Packers report $60M+ in profit for ’24 fiscal year

GREEN BAY, Wis. — The Green Bay Packers received a record amount of national revenue from the NFL in fiscal year 2024, resulting in a profit from operations of $60.1 million.

The Packers and the rest of the NFL’s 32 teams for the first time received more than $400 million from the league. With the team getting $402.3 million in national revenue, that means the NFL split nearly $13 billion among the teams. Last year (fiscal 2023) was the first time over $12 billion; the year before was the first time over $10 billion.

Despite being the NFL’s smallest-market team, Green Bay continues to generate strong revenues.

Overall, the Packers’ net profit was down 12.5 percent from $68.6 million in fiscal year 2023. While local revenue increased from $235.9 million to $251.8 million, the 6.7 percent gain wasn’t enough to offset the increasing costs of stadium depreciation and player salaries.

“I think probably the main takeaway is that it’s another strong year from a financial standpoint for the Packers, and I think really speaks to the popularity overall of the NFL,” Packers President and CEO Mark Murphy said on Tuesday at Lambeau Field.

As the NFL’s only publicly owned franchise, the Packers disclose their expenses and revenues each year.

Business is booming in the NFL. What Murphy called the “strategic” streaming of games, such as the new Christmas Day package on Netflix, will create additional revenue for player salaries and continued improvements of the venerable stadium.

“One of the things the league has talked about is trying to meet people where they are,” Murphy said.

In 2023, 93 of the 100 most-watched TV broadcasts were NFL games.

“It’s one of the few things that people watch live anymore,” Murphy said. “We’re very fortunate that we’re in that position and the networks are willing to pay, but we’re also looking at where the future is going and, certainly, streaming is growing.”

The Packers are preparing to transition from Murphy to Ed Policy, with Murphy set to hit the mandatory retirement age of 70 in July 2025.

With high hopes after making the playoffs in 2023 with quarterback Jordan Love, the Packers should continue to have the financial resources necessary to field a competitive team.

“We are in a good, strong financial position, but there will be challenges along the way,” Murphy said. “Things are changing within the league with the new ownership, the private equity, new owners, billionaires. The revenue sharing, I don’t see that changing in the short term, but if that ever changes, that could be an issue.”

“We don’t have a rich, deep-pocketed owner,” he added. “The economics of the league are changing pretty dramatically.”