Benfica remains profitable, but the Portuguese giant’s latest accounts reveal a growing financial tension: strong revenues on one side and rising liabilities on the other.
The Lisbon club recorded a €19.1 million net profit for the 2025/26 financial year, marking a second consecutive season in the black.
But the result represents a significant drop from the €34.4 million profit recorded a year earlier.
According to figures reported by Glorioso 1904, Benfica benefited from stronger recurring revenue, tighter control of operating expenses and a positive contribution from player rights.
The club’s equity also improved, reaching €135.5 million.
Revenue remains a mixed picture
Benfica’s underlying income showed several positive signs.
Matchday revenue increased 8.5% to €45.2 million, while broadcasting income climbed 6% to €55.7 million.
Those gains helped offset the absence of some exceptional income recognised in the previous financial year.
Operating income, excluding the impact of player transfers, stood at €214.4 million—a 7% decline year-on-year.
One major reason was the inclusion of a one-off boost from Benfica’s participation in the Club World Cup in the previous season’s accounts.
Once player transfers are included, the club reported an operating result of €32.4 million.
Costs under control
Benfica managed to keep much of its underlying cost base relatively stable.
Operating expenses excluding player rights increased by just 1.2% to €229.4 million.
Higher impairment charges pushed costs upward, but the impact was partly offset by a reduction in staff expenses.
That discipline helped the club remain profitable despite the decline in its headline earnings.
Liabilities are the bigger concern
The most significant warning sign sits on the balance sheet.
Benfica’s liabilities increased 8.2% to €513.9 million.
The rise was linked partly to larger obligations involving suppliers and other creditors.
At the same time, total assets increased by 10% to €649.4 million, supported by a higher valuation of the playing squad and outstanding receivables.
That means liabilities now represent 79.1% of Benfica’s total assets.
So while the club is profitable, its financial structure remains heavily leveraged.
Benfica still relies heavily on player sales
Another issue is the club’s continued dependence on the transfer market.
Player trading remains an important component of Benfica’s financial model, particularly because domestic commercial and matchday revenues have natural limits.
That strategy can generate substantial income when players are sold successfully. But it also creates volatility: a season without major transfers can put significantly more pressure on the underlying business.
The club therefore faces a familiar balancing act—develop valuable players, sell them at the right time and use those proceeds to support the wider operation.
Dispute over Portuguese broadcasting model
Benfica is also pushing back against proposed changes to Portugal’s football broadcasting system.
Club management has criticised plans for greater centralisation, describing the proposed approach as outdated and unsuitable for the country’s biggest clubs.
The dispute reflects a broader question about how Portuguese football’s television income should be distributed—and whether the country’s leading clubs believe the current system gives them enough commercial power.
Profit today, pressure tomorrow
Benfica’s €19.1 million profit is undoubtedly positive. The club has now delivered two consecutive profitable seasons, while matchday and broadcasting revenues are moving in the right direction.
But the accounts also underline the challenge facing the Portuguese giant.
Profitability has improved, yet liabilities are rising and player trading remains crucial to the financial model.
For Benfica, the next step is not simply staying in the black. It is building a business strong enough to remain financially healthy without having to rely so heavily on exceptional income and the next major player sale.
