Well, they wrapped up the big one - at a great price, too. Mbappe's arrival was rather delayed by Paris Saint-Germain's deep pockets, but it might just all be worth it given Los Blancos didn't have to pay a penny for him. He's supposedly on decent wages, too, and the signing bonus will raise some eyebrows (not just Ancelotti's).
But it hasn't all been smooth sailing. Real have reportedly shown interest in other targets - without much success. They joined half of Europe in the Leny Yoro sweepstakes before the centre-back chose Manchester United, proving unable to grant the teenager the playing time he wanted at a big club.
Talk about full-back acquisitions has also gone quiet. A Trent Alexander-Arnold move fell apart before it gathered any real momentum. Alphonso Davies' presumptive arrival is also in doubt - with Los Blancos likely having to wait 12 months before they can lure the Canadian to the Bernabeu.
Similarly, there remains interest in River Plate youngster Franco Mastantuono, but Madrid might not be too inclined to spend big on a player who won't have much of an impact this season.
Still, Mbappe's acquisition alone makes this summer nothing less than an overwhelming success in terms of incomings.
Joselu's has left the Bernabeu after he became a one-season cult hero, while stalwart Nacho has departed at the end of his contract, and Kroos, of course, has retired. Meanwhile, young centre-back Rafa Marin, 22, has been sold to Napoli.