NFL shared revenue tops $14B as media opt-out rumors, global ambitions persist

As the National Football League Inc. (NFL) season kicks off with the Seattle Seahawks entering as defending Super Bowl champions, the league is celebrating a new milestone, surpassing $14 billion in shared revenue. Beyond record financial results, the NFL is strategically positioning itself for the future by closely monitoring potential media rights opt-outs in 2029 and accelerating its international growth. These efforts support Commissioner Roger Goodell's lofty revenue targets, ensuring the league's financial momentum continues while capturing the attention of fans both in the US and around the globe.

NFL media rights agreements at a glance

The NFL is in the fourth year of its nearly $110 billion media rights agreements with CBS (US), NBC (US), FOX (US), ESPN (US) and Amazon.com Inc., which run through the 2033 season and more than double the value of previous deals. The league retains the option to opt out of most contracts after the 2029 season. CBS, Fox and NBC each pay over $2 billion annually on average throughout the deal, while ESPN, after acquiring NFL Network (US) and other assets, pays an average of about $2.7 billion per year and will air Super Bowl LXI this season. The agreements also feature Amazon streaming Thursday Night Football on Prime Video for an average of more than $1 billion per season through 2032.

CBS Sports heads into the 2026 NFL season with momentum, having led the league in viewership last year and delivered the most-watched single game and broadcast window. Both CBS and FOX are in no hurry to renegotiate their NFL media rights deals before the 2029 opt-out window. FOX recently confirmed the network will wait until closer to the deal's expiration, and CBS echoed this approach, focusing on daily communication and a valued partnership rather than rushing talks. This measured stance mirrors the broader trend among sports leagues, which are also holding off on early negotiations to preserve financial stability and flexibility.

ESPN, meanwhile, has started its expanded NFL footprint following its equity deal with the league, acquiring NFL Network Services LLC and rights to NFL RedZone. With coverage spanning both traditional broadcasts and direct-to-consumer streaming, ESPN is well-positioned for growth as audience measurement standards evolve and the NFL continues active engagement with all its media partners.

Netflix will expand its NFL coverage by adding three games to its lineup this season, alongside its traditional Christmas Day broadcasts, and has extended its media rights deal with the league through the 2029-30 season. We estimate the agreement to be valued at roughly $375 million annually, or about $75 million per game, consistent with previous terms. The upcoming package features the International Series opener from Australia (Rams versus 49ers), the first Thanksgiving Eve game (Packers versus Rams), Christmas Day, and a week 18 matchup. The deal is structured to align with the NFL's opt-out timelines for other networks, and Netflix will also broadcast the NFL Honors during Super Bowl week.

DAZN Group ltd. acquires EverPass Media LLC, adds commercial package of NFL Sunday Ticket

The NFL Sunday Ticket is entering a new era of commercial distribution as DAZN has acquired EverPass Media and its exclusive US commercial streaming rights.

In December 2022, Alphabet secured residential rights to NFL Sunday Ticket on YouTube, reportedly paying $2 billion annually over seven seasons, contingent on subscriber targets. Separately, the NFL and Redbird Capital Partners Management LLC launched EverPass Media in 2023 to exclusively distribute Sunday Ticket to US commercial venues, reportedly generating an additional $150 million–$200 million per year for the league. Most recently, EverPass also struck a deal with DirecTV to exclusively stream NFL Sunday Ticket commercially, with DirecTV solely handling the satellite end. As a result of the new agreement, DAZN will rebrand EverPass to DAZN for Business, which will leverage DAZN’s advanced streaming technology to deliver NFL Sunday Ticket and a broad array of premium sports content to venues nationwide.

With the NFL's investment arm, 32 Equity, taking a minority stake in DAZN for Business, the league is closely aligned with this digital transformation. Ultimately, these moves expand NFL Sunday Ticket's reach and underscore the NFL's commitment to innovative, out-of-home viewing experiences.

A look back: NFL posts second-best viewership season in 2025

NFL games once again dominated American television last season, accounting for 89 of the top 100 US TV programs since September. Every major rights holder saw year-over-year viewership gains, thanks in part to enhanced Nielsen measurement methods that now better capture out-of-home audiences. As a result, the league averaged 18.7 million viewers per game, up significantly from the prior year and marking its second-best season since 1989.

