FRISCO, Texas — Michael Ozanian published CNBC’s Official NFL Team Valuations 2026 on Wednesday morning, and the Dallas Cowboys sit atop the 32-team list at $16 billion.
Revenue during the 2025 season reached $1.29 billion, against $547 million in EBITDA. Debt, which CNBC counts as team debt and stadium debt together, equals 2% of what the franchise is worth.
The Los Angeles Rams rank second at $14.5 billion, followed by the Las Vegas Raiders at $13 billion, the New York Giants at $12.5 billion, and the New England Patriots at $12.25 billion. Five teams now clear $12 billion. The Cincinnati Bengals ($8.55 billion), Buffalo Bills ($8.5 billion), and Arizona Cardinals ($8.4 billion) finish 30th, 31st, and 32nd.
Across the league, the average team is worth $10.36 billion, a 35% jump from a year ago. Dallas grew 28%. The Rams grew 36%.
Two other valuations landed on the Cowboys this year, both higher and lower than CNBC’s. Forbes released its list the same day and put Dallas at $17 billion, up 31% from 2025, with revenue measured at nearly $1.28 billion. That is the largest revenue figure the magazine has recorded for any sports team. The average team on the Forbes list is worth $9.5 billion.
Sportico ran its 2026 valuations last month at $15.5 billion, a 22% rise and a seventh straight year with Dallas at No. 1. Sportico’s second-place Rams came in at $12.7 billion. The league average there was $9.34 billion.
What CNBC’s Michael Ozanian Said About Dallas Cowboys Revenue
Ozanian said the average NFL team generated $723 million during the 2025 season.
“The Cowboys are the most valuable team in the NFL simply because they generate by far the most revenue in the NFL,” Ozanian said in an interview with NBCU Local published by NBC 5 Dallas-Fort Worth. “During the 2025 season, the Cowboys generated $1.3 billion in revenue. Compare that to a league average of 723 million dollars.”
Ozanian said Stan Kroenke built SoFi Stadium and operates it, and that the Los Angeles Chargers play in the building as tenants.
“The Rams are similar to the Cowboys in a sense that they control the economics of their stadium,” Ozanian explained. “So, Stan Kroenke, who owns the Rams, he built the stadium, he operates it. The Chargers, who also play in that stadium, are tenants. So, to give you an idea, the difference it makes in revenue, in 2025 the Rams generated $950 million in revenue, the second most in the NFL.”
“The Chargers’ revenue was only $630 million … and this comes from things like leasing suites, hosting non-NFL events in the stadium,” Ozanian continued. “You could net revenue well over $5 million for a concert, so they run a lot of events through there.”
In July, a group led by Vinod Khosla agreed to buy the Seattle Seahawks for $9.6 billion, the largest purchase in league history, topping the $6.05 billion Josh Harris paid for the Washington Commanders in July 2023. Three qualified and motivated bidders chased Seattle, according to a person familiar with the process who spoke to CNBC.
“NFL teams have become one of the most sought-after assets among multigenerational wealthy families from around the world,” the person told CNBC. “The fact is that the single biggest factor in any of these auctions is the level of competition among bidders, and competitive bidding was the most crucial factor” in the Seahawks sale price.
League rules cap debt on the acquisition of a team at $1.5 billion and require a controlling owner to hold at least 30% of the equity. National revenue, the pool of media and digital rights, sponsorships, royalties, and licensing money the 32 teams split evenly, should reach roughly $480 million per team this season, a 6% increase from 2025, according to a person familiar with league finances who spoke to CNBC on the condition of anonymity.
Arlington Extended the Dallas Cowboys Lease at AT&T Stadium Through 2055
Arlington City Council voted 7-2 on April 21 to approve a master agreement with the Cowboys, pushing the AT&T Stadium lease out to 2055. The lease had been set to run through 2040 with a renewal option, so the agreement adds 15 years.
Under the deal, the Cowboys commit to a minimum of $750 million in maintenance, operations, and improvements at the stadium complex through the end of the extended term. Arlington will contribute up to $273 million over 20 years through a maintenance and operations account, funded by venue taxes voters approved in 2004 rather than the general fund.
City manager Trey Yelverton told council members the city had saved about $350 million by retiring the stadium construction debt a decade ahead of schedule, and that the savings are the source of the $273 million. The final cost of that debt, including interest and fees, came to $490 million.
Mayor Jim Ross said voters had already made the decision in 2004, when 55% approved the taxes that built the stadium, and that his vote aligned with that choice. Council members Hogg and Nikkie Hunter cast the two votes against.
An independent analysis by HR&A Advisors, cited by the city, put the stadium’s current annual economic impact in Arlington at about $324 million. The study projects $9.7 billion for the Arlington economy across the 2026 through 2055 term, and a fiscal benefit of nearly $460 million to the city between 2041 and 2055.
AT&T Stadium hosted nine matches during the 2026 FIFA World Cup this summer. The men’s Final Four returns in 2030, and the Dallas Stars are scheduled to face the Vegas Golden Knights there in February 2027.
Jerry Jones bought the Cowboys in 1989 for $150 million, according to the franchise history CNBC published alongside the valuation. Dallas has won five Super Bowls and has not reached an NFC Championship Game since the 1995 season.
Last season ended at 7-9-1, second in the NFC East, with the Cowboys eliminated from postseason contention in the first year under Cowboys coach Brian Schottenheimer. Kickoff against the Giants on Sunday is set for 7:20 p.m. CT on NBC.
