In fiscal year 2025, James Madison University's Football program reported $6.4M in revenue and $17.0M in expenses, for a net deficit of $10.6M. The program generated $6.4M in total revenue, led by Ticket Sales at $3.9M. Among the 78 FBS programs reporting Football data, James Madison University ranks 53rd overall in total expenses (11th of 36 Group of Five programs) — below the FBS average of $36.5M. James Madison University competes in the Sun Belt; financial data is available from FY2010 through FY2025.
| Category | Amount |
|---|---|
| Ticket Sales | $3,920,337 |
| Direct Institutional Support | $803,771 |
| Conference Distributions of Football Bowl Generated Revenue | $536,775 |
| Guarantees | $500,000 |
| Contributions | $314,994 |
| In-Kind | $158,721 |
| Other Operating Revenue | $65,813 |
| Royalties, Licensing, Advertisement and Sponsorships | $62,706 |
| Category | Amount |
|---|---|
| Athletic Student Aid | $3,829,899 |
| Coaching Salaries, Benefits and Bonuses paid by the University and Related Entities | $3,698,241 |
| Facilities Maintenance and Operations | $1,665,383 |
| Support Staff/Administrative Compensation, Benefits and Bonuses paid by the University and Related Entities | $1,544,218 |
| Game Expenses | $1,201,101 |
| Football Bowl Expenses | $1,097,471 |
| Team Travel | $816,022 |
| Guarantees | $650,000 |
| Sports Equipment, Uniforms and Supplies | $641,686 |
| Fund Raising, Marketing and Promotion | $562,275 |
| Recruiting | $412,548 |
| Student-Athlete Meals (non-travel) | $292,795 |
| Other Operating Expenses | $267,855 |
| Football Bowl Expenses - Coaching Compensation/Bonuses | $197,500 |
| Direct Overhead and Administrative Expenses | $55,606 |
| Medical Expenses and Insurance | $15,280 |
| Memberships and Dues | $3,675 |
| Fiscal Year | Revenue | Expenses | Net |
|---|---|---|---|
| FY2025 | $6,363,117 | $16,951,555 | -$10.6M |
| FY2024 | $7,403,301 | $15,874,372 | -$8.5M |
| FY2023 | $4,465,041 | $11,521,652 | -$7.1M |
| FY2022 | $4,301,723 | $11,050,605 | -$6.7M |
| FY2021 | $698,772 | $7,908,732 | -$7.2M |
| FY2020 | $5,190,560 | $11,319,596 | -$6.1M |
Ticket sales drove $3.9 million of the program's $6.4 million in total revenue in FY2025, yet that figure fell well short of covering $17.0 million in expenses, leaving a $10.6 million deficit. Athletic student aid represented the largest single expense at $3.8 million, reflecting the program's ongoing investment in roster building since its FBS transition. Spending has grown sharply from $7.9 million in FY2021 to $17.0 million in FY2025, though at 53rd out of 78 FBS programs by expenses, the Dukes still operate at roughly half the $36.5
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