Inter’s latest accounts place the club’s sporting success within a longer financial recovery. At the shareholders’ meeting approving the balance sheet to 30 June 2026, the Nerazzurri reported a second consecutive profit while reflecting on a period that has moved them from a record Serie A loss to positive consolidated equity.
From record losses to a stable base
- At 30 June 2021, Inter were carrying a €246 million loss, the largest recorded by a Serie A club. That deficit was deferred at the time.
- The 2021 Scudetto came during the final years of Suning’s ownership, but the two later league titles and two Champions League finals arrived during a broader effort to restore financial balance.
- Oaktree’s arrival as owner gave further momentum to that process, with the club continuing to pursue sporting competitiveness alongside economic sustainability.
- By 30 June 2026, shareholder contributions and retained profits had fully covered the deferred 2021 loss. Inter’s consolidated net equity stood at a positive €10 million.
President Beppe Marotta described the past season as one of consolidation away from the pitch as well as achievement on it. Inter won their third domestic double, while the club continued what he called an accelerated repair programme under the new ownership. Marotta said the intention was to keep the balance between sustainability and results, with the club convinced it was moving in the right direction.
Profit despite a more ordinary European year
Inter posted a €23 million profit for 2025-26, following the €35 million surplus recorded in 2024-25. The latest figure came without the exceptional income associated with a Champions League final and participation in the Club World Cup, both of which had lifted the previous year’s revenue.
Revenue excluding player trading reached €485 million. Television and media income dropped from €264 million to €169 million, reflecting the absence of those major international events. Matchday income nevertheless remained resilient, falling only from €99 million to €92 million as Serie A receipts rose and San Siro continued to be used more effectively while the club awaits a new stadium.
Commercial income remains the most encouraging area of growth. It has increased from €78 million in 2022-23 to €151 million in 2025-26, an annual rise of 6 per cent. The trajectory is expected to continue in 2026-27, helped by a new agreement with BBVA and further negotiations still under way.
The accounts include a €22 million settlement from IMG relating to past overseas media rights. Even after removing that one-off item, Inter’s revenue base is now above €450 million, supported by a strategy increasingly directed at international markets. The summer tours in Hong Kong and Australia, for example, generated €4.8 million in advance billings.
| Financial measure | Earlier figure | 2025-26 figure |
|---|---|---|
| Profit | €35 million in 2024-25 | €23 million |
| Revenue excluding player trading | — | €485 million |
| Television and media income | €264 million | €169 million |
| Stadium income | €99 million | €92 million |
| Commercial income | €78 million in 2022-23 | €151 million |
| Financial charges | €43 million | €23 million |
Lower squad costs, continued investment
The improvement has not depended primarily on selling players. Player trading generated €33 million in 2025-26, far below the €109 million collected in 2021-22 through major exits such as Romelu Lukaku and Achraf Hakimi.
The latest gains included €9 million from Nicola Zalewski, €4 million from Giovanni Fabbian and €3 million apiece from Sebastiano Esposito and Tajon Buchanan. At the same time, Inter spent €100 million on incoming players: €26 million on Diouf, €25 million on Bonny, €17 million on Akanji and €15 million on Stankovic, among other deals.
The club’s reduction in football costs has been central to the turnaround. In 2020-21, registered personnel wages amounted to €234 million and amortisation of transfer fees was €137 million. Five years later, those figures had fallen to €204 million and €59 million respectively, a combined reduction close to €100 million once the timing effects of the Covid period are set aside.
During 2025-26 alone, registered staff costs declined from €219 million to €204 million. Player remuneration actually rose from €155 million to €161 million, but coaching and technical staff costs dropped from €21 million to €12 million after Simone Inzaghi was replaced by Cristian Chivu, whose salary is lower.
Financial expenses also fell sharply, from €43 million to €23 million, following the issue of a new bond with a more favourable interest rate and the removal of related ancillary costs.
Cash-flow targets for the next chapter
Inter have also invested in the redevelopment of their training centres, taking out a further €20 million loan. Bank debt stood at €35 million on 30 June 2026.
The board’s outlook depends on meeting its projected cash flows. Those assumptions are based on a minimum sporting return for the current campaign: third place in Serie A, a place in the Champions League round of 16 and a Coppa Italia semi-final.
It is a disciplined target rather than a declaration of arrival. Inter have moved from an era defined by emergency losses and major sales towards a model in which commercial growth, controlled costs and regular sporting relevance are expected to sustain one another. The accounts suggest a club no longer simply repairing its past, but trying to make its position durable.
