How Penn State football earned record revenue and how it was spent

Penn State athletics produced a record amount of revenue during the 2024-25 fiscal year and spent nearly all of it.

The athletic department continued to grow into a $254.9 million revenue-producing giant, including an impressive $34.1 million rise from the previous year, according to its latest NCAA financial report.

The caveat? With new expenses and stagnant ticket sales, PSU athletics reported a net surplus of only $223,679 — down from $5.6 million the previous year.

Penn State’s latest report covers the period from July 2024 to June 2025. That included Penn State football’s College Football Playoff run (and a record $146.8 million in football revenue), NCAA championships in wrestling and women’s volleyball and the men’s hockey team’s first Frozen Four appearance.

The financial report also includes a new line item in spending: Institutional NIL Revenue Share — which represents “institutional payments to student-athletes for use of Name, Image and Likeness.”

Penn State spent nearly $18.4 million on NIL payments, with the expected majority, $13.3 million, going to football. The sports listed as receiving NIL help include men’s basketball ($3,004,666), defending four-time national champion wrestling ($1,449,766), baseball ($300,000), women’s basketball ($110,000) and men’s ice hockey ($95,000).

Another spending chunk came from this: The university reported nearly $7 million more in debt service and fees over the previous fiscal year — just as they began a $700 million Beaver Stadium renovation. PSU spent $24.2 million, in total, on debt service, leases and rental fees in FY 2024-25.

Meanwhile, Penn State was not able to increase its football ticket revenue to match some of its top competitors, despite playing in the nation’s second-largest stadium. It reported $44.2 million in football ticket sales for 2024, about the same as it did the previous season.

That amount substantially trailed leading Michigan ($67.6 million in ticket revenue) and Ohio State ($67 million), according to Sportico, as well as Texas ($62.8 million) and Texas A&M ($53.9 million).

Penn State, though, did benefit from its semifinal run in the football playoff, which included hosting a game against SMU in Beaver Stadium and playing Boise State (Fiesta Bowl) and Notre Dame (Orange Bowl) — a dynamic that won’t be a part of next year’s report.

Penn State football incurred $7 million in 2024-25 postseason expenses and an additional $4.1 million in postseason compensation and bonuses for former coach James Franklin and staff. That was offset by a $20.5 million distribution from the Big Ten and $5.3 million in reimbursements for postseason expenses.

Frank Bodani covers Penn State football for the York Daily Record and USA Today Network. Contact him at  fbodani@ydr.com and follow him on X, formerly known as Twitter, @YDRPennState.

This article originally appeared on York Daily Record: Penn State football, James Franklin earned record revenue in 2024-25