The central figure is this: Fla-Flu Serviços S.A., the company that operates the concession for the Maracanã Complex, closed 2025 with net profit of R$ 21.445 million. Net operating revenue was about R$ 109.8 million. In a management presentation held in 2026, the figures were summarized as approximately R$ 120 million in gross revenue, R$ 110 million in net revenue and R$ 21 million in profit.
That does not mean, however, that Flamengo and Fluminense put R$ 21.4 million in cash into their own accounts. The profit first belongs to the concessionaire. Part of it was recognized in the clubs' accounts according to their ownership stakes in the company, and part was declared as dividends. In addition, the income each club earns from its own matches is a separate account.
What exactly earned R$ 21.4 million in profit
The company behind the concession is Fla-Flu Serviços S.A. It was formed in 2024 by Flamengo and Fluminense to operate, maintain and commercially exploit Maracanã and Maracanãzinho. Flamengo owns 65% of the company and Fluminense 35%.
The concession agreement was signed on September 27, 2024, and runs for 20 years. Therefore, when financial statements refer to "Maracanã profit," the most precise meaning is the result of the company that holds the concession for the complex, not just the balance from football match ticket sales.
In 2025, that company recorded net profit of R$ 21.445 million. The figure appears in the financial statements of both clubs, which show each club's stake in Fla-Flu Serviços and the result of the investee.
Revenue, EBITDA and profit are different figures
Revenue measures how much the operation generated before all the expenses required to reach the final result. Net profit is what remains after costs, administrative expenses, financial expenses and
taxes.
The 2025 disclosure shows net operating revenue of approximately R$ 109.8 million. In a later presentation, management summarized the year at about R$ 120 million in gross revenue, R$ 110 million in net revenue and EBITDA of R$ 59 million. Net profit, after the remaining expenses and taxes, was R$ 21.4 million.
These figures help explain why one headline may mention R$ 120 million in revenue while another highlights R$ 21.4 million in profit. There is no contradiction: they are different stages of the income statement.
The complex's operation also does not depend only on matches. The concessionaire exploits activities such as suites, rental and assignment of spaces, stadium tours, advertising, sponsorships and other commercial uses. This creates revenue belonging to the company itself, separate from the ticket income reported in Flamengo's and Fluminense's financial statements.
How much of the profit belongs to Flamengo and Fluminense
If the question is what economic share of the 2025 profit corresponds to each shareholder, the split follows the ownership stakes.
Flamengo, with 65%, recognized R$ 13.939 million in equity method income related to Fla-Flu Serviços. Fluminense, with 35%, recognized R$ 7.505 million. The sum is virtually equal to the concessionaire's R$ 21.445 million profit, with a small rounding difference.
This equity method income should not be confused with cash transferred to the clubs. It is the accounting recognition, in each shareholder's financial statements, of its share of the investee company's result.
The dividend was smaller than the share of profit
Fla-Flu Serviços declared R$ 15.309 million in dividends related to 2025. Under the ownership split, R$ 9.951 million goes to Flamengo and R$ 5.358 million to Fluminense.
Therefore, there are two correct figures for each club, but they answer different questions. For Flamengo, R$ 13.939 million represents its accounting share of the concessionaire's profit, while R$ 9.951 million was declared as dividends. For Fluminense, the figures are R$ 7.505 million in equity method income and R$ 5.358 million in dividends.
The difference also shows that not all the profit was distributed. Based on the disclosed figures, about R$ 6.1 million of the 2025 result remained in the company instead of being declared to shareholders.
Dividends are not the same as matchday income
This is where many misleading comparisons arise. Flamengo and Fluminense are shareholders in the company that manages the complex, but each club also has its own revenue and expenses when it acts as the home team.
Those match revenues are not simply placed into a common account and then split 65% and 35%. The ownership stakes apply to the result of Fla-Flu Serviços. The economic performance of each club's matches appears in its own financial statements.
