GREEN BAY – Finances remain strong at 1265 Lombardi Ave.
The Packers reported an $83.7 million operating profit for the fiscal year ending March 31, 2025, in their annual financial report released Wednesday.
That represents a $23.6 million increase from the previous year's $60.1 million operating profit, a robust rise of 39.3% mostly due to an anomaly related to the number of home games that may or may not happen again in the near future.
In the 2024 season, the Packers hosted nine regular-season games at Lambeau Field for the first time. The additional game on top of the usual eight accounted for much of the $34.6 million increase (13.7%) in local revenue over the prior year. National revenue also rose $30.3 million (7.5%), in line with the annual trends related to the NFL's broadcasting contracts and expanded offerings on streaming services.
A strong year for the Lambeau Field Atrium businesses (Pro Shop, Hall of Fame, stadium tours, events) also contributed to the boost in local revenue, but the ninth regular-season home game was the primary driver. It impacted the financial picture to a greater degree than when a ninth game is a playoff contest, because ticket revenue for postseason games goes to the league, not to the host team.
How often the Packers will have that ninth regular-season game at Lambeau isn't certain, though. With the NFL increasing its international schedule, the ninth home game (which rotates between the NFC and AFC, so each team gets it every other year) could start moving overseas regularly.
In fact, the first time the Packers had a ninth "home" game as part of the league's 17-game schedule in 2022, it was moved to London. The team's ninth home game was not moved in 2024, as Green Bay traveled to Brazil to face the Eagles, who were designated the host.
"It was a successful year for the organization," said Packers President and CEO Mark Murphy. "The NFL's popularity and success continues to set the stage for our club to do well, which puts us in position to continue to invest in the team and the stadium."
Roughly two-thirds of the total revenue increase of $64.9 million (9.9%) was offset by a $41.3 million increase (7.0%) in expenses, a rise attributed primarily to increased cost for team travel (a preseason joint practice in Denver was a factor) plus depreciation for the franchise's extensive investments in Lambeau Field and team facilities coming on the books.
Murphy views the ongoing investments in the stadium and team facilities as the "costs to compete" in the current NFL landscape. Since the original Lambeau Field redevelopment in 2003, the Packers have invested approximately $675 million in the stadium and football spaces, not including the Titletown development across the street from Lambeau.
For accounting purposes as it relates to the team's financial report, those capital investments do not count as expenses on the income statement when the money is spent. They show up as depreciation over a multi-year period, and the most recent upgrades to the Lambeau concourses and the football facilities (coaching and personnel offices, team/position meeting rooms, workout spaces, etc.) are hitting the books now.
"Investing in our facilities is key to the organization," said Murphy. "We're proud of our top-rated game experience, but we need to stay on the leading edge for that to continue.
"On the football side, facilities are a key component to the team's success, from the daily preparations for the games, to the ability to recruit players and staff to join the Packers. We feel our facilities are the best in the league and give us an advantage."
The operating profit of $83.7 million rose to a total net income figure of $85.6 million when investment performance and other non-operating income and expenses were included. That was actually a drop of 12.5% from the $98.1 million net income from last year, a stronger year for the stock market.
Investment performance combined with a direct contribution made to the franchise's corporate reserve now has that fund sitting at roughly $579 million, up from $536 million the year prior.
The franchise's community impact continues to rise as well, as the Packers are reporting an overall charitable impact of $13 million for the past year, up from $11 million.
The organization also views the Titletown development – which has seen a total investment of roughly $300 million from all parties involved, including the Packers – as a community asset that has benefited the area both socially and economically.
"From our charitable impact to the ongoing development in Titletown, the Packers' community support takes many forms," said Murphy. "We want to see a strong local community, not only one our current residents enjoy, but an area that attracts people to make it a new home and launch a new career or company."
