GREEN BAY – Another year, another strong balance sheet at 1265 Lombardi Ave.
The Packers reported a $60.1 million operating profit for the fiscal year ending March 31, 2024, in their annual financial report released Tuesday.
That represents a 12.5% drop from last year's operating profit of $68.6 million, due in part to the depreciation of capital investments in Lambeau Field and football facilities. But the reduction is not a concern, as the overall number resides within the rather robust range the Packers have consistently seen in recent non-Covid seasons.
"We're pleased to report a strong year financially," Packers President/CEO Mark Murphy said. "We've got a successful football operation, with an exciting team, and we're in position to continue to be able to support it financially to compete at a consistent, championship level."
According to the report, total revenue increased nearly $44 million, to $654 million, with nearly two-thirds of the boost coming in national revenue from the built-in increases in the NFL's broadcast contracts, along with new streaming deals entering the picture.
Local revenue also rose nearly $16 million, in part thanks to the Packers hosting one more preseason game in 2023 compared to 2022 (both seasons featured eight regular-season home games), as well as the team's late-season playoff push behind new starting QB Jordan Love, which helped with sponsorships and sales at the Packers Pro Shop.
"The NFL is fortunate to be the nation's most popular sport, and the Packers and all clubs are in a good position with long-term contracts with broadcasters," Murphy said. "The teams and players continue to benefit from that. At the same time, we'll continue to provide a great in-person experience for our fans and grow the game in new ways."
Local revenue could see another boost next year with the Packers playing nine regular-season home games and one preseason game, rather than the 8-2 split of this past season.
Total expenses rose $52.3 million, largely due to two factors – (1) contractual obligations to players due to the typical increase in the salary cap and turnover within the roster, and (2) the depreciation coming on the books of the organization's aforementioned most recent capital investments in the football facility, new stadium video boards and concourse upgrades. Those construction projects have brought the franchise's investment in Lambeau Field to $600 million, without any public tax dollars, since the 2003 redevelopment.
The changes to the defensive coaching staff in the offseason also increased the team's costs, but minimally compared to the other two items.
The final bottom line was a reported net income of $98.1 million, which is a combination of the operating profit and investment gains, minus various provisions for taxes and interest. A $64.3 million investment gain due to strong returns on Wall Street has the Packers' corporate reserve fund now at $536 million.
"The corporate reserve is an increasingly important strategic asset for the organization, particularly with the changing economics of the NFL," Murphy said. "It helps ensure we have the resources to support our football operations and keep Lambeau Field as a top-ranked venue for our fans."
The organization also reported an overall charitable impact of nearly $10 million, which keeps climbing, while the endowment for the Packers Foundation has reached $55.4 million.
Meanwhile, the Titletown development across the street from Lambeau Field continues to both perform well commercially and serve as a valuable community asset. The investment in Titletown from all parties combined – the Packers and commercial partners – is expected to exceed $300 million.
The Titletown development was influential in the league's awarding of the 2025 NFL Draft to Green Bay, another attraction that will provide significant community benefit. The three-day event this coming April is projected to have a statewide economic impact of approximately $94 million, or the equivalent of multiple Packers regular-season home games.