In Flamengo's financial statements, for example, the men's professional football operation recorded R$ 140.845 million in gross match revenue in 2025. Direct costs totaled R$ 56.519 million, leaving a net result of R$ 84.326 million across 42 matches.
That R$ 84.326 million is not the R$ 21.445 million "Maracanã profit," nor is it Flamengo's dividend. It is another accounting bucket: the direct result from the club's matches after the costs reported in that line of the financial statements.
For Fluminense, the financial statements also separate ticket revenue and other match revenue from the result of its stake in Fla-Flu Serviços. The accounting presentation, however, does not show in the same line a net match result directly comparable with the R$ 84.326 million reported by Flamengo. Therefore, using Fluminense's match revenue as if it were "profit" would produce an inappropriate comparison.
Why Flamengo's match revenue can be higher than the concessionaire's revenue
At first glance, it may seem odd that Flamengo records R$ 140.845 million in gross match revenue while Fla-Flu Serviços has about R$ 109.8 million in net operating revenue for the year.
The explanation lies in accounting scope. They are different entities and different revenues. Flamengo's match line records the club's activity as the home team. Fla-Flu Serviços' revenue records what belongs to the concessionaire from its activities exploiting the complex.
In addition, transactions between the controlling club and the concessionaire may appear in individual financial statements and be eliminated or treated differently in consolidated financial statements. Adding all these figures as if they were independent revenues from the same business would create double counting.
The jump from 2024 to 2025 requires a caveat
Fla-Flu Serviços ended 2024 with net operating revenue of R$ 18.463 million and a loss of R$ 5.330 million. In 2025, it moved to about R$ 109.8 million in net revenue and R$ 21.445 million in profit.
The turnaround is clear, but 2024 does not represent a full year of operation. The company was created in late August, and the concession agreement was signed on September 27. The 2024 financial statements cover only the company's initial months.
For that reason, comparing the two years using a simple percentage growth rate overstates the interpretation. The safer point is that 2025 was the new concessionaire's first full financial year and ended with a positive result, while 2024 was a short implementation period that closed in the red.
The evolution of the commercial lines themselves also helps explain the change. In 2024, the company's revenue already included stadium rental, suites, the Maracanã Tour, sponsorship and other revenue. In 2025, commercial exploitation gained scale and began supporting a much larger operation.
How much Flamengo improved in its own matches
There is a second useful comparison, but it should remain separate from the concessionaire's result. In men's professional football, Flamengo had recorded R$ 116.290 million in gross match revenue in 2024, R$ 80.624 million in direct costs and a net result of R$ 35.666 million.
In 2025, gross revenue rose to R$ 140.845 million, while direct costs fell to R$ 56.519 million. The net result advanced to R$ 84.326 million.
In this case, the improvement did not come only from selling more tickets. The reduction in direct costs was decisive. That is why the net result grew much more than gross revenue.
Once again, this gain belongs to Flamengo's match operations and does not replace the R$ 9.951 million dividend the club was entitled to receive as a shareholder of Fla-Flu Serviços.
The correct way to read the 2025 figures
To avoid mixing the accounts, it helps to ask one question at a time. If the question is how much the Maracanã concessionaire profited, the answer is R$ 21.445 million. If the question is how much was declared in dividends, the total is R$ 15.309 million, with R$ 9.951 million for Flamengo and R$ 5.358 million for Fluminense.
If the question is how much of the company's profit economically belongs to each shareholder before distribution, the financial statements recognize R$ 13.939 million for Flamengo and R$ 7.505 million for Fluminense under the equity method.
And if the discussion is ticket sales or match results, each club's financial statements need to be examined, because that revenue does not automatically follow the concessionaire's 65% and 35% ownership split.
The main interpretive gain is precisely this separation. "Maracanã profit," "Maracanã dividend" and "matchday income at Maracanã" may sound like equivalent expressions, but they represent different accounting buckets. In 2025, mixing them can turn correct figures into incorrect conclusions.