NBC's Sunday Night Football maintained its position as the most-watched primetime show, averaging 23.5 million viewers, a 9% increase and the highest in the franchise's 20-season history. The season finale between Pittsburgh and Baltimore drew 25.5 million viewers, one of eight games to surpass the 25 million mark, while streaming on Peacock contributed a record 2.5 million average minute audience. NBC's coverage has now topped prime-time ratings for 15 consecutive years.

CBS Sports enjoyed its strongest NFL season ever, averaging over 21 million viewers per game, up 11% from the previous season. The Thanksgiving Day matchup between Kansas City and Dallas set a new record as the most-watched regular-season NFL game in history with over 57 million viewers. CBS also delivered four of the 10 most-viewed games, and its 4:25 pm ET national window remained the most-watched slot on television for the third straight year, averaging just under 26 million viewers.

FOX also posted its best NFL ratings since 2015, averaging 19.6 million viewers per game, a more than 6% increase over the prior year. "America's Game of the Week" nearly reached 24 million viewers, and the Packers-Lions Thanksgiving game brought nearly 48 million, making it the second-most-watched regular-season contest league-wide.

Monday Night Football on ESPN and ABC had its second-best season ever, averaging almost 16 million viewers across 21 games, up 9% from the prior year. Including the week 18 Saturday doubleheader, the average viewership rose to 16.5 million. Five games topped 20 million viewers, and the season finale between Seattle and San Francisco attracted 27.5 million, the largest audience ever for a final regular-season week game.

On the streaming front, Amazon Prime Video's Thursday Night Football continued its rapid ascent, averaging 15.3 million viewers per game, up 16% from last year and the highest in TNF's 20-year history. Eight games exceeded 15 million viewers, with Broncos-Chiefs on Christmas night drawing 21.1 million. Since its launch in 2022, Prime Video's NFL audience has grown by 60%.

Shared revenues reach a record high, reaching $14.5 billion

In 2025, every NFL team generated over $450 million in gross revenue, contributing to a league-wide total of about $14.5 billion, a 4.6% increase from 2024. This includes national media rights, sponsorships and royalties from subsidiaries, plus nearly $30 million per team from pooled ticket sales. Although the growth rate slowed due to earlier front-loaded media payments, teams reportedly expect distributions to return to a 6% annual pace. With total overall revenue surpassing $23 billion in 2024-25, the league is on track to meet Commissioner Goodell's $25 billion target by 2027, further widening its financial lead over other major sports.

The Green Bay Packers, Inc. reported $753 million in revenue and a 55% rise in net income to $132.5 million, but increased player costs resulted in a $1.1 million operating loss, their first non-COVID loss since 1989. President and CEO Ed Policy noted the team's nonprofit structure limits access to private equity, unlike other franchises. To boost revenue, the Packers plan more non-football events, new sponsorships and ticket price adjustments. Local revenue grew 4.7% to $299.8 million, while expenses rose 19% to $754 million. The team benefited from $133.6 million in non-operating income and increased its corporate reserve fund to $701 million, which Policy said is vital for long-term stability.

International expansion

The 2026 NFL international schedule is set to break new ground, featuring nine games played across eight cities worldwide, including Melbourne, Rio de Janeiro, London, Paris, Madrid, Munich and Mexico City. This record-setting number of international contests reflects the league's growing commitment to its global audience.

Recent changes to league policy have also increased the appeal of these overseas matchups. Teams can no longer shield any home games from being moved abroad, making it possible for more high-profile rivalries and marquee teams to play internationally, something NFL executives believe will deliver more compelling content for fans around the world. Owners have already approved expanding the slate to 10 international games in 2027, with the possibility of 11 due to the unique status of the Jaguars' annual Wembley appearance.

Looking ahead, Commissioner Roger Goodell envisions a future where the NFL could stage as many as 16 international games each season, likely alongside an 18-game regular season. Such a shift would open up new media rights opportunities and attract even greater interest from broadcasters and tech giants, further solidifying the NFL's position as a global sports powerhouse.

