Real Madrid has announced that they are the highest-revenue-generating football club globally, surpassing €1 billion ($1.08 billion) in revenue according to their 2023-24 financial report.

Their revenue for the 2023-24 season, excluding player transfers, hit €1.073 billion. This marks an increase of €230 million, or 27%, compared to the previous year.

Winners of LaLiga, the UEFA Champions League, and the Spanish Super Cup, Real Madrid concluded the 2023-24 financial year with after-tax profits of €16 million, reflecting a 32% rise from the previous season.

Last season, Forbes valued Real Madrid at $6.07 billion, ranking it as the 11th most valuable sports team in the world and the most valuable football club. In comparison, Manchester United was placed 13th by Forbes with a valuation of $3 billion.

The Dallas Cowboys and the New York Yankees led Forbes' most recent list with valuations of $9 billion and $7.1 billion, respectively.

"This is an unprecedented figure for any football club," a Real Madrid statement said. "The club maintains its sound financial status with a net equity of €574m.

"The club has continued its profitable trajectory year after year since the turn of the century.

"Every line of business has seen growth, with the exception of broadcasting rights, where revenues received from LaLiga in 2023-24 were lower than in the 2022-23 season."

Madrid, who recently secured France star Kylian Mbappé on a free transfer following the expiration of his contract with Paris Saint-Germain, is also predicting record-breaking figures for the 2024-25 financial year.

The statement added: "The club expects this commercial boost to continue and grow even stronger in the 2024-25 financial year, supported by the image-related benefits derived from both the composition of the playing squad and sporting success, as well as the renovated stadium."