22 million deviation: Barça's numbers, uncovered

BarcelonaBarça has closed the 2025/26 season with net losses of 18 million euros, moving away from the net profit of 4 million that had been originally budgeted, which represents a final deviation of 22 million. The numbers audited by Crowe are already available for consultation, less than three weeks before the assembly in which the delegate members must approve the management of Joan Laporta's board and give the green light to the increase in debt to finish the Camp Nou works, among other things.

Despite this negative result for the year, the entity has recorded a significant increase in ordinary activity that has placed operating income at 1.060 billion euros, surpassing the 1 billion barrier for the first time. This boost is explained by the gradual return to the Camp Nou starting November 22, 2025 (partial opening of stands), and also by the historic figures for sponsorships and recurring merchandising from the subsidiary BLM. However, the forecast from a year ago fell short, as the club recorded 15 million less in ordinary income than it had budgeted (1.060 versus 1.075).

The lines that recorded the largest drop were the commercial one (527 million euros actual compared to 543 budgeted) and the profits from player transfers (43 million euros actual compared to the 55 forecasted, a decrease of 12 million). In parallel, expenses suffered a slight increase of 3 million euros, going from the 1,019 million forecasted to the 1,022 million actual in the settlement, mainly due to an unforeseen increase of 6 million in the sports salaries item and an additional 6 million in the salaries for the non-sports structure.

The key reason for having closed the year in the red, despite a marginally positive ordinary result of 0.2 million euros, is the extraordinary accounting effects of -14 million euros not considered in the budget. This burden was a consequence of having to assume a new impairment in the book value of the company Barça Produccions for an amount of 23 million. The Barça Studios lever, key to registering signings in the summer of 2022, is taking its toll once again. This weight has only been partially offset thanks to the income of 9.5 million euros from the sale of VIP seats approved a year and a half ago.

This extraordinary deviation could not be wiped out despite the fact that the club's actual financial result was very positive (-37 million euros) compared to the -51 million budgeted. Regarding debt, the news is worse. Excluding the Espai Barça investment, it has increased by 29% (+138 million euros), reaching 607 million euros. The club and the auditor attribute this to a decrease in treasury forced by interest payments for the Espai Barça financing. However, Crowe stresses that the current debt level continues to be 73 million euros below the highs of June 2021.

A very tight budget again

Looking ahead to the 2026/27 season, Barça will seek approval for a budget that forecasts closing the season with a final net profit of 1 million euros. The plan is supported by a record revenue projection of 1.195 billion euros, driven primarily by playing the full season at the Camp Nou (+60 million euros increase in facility business), growth in sponsorships and merchandising (+50 million), and transfer income of 74 million (+31 million).

This boost in turnover will allow for offsetting a general increase in ordinary expenses, which will rise to 1.133 billion (an increase of 111 million), aimed mainly at the 11% rise (+65 million euros) in sports salaries, especially for the men's first football team, leader of the League and candidate for the Champions League.