On August 21, according to Sky Sports Germany, Dortmund announced its consolidated financial results for the 2025/26 fiscal year. The club’s overall revenue was significantly affected by its early exit from the Champions League last season, resulting in a consolidated net loss of 21.7 million euros for the year. Sky Sports Germany believes the primary reason for the loss was Dortmund’s premature elimination from the Champions League last season, as the club gradually adjusts its development model, which previously relied on player transfer income to maintain profitability.

Dortmund announced its consolidated financial results for the 2025/26 fiscal year on Friday. Due to an early exit from the Champions League last season, the club’s overall revenue was significantly affected, ultimately resulting in a consolidated net loss of 21.7 million euros for the year.

Dortmund released these figures at its annual financial press conference on Friday. By contrast, the club had recorded a profit of 6.7 million euros in the previous fiscal year. This marks a significant change in Dortmund’s financial situation, with the club shifting from a profit to a loss of more than 20 million euros in just one year.

Carsten Cramer, a member of the Dortmund board, stated, “This situation obviously cannot happen again. It was a very complex fiscal year, and we faced several challenges.” He also noted that Dortmund used the past year to re-evaluate its operations, make adjustments, and reposition itself in some areas.

The early Champions League exit had a significant impact

One important reason for the decline in Dortmund’s revenue, according to the financial data, is that the team did not advance further in the Champions League.

Last season, Dortmund was eliminated by Atalanta in the Champions League knockout play-off round and failed to advance to the round of 16. As a result, the club’s total consolidated revenue fell by 65.5 million euros year-on-year to 526 million euros.

Cramer said, "These figures are actually easy to explain, but if we don't draw the right conclusions from them, explaining them is meaningless."

In addition to Dortmund’s early exit from the Champions League, revenue from the Club World Cup in the 2025/26 fiscal year was also affected by factors such as the timing of settlements, resulting in lower related revenue than in previous periods. Television broadcasting revenue saw the most significant decline, falling by 58.5 million euros year on year.

However, not all revenue items declined. Dortmund's advertising revenue grew again, reflecting relatively stable commercial performance.

Combining operating revenue and player transfer revenue, Dortmund’s total consolidated output was 537.2 million euros, a year-on-year decrease of 52.4 million euros.

Management emphasizes that the club remains “very healthy”

Despite the significant losses reported in its financial report, Dortmund's management is not pessimistic about the club's overall financial situation.

Cramer believes that, from a sporting perspective, last season was “good to satisfactory.” The team performed well in the Bundesliga, but its results in the Champions League and DFB-Pokal fell short of expectations.

Dortmund CFO Thomas Tress frankly stated that, from an economic perspective, such a loss is "far from satisfactory." However, he also emphasized that Dortmund's overall financial foundation remains solid.

Tress stated that this financial report once again shows that Dortmund’s operating situation remains strongly linked to the team’s sporting performance. However, he also emphasized: “We are still very healthy.”

In other words, although the club incurred losses due to factors such as its poor Champions League performance, it is not currently facing a serious financial crisis.

No longer relying on major player sales to achieve future profitability

Amid declining financial figures, Dortmund has also begun adjusting its future development strategy.

Cramer stated that the club aims to further strengthen its resilience to risks while preserving the existing team’s core structure as much as possible. Dortmund believes that the multiple acquisitions completed this summer have significant "future potential," and the long-term development of the squad remains an important priority for the club.

At the same time, Dortmund hopes to move away in the future from its model of maintaining positive financial results through the sale of key players.

The club explicitly stated that its future operational goal is to “shed some fat and become leaner.” Under the new development plan, digitalization and internationalization will become key areas of growth.

In addition, Dortmund’s share price stood at €3.17 on the morning of August 21. Over the past 12 months, its share price has fallen by more than 13%.

New season goals: Top three in the Bundesliga, at least the round of 16 in the Champions League

Dortmund have also set clear sporting goals for the upcoming 2026/27 season.

The club aims to finish in the Bundesliga’s top three next season and hopes to reach at least the round of 16 in both the DFB-Pokal and the Champions League.

For Dortmund, the new season is about more than whether the team can once again challenge for the Bundesliga title; it will also directly affect the club's financial performance in the coming year.

Dortmund’s early exit from the Champions League last season has already come at a considerable financial cost. Improving revenue stability while maintaining sporting performance and reducing reliance on Champions League results and player transfer income will be an important operational issue for the club to address in the future.

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