AC Milan closed the 2025-26 financial year with €464.6 million in revenue, yet still ended up with a net loss of around €24 million. That is the first loss in four seasons, and the club's own estimate for the cost of missing European competition was around €80 million. The broad read is pretty clear: Milan's business stayed strong, but Europe was still the line between profit and loss.
Revenue held up, even with a clear European hit
The headline number is the revenue figure. Milan still brought in €464.6 million in 2025-26, only 6% below 2024-25 and 1.7% above 2023-24. For a club going through a season without European football, that is a serious level of resilience.
Sky Sport Italia carried Milan's explanation, in comments translated from Italian: "the solidity built in recent years has allowed the club to absorb a significant part of the impact of the absence from European competitions, closing the financial year with a negative net result of around €24 million, after three consecutive seasons in profit"
That framing is self-serving, as club statements usually are, but it also fits the numbers that matter most. Milan did not keep profits intact. They did, however, avoid the kind of revenue collapse many clubs would expect after losing continental dates, prize money and the wider commercial lift that comes with them.
The club said missing European competitions cost around €80 million. That figure should be treated as Milan's estimate rather than an independent audit, but it gives the scale of the gap. When a club can lose that much potential income and still post €464.6 million in revenue, the business model has plainly become sturdier than it was a few years ago.
Commercial growth carried a lot of the load
Where Milan really cushioned the blow was on the commercial side. The club said sponsorship revenue passed €100 million for the first time in its history, while Serie A ticketing revenue also increased.
Again through Sky Sport Italia, in comments translated from Italian, Milan said: "Commercial revenue maintains a positive trend, with sponsorships surpassing for the first time in the Club's history the threshold of €100 million. Serie A ticketing revenue is also up"
That matters less as a slogan than as a structural point. Milan were missing Europe's matchday and media advantages, but still kept commercial momentum moving. The attendance numbers support that too, with the club averaging more than 72,000 fans per match and leading Serie A for a second straight season.
Brand Finance's valuation adds another layer. Quoted by Sky Sport Italia, in comments translated from Italian, the firm said: "in 2026 AC Milan reached the all-time high of €514 million, +28% in the last year, making it the football club with the greatest growth globally since 2021"
Brand value is never the same thing as cash in the bank, and clubs can lean on those figures a bit too eagerly. Still, a record €514 million valuation and 28% year-on-year growth do point in the same direction as the sponsorship and attendance numbers. Milan's brand did not stall because the team was off the European stage.
Debt rose, but the context is different from a distress story
The less comfortable number in the accounts is net financial debt. It stood at €145.3 million, up from around €92 million in the previous fiscal year. That rise is significant and should not be brushed aside.
Milan's position, reported by football-italia.net, is that the increase reflects planned investment rather than financial stress. The club said: "The increase in debt primarily reflects the strategic use of credit facilities to support the Club’s investment program, growth initiatives and long-term development projects"
The club also had shareholders' equity of €176.4 million, which gives some ballast to that argument. So this is not a clean good-news set of accounts, and it is not a panic story either. Milan lost money, debt went up, and missing Europe hurt. At the same time, revenue stayed high, sponsorships broke through €100 million, and the brand kept growing.
One live wrinkle is how some reports tie these accounts to Milan's league position. football-italia.net linked the financial miss in Europe to failure to qualify for the Champions League, but that should be handled carefully because current Serie A standings are not the same thing as a confirmed season finish. What can be stated firmly is the financial year itself: Milan reported €464.6 million in revenue, a roughly €24 million loss, and an estimated €80 million hit from life outside Europe.
FAQ
Why did Milan post a loss despite strong revenue?
[AC Milan](club:ac-milan) closed the 2025-26 financial year with €464.6 million in revenue, but still recorded a net loss of around €24 million after three straight profitable seasons. The club said the absence from European competitions cost around €80 million, which helps explain why strong domestic and commercial income was not enough to keep them in profit.
How strong were Milan's commercial numbers without European football?
Milan's commercial side kept growing even without Europe. The club said sponsorship revenue passed €100 million for the first time in its history, Serie A ticketing revenue increased, and average attendance stayed above 72,000 per match. Brand Finance also valued Milan's brand at a record €514 million in 2026, up 28% year on year.
Should Milan fans worry about the club's debt increase?
Net financial debt rose to €145.3 million from around €92 million in the previous fiscal year, so the increase is real. Milan's line is that the higher debt reflects the use of credit facilities for investment, growth initiatives and long-term development projects. Shareholders' equity of €176.4 million suggests the club still has a significant capital base behind that borrowing.
Written by Daniel Hartley with AI-assisted research, cross-checked against 2 outlets. How we work →
