Welcome to our deep-dive series on the business of baseball. In this five-part series, we’ll break down how Major League Baseball (MLB) teams generate revenue, which clubs are turning profits (or bleeding cash), why franchise ownership is such a lucrative long-term play, how market size impacts team finances, and finally provide a financial snapshot of all 30 teams. Whether you’re an MLB insider or a casual fan, we’ve got you covered with relatable examples and the latest numbers from the 2024 season. Let’s play ball (financially speaking)!
Finally, let’s round the bases by looking at a team-by-team financial snapshot. Below is a summary table of each MLB franchise’s 2024 revenue, 2024 operating income (profit or loss), and current valuation (as of early 2025). These figures are based on the latest estimates (largely from Forbes’ annual “Business of Baseball” report and other industry sources) for the 2024 season performance and franchise values going into 2025. All amounts are in USD millions.
Note: “Operating Income” here means earnings before interest, taxes, depreciation, and amortization (EBITDA), essentially the team’s profit (or loss) from baseball operations for 2024. Negative numbers indicate an operating loss. Keep in mind these are estimates and net of revenue sharing and certain expenses. Franchise “Valuation” reflects the estimated enterprise value of the team (equity + debt). Now, let’s see how your favorite team fared:
| Team | 2024 Revenue | 2024 Operating Income | Valuation (2025) |
| New York Yankees | $680 million | $25 million | $8,200 million |
| Los Angeles Dodgers | $620 million | $50 million | $6,800 million |
| Boston Red Sox | $520 million | $70 million | $4,800 million |
| Chicago Cubs | $480 million | $60 million | $4,600 million |
| San Francisco Giants | $440 million | $75 million | $4,000 million |
| New York Mets | $380 million | –$138 million | $3,200 million |
| Los Angeles Angels | $370 million | $36 million | $2,700 million |
| Atlanta Braves | $425 million | $51 million | $2,600 million |
| Philadelphia Phillies | $400 million | –$3.7 million | $2,575 million |
| St. Louis Cardinals | $360 million | $43 million | $2,550 million |
| Houston Astros | $410 million | $44 million | $2,250 million |
| Texas Rangers | $370 million | $58 million | $2,225 million |
| Seattle Mariners | $365 million | $86 million | $2,200 million |
| Toronto Blue Jays | $300 million | –$34 million | $2,100 million |
| Chicago White Sox | $280 million | –$53 million | $2,000 million |
| Washington Nationals | $356 million | $45 million | $2,000 million |
| San Diego Padres | $324 million | –$53 million | $1,750 million |
| Baltimore Orioles | $264 million | $57 million | $1,900 million |
| Milwaukee Brewers | $294 million | $23 million | $1,605 million |
| Colorado Rockies | $286 million | –$9 million | $1,475 million |
| Detroit Tigers | $260 million | –$26 million | $1,450 million |
| Minnesota Twins | $267 million | –$27 million | $1,500 million |
| Arizona Diamondbacks | $276 million | $30 million | $1,380 million |
| Pittsburgh Pirates | $262 million | $55 million | $1,320 million |
| Cleveland Guardians | $268 million | $40 million | $1,300 million |
| Tampa Bay Rays | $248 million | $9.5 million | $1,250 million |
| Kansas City Royals | $260 million | $33 million | $1,200 million |
| Cincinnati Reds | $325 million | –$9.6 million | $1,300 million |
| Oakland Athletics | $220 million | $29 million | $1,800 million |
| Miami Marlins | $238 million | –$0.5 million | $1,050 million |
Sources: Forbes “Business of Baseball” 2025 report for 2024 season financials, Forbes franchise valuations. Revenue and operating income are estimates net of revenue sharing. All figures in millions of USD.
A few observations from the table: The Yankees and Dodgers are in a league of their own revenue-wise, each exceeding $600M in 2024, while at the bottom, teams like the A’s, Rays, Marlins were under $250M. Operating profits were highest for teams like the Mariners, Giants, Orioles, Pirates (all posting tens of millions in income), whereas the Mets and Padres had massive losses (Mets by far the deepest red ink). On valuations, five teams are now estimated above $4 billion (Yankees, Dodgers, Red Sox, Cubs, Giants), and no team is below $1 billion anymore. The Athletics’ $1.8B valuation, despite low revenue, reflects the anticipated move to Las Vegas, showing how expectations can drive value.
Conclusion
Every team’s financial situation is a bit different, but generally large-market teams (mostly toward the top of the table) bring in the most revenue and have the highest values, while small-market teams (toward the bottom) rely on efficient operations and league support. 2024 saw record revenues, and most teams remained profitable except for a few big spenders. Franchise values continued to rise across the board, illustrating that even if a team isn’t turning a profit on the annual ledger, it’s likely gaining value as an asset for its owner. Fans often focus on wins and losses on the field, but as we’ve explored in this series, the wins and losses on the balance sheet are an important part of MLB’s story too. Understanding the business of baseball, from ticket sales to TV deals to team valuations, adds a whole new dimension to being a fan in 2025.
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