Lazio's accounts for the 2025-26 season remain in deficit, but losses have been cut in half compared to the previous fiscal year. The draft budget, approved yesterday by the board of directors, shows a net loss of 10.04 million euros for the club, compared to 17.16 million euros in the 2024-25 season. This marks the second consecutive year of losses and the seventh loss in the last eight fiscal years. Despite operational results remaining negative, cash has fallen to its lowest level, and net financial debt has increased significantly. The club's substantial positive net assets are primarily driven by the revaluation of the Formello training center.

Revenue and Costs Both Rise

Consolidated turnover reached 173.7 million euros, including capital gains from transfers, up from 157.5 million euros in the 2024-25 season, driven primarily by player sales in the January transfer window. In detail, matchday revenue was 18.06 million euros, while TV broadcast rights and other licensing revenue reached 88.45 million euros, estimated to include payments from IMG. Sponsorship, advertising, and royalty revenue totaled 17.82 million euros. However, operating costs rose from 174.01 million euros to 187.38 million euros. Personnel costs for non-player staff increased from 98.19 million euros to 104.62 million euros, while depreciation, provisions, and impairment charges rose from 38.68 million euros in the previous fiscal year to 46.29 million euros. As a result, the club's core operations remain under pressure: operating loss was -13.64 million euros, improved from -16.82 million euros in the previous fiscal year. The reduction in losses was primarily supported by capital gains from transfers: net capital gains realized in this fiscal year were 39.25 million euros, compared to just 11.14 million euros in the 2024-25 season.

Formello and Net Assets

Losses were absorbed by net assets, which experienced a significant increase due to revaluation operations. As of June 30, 2025, Lazio's net assets were -16.83 million euros; twelve months later, this figure changed to 113.56 million euros, an increase of over 130 million euros. The primary reason for this was the club's decision to adopt the revaluation model established by International Accounting Standard 16 for the land and buildings of the Formello training center. After accounting for tax effects, the revaluation added 140.41 million euros to the revaluation reserve. This adjusted the training center's value to its fair value. The statement of changes in net assets also reflects this: the 140.4 million euros from the IAS 16 revaluation was sufficient to cover the loss for the current fiscal year and bring net assets to 113.56 million euros.

Cash Flow Falls to Historic Low

Liquidity challenges persist. Cash and cash equivalents at the end of the fiscal year totaled just 1.84 million euros, compared to 6.06 million euros on June 30, 2025, the lowest figure for the Biancocelesti in recent years. Net financial debt also increased significantly, reaching 126.4 million euros, up 60.1 million euros from 66.3 million euros in the previous fiscal year. The club attributes this to increased use of its own financing credit lines. The cash flow statement also shows negative cash flow from ordinary operations of -33.75 million euros. Investment activities consumed a further 22.42 million euros, while financing activities generated positive cash flow of 51.95 million euros, primarily from new financing of 171.99 million euros, resulting in a net inflow after deducting 116.11 million euros in repayments.

Transfer Restrictions

These financial results also reflect restrictions imposed by Serie A league regulations. In June 2026, Lazio received notice that it failed to meet the requirements for the "extended labor cost index," resulting in a partial freeze of the summer transfer window unless the club fully covers its economic and financial commitments. Despite these restrictions, the club continues to reshape its squad. The transfer market remains a key tool for the club to achieve financial balance: in its projections for future operations, Lazio cites revenue from player sales, ongoing squad restructuring, differences between player market value and book value, return to European competition, and new sponsorship deals (following the termination of its previous partnership with Polymarket).

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