Real Madrid's numbers make even Florentino Pérez suffer

BarcelonaReal Madrid projects an image of financial solidity that aligns with its results-based sporting DNA. However, if a detailed reading is made of the latest audited economic snapshot – at the midpoint of the 2025-26 financial year –, cracks are observed that call this narrative into question. Without denying its power as a global brand, on par with other football giants like Barça itself, PSG, or the Premier League titans, the institution led by Florentino Pérez has made available to its members documentation of 112 pages that raises some alarms.According to this latest update, the club presents a total liability of 1,780 million euros if the debt associated with the renovation of the Santiago Bernabéu is included, a stadium that is not yet finished and has requested three credit extensions so far. This is a significant magnitude that conditions Madrid's financial structure, although in comparison to Barça, which exceeds 2,500 million euros if ordinary gross debt and the credit operation to renovate the Camp Nou are added together, the absolute figure is lower than that of the Blaugrana.

Mós preocupant és, en clau blanca, la falta de marge per tapar els forats associats a la seva activitat ordinària, cosa que es reflecteix en un fons de maniobra negatiu de 406 milions, 220 més que a finals del 2024 (189). Aquest fet mostra que els deutes a curt termini del Madrid superen de manera alarmant els recursos que el club és capaç de generar per assumir-los. La recepta per sobreviure en aquest context implica refinançar pagaments o bé picar a la porta dels bancs. De fet, en la primera meitat d'aquest exercici econòmic 25-26, el Madrid ha fet servir 100 milions procedents de pòlisses de crèdit per respondre a les necessitats del dia a dia.

Another indicator that manifests the worrying situation of the Concha Espina giant is the cash flow, which on December 31, 2025, was only 3.4 million. A year earlier, the treasury was 61 million, while on June 30, at the close of the 24-25 financial year, the amount was close to 176 million. Having little money in hand reduces the capacity to respond to unforeseen events and, in this specific case, shows that the Madrid club has had to spend more than expected. In fact, in the latest snapshot of the white accounts, a 27% increase in the first team's salary expenses is observed, reaching 319 million in just half a season, which, incidentally, does not include the severance pay for Xabi Alonso, dismissed in January.

This increase contrasts sharply with the significant drop in income recorded in the first half of the 25-26 financial year. If on December 31, 2024, total operating income was 636 million euros, a year later, 613 million have been accounted for, representing a decrease of close to 4%. One of the most affected items in this period is commercial income, with an 11.7% fall. In this league, Madrid is surpassed by Barça. As illustrated by a recent study conducted by Intelligence 2P, the Catalan club reached 556.8 million in sponsorships and merchandising at the close of the 24-25 season, compared to 481.2 million for the merengueinstitution.

A change in the corporate model on the horizon

Despite this lost battle against the eternal rival, Florentino can boast of normality regarding fair play financier, an objective that Joan Laporta has not achieved at Barça since he returned to the Barcelona presidency five years ago. In the latest update published by La Liga, Madrid has a salary limit of 761 million euros, while theblaugrana club, although it has improved compared to previous seasons, is left with 433 million, still outside the 1:1 rule.

Despite this apparent salary health, reinforced with a projection of 1,250 million in income this fiscal year, the white economic reality also speaks of difficulties in controlling debt and spending and a modest net profit of 10 million forecast at the closing of next June 30. In this context of tightness, Florentino plans to propose a change in the corporate model so that Madrid can compete with guarantees in modern football. Advised by Anas Laghrari, the strong man of the failed Super League project in Europe, which not so long ago Laporta also defended, the powerful and veteran (79 years old) leader proposes the entry of private capital to ensure liquidity and also to grant members the opportunity to become shareholders of the club. In the Spanish capital, the debate is open. On the other hand, no one around Barça dares to explore this route. For now.