Packers Report Over $60M In Profit From 2023-24 Fiscal Year

The Green Bay Packers received a record amount of national revenue from the NFL in the 2023-24 fiscal year, resulting in a profit of $60.1 million. It was their fourth consecutive year of record revenue.

If not for the COVID-19 pandemic in 2020, the streak would have been longer. The Packers and the rest of the NFL’s 32 teams for the first time received more than $400 million from the league.

Green Bay Packers reported $654.1 million revenue, $402.3 million in national revenue in the 2023-24 fiscal year

The Packers reported $654.1 million in revenue for the 2023-24 fiscal year, which concluded at the end in March. Green Bay also generated net income of $98.1 million.

For the 2022-23 fiscal year, the Packers reported revenue of $610.3 million and $68.6 million in profit from operations. Net income came to $35.6 million as well.

Additionally, the NFC North contender reported $402.3 million in national revenue and $251.8 million in local revenue. National revenue was up $7.5% and local revenue was 6.7% higher.

Considering the Packers’ national revenue, that equates to $12.873 billion for the entire league. Green Bay had to release its finances since it’s the league’s only publicly owned franchise.

Despite being the NFL’s smallest-market team, Green Bay continues to outperform other popular teams, such as the Dallas Cowboys, San Francisco 49ers, Pittsburgh Steelers, and New England Patriots.

However, the Packers’ net profit was down 12.5 percent from $68.6 million in the 2023-24 fiscal year. Local revenue increased from $235.9 million to $251.8 million, but the 6.7 percent gain failed to offset the increasing costs of stadium depreciation and player salaries.

“I think probably the main takeaway is that it’s another strong year from a financial standpoint for the Packers, and I think really speaks to the popularity overall of the NFL,” Packers President and CEO Mark Murphy said on Tuesday at Lambeau Field.

Per Nielsen’s annual rankings, 93 of the 100 most-watched TV broadcasts in 2023 were NFL games

According to Nielsen’s annual rankings, 93 of the 100 most-watched TV broadcasts in 2023 were NFL games. In 2022, the NFL accounted for 82 of the top 100 telecasts, per Forbes. Either way, it’s enough for any team to make a profit.

In 2021, the NFL had 75 of the top 100 shows and had numbered 72 in 2020. Per Sports Media Watch, the league had 17 games surpassing 25 million viewers in the 2023 regular season, compared to nine in 2022.

“We’re very fortunate that we’re in that position and the networks are willing to pay, but we’re also looking at where the future is going and, certainly, streaming is growing,” Murphy added.

Furthermore, the Packers are preparing to transition from Murphy to Ed Policy, since Murphy will reach the mandatory retirement age of 70 in July 2025.

“We are in a good, strong financial position, but there will be challenges along the way,” Murphy said. “Things are changing within the league with the new ownership, the private equity, new owners, billionaires.

“The revenue sharing, I don’t see that changing in the short term, but if that ever changes, that could be an issue. We don’t have a rich, deep-pocketed owner. The economics of the league are changing pretty dramatically.”

The Packers are coming off a 9-8 season led by first-year starting quarterback Jordan Love. In the wild-card round, No. 7 Green Bay shocked a number of fans when the team defeated the No. 2-seeded Cowboys on the road.

It was Green Bay’s first playoff win without Brett Favre or Aaron Rodgers since the 1982 season. But the celebration was short-lived. The Packers went on to lose to the eventual NFC champion San Francisco 49ers in the divisional round.