Oregon athletics reported a significant increase in revenue and expenses for fiscal year 2025, achieving yet another surplus thanks in large part to an influx of cash from the Big Ten’s media rights distributions.

The Ducks brought in $185.4 million in revenue for FY25, and had $182.7 million in expenses, according to records released annually by the university. FY25 ended June 30.

Compare those numbers to FY24, where Oregon had $169.2 million in operating revenue and $167.2 million in expenses — an increase year over year of 9.6% and 9.3%, respectively.

Football was the only Oregon sport to generate revenue. Football had net revenue of $58.8 million; it produced $119.6 million in revenue, offset by $60.8 million in expenses. In its final year in the Pac-12, Oregon football produced net revenue of $55.3 million.

All other Duck sports operated at a loss, including men’s basketball at a more than $2.4 million net loss. Men’s and women’s track and field lost more than $6 million.

Oregon’s financial numbers were released as part of the school’s annual filing with the NCAA, which requires institutions to report fiscal year revenue and expenses by January 15 each year.

Here is the report:

Revenue

The biggest difference from a revenue standpoint is in media rights. Oregon received $28.2 million in that category for FY24 in the final year of the Pac-12. That is up to $49.1 million in FY25 — a nearly 74% increase now that the Ducks are in the Big Ten.

And that is with just a half-share of media rights distributions until 2030, which Oregon and Washington both agreed to when they joined the conference.

But how did the Ducks make up the media rights gap in the prior year, and still operate as one of the top athletic departments in the nation? Contributions.

Oregon generated $33 million in contributions in FY25. But in making up for a much lower media rights number the previous year, FY24, the Ducks received an eye-popping $56.8 million in contributions.

The details of which entities or individuals these donations came from is not publicly disclosed.

Conference distributions, not including media, were a big difference as well. Oregon operated at a loss in non-media and non-postseason conference distributions in FY24, losing $8.2 million in its final fiscal year in the Pac-12. That re-entered the green in FY25 at +$1.6 million — a nearly $9 million difference in Oregon’s first fiscal year in the Big Ten.

The Ducks enjoyed a year-over-year increase of just under $2.5 million in postseason conference distributions in FY25.

Expenses

Oregon saw a modest increase in some key expenses in FY25, with a new line item that gives a window into the future operating procedures of the department in the revenue sharing era of college sports.

Oregon spent $41.6 million on coaching salaries, benefits and bonuses in FY25, a more than $3.5 million increase over the previous fiscal year. Support staff and administrative employees made $31.6 million, up nearly $4 million from FY24.

The Ducks saw a significant decrease in overhead and administrative expenses in FY25: $14.1 million compared to $19.7 million in FY24.

Team travel rose in cost, as expected in navigating road trips in the Big Ten: $10.9 million in FY25 compared to $8.7 million in FY24.

One new expense that did not appear in FY24 is facility maintenance and operations ($6.3 million), presumably going towards the new football facilities currently under construction in Eugene.

Speaking of football investment, Oregon spent $60.8 million of its nearly $86 million in sport-specific operating expenses on football — a nearly $7 million increase in football spending over FY24.

Just over $14 million was spent on men’s basketball and $6.7 million on women’s basketball in FY25.

Those numbers do not include any spending on direct student-athlete compensation through revenue sharing, or through outside NIL which is not part of the athletic department’s budget and is protected from disclosure by state law.

Next year’s filing is likely to include revenue sharing numbers. Oregon can spend up to $20.5 million in revenue sharing for fiscal year 2026.

The revenue share line item is $0 this year, but that is because the House settlement didn’t go into effect until July 1 — the first day of FY2026.