GREEN BAY – Financially speaking, it was business as usual at 1265 Lombardi Ave. last year.
The Packers reported a $68.6 million operating profit for the fiscal year ending March 31, 2023, in their annual financial report released Wednesday.
That's a roughly 12% decrease from the prior year's $77.7 million profit, but an indication the organization remains on solid financial ground despite a season that fell short of expectations.
"We're in position to continue investing in the team, in Lambeau Field, and in the community," President/CEO Mark Murphy said. "We're pleased we can continue supporting the football operation to remain competitive and hopefully build toward another championship."
According to the report, total revenue increased more than 5%, to $610.3 million, with most of that boost coming in national revenue due to both new NFL broadcast contracts and built-in increases in the league's existing deals.
Local revenue increased just under 2%, to $235.9 million, and would have risen more if not for the Packers playing one of their scheduled home games in London in 2022.
Lambeau Field hosted just nine games (one preseason, eight regular season) rather than the usual 10 – which in future years will be either two preseason and eight regular season, or one and nine, respectively. While the international soccer friendly played at Lambeau last summer helped offset some of the lost economic impact for the community, it had a limited effect on the franchise's bottom line.
Total expenses rose 8%, to $541.6 million, a $40 million increase mostly accounted for through the usual jump in the players' salary cap, new coaching contracts, and the club's share of a one-time league legal settlement.
Had it not been for the London game or settlement payment, this year's income statement would look even more similar to last year's, noted Murphy.
The biggest change was reflected in the net income, which fell from $61.6 million to $35.6 million, mostly due to Wall Street's bear market in 2022 producing a $20.5 million loss in the team's investment fund. That said, the corporate reserve fund still sits at a healthy $474 million.
The organization also reported an overall charitable impact of nearly $10 million, a number expected to rise above that mark annually as soon as next year.
Regarding the team's capital investments, multiple projects are reaching the finish line this summer. The stadium's new video boards, which are twice the width of the previous ones, and the latest concourse renovation are being completed, while the redevelopment and expansion of the football facility on Lambeau's southeast side will be in use this year.
That trio of projects has required a roughly $200 million investment over the past two years, bringing the Packers' total investment in the stadium to $600 million, without any public tax dollars, since the 2003 redevelopment.
Across the street from Lambeau Field, the Titletown development continues to thrive, with 27 of the 29 townhouses now occupied, six more under construction, apartments at 90% occupancy, and office tenants filling up available spaces. With the commercial components performing well amidst the public plaza and regular family activities, the organization has been able to achieve its ongoing objective of making Titletown a community asset.
The Titletown development was influential in the league's awarding of the 2025 NFL Draft to Green Bay, another piece that will provide significant community benefit. The three-day event is projected to have a statewide economic impact of approximately $94 million, or the equivalent of multiple Packers regular-season home games.