Lazio have reduced their annual loss but remain in a delicate financial position, with the 2025-26 accounts showing another deficit, sharply lower cash reserves and a substantial rise in net financial debt. The balance sheet approved by the club’s Management Board records a net loss of €10.04 million, compared with €17.16 million in 2024-25.
It is Lazio’s second successive loss and their seventh in the past eight financial years. The improvement in the final figure was largely supported by player trading, while the club’s stronger net equity position was created above all by the revaluation of the Formello training centre rather than by operating results.
Player sales soften an operating shortfall
Consolidated turnover reached €173.7 million, including capital gains, up from €157.5 million a year earlier. January sales were a significant driver of that increase.
Matchday income amounted to €18.06 million, while broadcasting and other concession revenues totalled €88.45 million, a category that is expected to include income received from IMG. Sponsorship, advertising and royalties brought in a further €17.82 million.
Costs, however, continued to climb. Operating expenses rose from €174.01 million to €187.38 million. Personnel costs increased to €104.62 million from €98.19 million, while depreciation, provisions and write-downs moved from €38.68 million to €46.29 million.
The operating result was therefore still negative, at €13.64 million, though improved from a €16.82 million deficit in the previous accounts. Net capital gains of €39.25 million helped narrow the overall loss; Lazio had recorded €11.14 million in net gains on disposals in 2024-25.
Formello revaluation transforms net equity
Lazio’s reported net equity has moved dramatically during the year. At 30 June 2025, it stood at negative €16.83 million. Twelve months later, it was positive by €113.56 million.
The change of more than €130 million followed the use of the IAS 16 Revaluation Model for the land and buildings at Formello. The adjustment aligned the sporting centre’s book value with its fair value and produced a €140.41 million increase in the revaluation reserve after tax effects.
That reserve was sufficient to absorb the year’s €10.04 million loss and leave the club with positive net equity, but it does not alter the pressure visible in Lazio’s cash flow and borrowing figures.
Cash falls as financing reliance rises
Cash at the end of the financial year was €1.84 million, down from €6.06 million on 30 June 2025 and at its lowest level for several years.
Net financial debt rose to €126.40 million, an increase of €60.10 million from €66.30 million in the preceding year. Lazio attributed the rise to greater use of self-liquidating finance facilities.
The cash-flow statement showed a €33.75 million outflow from ordinary operations. Investment activity absorbed a further €22.42 million. Financial activity generated positive cash flow of €51.95 million, principally through €171.99 million in new financing against €116.11 million in repayments.
FIGC restriction frames the next squad cycle
The accounts also reflect the effect of FIGC financial controls. In June 2026, Lazio were informed that they did not meet the requirements of the Expanded Labour Cost Index, leading to a partial restriction on their summer transfer business unless all economic and financial commitments were fully covered.
Despite that limitation, the club have continued with a process of lowering the age of the squad. Their outlook for the coming period identifies player sales, further reshaping of the group and the difference between players’ market values and their carrying values as central tools in the search for balance.
A return to European competition is also part of that plan, alongside new sponsorship agreements following the termination of the Polymarket contract. For Lazio, the accounts leave a familiar message behind the improved annual loss: the club’s next sporting steps remain closely tied to its capacity to create transfer income, control costs and restore recurring revenue.
