Staying out of Europe cost AC Milan between €70m and €80m, according to figures cited by the club.
That is the single biggest reason the Rossoneri slipped into the red on 30 June 2026, ending a run of three profitable seasons under Cardinale’s RedBird.
The board approved the draft financial statements on 28 September 2026. Revenue landed at €464.6m and the net loss at approximately €24m, a limited deficit given the size of the European gap but a clear break from Milan’s recent surpluses.
Milan finished fifth in Serie A last season and did not qualify for the Champions League, Europa League or Conference League. Turnover held up at 1.7% above the 2023-24 total, though it came in around 6% below 2024-25, when European participation was still in the mix.
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“The Club recorded a net loss of approximately €24 million, reflecting the temporary impact of not participating in European competitions,” Milan said in the statement approving the accounts.
The board pointed to “the resilience and diversification” of the business model as the reason the drop was contained.
Commercial lines pick up the slack
Sponsorship revenue crossed €100m for the first time in the club’s history.
Brand Finance valued AC Milan at €514m, a 28% year-on-year increase, and named the club the fastest-growing football brand in the world since 2021. San Siro drew the highest average attendance in Serie A for a second consecutive season, with more than 72,000 fans per match.
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Massimo Calvelli was appointed chief executive officer during the fiscal year, continuing in parallel as an operating partner at RedBird. On 5 November 2025 the club completed the acquisition of the San Siro Great Urban Function, covering the Stadio Meazza and the surrounding area.
Debt rises, equity absorbs the shortfall
Net financial debt climbed to €145.3m, up from €92m the previous year, a jump the club attributes to credit deployed for its investment programme and long-term development plans.
Shareholders’ equity stood at €176.4m at 30 June 2026, a base the club says comfortably absorbs the annual loss.
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