In fiscal year 2025, Michigan State University (MSU)'s Football program reported $97.8M in revenue and $50.0M in expenses, for a net surplus of $47.9M. The program generated $97.8M in total revenue, led by Media Rights at $53.6M. Among the 78 FBS programs reporting Football data, Michigan State University ranks 22nd overall in total expenses (22nd of 42 Power Four programs) — above the FBS average of $36.5M. Michigan State University competes in the Big Ten; financial data is available from FY2017 through FY2025.
| Category | Amount |
|---|---|
| Media Rights | $53,550,008 |
| Ticket Sales | $17,898,896 |
| Contributions | $12,311,295 |
| Conference Distributions of Football Bowl Generated Revenue | $10,665,018 |
| Program, Novelty, Parking and Concession Sales | $1,333,058 |
| Athletics Restricted Endowment and Investments Income | $651,953 |
| Other Operating Revenue | $458,442 |
| Guarantees | $400,000 |
| Conference Distributions (Non Media and Non Football Bowl) | $327,697 |
| In-Kind | $166,449 |
| Sports Camp Revenues | $85,612 |
| Direct Institutional Support | $1,486 |
| Category | Amount |
|---|---|
| Coaching Salaries, Benefits and Bonuses paid by the University and Related Entities | $16,330,866 |
| Athletic Student Aid | $6,322,304 |
| Support Staff/Administrative Compensation, Benefits and Bonuses paid by the University and Related Entities | $4,971,794 |
| Game Expenses | $4,399,527 |
| Student-Athlete Meals (non-travel) | $2,911,343 |
| Team Travel | $2,560,644 |
| Guarantees | $2,552,100 |
| Sports Equipment, Uniforms and Supplies | $2,158,027 |
| Athletic Facilities Debt Service, Leases and Rental Fee | $1,771,023 |
| Direct Overhead and Administrative Expenses | $1,727,147 |
| Recruiting | $1,594,994 |
| Other Operating Expenses | $1,108,462 |
| Facilities Maintenance and Operations | $530,962 |
| Enhanced Educational Benefits (Alston or other) | $468,000 |
| Fund Raising, Marketing and Promotion | $389,316 |
| Medical Expenses and Insurance | $96,752 |
| Sports Camp Expenses | $60,689 |
| Spirit Groups | $34,980 |
| Memberships and Dues | $9,906 |
| Fiscal Year | Revenue | Expenses | Net |
|---|---|---|---|
| FY2025 | $97,849,914 | $49,998,836 | +$47.9M |
| FY2024 | $88,744,201 | $58,600,367 | +$30.1M |
| FY2023 | $90,009,120 | $53,502,288 | +$36.5M |
| FY2022 | $96,428,924 | $51,227,199 | +$45.2M |
| FY2021 | $42,065,554 | $28,259,575 | +$13.8M |
| FY2020 | $72,446,793 | $48,899,016 | +$23.5M |
Michigan State's football program generated $97.8M in revenue during FY2025, with media rights accounting for the majority at $53.6M, resulting in a healthy surplus of $47.9M. At $50.0M, the program's expenses rank 22nd among Power Four programs and sit well above the FBS average of $36.5M, with coaching salaries representing the largest cost center at $16.3M. Notably, expenses have declined from a recent peak of $58.6M in FY2024, suggesting the program may be finding greater operational efficiency.
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