Celtic vs Rangers finances: revenue, debt, wages, grade

Celtic vs Rangers: the money gapOld Firm. Cited figures from each club's grade card. No predictions.Celtic: grade A (87.7/100)

Revenue: Earned £111.0m in 2026: one of the biggest earners in Scottish Premiership (ahead of 100% of the league's other clubs we track). Score 91/100. Source: Celtic PLC results for the year ended 30 June 2026 (Investegate / RNS), 2026, reported

Net debt: Net cash of £77.2m: more cash than borrowings (financial debt only; transfer fees owed are not counted). Score 100/100. Source: Celtic plc results for the year ended 30 June 2025 (RNS, audited), 2025-06-30, reported

Wages: First-team pay of about £29.6m takes roughly 27% of revenue: normal (player pay only, not all staff). Score 65/100. Source: Capology club page, as of 2026-08-30, estimated

3-season net transfer spend: Sold more than it bought over the last 3 seasons: transfers aren't adding pressure. Score 100/100. Source: Transfermarkt net spend 2023-24 -€18.7m, 2024-25 -€8.2m, 2025-26 -€14.6m, reported

Rangers: grade A (81.3/100)

Revenue: Earned £94.1m in 2025: one of the biggest earners in Scottish Premiership (ahead of 90% of the league's other clubs we track). Score 84/100. Source: Rangers International Football Club Limited Annual Report and Financial Statements year ended 30 June 2025 (SC437060), 2025, reported

Net debt: Net cash of £10.6m: more cash than borrowings (financial debt only; transfer fees owed are not counted). Score 100/100. Source: The Esk — Analysis Series on Rangers International Football Club Ltd accounts, 2025-06-30, reported

Wages: First-team pay of about £23.8m takes roughly 25% of revenue: normal (player pay only, not all staff). Score 69/100. Source: Capology club page, as of 2026-08-30, estimated

3-season net transfer spend: Net transfer spend averaged about 10% of revenue a season over 3 seasons: busy. Score 69/100. Source: Transfermarkt net spend 2023-24 €4.1m, 2024-25 €13.5m, 2025-26 €16.5m, reported

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