The Green Bay Packers’ latest financial report tells a familiar story with a very modern twist: record revenue on one side, a heavier bill on the other.
For the 2025-26 fiscal year, the team said total revenue climbed to $753 million, the highest mark in franchise history. But expenses climbed even faster, jumping $118.7 million to $754.1 million, and that left the Packers with a $1.1 million operating loss.
That loss is the number that matters most in Green Bay’s public accounting. The Packers are the NFL’s only publicly owned team and the league’s smallest-market club, so their books get released every year. Net income was listed at $132.5 million, but that figure was driven largely by non-operating income - $133.6 million, including investment gains - rather than day-to-day football business.
The team released the figures July 24 at Lambeau Field, and President and CEO Ed Policy didn’t hide the pressure points.
“I feel very good about the Packers' financial situation. I feel great about where we are in the short term and in the medium term, but we are keeping a close eye on some of the current trends and how they might impact our long-term financial health,” said Packers President and CEO Ed Policy.
The biggest swing in the numbers came from player costs. Policy said those expenses rose by about $130 million, a spike tied to the Packers’ aggressive move into the trade market and the accounting fallout that followed.
In the Micah Parsons trade, “we certainly reported a significant number this year for Micah's new contract, but we also reported a significant number in acceleration for Kenny Clark,” who was traded to the Dallas Cowboys for Parsons.
The Packers also had to accelerate signing-bonus charges for several former players, including Clark, Rashan Gary, Jaire Alexander, Elgton Jenkins and Nate Hobbs. Policy called it “the cost of doing business in today's competitive NFL.”
The club’s revenue mix was split between $453.2 million from league-wide revenue sharing and $299.8 million from local sources. Policy noted that revenue rose even though the Packers had only eight home games in 2025-26, compared with nine the year before.
He also pointed to a busier calendar ahead. The Packers expect next year’s revenue to be even higher because they will have 10 home games this season, including one preseason game, along with a Wisconsin-Notre Dame football game on Sept. 6 and two Luke Combs concerts in May at Lambeau Field.
There was also a major accounting boost from the NFL’s investment in 10% of ESPN in exchange for NFL Network, NFL Fantasy and RedZone distribution rights. The league split that equity among all 32 teams. The Packers would not say how much they received.
Policy said the league is in an arms race when it comes to facilities, coaching staffs and other areas that aren’t capped, and he argued the Packers need to keep hunting for local revenue streams to stay in step.
“We are developing plans to how we would work through those things long term. We do have to make sure we are always in a position where we could continue to invest wisely in whatever it takes to field a championship-caliber team. We have to make sure they have every tool to compete.”
He also said the team will keep working with local partners on a long-term plan for Lambeau Field, including the city, state, county and the Green Bay-Brown County Stadium District board.
The Packers’ reserve fund reached $701 million, up from $579 million a year earlier, with more than $15 million added by the team and the rest coming from investment gains. The Packers Foundation also received $5 million, bringing its endowment to $66 million. Since 1986, the foundation has distributed well over $30 million.
On the revenue side, the team said it will continue to keep ticket prices in the middle range of the league. The season-ticket waiting list stands at 163,000, and about 70% of fans offered tickets each year buy them. Season-ticket renewals remain at 99% or more, and chief financial officer Maureen Smith said, “We are the envy of the league with our take rate,”
Policy also said the Packers will keep pushing to bring more events to Lambeau Field, including concerts, football games, soccer matches and other attractions.
“We are going to be focusing on bringing even more major events to Lambeau Field,” Policy said. “They are very good for us in terms of revenue generation, but I think they're also very good for the community and the rest of the local economy.”
The 2025 NFL Draft, which the Packers hosted at Lambeau Field, was not a profit driver for the team. Policy said it was a success for the league and the community, but it may have cost the Packers money.
The team will go over the numbers with shareholders at its annual meeting at 1 p.m. July 27 in the Lambeau Field bowl.
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