This article, looking at the latest financial statements of AC Milan, FC Internazionale, and Juventus, is a special contribution from Marco Iaria, La Gazzetta dello Sport.
Now that the shareholder meetings of the three historic giants of Serie A have taken place, it is possible to compare their financial statements, review their management and financial situation, and hand out passes and fails. Here is a look at the accounts of AC Milan, FC Internazionale, and Juventus.
The Milan clubs celebrate – Inter and the beauty of the “+” sign
The bottom line of the income statement reveals significant differences. The two Milan clubs celebrate profits. For Inter, the €35 million profit is a one-off: at least since the days of Ernesto Pellegrini, the Nerazzurri had known only losses. Last season marked a turning point after a gradual reduction of the deficit: from –€246 million in 2020/21 to –€140 million in 2021/22, –€85 million in 2022/23 and –€36 million in 2023/24.
The “plus” sign arrived thanks to the Champions League final and the Club World Cup round of 16, which pushed revenues (excluding player trading) to €546 million (+37% compared to the previous year): a record for Italian football, considering that Juventus in Ronaldo’s first season (2018/19) had stopped at €464 million. AC Milan also posted a profit – smaller than their city rivals’ but now a regular occurrence in the Rossoneri’s financial life.
Between Berlusconi, Li Yonghong and Elliott, the club had collected fifteen consecutive net losses. The previous positive result dated back to 2006. Then three straight years of profit materialised: +€6 million in 2022/23, +€4 million in 2023/24, +€3 million in 2024/25. Since RedBird took over from Singer’s fund in summer 2022, Gerry Cardinale has posted only positive results. Crucial last season was the sale of Reijnders to Manchester City for €55 million, generating a €42 million profit on disposal recognised in June.
Juventus, for their part, closed yet another year in the red: their eighth in a row, for a cumulative negative result of €999 million. It marks the end of an era. There once was a Juventus that won – in fact, dominated in Italy – and balanced the books (three straight profits between 2015 and 2017), while the Milan clubs suffered from the crisis of Italian patron-ownership. Then the roles reversed. It must be said, however, that Juventus’ management now looks less unbalanced than in recent years. From the €199 million burned in 2023/24, the loss fell to –€58 million in 2024/25, thanks to the return to the Champions League, the Club World Cup payment, and player-trading revenues of €110 million (compared to €34 million the previous year). The board of directors, in any case, revised its business plan downward: the result and cash flow will improve only slightly in 2025/26 and are expected to be around break-even – rather than in positive territory – in 2026/27.
Core revenues – AC Milan ahead of all in commercial income
The macro picture of core revenues – i.e., excluding transfer activity – is as follows: Inter €546 million, Juventus €420 million, AC Milan €411 million. It is worth noting that Juventus, with a 41,000-seat stadium, generate €72 million in matchday income, plus €8 million from hospitality and €10 million from naming rights, which appear under commercial revenues. Inter, by reaching the latter stages of the Champions League, earned €103 million from their 75,000-seat venue, while AC Milan reached €68 million.
Consider that Juventus, thanks to the multi-functional nature of the Allianz Stadium, obtain €5 million from “non-matchday” activities and €3 million from the museum and tours. This clearly explains the need for the Milan clubs – who have just signed the deed of purchase for San Siro and the surrounding areas – to equip themselves with a modern stadium with all related services.
If broadcasting revenues (Inter €264 million, Juventus €177 million, AC Milan €156 million) fluctuate depending on UEFA prize money, with the Club World Cup acting as a key factor last season, it is the commercial area that offers the most interesting insights. The Rossoneri currently lead with €152 million, followed by Inter at €142 million and Juventus at €120 million.
The accounting classifications in the financial statements are not uniform: comparing individual items requires adjustments and estimates that go beyond official documents. Juventus, for instance, include stadium-related hospitality activities under “sponsorship and advertising revenue”, unlike Inter, which report them separately. We therefore grouped together sponsorships, advertising and commercial services related to premium seating and skyboxes: the three clubs are essentially close, with Inter at €113 million, AC Milan at €112 million and Juventus at €106 million.
The difference comes from merchandising/licensing. Last year, RedBird’s club increased product-sales revenue by €8 million, reaching €40 million. Inter also grew, from €24 million to €29 million. Juventus brought in only €14 million. But this figure requires a caveat: in 2024/25, the item “revenue from product sales and licences” collapsed from €28 million to €10 million, not because of a drop in business, but due to the accounting effects of the agreement signed in June 2024 with Fanatics, the agency which took over the management of Juventus’ global merchandising operations. Fanatics guarantees a minimum payment, including the €4 million from leasing the business unit; the activity generates €14 million for Juventus’ accounts.
At the same time, costs previously linked to internally-managed merchandising significantly decreased: in 2024/25, the purchase of goods for sale fell from €14 million to €2 million, and there was also a (smaller) reduction in personnel costs. All things considered, the club benefited from a moderate increase in profitability in this area.
AC Milan: The cheapest squad – Cardinale and sustainability
AC Milan remain third in the ranking of overall spending, although they have gradually narrowed the gap, being able to invest €247 million gross on the transfer market over the last two years. Squad cost – the sum of player wages and amortisation of the players’ registration rights – shows Juventus clearly ahead at €337 million. Then Inter at €280 million and AC Milan at €244 million. It is in wage management that AC Milan’s policy has created a clear divide with their competitors: compared to 2019/20, wage expenditure has increased (from €145 million to €160 million), but far less than the growth in revenues (from €164 million to €411 million).
Juventus and Inter, despite cost-containment efforts, continue to present higher wage bills: €220 million and €219 million, respectively. AC Milan, under RedBird, returned to spending significant amounts on transfers, while maintaining sustainable salary levels. Thus, amortisations jumped from €51 million in 2022/23 to €84 million in the latest financial year, overtaking Inter (€61 million) but still far below Juventus, which a few years ago reached €170 million before falling to €117 million.
Debt and equity – Juve, three capital increases in five years
AC Milan are the club in the best position in terms of financial and equity stability. As for debt, they do not have bonds outstanding like Inter and Juventus, but they have made greater use of factoring (from €99 million to €136 million in the last year) after selling receivables linked to TV rights and their Emirates sponsorship. Consequently, as of 30 June 2025, net financial debt increased by €43 million, reaching €93 million – still far lower than the other two clubs.
Inter refinanced their bond, reducing principal and interest: as of 30 June 2025, financial debts – including those owed to shareholders – amounted to €398 million (down from €442 million a year earlier), while net financial debt stood at €280 million. The same level as Juventus, which at the close of the year had lower debts but also lower liquidity. During the year, Juventus issued a €150 million bond.
Moving on to equity structure: as of 30 June 2025, AC Milan boasted €199 million in equity, the result of accumulated profits in recent years but above all Elliott’s capital injections (€565 million in total), which were necessary to restructure the club. Juventus shareholders have been even more generous, as the economic and financial situation required it: between 2019 and 2024, three capital increases were carried out totalling €900 million. Nevertheless, due to massive losses, Juventus’ equity fell to €13 million as of 30 June 2025. Exor has already advanced €30 million ahead of yet another recapitalisation – up to €110 million – to be executed in early 2026.
Finally, Inter: group equity is still negative, –€12 million at the end of last season. For the purposes of the Italian Civil Code, however, what counts is the equity of the parent company FC Internazionale Milano, which – thanks to the profit and Oaktree’s equity contributions (€52 million) – was positive at €11 million on 30 June 2025. The losses of previous years – totalling €341 million – temporarily suspended during COVID thanks to a protective measure for Italian companies, have now been fully covered.
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