Barcelona break €1bn revenue barrier as soaring debt raises fresh concerns

Barcelona have become only the second football club to generate more than €1bn in annual revenue, but their record income has been accompanied by a net loss and a sharp rise in debt.

An analysis by The Athletic, based on the club’s official financial figures for the 2025/26 season, found that Barcelona recorded revenue of €1.02bn for the first time in their history. Only their La Liga rivals Real Madrid had previously reached that mark.

Despite the commercial milestone, Barcelona ended the financial year with a net loss of €17.8m after tax, underlining the scale of their spending.

The club’s total debt stood at €1.84bn on 30 June 2026, up from €1.45bn 12 months earlier. That represents a 27% increase in a single year.

Barcelona have also issued a further €105m in 10-year debt since the financial year ended. The Athletic expects the club’s overall debt to pass €2bn during the 2026/27 season.

The main source of the debt is the Espai Barca redevelopment project, with more than €1.2bn of the total linked directly to the financing of the renovated Spotify Camp Nou.

Joan Laporta’s board is relying on the completed project generating an additional €250m in annual revenue. However, construction delays cost Barcelona more than €90m in interest alone during the previous season.

The club’s budget indicates that a further €300m is still needed to complete the redevelopment. Barcelona also face major repayment commitments of €149m in 2026/27, €346m in 2027/28 and €366m in 2029/30.

The report highlighted the transfer of Anthony Gordon as an example of the club’s short-term financial pressure. Rather than paying Newcastle the initial €22.3m from its own funds, Barcelona borrowed the money from a bank, increasing the overall cost of the deal through interest payments.

According to The Athletic, Barcelona said the arrangement was part of its “usual liquidity management” because stadium revenue had been delayed.

The club must pay €905m during the 2026/27 season but has current assets worth only €529m, leaving a working-capital deficit of €376m.

Wage costs also increased by 12% to €573.7m last season. Barcelona’s budget for the next campaign forecasts a record wage bill of €648.9m, placing the club among Europe’s biggest spenders in that area.

There are some positive figures. Commercial revenue rose to €564.1m, while licensing and marketing income reached €189.5m. Barcelona are also beginning a gradual return to Spotify Camp Nou, which is expected to restore VIP revenue.

The figures do not suggest the club is on the brink of collapse, but they show a severe financial squeeze. Barcelona have never generated as much revenue, nor carried as much debt, as they do now. Their financial future depends on completing Espai Barca quickly, increasing income from the new stadium and refinancing debt whose interest costs are becoming increasingly burdensome.