Borussia Dortmund swings to €21.7 million loss in FY 2025/26 after Champions League and TV‑marketing revenue drops
The German club posted a €21.7 million loss for the 2025/26 financial year, reversing a modest profit a year earlier. The swing was driven by a €31‑32 million shortfall in Champions League earnings and a €59 million decline in TV‑marketing revenue.
On 21 August 2026 Borussia Dortmund GmbH & Co. KGaA filed audited accounts that recorded a net loss of €21.7 million for the fiscal year 2025/26, overturning the €6.5 million profit posted in 2024/25. The loss was driven primarily by a sharp contraction in Champions League revenue and a steep fall in TV‑marketing income, both linked to the club’s early exit from Europe’s top competition and a premature DFB‑Pokal elimination.
Financial headline and its components
The key figures released by FAZ and Der Spiegel are summarised in the table below. All amounts are presented in millions of euros, as reported by the sources.
| Metric | FY 2024/25 | FY 2025/26 | Change |
|---|---|---|---|
| Net result | €6.5 m profit | €21.7 m loss | ‑€28.2 m |
| Revenue | €522 m (approx.) | €460.5 m | ‑12 % |
| Champions League revenue | €?? m | ‑€31.4‑32 m | ‑€31.4‑32 m |
| TV‑marketing revenue | €?? m | ‑€59 m | ‑€59 m |
| Source: FAZ, Spiegel | |||
The table shows a €28.2 million swing from profit to loss, a 12 % drop in total revenue, and two headline revenue streams that fell by €31‑32 million and €59 million respectively.
Why the revenue streams collapsed
Both sources agree that the club’s Champions League earnings were hit by an early exit in the round of 16. FAZ reports that the loss of €32 million stemmed from the defeat to Atalanta Bergamo in the knockout stage. Spiegel quotes finance chief Thomas Treß, who said the club’s Champions League earnings were €31.4 million lower than the previous season because of the same early exit.
TV‑marketing revenue, which is largely tied to broadcast rights and the visibility generated by deep runs in European competition, fell by roughly €59 million, according to FAZ. The outlet links this decline to the combined effect of the early Champions League exit and a premature departure from the DFB‑Pokal, which reduced the number of televised matches and consequently the value of the club’s TV‑marketing contracts.
Context: the club’s recent performance and its financial structure
Borussia Dortmund is a publicly listed German football club headquartered in Dortmund, Germany. The company employs about 350 people (Wikidata) and operates in the sporting‑activities sector. While the packet does not confirm the current chief executive, the spokesperson for the management board, Carsten Cramer, is quoted by FAZ describing the 2025/26 year as “herausfordernd, kompliziert, aber auch extrem komplex”.
The club’s revenue model combines match‑day income, commercial sponsorship, TV‑marketing rights, and competition‑related earnings such as those from the Champions League. In FY 2024/25 the club posted a modest profit of €6.5 million, a figure that aligns with the Spiegel report. The prior‑year profit is slightly higher in the FAZ article (€6.7 million), but the research notes recommend using the €6.5 million figure because it matches the company’s own press release quoted by Spiegel.
Transfer activity contributed a net positive of more than €76 million in FY 2025/26, a gain of over €13 million compared with the previous year, as noted by FAZ. While this inflow helped offset the revenue shortfall, it was insufficient to prevent an overall loss.
Timeline of reporting and filing
- 21 August 2026 – FAZ publishes an article reporting the loss, the revenue drops, and the club’s commentary on the challenging year.
- 22 August 2026 – Spiegel releases a piece with the same loss figure, adds the €12 % revenue decline to €460.5 million, and includes quotes from finance chief Thomas Treß on the Champions League revenue impact.
Both articles were based on the audited accounts filed on the same day, meaning the figures are final for the fiscal year and not subject to later revision.
Implications for stakeholders
Investors and analysts will focus on the loss magnitude and the drivers behind it. The €21.7 million deficit is modest in absolute terms for a club of Dortmund’s size, but the swing from profit to loss highlights the volatility inherent in football‑related revenue streams that depend heavily on on‑field performance.
Shareholders may see the loss reflected in the club’s earnings‑per‑share (EPS) figure, although the packet does not provide EPS data. The decline in Champions League and TV‑marketing income suggests that future earnings will be closely tied to the club’s ability to progress further in European competition.
From a commercial perspective, sponsors and broadcasters will likely reassess the valuation of their contracts if the club’s on‑field results continue to fluctuate. The €59 million TV‑marketing shortfall underscores the importance of televised matches for revenue generation.
Employees, numbering roughly 350, are not directly mentioned in the filings, and the packet does not indicate any workforce reductions. The club’s spokesperson described the year as “extrem komplex”, hinting at operational challenges but without specifying personnel impacts.
What remains unknown
The packet does not disclose the exact figures for Champions League revenue in FY 2024/25, nor the baseline TV‑marketing revenue for that year, making it impossible to calculate the percentage change for those streams. Additionally, the chief executive’s identity is not confirmed; the packet advises verification against the company’s own site before publication.
Finally, the impact on the club’s debt level, cash‑flow position, and any planned capital expenditures are not covered in the sources. Analysts will need to await the full set of audited statements or a detailed management commentary to assess those aspects.
Bottom line
Borussia Dortmund’s FY 2025/26 accounts show a €21.7 million loss, driven by a €31‑32 million drop in Champions League revenue and a €59 million decline in TV‑marketing income. Total revenue fell 12 % to €460.5 million, while transfer activity generated a net positive of over €76 million. The figures are final, having been filed on 21 August 2026, and they illustrate how on‑field performance directly translates into financial results for a top‑tier European football club.