By Anya Pelshaw on SwimSwam
The University of Wisconsin-Madison Athletic Department operated in a $4.3 million surplus during the 2025 fiscal year. The department had $197.9 million in revenues and $193.6 million in expenses.
Total Revenues By Sport
Football accounted for 57% of revenues, with $113.6 million and was followed by men’s basketball ($19.9 million), men’s ice hockey ($4.06 million), and women’s volleyball ($4.06 million). All other 16 sports combined totaled $8.51 million in revenues.
Total Surplus/Deficit By Sport
In addition to bringing in the most revenue, football and men’s basketball were the only two teams that operated in a surplus during the 2025 fiscal year. Football had $41.50 million in expenses, resulting in a $72.08 million surplus, and men’s basketball had $12.43 million in expenses, resulting in a $7.44 million surplus. All other sports operated in a deficit, with men’s tennis, men’s golf, and women’s golf having a deficit of less than $1 million. Women’s basketball ($4.39 million), women’s rowing ($3.23 million), and women’s ice hockey ($3.15 million) had the greatest deficits.
Football 72,082,630 Men’s Basketball 7,437,854 All Others Combined -34,151,202 Not Related To Specific Teams -41,072,045Swimming and Diving Revenues/Expenses
When looking at surplus/deficit numbers, men’s swimming and diving operated as the #12 sport in the department while women’s swimming and diving operated as the #15 sport (out of 20 total).
Deeper looks into swimming and diving show that both programs had ~50% of their revenue come from “Direct Institutional Support.” This is defined as:
“Input direct funds provided by the institution to athletics for the operations of intercollegiate athletics including:
Unrestricted funds allocated to the athletics department by the university (e.g. state funds, tuition, tuition discounts/waivers, transfers) Federal work study support for student workers employed by athletics. Endowment unrestricted income, spending policy distributions and other investment income distributed to athletics in the reporting year to support athletic operations. Athletics restricted endowment income for athletics should be reported in Category 17″ Total Operating Revenues 2025 Total Operating Expenses 2025 Surplus/Deficit Direct Institutional Support Revenue Without Direct Institutional Support Surplus/Deficit Without Direct Institutional Support Men’s Swimming and Diving 471,502 2,247,163 -1,775,661 236,466 235,036 -2,012,127 Women’s Swimming and Diving 580,662 2,501,285 -1,920,623 332,724 247,938 -2,253,347Overall Revenue/Expense Trends For Wisconsin Athletics (Last 5 Years)
Wisconsin Athletics was in a $20.17 million deficit for the 2021 fiscal year, although that can primarily be attributed to COVID-19. Since then, the department’s surplus has only been growing.
Wisconsin’s Full FY 2025 Report
See page 41 for Total Operating Revenues See page 75 for Total Operating ExpensesA few items to note:
Although Wisconsin lists men’s rowing as a varsity program on its website, it is not reported as a standalone NCAA men’s championship sport in federal and NCAA financial disclosures. As a result, its revenues and expenses are included in the “Others” category. NCAA athletic departments typically have their fiscal years run from July 1 of the year prior to June 30 of the reported year (ie: July 1, 2024-June 30, 2025)Read the full story on SwimSwam: Wisconsin Athletics Operated In $4.3 Million Surplus In FY 2025 (Case Study)
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