Club finances · statutory accounts
These figures come from the accounts the club files by law at Companies House. Anything a filing does not disclose is shown as Not disclosed — FixtureShark never estimates it. Read the original FY2025 filing.
In the year to 30 June 2025, Nottingham Forest brought in revenue of £221.7m, up from £189.6m the year before. The club made an operating loss of £64.9m and ended the year with net liabilities of £5.21m.
More revenue is not the same as financial health: read it alongside profit or loss, cash and net assets.
Revenue
£221.7m
£221,746,000
Operating loss
£64.9m
£64,927,000
Loss before tax
£78.9m
£78,921,000
Cash
£13.2m
£13,224,000
Borrowings
£99m
£99,005,000
Net liabilities
£5.21m
£5,207,000
Average employees
337
† FY2021 is not directly comparable: later accounts restated that year, so it is shown hatched and no trend is drawn through it.
Hatched: not directly comparable with the years either side.
Bigger is not automatically healthier.
| Year | Value |
|---|---|
| FY2020 | £25.3m |
| FY2021 † not comparable | £18.4m |
| FY2022 | £29.7m |
| FY2023 | £154.8m |
| FY2024 | £189.6m |
| FY2025 | £221.7m |
Hatched: not directly comparable with the years either side.
| Year | Value |
|---|---|
| FY2020 | Loss before tax £15.9m |
| FY2021 † not comparable | Loss before tax £15.5m |
| FY2022 | Loss before tax £46.2m |
| FY2023 | Loss before tax £67.2m |
| FY2024 | Profit before tax £12.1m |
| FY2025 | Loss before tax £78.9m |
Hatched: not directly comparable with the years either side.
| Year | Value |
|---|---|
| FY2020 | £381k |
| FY2021 † not comparable | £398k |
| FY2022 | £6k |
| FY2023 | £92k |
| FY2024 | £29k |
| FY2025 | £13.2m |
Hatched: not directly comparable with the years either side.
| Year | Value |
|---|---|
| FY2020 | Net liabilities £45m |
| FY2021 † not comparable | Net liabilities £48.5m |
| FY2022 | Net liabilities £53.2m |
| FY2023 | Net liabilities £109.4m |
| FY2024 | Net liabilities £15.4m |
| FY2025 | Net liabilities £5.21m |
Hatched: not directly comparable with the years either side.
| Year | Value |
|---|---|
| FY2020 | 191 |
| FY2021 † not comparable | 201 |
| FY2022 | 211 |
| FY2023 | 254 |
| FY2024 | 294 |
| FY2025 | 337 |
Hatched: not directly comparable with the years either side.
| Year | Value |
|---|---|
| FY2020 | £38.1m |
| FY2021 † not comparable | £37.2m |
| FY2022 | £58.6m |
| FY2023 | £144.9m |
| FY2024 | £166.4m |
| FY2025 | £166.7m |
| Figure | FY2020 | FY2021 † | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | £25.3m | £18.4m | £29.7m | £154.8m | £189.6m | £221.7m |
| Matchday revenue | £7.37m | £1.28m | £8.71m | £11m | £14.4m | £20.3m |
| Broadcast revenue | £9.79m | £10.9m | £12.2m | £124.8m | £130m | £158.6m |
| Commercial revenue | £8.13m | £6.18m | £8.81m | £18.9m | £45.1m | £42.9m |
| Staff costs | £38.1m | £37.2m | £58.6m | £144.9m | £166.4m | £166.7m |
| Operating profit or loss | -£31.9m | -£34.4m | -£49.5m | -£59.6m | -£73.3m | -£64.9m |
| Profit or loss before tax | -£15.9m | -£15.5m | -£46.2m | -£67.2m | £12.1m | -£78.9m |
| Profit or loss after tax | -£15.9m | -£15.5m | -£45.6m | -£67.2m | £12.1m | -£78.9m |
| Player amortisation | £5.96m | £5.1m | £7.31m | £40.8m | £61.7m | £68.9m |
| Player impairment | £367k | £0 | — | — | £0 | £5.32m |
| Profit or loss on player sales | £11.3m | £14.3m | £4.08m | £2.61m | £100.5m | £7.02m |
| Cash | £381k | £398k | £6k | £92k | £29k | £13.2m |
| Borrowings | £3.01m | £17.9m | £19.1m | £58.1m | £96.3m | £99m |
| Total assets | £29.2m | £36.1m | £27.5m | £169.2m | £350.4m | £301.3m |
| Total liabilities | £74.3m | £84.6m | £80.7m | £278.6m | £365.8m | £306.5m |
| Net assets or liabilities | -£45m | -£48.5m | -£53.2m | -£109.4m | -£15.4m | -£5.21m |
| Average employees | 191 | 201 | 211 | 254 | 294 | 337 |
| Staff costs as a share of revenue FixtureShark-derived | 151% | 202% | 197% | 94% | 88% | 75% |
Total revenue/turnover reported for the period.
| Year | Published | XBRL concept | As filed | Filing | Mapping | Document |
|---|---|---|---|---|---|---|
| FY2020 | £25,297,000 | pdf:Turnover | 25,297,000 GBP | AA-2021-03-10 | v2 | Filing |
| FY2021 † | £18,408,000 | pdf:Turnover | 18,408,000 GBP | AA-2022-03-03 | v2 | Filing |
| FY2022 | £29,683,000 | pdf:Turnover | 29,683,000 GBP | AA-2023-03-31 | v2 | Filing |
| FY2023 | £154,758,000 | pdf:Turnover | 154,758,000 GBP | AA-2024-03-28 | v2 | Filing |
| FY2024 | £189,552,000 | pdf:Turnover | 189,552,000 GBP | AA-2025-03-31 | v2 | Filing |
| FY2025 | £221,746,000 | pdf:Turnover | 221,746,000 GBP | AA-2026-03-26 | v2 | Filing |
“As filed” is the value exactly as it appears in the filing’s machine-readable (iXBRL) data. A dash means the filing did not disclose this figure. The mapping version records which rule turned the filed concept into this figure.