Packers’ Huge Profit Fed by $12 Billion in National Revenue

The Green Bay Packers released their annual financial report ahead of Monday's shareholders meeting.

Mark Murphy (right) and Paul Baniel discuss the team's finances on July 19. (Photo by Bill Huber/Packer Central)

GREEN BAY, Wis. – Even with the Green Bay Packers losing one home game due to their inaugural trip to London, the team reported a profit from operations of $68.6 million during fiscal-year 2023.

Team President and CEO Mark Murphy revealed the financial picture in advance of Monday’s annual shareholders meeting at Lambeau Field.

“We’re in a great position to provide football all the resources they need to be successful and also to continue to invest in Lambeau Field and the community,” Murphy said.

With the Packers collecting $374.4 million as their one-thirty-second share of national revenue, that means the NFL split about $12 billion between the teams. Last year’s $11.1 billion was the first time over the $10 billion threshold.

The money will continue pouring into the team’s coffers with a new set of television deals kicking in this season, with the first of the next series of annual increases to be reflected on next year’s fiscal report.

“The TV deals have been very positive for the league,” Murphy said. “The ratings have been extremely strong. I think the league’s been smart with the moving to streaming. Amazon, that was very positive, the Thursday night package.”

The Packers’ profit for fiscal-year 2023, which ended on March 31, fell from last year’s record $77.7 million. That $9.1 million difference probably would have been a small increase had the Packers played 10 games at Lambeau Field instead of nine due to the London game.

Last year marked the first time the NFL didn’t reimburse teams for revenue lost by giving up a home game. The only money the Packers received from the league was to cover travel expenses.

It will be back to 10 home games this year – two preseason and eight regular season.

“The London experience was great. I loved everything about it except the outcome of the game,” Murphy said.

The Packers’ largesse continues to be put back into the organization. For instance, the team has invested approximately $200 million the past two years for a new football facility, which just opened to coaches, new videoboards, which will be online for the shareholders meeting, and the ongoing renovations of the stadium concourse.

Expenses were up $40.3 million compared to last year, with about half of the increase going to players and coaches. With Aaron Rodgers’ enormous contract off the books, that number could dip for fiscal-year 2024.

Here is the fiscal-year report for 2023.

Total revenue: $610.3 million in 2023; $579.0 million in 2022. Up 5.4 percent.

National revenue: $374.4 million in 2023; $347.3 million in 2022. Up 7.8 percent.

Local revenue: $235.9 million in 2023; $231.7 million in 2022. Up 1.8 percent.

Total expenses: $541.6 million in 2023; $510.3 million in 2022. Up 8.0 percent.

Profit from operations: $68.6 million in 2023; $77.7 million in 2022. Down 11.7 percent.

Net income: $35.6 million in 2023; $61.6 million in 2022. Down 42.2 percent.

Why did income plummet? Because the team’s investment fund went from a $5.1 increase to a $20.5 million decrease. With that, the corporate reserve fund – the team’s rainy-day fund – was down to about $475 million after growing to as much as $540 million.

“It pretty much follows the stock market,” said Paul Baniel, the team’s longtime vice president of finance and administration who will be retiring in October. “It was a bear market last year and all our 401(k)s fell last year. Two years ago, shortly after the pandemic took hold, it was quite the opposite. The investment fund follows the market as the market goes up and down. Obviously, last year the stock market took a bit of a tumble.”

Packers Profit From Operations

2023: $68.6 million

2022: $77.7 million (record)

2021: $38.8 million loss (due to COVID)

2020: $70.3 million

2019: $0.7 million

2018: $34.1 million

2017: $65.4 million

2016: $75.0 million

2015: $39.4 million

2014: $25.5 million

2013: $54.3 million

2012: $43.0 million

Countdown to Packers Training Camp

Here are the last five days of a series that started four weeks ago.

7 days until training camp: A missed-tackles surprise

8 days until training camp: Third-down pressure

9 days until training camp: One-score games

10 days until training camp: 10 most important Packers

11 days until training camp: 11 drops too many

The #Packers have a new quarterback. https://t.co/N7YikRMU2L

— Bill Huber (@BillHuberNFL) July 18, 2023

Green Bay Packers Training Camp Previews

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Position preview: Kenny Clark and defensive line

Position preview: David Bakhtiari and offensive line

Position preview: Luke Musgrave, Tucker Kraft and the tight ends

Position preview: Christian Watson and the receivers

Position preview: Aaron Jones and the running backs

Position preview: Jordan Love and the quarterbacks