Milan, Cardinale’s first loss after three consecutive years in profit: €24 million deficit

The board of directors, chaired by Paolo Scaroni and meeting today, has approved the first negative accounts of the Gerry Cardinale era. Including player trading, revenue still stood at €465 million, down by just 6% on 2024-25. The main positive was the growth in core revenues, which are less dependent on participation in Uefa competitions: sponsorship revenue passed the €100 million mark for the first time in the club’s history; stadium income also rose, helped by the highest average attendance in the league, with more than 72,000 spectators. 

Net financial debt rose to 145 million, up from 92 million as of 30 June 2025, after greater use of credit lines to support the company’s investments, growth and strategic projects. "The solidity built up in recent years allows the club to accelerate its growth strategy, leveraging RedBird’s owner-operator model, which combines long-term investment and operational expertise. In this direction comes the appointment, made during the financial year, of Massimo Calvelli as AC Milan’s Chief Executive Officer, while he retains his role as RedBird Operating Partner," the AC Milan statement reads, also recalling the breakthrough on the new stadium project, with the acquisition of the Meazza and the surrounding areas, together with Inter. "The new stadium is intended to strengthen the club’s economic profile and its ability to invest in growth and sporting competitiveness".

Here is the Rossoneri club's official statement:

"AC Milan, solidity and investment to accelerate growth

The Club closed the 2025/26 financial year with revenues of €464.6 million. Despite the absence from European competitions, the figure remains close to the levels of the last two record seasons. The solidity built over recent years opens a new phase of long-term investment

AC Milan's Board of Directors have approved the draft financial statements for the year ended 30 June 2026, which will be presented to the Shareholders' Meeting.

The Club closed the 2025/26 season with revenues of €464.6 million, staying close to the levels of the last two record seasons: +1.7% compared to 2023/24 and -6% compared to 2024/25. The solidity built over recent years allowed the Club to absorb much of the impact of the absence from European competitions, closing the financial year with a net loss of around €24 million, after three consecutive profitable seasons.

The main sources of revenue, particularly those less tied to participation in European competitions, have continued to show solidity and growth. Commercial revenues remain on a positive trend, with sponsorships exceeding the €100 million mark for the first time in the Club's history. Serie A ticketing revenues are also up: for the second consecutive year, AC Milan have confirmed themselves as the club with the highest average attendance in the league, at more than 72,000 fans per match. Financial discipline and operational efficiency have also continued to help contain costs.

Brand value has also continued to grow: according to Brand Finance, in 2026 AC Milan reached an all-time high of €514 million, +28% over the last year, making them the football club with the greatest growth globally since 2021.

Net financial position stands at €145.3 million, compared to around €92 million in the previous financial year, against shareholders' equity of €176.4 million. The increase mainly reflects the greater use of credit lines to support the Club's investments, growth and strategic projects.

That solidity built over recent years now allows the Club to accelerate their growth strategy, leveraging RedBird's owner-operator model, which combines long-term investment and operational expertise. In that direction came the appointment, made during the financial year, of Massimo Calvelli as AC Milan Chief Executive Officer, while he retains his role as RedBird Operating Partner.

At the centre remains the sporting project, backed by significant investment in recent years. Alongside it sits the new Milan stadium, the Club's main transformative long-term project. During the financial year, the project reached a historic milestone with the acquisition, on 5 November 2025, of the Grande Funzione Urbana San Siro, including the Meazza stadium and the surrounding areas. The new stadium is intended to strengthen the Club's economic profile and their ability to invest in growth and sporting competitiveness".