By Andrea Caropreso
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Inter and Real Madrid represent two major forces in European football, but with profoundly different economic dimensions. By analyzing the 2024 and 2025 financial statements, significant differences emerge. The Nerazzurri improved their accounts thanks to sporting successes and capital gains, closing for the first time in June 2025 with a profit in the last 15 years (+€35 million), while the Blancos had already surpassed the one-billion revenue mark in 2024.
Numbers compared
In the financial report as of June 30, 2024, Inter recorded consolidated revenues of €473 million, a record figure for the club and a strong growth compared to the previous year. However, despite the increase in turnover, the accounts closed with a loss of about €36 million, although this was a clear improvement compared to the deficit of over €85 million the previous year. On the other side, Real Madrid confirmed its status as a global top club. Already in 2023/24 it had exceeded the one-billion threshold with €1.073 billion in revenues, while in the latest report for the 2024/25 season it set a new record with €1.185 billion, accompanied by a net profit of €24 million.
Club Financial Report 2024 Financial Report 2025 Net Result
Inter €473 M €567 M +€35 M (profit 2025)
Real Madrid €1.073 B €1.185 B +€24 M (profit 2025)
Inter’s revenues in the 2025 report, amounting to €567 million, set a new record for the club and Serie A. According to the Nerazzurri’s official statement, this result was due to “an increase in revenues from domestic and European competitions, as well as participation in the first edition of the FIFA Club World Cup. At the same time, there was organic growth in commercial revenues from sponsorships and matchday income.” However, when compared with a giant like Real Madrid, a gap emerges that puts these numbers into perspective.
The structure of costs and revenues
Behind this huge difference between Inter and Real Madrid lies not only the different strength of their brands (Real Madrid’s name is unique worldwide), but above all the ability to attract investors. Considering only commercial deals, Real Madrid can earn about €1 billion from this alone. Conversely, Inter’s commercial revenues as of June 30, 2025, increased by only 20%, surpassing just €100 million, nine times less than what Real can count on.
Item Inter 2024 Real Madrid 2024/25
TV Rights €176.4 M ~€310 M
Commercial / Sponsorships ~€120 M >€900 M
Matchday (stadium) ~€30 M ~€200 M
Player sales (capital gains) €73.8 M ~€80 M
Total costs €464 M ~€1.050 B
Estimated wage bill ~€260 M ~€470 M
A major difference also comes from the revenue-generating capacity of the new Bernabeu. Despite the massive debt linked to the renovation works (over €1.1 billion outstanding in 2025), Real Madrid has managed to cover its costs thanks to revenues being fully in line with expenses. This allows even lavish signings without breaking Financial Fair Play rules.
Thanks to the new Bernabeu, Real generates unparalleled annual profits. With an investment of over €1.17 billion, financed by long-term loans, the new stadium has already begun to produce impressive returns. In just the second half of 2024, it generated almost €44 million from non-football events, while matchday revenues grew by over 58% compared to the previous season. Conversely, for Inter, stadium revenues remain stagnant due to the club not owning its stadium, which might become a reality in 2032, in joint partnership with AC Milan.
Future outlook
To reduce this gap, Inter clearly needs infrastructure capable of generating economic returns similar to Real’s. The Nerazzurri, for their part, have fully benefited from the 2024/25 Champions League, with estimated revenues of over €130 million, taking the first step toward closing in on Europe’s giants. However, not everything can be done alone. Items like broadcasting rights weigh heavily, and for these to increase, Serie A would need to become more attractive and appealing to broadcasters.
Real Madrid, on the other hand, operates on a business model far ahead of almost every other European top club. The Blancos’ strategy is not only focused on buying galactic players for huge sums but above all on developing young talents, some spread across Europe, who will one day represent the future of the Merengues.
From 2017 to 2025, Florentino Pérez has ensured that Real signs the most promising talents every year to let them grow alongside veterans. At the same time, the club has sold players such as Ramón, Paz, and García with buy-back clauses to bring them back when the time is right. While much of European football moves without a clear direction, Real Madrid has already precisely charted its future path.
By Andrea Caropreso
