Local Italian soccer rivals AC Milan and Inter Milan have posted contrasting financial results for the 2025-26 season, with the latter enjoying better fortunes after winning the top-flight Serie A last year.
Inter closed the year with revenues of €518 million, the second-highest in club history after last season's record of €567 million.
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Last year’s figure benefited from the one-off revenues generated by participation in the FIFA Club World Cup and reaching the UEFA Champions League final in 2025.
The strong revenues led to the Italian champions posting a second consecutive profit of €22.7 million ($25.8 million).
Inter attributed this to “solid revenue generation” and a reduction in operating costs of approximately €20 million.
The club’s commercial revenues increased by 7%, which it said was mainly driven by “higher merchandising revenues supported by the new business model implemented with the partner Fanatics.”
In addition, matchday revenues increased on a per-event average basis. Revenue from player trading increased by €11 million.
With regard to the club’s financial expenses, the fiscal year saw a reduction of approximately 50% in finance costs, equal to €19 million, as a result of refinancing that was completed at the end of the previous year.
Inter enjoyed a hugely successful season, winning a 21st Serie A title and the Coppa Italia knockout competition. It was the club’s first domestic double since the 2009-10 season.
Last month, Canadian investment management group Brookfield took control of Inter after completing a takeover of US investment fund Oaktree Capital.
AC Milan, on the other hand, posted a net loss of approximately €24 million, with the club’s finances severely impacted by not participating in European competitions.
Overall, the club closed the 2025-26 financial year with €464.6 million in revenue.
This was down 6% from the 2024-25 season when Milan generated a record €495 million. The team also notched a third straight annual fiscal profit last year.
Despite posting a loss, the club's core revenue streams performed strongly. Commercial income was up again, with sponsorship revenue surpassing €100 million for the first time in Milan's history.
At year-end, Milan’s net financial debt stood at €145.3 million, compared with approximately €92 million in the previous fiscal year.
The increase in debt was attributed to “the strategic use of credit facilities to support the club's investment program, growth initiatives, and long-term development projects.”
During the fiscal year, Massimo Calvelli was appointed as Milan’s chief executive.
Milan and Inter also achieved a major milestone during the financial year after completing the acquisition of the San Siro Great Urban Function, including the iconic stadium and its surrounding area, from the local council last November.
Both clubs have been active commercially in recent months, most notably announcing sleeve partnerships. Inter agreed a new deal with Spanish bank BBVA, while Milan renewed with MSC Cruises, the prominent international operator.
Read – Deal Focus: AC Milan and Inter complete San Siro purchase
