The Green Bay Packers’ finances remain strong, with a reported $60.1 million operating profit for the fiscal year ending March 31, according to the annual financial report released Tuesday.
The number is a 12.5% drop from last year’s $68.6 million operating profit, as capital investments in Lambeau Field and football facilities depreciate, but the overall number remains robust.
Total revenue reportedly increased almost $44 million to $654 million. Roughly two-thirds of that increase came in national revenue from built-in increases in the NFL’s broadcast contracts as well as new streaming deals.
Local revenue went up by nearly $16 million, as the Packers hosted one additional preseason game in 2023 compared to 2022 and saw a late-season playoff push, which encouraged sponsorships and Packers Pro Shop sales.
Total expenses increased by $52.3 million due primarily to contractual obligations to players from typical raises in the salary cap and turnover within the roster, as well as the depreciation coming on the books of the organization’s most recent capital investments in the football facility, new stadium video boards, and concourse upgrades. Changes to the defensive coaching staff during the offseason also contributed to team costs, but minimally in comparison.
The franchise reported a net income of $98.1 million. The Packers’ corporate reserve fund stands at $536 million after a $64.3 million investment gain due to strong Wall Street returns.
The organization’s overall charitable impact was almost $10 million, while the endowment for the Packers Foundation has hit $55.4 million.