This offseason, the NFL expanded its Global Markets Program by adding Italy as a new market and allowing three clubs to extend their international marketing rights: the Cleveland Browns and New Orleans Saints now have rights in Italy, while the Las Vegas Raiders have expanded into Canada, the United Arab Emirates, and the UK. With all 32 teams now participating and the program covering 22 international markets, the initiative underscores the NFL's ongoing commitment to growing its international presence and solidifying its position as a leading global sports league.

Football is king in annual US viewership survey

A recent S&P Global Market Intelligence Kagan Consumer Insights survey on for the first quarter of 2026 revealed roughly 74% of Americans watch live sports, and more than half identify as football fans, whether NFL or NCAA. The survey also found that around half of Americans tune in to NFL regular-season games, making the NFL the most-watched major professional sport in the country. This dominance is largely driven by the league's ability to attract a high proportion of casual sports fans, with 44% of respondents falling into this category.

Noteworthy, recent Kagan Consumer Insights online surveys revealed that the NBA enjoys greater popularity than the NFL among overseas audiences. In the UK, 15% of adults watch NBA basketball, making it the most-watched American sport, compared to 14% who watch American football (most of whom follow the NFL). France shows a similar pattern, with 15% of internet adults watching basketball (10% NBA), while only 6% watch American football, and just half of those are NFL fans. Italy also favors basketball, with 12% following the NBA, far outpacing the NFL and other American sports leagues. Even in Germany, where the NFL has made a concerted effort with multiple annual games, 9% of adults watch NBA basketball compared to 8% who follow the NFL or NHL.

S&P Global Market Intelligence debuts NFL valuations with Cowboys topping $15 billion

NFL team valuations have surged over the past five years, fueled by a rise in billionaire investors, increased private equity participation and rapidly escalating TV rights values. This growth is supported by expanding revenues from media deals and ticket sales, as well as higher revenue multiples. Recent sales reflect this trend, with the Seattle Seahawks sold at a record 15.2x revenue multiple and a 10% stake in the Atlanta Falcons going to Arctos Partners at 15.5x, signaling that the market is still in price discovery mode.

S&P Global Market Intelligence uses a forward-looking approach to value NFL teams, focusing on projected revenue multiples rather than just historical data. Over the past five years, these multiples have risen significantly, moving from single digits to low- to mid-double digits, with no signs of slowing in the current market. The methodology prioritizes factors such as a team's ability to monetize its brand, the local market's disposable income, domestic and international popularity, and stadium quality and attendance, while placing less emphasis on on-field performance, which is not the primary driver of NFL team valuations.

S&P Global and Kagan regularly track actual NFL team transactions to refine their valuation model, excluding deals offered at discounts to strategic investors to ensure market accuracy. NFL team valuations and revenue multiples have risen sharply in recent years, moving from mid-single digits to low- to mid-double digits, driven in part by the league's openness to financial sponsors and private equity. The methodology draws on the combined expertise of Kagan's sports analysts, S&P Global Market Intelligence's TMT specialists, and external valuation experts, reflecting the evolving price discovery process for these rare assets.

NFL re-ups with DraftKings Inc. and FanDuel Inc., adds Fanatics Holdings Inc.

Ahead of the 2026 season, the NFL has signed multiyear sportsbook partnerships with DraftKings, FanDuel, and Fanatics Betting and Gaming. These deals permit the use of NFL branding, promotion of sports betting, and participation in major events like the Super Bowl and NFL Draft. Partners gain access to official real-time stats, NFL digital media integrations and exclusive hospitality opportunities. DraftKings remains the official daily fantasy sports partner, while Fanatics Casino is now the NFL's official online casino marketing partner.

Looking ahead: NFL Flag Football and the end of the Pro Bowl

Media rights negotiations, prediction markets and the rising importance of flag football are central to the NFL's priorities over the next few years. The league's focus on flag football, set to debut at the 2028 Los Angeles Olympics, is a key strategy for global growth and youth engagement. Increased investment in grassroots initiatives and international tournaments aims to make the sport more accessible and inclusive, attracting younger athletes and broadening the NFL's reach.

In line with these changes, the NFL has replaced the Pro Bowl game with an annual celebration in Los Angeles honoring 88 players, making it an individual recognition award rather than an all-star game. This shift responds to player feedback and supports the league's emphasis on safety and engagement. A new player-accountability system has also been introduced, including automatic suspensions for repeat safety violations and partial refunds for first-time offenders.