Forbes NFL valuations: Dallas Cowboys on top again at $13 billion; Jaguars 28th at $5.6 billion

The Dallas Cowboys haven’t won a Super Bowl in nearly 30 years but they remain on top of the NFL in one category: the franchise’s value.

Forbes released its annual NFL valuations on August 28, with the Cowboys at $13 billion, up 29 percent from last year when it became the first sports franchise in America to be valued at $10 billion or more.

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Dallas, owned by Jerry Jones, has been on top of the Forbes valuations for 19 years in a row. The Cowboys had $1.2 billion in revenue last year and $629 million in operating income.

Jaguars fans celebrate Jacksonville Jaguars place kicker Cam Little’s (39) 70 yard field goal during the first half of the first preseason game where the Jacksonville Jaguars hosted the Pittsburgh Steelers Saturday Aug. 9, 2025, at EverBank Stadium in Jacksonville, Fla. [Doug Engle/Florida Times-Union]

The Jacksonville Jaguars, owned by Shad Khan, are 28th at $5.6 billion, dropping two spots. The Jaguars‘ value increased 22 percent last year, with revenue of $552 million and operating income of $106 million.

Khan historically does not comment on his personal finances or those of the team.

Rams, Giants pass $10 billion

The Los Angeles Rams ($10.5 billion) and New York Giants ($10.1 billion) joined the Cowboys in the $10 billion club. The rest of the top 10, according to Forbes, are New England ($9 billion), San Francisco ($8.6 billion), Philadelphia ($8.3 billion), Chicago ($8.2 billion), the New York Jets ($8.1 billion), Las Vegas ($7.7 billion) and Washington ($7.6 billion).

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Valuations increased league-wide by 25 percent, with an average value of $7.1 billion. The NFL’s entire valuation ($227.2 billion), if expressed as a Gross Domestic Product, would rank 55th in the world, ahead of nations such as Hungary, Ukraine, Ecuador and Slovakia.

The team that increased its value the most was the Buffalo Bills, which is 25th in the league in revenue at $5.95 billion but 42 percent higher. Oddly enough, the Raiders were ninth with the smallest rate of increase at 15 percent.

Florida, AFC South opponents top Jaguars

The Jaguars finished behind both of their in-state foes and AFC South opponents in valuations.

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Miami is 11th ($7.5 billion) and Tampa Bay 16th ($6.6 billion).

Houston led the AFC South at 12th ($7.4 billion), followed by Tennessee at 20th ($6.3 billion) and Indianapolis at 26th ($5.9 billion).

Sportico had the Jaguars valued less

The Jaguars’ valuation was higher by Forbes’ methodology than Sportico, a sports business website that on Aug. 14 ranked the team 31st among all NFL teams at $5.57 billion, ahead of only the Bengals.

But both publications agreed on the Cowboys on top of the league: Sportico ranked Dallas at $12.8 billion.

Forbes methodology for NFL valuations

According to Forbes, “Figures for revenue and operating income (earnings before interest, taxes, depreciation and amortization) are estimated for the 2024 season and are net of stadium debt service. Debt includes both team and stadium debt recourse to team owners. Forbes presents its P&L figures on a cash basis, rather than an accrual basis, of accounting.

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“Team values are enterprise values (equity plus net debt) and include the economics of the team’s stadium (including non-NFL revenue that accrues to the team’s owner) but not the value of the stadium real estate itself. Team values also exclude other businesses related to the team with separate financial statements, such as The Star, the Dallas Cowboys’ headquarters and entertainment district. Team values are rounded to the nearest $50 million, and estimated operating income is rounded to the nearest $1 million.

“Sources for Forbes’ NFL valuations include team executives, sports bankers and league consultants; public documents, such as stadium lease agreements and credit rating reports; and sponsorship and broadcasting industry executives.”

This article originally appeared on Florida Times-Union: Jacksonville Jaguars 28th in Forbes NFL team valuations; Cowboys on top