The Red River Rivalry isn't just a battle on the field - it’s a high-stakes showdown off it, too. And in 2025, both Texas and Oklahoma took a financial hit that reflected just how costly their early move to the SEC really was.
Let’s start with the numbers. Texas posted a $23.3 million deficit for the 2025 fiscal year.
That alone would raise eyebrows. But then Oklahoma dropped its own report - and it showed an even deeper loss: $43.7 million.
For two powerhouse programs with long histories of profitability, that’s a rare sight. In fact, Oklahoma had been in the black for at least 20 straight years before this, and Texas had been trending upward for three years following the financial turbulence of the COVID-19 era.
So what happened?
At the core of the issue is the early exit from the Big 12. Both schools negotiated their way into the SEC a year ahead of schedule - a move that came with a price tag.
As part of the deal, Texas and Oklahoma accepted reduced revenue shares from the SEC in this transition year, pulling in just $12.5 million each. Meanwhile, the rest of the conference’s programs were cashing checks north of $60 million.
That revenue gap was always going to sting. But both schools knew what they were signing up for.
“Our early entry to the SEC was a strategic one, and one that we planned for years in advance,” outgoing Oklahoma athletic director Joe Castiglione said in a letter to fans. He emphasized that the school’s financial reserves were built for moments like this and expressed confidence that full SEC revenue shares - which kick in this year - will more than offset the short-term loss.
Texas CFO Rob Novak echoed that sentiment. In his words, the $23.3 million loss was “a good outcome” given the circumstances. “That’s basically why you keep a reserve, for things like this to happen,” Novak said.
But here’s the key question: if both schools took the same SEC revenue haircut, why did Oklahoma’s deficit nearly double Texas’?
It comes down to revenue generation - and Texas is simply in a different league.
The Longhorns pulled in a staggering $352.5 million in total revenue in 2025. That’s the second-highest single-year haul by any school ever, and it came despite missing out on tens of millions in SEC payouts. Oklahoma, by comparison, brought in around $205.7 million.
The biggest separator? Donations.
Texas collected $167.8 million in outside contributions - roughly $75 million more than Oklahoma. That’s a massive gap, and it wasn’t the only one.
Texas also outpaced OU by $32.5 million in combined royalties, advertising, and sponsorship revenue, and earned $16.5 million more in ticket sales.
That kind of financial muscle gave Texas the ability to spend - and they did, setting a national record with nearly $376 million in expenses.
Where did all that money go? Facilities were a major chunk.
Texas outspent Oklahoma by $76.4 million on debt service, leases, and rental fees tied to facilities. They also invested more heavily in areas that fuel long-term growth: $26.5 million more than OU on fundraising, marketing, and promotion.
Support staff compensation? Texas spent $21 million more.
Coaching salaries? $12.5 million more.
Game expenses? Another $13.4 million more than their rivals from Norman.
Oklahoma, for their part, did outspend Texas in one significant area - overhead and administrative costs, which ran about $45 million higher than the Longhorns’ tab. But that wasn’t enough to close the gap.
The bottom line: both Texas and Oklahoma made a bold move by jumping to the SEC early, and both paid the price in 2025. But Texas’ ability to generate revenue across the board - from donors to ticket sales to branding - helped soften the blow. Oklahoma, while still a financial heavyweight by most standards, didn’t have quite the same cushion.
Come next year, with full SEC shares on the way, the financial picture should look a lot brighter for both programs. But 2025 will go down as a rare moment when two of college football’s biggest brands found themselves in the red - and the rivalry extended all the way to the balance sheets.