European football just crossed a financial milestone that would make most industries jealous. Revenue across the continent’s top leagues surpassed €40 billion for the first time during the 2024/25 season, according to Deloitte’s Annual Review of Football Finance.

Deloitte’s report paints a picture of an industry that’s rich but slowing down. Revenue climbed 8% to €38 billion during the 2023/24 season before tipping past the €40 billion threshold in 2024/25.

The top 20 clubs on the planet collectively pulled in €12.4 billion during the 2024/25 season. That’s an 11% jump from the €11.2 billion recorded the year prior. Real Madrid sits comfortably at the top of the pile, remaining the only football club to generate over €1 billion in revenue for two consecutive seasons.

Commercial revenue for these top 20 clubs crossed €5 billion for the first time, hitting €5.3 billion. Broadcast revenue contributed €4.7 billion, while matchday revenue added €2.4 billion. Clubs are making more money from sponsorships and brand deals than ever before, while TV money growth is plateauing.

The so-called “big five” leagues — the Premier League, La Liga, Bundesliga, Serie A, and Ligue 1 — account for more than half of total European football revenue. Deloitte’s report itself doesn’t mention crypto or blockchain.

If the top 20 clubs generated €12.4 billion out of a €40 billion total, the remaining professional clubs across Europe are splitting roughly €27.6 billion.

The Deloitte Football Money League report covering the 2024/25 season in full is expected in January 2026. That report will provide granular club-by-club breakdowns of commercial revenue growth.