Real Madrid have become the first club to record over 1 billion ($1.04bn) in annual revenue in the Deloitte Football Money League, the consulting firm said on Thursday.
The figures, which cover the 2023-24 season, assess the Spanish and European champions as having registered 1,045,500,000 in income to top the ranking.
Manchester City, with 838m, are ranked second in the study, followed by Paris Saint-Germain (806m), Manchester United (771m) and Bayern Munich (765m).
The Premier League dominates the top 10, which also includes Barcelona, Arsenal, Liverpool, Tottenham Hotspur and Chelsea.
The 20 clubs included in the study collectively received 11.2bn, which is up 6% on 2022-23, Deloitte said.
Madrid's 2023-24 season saw them win the Champions League, beating Borussia Dortmund in the final at Wembley, and win LaLiga, finishing 10 points ahead of second-placed Barcelona.
Their 1bn figure was made up of 248m in matchday revenue, 316m in broadcast revenue and 482m in commercial revenue.
Progress in the redevelopment of the Bernabu Stadium, which is now all but complete, saw matchday income double compared to a year earlier.
Madrid's matchday revenue of 248m is significantly higher than any other club, with PSG ranked next, at 170m.
The club's commercial revenue, which also outstrips any rival in the study, increased by 19%.
Deloitte said the gap between the top two ranked teams in the 2025 study -- Madrid and City -- had never been bigger, at 208m.
