Corinthians records a deficit of more than R$160 million in the first four months of the year

- By Fabio Luigi / Central do Timão Editorial

Last Wednesday (17), Corinthians published on its official website the financial statement of the institution corresponding to the period up to April 30, 2026. In this section, the numbers presented by the club show a total deficit of R$ 168.048 million in the first four months of the year, which represents 130% above the initial budget for the period, which was R$ 72.9 million. In the same period last year, the club had recorded a surplus of R$14.930 million.

The document is signed by president Osmar Stabile, Emerson Piovesan (financial director) and Mauro Túlio Garcia (technical manager). The situation of uncertainty regarding Corinthians' financial scenario is reinforced by the absence of an update on the club's total debt in the document. In December 2025, it is worth remembering, accounting for the club and the debt related to the construction of the Neo Química Arena, the debt was R$2.723 billion.

Photo: Fabio Luigi / Central do Timão

In the document, the Corinthians board justifies that the difference in the actual result in relation to the projected result is due to the payment of the prize for the 2025 Copa do Brasil title, won over Vasco da Gama, taxes on the negotiation for the payment of the debt with Santos Laguna, from Mexico, referring to the signing of defender Félix Torres, in January 2024, in addition to the non-sale of players projected in the budget.

In this way, these three aspects represent expenses of more than R$113 million, of which R$110 million was just for loans made. Without this number, the accumulated deficit would fall to R$54.447 million, which would be within the initially stipulated budget - the forecast was R$72.9 million in losses.

Another aspect highlighted by management is the non-sale of any athlete until the end of the first transfer window. For the first four months, the Corinthians board stipulated a net revenue of R$75 million from transfers. However, it was decided to maintain the squad to prioritize sporting performance at Conmebol Libertadores to, perhaps, raise a larger amount through sales later.

It is worth remembering that, for 2026, Corinthians' budget target for selling players is 25 million euros net (just over R$148 million at current prices). In this situation, athletes such as André Luiz, Breno Bidon and Yuri Alberto emerge as potential revenue assets for Alvinegro.

Increase in revenue compared to initially budgeted

Despite not having sold players, Corinthians recorded an accumulated R$273.159 million in gross operating revenues by the end of April, above the R$243.123 projected in the budget for 2026.

Within this topic, the following stand out: Sponsorships (R$ 91.237 million); Transmission Rights (R$81.692 million); Brand revenue and other revenue (R$46.260 million); Box office and game revenue (R$ 37, 160 million) and Member Contribution (R$ 15.8 million).

In relation to sponsorships, this exceeded the budget forecast by more than R$ 10 million, as stated in the document. In turn, the uncovered liabilities were R$942.8 million, that is, if the club chooses to sell everything it owns, it is still not enough to pay off all its debt.

Operating expenses

In the first four months, operating expenses were R$272.190 million, which corresponds to almost all net operating revenue in the first four months of the year. The biggest expense continues to be payroll, which reaches R$198.076 million. Other issues also put pressure on the accounts, such as: General and Administrative Expenses (R$43.364 million); Third Party Services (R$ 18.083 million) and Departure costs (R$ 12.666 million).

In view of this, EBITDA, which means Profit before Interest, Taxes, Depreciation and Amortization, had a negative result of R$13.375 million. Added to this factor, Corinthians also saw its financial obligations rise in the first four months of 2026, with tax installments reaching R$895.3 million and, in turn, loans and financing totaling R$365.7 million. In addition, there are R$436.8 million in provisions for contingencies and R$218.3 million in commitments to suppliers.

Less cash on hand

Corinthians ended the first four months with just R$14.5 million in cash. For comparison purposes, in the same period last year, the club ended with R$28.5 million. The value in question is also lower than that recorded at the end of 2025 - R$26 million.

The Corinthians board states, in the document, that it will carry out, following the club's statutes, a budget review in the middle of this year so that the projections for the final target of 2026 are updated in accordance with what was presented in the balance sheet for the first half of the year.

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The content Corinthians records a deficit of more than R$160 million in the first four months of the year appears first in Central do Timão.

Source: Timao Central