DugoutIQThe money behind Major League Baseball.

Philadelphia Phillies

NL East
Revenue '25, $M
Estimated · Forbes · 6th of 30
Op. income '25, $M
Estimated · Forbes · 27th of 30
CBT payroll '25, $M
Reported · AP via Post Register

Revenue and results

Revenue: $539MCosts beyond revenue: $52MOperating income: −$52M

2025 revenue split into operating income and everything else. Calculated from Forbes estimates.

FigureValueRank of 30League medianSource
Revenue, 2025, net of revenue sharing$539M6th$359MForbes, Mar 2026
Operating income, 2025−$52M27th$23.5MForbes, Mar 2026
Luxury tax paid, 2025$56.1MMLB via CBS Sports
Operating income before luxury tax, 2025$4.1MForbes figure plus tax paid
Local TV rights feeUnknownNot public

Figures are reported unless marked: * estimated, † modeled by DugoutIQ, ‡ unknown. About labels

Negative operating income isn't the same as losing money. Forbes' figure covers baseball operations in one regular season, and:

  • It's what's left after payroll and the rest of the organization are paid for, not a budget for running it. What those costs are
  • It counts luxury tax payments as a cost, so the biggest spenders' figures fall by the amount of their tax bill.
  • It leaves out playoff revenue.
  • It leaves out the growth in a franchise's value, often the largest return an owner earns.
  • It leaves out businesses owners run alongside the club, such as real estate around the ballpark or a stake in a TV network.
  • It's an outside estimate. When club books leaked in 2010, Forbes' figures ran higher than the audited ones in 8 of 10 cases.

More on how we use it

Other reporting, 2025. USA Today (Bob Nightengale), Nov 2025: Lost about $85M in 2025 despite drawing 3.35M fans, with a $56M luxury tax bill. The same column said MLB's loss figures for clubs are paper losses that leave out franchise value growth. Read the report

League context

Revenue against operating income for all 30 clubs, 2025. The Phillies rank 6th in revenue and 27th in operating income. The two clubs with the most revenue, the Dodgers and Yankees, come in below zero on Forbes' measure after paying $169.4M and $61.8M in luxury tax.

$200M$300M$400M$500M$600M$700M$800M$900M−$300M−$200M−$100M$0+$100MRevenueOperating incomeDodgers: $850M revenue, −$20M operating incomeYankees: $710M revenue, −$53M operating incomeCubs: $599M revenue, $58M operating incomeRed Sox: $567M revenue, $78M operating incomeMets: $553M revenue, −$213M operating incomeBraves: $524M revenue, $27M operating incomeGiants: $477M revenue, $54M operating incomeAstros: $464M revenue, −$45M operating incomePadres: $452M revenue, −$1M operating incomeBlue Jays: $445M revenue, −$71M operating incomeRangers: $398M revenue, −$44M operating incomeMariners: $390M revenue, $24M operating incomeAngels: $377M revenue, −$14M operating incomeTigers: $363M revenue, $27M operating incomeOrioles: $355M revenue, $23M operating incomeBrewers: $354M revenue, $47M operating incomeCardinals: $350M revenue, $33M operating incomeGuardians: $337M revenue, $53M operating incomeReds: $336M revenue, $26M operating incomePirates: $330M revenue, $48M operating incomeRoyals: $330M revenue, $25M operating incomeD-backs: $324M revenue, −$31M operating incomeAthletics: $320M revenue, $45M operating incomeMarlins: $320M revenue, $53M operating incomeRockies: $319M revenue, $20M operating incomeTwins: $315M revenue, $11M operating incomeNationals: $300M revenue, −$15M operating incomeRays: $290M revenue, $31M operating incomeWhite Sox: $239M revenue, −$40M operating incomePhillies: $539M revenue, −$52M operating incomePhilliesDodgersYankees
Source: Forbes, 2025 season estimates, net of revenue sharing. Estimated.
How cap and floor supporters read it: Lower-revenue clubs receive shared revenue and tax proceeds, and several post some of the league's best margins while keeping payroll low.
How the players' union reads it: Operating income leaves out franchise value growth and playoff revenue, and the top spenders choose to spend. A floor addresses low payrolls without capping pay.

Payroll

FigureValueSource
Payroll, 2025$291.9MAP via Register-Herald
Tax payroll, 2025$314.3MAP via Post Register
Luxury tax paid, 2025$56.1MMLB via CBS Sports
Highest tax payroll, 2025: Dodgers$417.3MAP via Post Register

Payroll is what the club paid its 40-man roster. Tax payroll is the luxury tax figure, which counts each contract's average annual value plus benefits. Both are defined in the glossary. All figures are reported. About labels

Where the Phillies fall against each side's proposed caps and floors

Baseball operations staff

Not yet counted. Staff counts come from an annual snapshot of each club's directory. How we classify roles

Farm system

Affiliates not yet entered.

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