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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThe Dallas Cowboys are the world’s most profitable sports team in Forbes Australia’s January 2026 cross-sport ranking, with estimated operating income of $629 million. The Golden State Warriors are second at $409 million. These are Forbes estimates of EBITDA, not audited net profits, and the ranking combines the latest available seasons rather than comparing every team over one shared year. Forbes Australia’s 2026 ranking provides the underlying figures.
What “most profitable” means in this ranking
Forbes defines operating income as earnings before interest, taxes, depreciation and amortization (EBITDA). The figures are estimates rounded to the nearest $1 million. EBITDA is not net income, revenue, cash paid to owners, or a team’s valuation; each measures something different.
The cross-sport list draws on Forbes’ 2025 team valuations across Formula 1, MLB, MLS, NBA, NFL, NHL, NWSL, global soccer and the WNBA. It uses the latest season available for each league: 2024 for MLB, MLS, NFL, NWSL and WNBA; 2024–25 for NBA and NHL; and 2023–24 for European soccer. The soccer group covers 30 men’s teams from six leagues. As a result, the ranking is a comparison of different season periods, not one synchronized annual snapshot.
Forbes says its estimates draw on team executives, sports bankers, league consultants, public documents such as stadium lease agreements and credit-rating reports, and sponsorship and broadcasting executives. Its team values are enterprise values—equity plus net debt—and reflect the owner’s stadium economics, including some non-sports event revenue. The values do not include stadium real estate itself, equity stakes in other sports-related assets, or mixed-use real-estate projects. Forbes’ methodology and ranking explain the basis of the estimates.
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Top 20 most profitable sports teams
The table lists Forbes’ January 2026 estimates in U.S. dollars. Tied teams share a rank.
| Rank | Team | League | Estimated operating income | Estimated team value |
|---|---|---|---|---|
| 1 | Dallas Cowboys | NFL | $629 million | $13 billion |
| 2 | Golden State Warriors | NBA | $409 million | $11 billion |
| 3 (tie) | Edmonton Oilers | NHL | $244 million | $3.2 billion |
| 3 (tie) | Los Angeles Rams | NFL | $244 million | $10.5 billion |
| 5 | Mercedes | Formula 1 | $227 million | $6 billion |
| 6 | New England Patriots | NFL | $222 million | $9 billion |
| 7 (tie) | Atlanta Hawks | NBA | $203 million | $5 billion |
| 7 (tie) | Philadelphia 76ers | NBA | $203 million | $5.45 billion |
| 9 (tie) | Houston Rockets | NBA | $191 million | $5.9 billion |
| 9 (tie) | Toronto Maple Leafs | NHL | $191 million | $4.4 billion |
| 11 | Manchester United | Premier League | $185 million | $6.6 billion |
| 12 | Tottenham Hotspur | Premier League | $184 million | $3.3 billion |
| 13 | New York Rangers | NHL | $182 million | $4 billion |
| 14 | New York Giants | NFL | $181 million | $10.1 billion |
| 15 | New York Jets | NFL | $180 million | $8.1 billion |
| 16 | Las Vegas Raiders | NFL | $179 million | $7.7 billion |
| 17 | Arsenal | Premier League | $173 million | $3.4 billion |
| 18 | Los Angeles Lakers | NBA | $170 million | $10 billion |
| 19 | Chicago Bulls | NBA | $160 million | $6 billion |
| 20 | Houston Texans | NFL | $156 million | $7.4 billion |
All operating-income and team-value amounts in this table are Forbes estimates from the January 2026 ranking, rounded as reported; they are not audited financial statements. Values are included to show that profitability and franchise valuation do not move in lockstep: for example, the Rams’ estimated value is higher than the Oilers’ despite their tied operating income.
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What the rankings say about leagues and scale
The 20 teams together generated an estimated $4.5 billion in EBITDA, averaging $226 million per team. Forbes reports that the combined total was up 16% from $3.9 billion and a $195 million average in the prior year’s top 20. The NFL accounts for seven teams on the list, the NBA six, the NHL and Premier League three each, and Formula 1 one.
League averages also show why a team’s place depends on more than its sport. Forbes estimates average operating income of $127 million for NFL teams and $113 million for NBA teams in the periods covered. For the NFL season discussed, Forbes estimates average revenue of $662 million and a distribution of $443 million to each franchise. For the NHL, it estimates average revenue of $248 million and average EBITDA of $74 million per team, with no team operating at a loss in the reported period.
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Forbes attributes differences among leagues partly to revenue sharing, sponsorship and premium seating, media-rights income, and cost controls such as the NHL salary cap and Formula 1 cost cap. Those are Forbes’ explanations for the patterns, not proof that any single factor caused a particular team’s result.
Is the most valuable team also the most profitable?
In this Forbes 2026 list, yes: Dallas ranks first both in estimated operating income ($629 million) and estimated team value ($13 billion). That overlap does not make profitability and value interchangeable. Operating income estimates a team’s earnings over a season, while enterprise value estimates the business’s worth at a point in time and includes net debt. Across the broader list, the measures do not consistently track together.
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A newer Cowboys estimate covers a different season
Forbes’ September 10, 2026 NFL valuation article estimates that the Cowboys generated nearly $1.28 billion in revenue and $677 million in operating income for the 2025 season. That is a newer, league-specific estimate, not a replacement for the $629 million cross-sport figure: the January ranking used 2024 NFL results because those were the latest available for its comparison. Forbes’ 2026 NFL team valuation report says its league estimates are on a cash basis, net of stadium debt service, and exclude playoff revenue. It also includes team and stadium debt with recourse to team owners in its debt accounting.
Why profitable teams can coexist with losses elsewhere
The top of a ranking does not describe the whole sports business. Forbes estimates that 37 of the 185 men’s teams it valued in 2025 failed to break even, including 16 MLS and 11 MLB teams. It cites the New York Mets’ estimated $268 million loss in 2024 as a notable example. A high franchise value therefore does not guarantee positive operating income in every season.
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When comparing any two team-profit figures, check the profit measure, season or fiscal period, leagues and teams included, and treatment of stadium debt, event revenue and playoff income. Also distinguish an estimate from a disclosed or audited result; Forbes’ cross-sport figures are estimates assembled from multiple inputs, not audited cross-league accounts.
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