Benfica in the top 20 clubs with the highest revenues in the world

Benfica has returned to the top 20 clubs with the highest revenues in the world, according to the Deloitte Football Money League 2026 report, in a year in which European football achieved a new record turnover. The Portuguese club ranks 19th, with €283 million in revenue, in a ranking dominated by giants such as Real Madrid and which highlights a growing gap between the major leagues and peripheral markets such as Portugal.

The Deloitte report — referring to the 2024/25 season and not including data such as profitability, wage costs, transfer amortisation, financial risk and capex — shows that the world’s 20 richest clubs exceeded €12.4 billion in revenue for the first time, driven mainly by growth in commercial revenue and intensive stadium exploitation. Real Madrid leads the way with almost €1.2 billion, a figure that alone would place the Spanish club among the world’s top ten in terms of commercial revenue alone.

Benfica is the only Portuguese representative in the top 20 and returns to the ranking after almost two decades of absence, benefiting from its participation in the FIFA Club World Cup and increased revenues from international competitions. Even so, the figures show the scale of the challenge: the Eagles earn less than a quarter of the ranking leader and are closer to the clubs in the second European tier than to the financial elite.

Deloitte’s analysis highlights that top clubs are becoming less dependent on short-term sporting performance, focusing instead on business models centred on branding, global retail, non-matchday events and new stadium experiences.

The report also confirms a structural trend in European football: while the big clubs are accelerating the diversification of their revenues, clubs in leagues such as the Portuguese one remain heavily dependent on European competitions to gain financial scale, which makes regular access to the Champions League increasingly critical to the sustainability of the model.

1. Real Madrid leads world football, with revenues close to €1.2 billion, more than four times that of Benfica, confirming the growing economic concentration at the top of European football.
2. Benfica returns to the world’s top 20 for the first time since 2005/2006, occupying 19th place and being the only Portuguese club among the biggest revenue generators in global football.
3. The difference in scale is structural: while Real Madrid already generates commercial revenues that, on their own, would place it in the world’s top 10, Benfica is much more dependent on broadcasting revenues and European competitions.
4. The business model differs between the elite and peripheral markets: Deloitte points out that clubs such as Real Madrid grow mainly off the pitch, while clubs such as Benfica continue to be conditioned by their annual sporting performance.
5. Portugal once again has only one representative in a ranking dominated by clubs from the major leagues, reinforcing the financial gap with giants such as Real Madrid and the limits of growth for Portuguese football.