Despite Recent Deficits, Palmeiras Closes First Four Months of 2025 with R$81 Million Surplus
Verdão suffers losses in March and April but still outperforms early-year budget forecasts
Although Palmeiras experienced two straight months of financial deficit, the club has wrapped up the first four months of 2025 with a surprising surplus of R$81 million, significantly outperforming expectations. The figures were revealed in financial reports analyzed by the club’s Guidance and Oversight Board (COF) and released on June 4, 2025.
March and April: A Bumpy Ride
Palmeiras faced greater-than-expected losses in both March and April, totaling R$74.8 million in deficit combined.
In March, the club posted a deficit of R$49.6 million, despite generating R$54.4 million in revenue, well above the forecasted R$45.8 million. However, expenses surged to R$92 million, far exceeding the projected R$71.9 million, driven primarily by costs related to player wages, social charges, and amortizations.
In April, Palmeiras continued to struggle financially, closing the month R$28.1 million in the red, compared to a predicted loss of R$17.7 million. Once again, high operating costs especially those tied to player transfers and contractual obligations significantly impacted the balance sheet.
Strong January Performance Keeps Club in the Green
Despite recent setbacks, Palmeiras’ impressive performance in January, when the club recorded a massive surplus of R$196 million, has helped maintain a net positive result for the year. February brought a more moderate deficit of R$36.4 million, but the cumulative result from January to April stands at a healthy R$81 million surplus.
This is a major turnaround compared to the original budget projection, which forecasted a R$33 million deficit for the same period.
Revenue Breakdown: Player Sales Lead the Way
A closer look at Palmeiras’ revenue sources for the first four months of 2025 reveals the following:
- Player sales: R$270 million
- Advertising and sponsorships: R$62.2 million
- Broadcasting rights: R$44.9 million
- Membership fees: R$25.8 million
- Avanti program contributions: R$23.8 million
- Matchday tickets and stadium revenue (Allianz Parque): R$19.6 million
- Box office income: R$19.1 million
- Brand licensing and franchises: R$14.8 million
These figures reflect accounting revenues, meaning they represent financial results on paper and not necessarily the club’s cash flow or liquidity at hand.
Looking Ahead: R$1 Billion in Revenue Targeted for 2025
Palmeiras remains optimistic for the rest of the year. After breaking the R$1 billion revenue mark in 2024, the club aims to repeat that milestone in 2025, with a projected R$12 million surplus by year’s end.
If Verdão can stabilize its monthly costs and continue leveraging player transfers, sponsorships, and membership programs, that target looks well within reach despite the financial turbulence seen in the early months of the season.
