The AFL has today forwarded its 2025 financial results to the Presidents and Chairs of the 18 clubs, ahead of next month’s Annual General Meeting.
The AFL reported an underlying operating surplus of $67.9 million in 2025, compared with an underlying operating surplus of $45.4 million in 2024 - an increase of $22.5 million. This result includes results from the AFL’s controlled state subsidiaries, Marvel Stadium and Champion Data.
In his review of the year, AFL Commission Chair Richard Goyder thanked the collective industry, including the 18 AFL clubs and the game’s fans, for delivering a record year across most major metrics.
“The collegiate effort from the entire football community, including our clubs, players, coaches and officials as well as our committed broadcast and corporate partners and especially footy fans, delivered one of our biggest years on record,” Mr Goyder said.
“There have never been more people playing, watching and going to the footy at all levels across the country.
“2025 delivered a new record membership tally, the second largest attendance tally for a single AFL season, an increase in viewership of three per cent to deliver another record year, record participation growth nationally, including the highest-ever in Queensland, and two outstanding seasons for our elite men’s and women’s competitions.
“The 2022 Commission decision to invest 10 per cent of the game’s total assessable revenue into game development is now paying dividends for the game’s future.
“More than 624,000 registered participants were part of our game in 2025 – an increase of more than seven per cent on 2024 which included a 155 per cent increase in Superkick participants, with now nearly 180,000 boys and girls registered across NAB AFL Auskick and NAB AFL Superkick.
“Women and Girls participation grew by 14 per cent and now accounts for nearly a quarter of all participants nationally.
“We also continued to support the development of facilities at community level including adding more than 100 new community ovals to support participation growth. It remains vital for the game’s long-term health that we ensure we have access to facilities for our next generation of girls and boys to play our game.
“Our investment back into the game has never been bigger – distributions to clubs, players, infrastructure and community football are all at all-time highs.
“I want to thank the boards and staff of the 18 clubs, our players, umpires and our own AFL Executive and team, for their work in ensuring football grew around the country while still remaining accessible and affordable to families at a time when cost of living pressures continue to be front of mind.
“Most of all, I want to thank our loyal members and supporters for their passion and commitment to their clubs and everyone who watched the games and supported us collectively across both the NAB AFL Women’s Competition and the Toyota AFL Premiership Season.
“As a code, we will continue to look closely at our long-term planning for our competition structure, support for our elite clubs, attracting the best athletes and investing into facilities for our fans and our grassroots clubs as well as continuing to support the 200,000 plus volunteers who make our game possible for so many.
“The game is as strong as it has ever been thanks to every fan and every person who chooses to be involved in footy, whether that’s through playing, coaching, umpiring, attending, watching or volunteering. There is a place for everyone in football.”
Total attendance for the 2025 season across both AFL home and away and finals matches was the second highest of all-time with 8,253,649 fans attending matches.
Round One, 2025 became the highest attended VFL/AFL round ever - 431,505 attendees and two of the top four attended rounds of all-time occurred in 2025.
Total AFL Club membership reached a record 1,363,437 members in 2025, surpassing the record of 1,319,687 that was set in 2024, a 3.26 per cent increase.
14 clubs broke their all-time membership record – the Adelaide Crows, Brisbane Lions, Collingwood, Fremantle, Geelong Cats, Gold Coast SUNS, GWS GIANTS, Hawthorn, North Melbourne, Port Adelaide, St Kilda, Sydney Swans, West Coast Eagles and Western Bulldogs.
One in every 20 Australians is currently a member of an AFL club.
AFL Chief Financial Officer Matthew Chun said the financial results were a testament to the planning and discipline of the industry.
“As a collective industry, we have rebuilt the revenue base while at the same time increasing distributions to players, clubs and investing more than ever in game development and community football initiatives,” Mr Chun said.
“The co-ordinated effort to reduce the industry cost base and protect revenues means the AFL is reporting a cash surplus for the financial year, strengthening the industry balance sheet.
“While revenue has increased, it is important that we continue to drive cost discipline to ensure that we are able to continue to invest in all levels while ensuring the game remains affordable and accessible for everyone.”
In line with this objective, in 2025, the AFL held the price on all entry level tickets for all matches across the first three weeks of the 2025 Toyota AFL Finals Series. Entry level tickets for weeks one to three of the final’s series remained at 2016 prices – a ten-year price freeze.
Free general admission access was provided to Gather Round tickets for all members, the Kids Go free initiative ran nationally across the school holiday period in July and in Round 24 in Victoria, Marvel Stadium delivered the cheapest pies and chips in footy, and boys and girls under the age of 18 continued to be admitted free at all NAB AFLW matches.
Further, the price of all GA ticket prices at the MCG and Marvel Stadium were frozen for the seventh season in a row.
Key AFL financial summary
The AFL’s revenue increased by $164 million largely driven by the contracted increase in broadcast and media revenues in line with the first year of the new broadcast agreement. There was also growth in commercial returns from Marvel Stadium events, commercial partnerships and consumer related revenue.
This revenue was used to fund the following investments:
- $461.5 million to AFL clubs (up from $420.8 million in 2024);
- $97.7 million to Game Development (up from $92.3 million);
- $63.3 million to the AFLPA (up from $49.9 million);
- $20.2 million to infrastructure comprising of elite and community facilities and contributions for stadia redevelopments (up from $12.6 million)
AFL operating expenditure increased by $143 million due largely to an increase in distributions to clubs, in line with the new Collective Bargaining Agreement. Commercial expenses also increased in line with revenue-related increases.
Distributions to players increased by $61 million, largely due to the Collective Bargaining Agreement across the Men’s and Women’s competitions, and an additional $14 million was distributed to the AFLPA relating to revenue share agreements.
Game Development investment increased $5.4 million following the Commission’s resolution to commit at least 10 per cent of football revenue to community football.
The AFL’s statutory profit of $65.8 million includes $8.2 million of depreciation relating to the Marvel Stadium Upgrade, and profit from non-controlling interests of $6.1million.
The AFL’s cash balance at the end of the financial year was $230.8 million, an increase of $44.1million.
The total payments to AFL Executives equated to $10.7 million (down $0.1 million year on year), compared to $13.6 million in 2023.
After all revenue, operating expenditure and distributions, the AFL recorded an underlying operating surplus of $67.9 million, compared to an underlying operating surplus of $45.4 million in 2024.
