departure of Massimiliano Allegri, as the coach reached an agreement to terminate his contract with the club, effectively giving up the second and final year of his salary,” concludes Calcio e Finanza.
