Serie A’s next financial chapter is not defined only by the clubs at the top of the table. The 2026 annual assessment of professional football finances, presented in Rome, places nine of the division’s 20 sides in either a fragile position or a state of economic pressure.
The decision
The review divides the league into five financial profiles and finds that 45% of Serie A clubs sit in the two most concerning categories. Four clubs, or 20% of the sample, are described as being under economic strain, while five more, 25%, are considered financially fragile.
The distinction matters because the issue is not simply turnover. It is the amount left once squads, transfer amortisation and the wider cost of running a club have been paid for. Across the league, ordinary income is still insufficient to meet operating expenditure: the median operating-cost-to-revenue ratio is 108.7%. In practical terms, clubs spend roughly €109 in operating costs for every €100 they generate.
At EBITDA level, the median figure remains positive at €26.7 million. But once amortisation is included, the median bottom-line result falls to a €15.2 million loss. Player-related costs are central to that deterioration, with amortisation alone accounting for 21.6% of revenues.
That pressure helps explain the continuing importance of transfer business. Player trading represents 20.8% of total revenues in the assessment, underlining how frequently clubs need sales to balance accounts rather than treating them as an occasional sporting choice.
Liquidity also remains a concern. Serie A’s median quick ratio stands at 0.62, meaning that liquid assets do not fully cover short-term liabilities. Median net equity is €23.9 million, yet the spread between clubs is striking, ranging from minus €276.5 million to plus €291 million. Four of the 20 clubs examined have negative net equity.
The league is also carrying approximately €1.4 billion in Covid-era losses that were set aside under temporary measures. Those losses must be restored by the 2028 accounts, adding another deadline for boards already managing tight margins.
The five groups show a championship with sharply different operating realities. Twenty per cent of clubs have a comparatively solid economic profile. A further 10% rely significantly on player trading within their model.
Another quarter of the division generates substantial revenue but sees its margins consumed by squad costs, amortisation and financial structure. The next 25% fall into the fragile category. The final 20% are in economic tension, marked by negative EBITDA, operating costs above income and a negative net result.
For owners and directors, the report is a reminder that the season cannot be separated from the balance sheet. Revenue may rise, but sustainability depends on controlling the cost of the squad and avoiding a permanent dependence on transfers or shareholder support. Nearly half of Serie A now faces that test from a position of fragility or pressure.
