The Edmonton Oilers were one of the most profitable franchises in all of sports last year, despite being considered less valuable than dozens of other clubs, Forbes magazine’s annual analysis suggests.
The Oilers’ were estimated to have earned roughly $341.1 million — $244 million US — in operating income last year, tying the NFL’s Los Angeles Rams for third on the magazine’s top-20 list of most profitable sports teams in 2025.
“On one hand it might feel like a surprise. But then, if you actually live in the city, you realize it really shouldn’t come across as much of a surprise, because this is what we’re all about — supporting the things we love,” Mayor Andrew Knack told CBC News Saturday, noting that Edmonton is the continent’s northernmost city with a population greater than 1 million people.
“The Oilers are part of our blood, they’re part of our DNA,” Knack said. “But it also shows that it’s not just the Oilers; it’s how we embrace sport, how we embrace arts and culture in this city. It’s really exciting to see.”
CBC News did not receive comment from OEG Inc., the company that owns the hockey team.
Forbes, a renowned American business magazine, annually evaluates the profitability and value of the world’s major professional men’s and women’s sports teams. According to its methodology, sources include team executives, sports bankers and league consultants, sponsorship and broadcasting industry executives and public documents — such as stadium lease agreements and credit rating reports.
Profitable rankings reflect Forbes’s estimate of a team’s earnings before interest, taxes, depreciation and amortization, the methodology says.
Team values, it adds, represent enterprise values — equity plus net debt — and the economics of a stadium, such as revenue from concerts, but excludes the real estate value of a stadium. Enterprise values also include the value of broadcasting rights fees for regional sports networks owned by a team.
The Oilers’ estimated operating income finished behind the NFL’s Dallas Cowboys and NBA’s Golden State Warriors, which finished first and second, respectively, in both Forbes magazine’s most profitable and valuable lists.
Edmonton’s profitability topped all other NHL teams, including the Toronto Maple Leafs, which Forbes estimates to be the league’s most valuable franchise.
Its estimated value, at $3.2 billion US, has grown drastically over the past quarter century from $77 million US.
But Edmonton’s estimated worth ranked fourth among other NHL teams, and 64th in all of major sports, meaning the Oilers — with the rest of the NHL — were left off of the magazine’s top-50 most valuable teams list.
The NFL’s Rams, which Forbes estimated was just as profitable as the Oilers in 2025, was also deemed the third-most valuable sports franchise last year, worth $10.5 billion US.
Moshe Lander, an economist at Concordia University in Montreal who lives in Alberta, disputes the accuracy of Forbes’s profitability data, pointing to some of the sources listed in its methodology.
Lander could see the Oilers being in the top third of NHL teams, especially given their Stanley Cup runs in the past two seasons, he said. But given how much money NFL teams make, despite higher salaries relative to the NHL, he has trouble believing the Oilers organization would perform better.
“It’s an estimate at best,” said Lander, a self-declared Calgary Flames fan.
“Maybe the broad strokes are that the Oilers are probably doing better than they have in a long time, but I’m not sure that [the magazine’s] numbers sound particularly accurate.”
He added that the team’s value is likely a more accurate reading and, in that regard, the Forbes estimate seems accurate.
Ultimately, these figures have limited economic impact for the community at large, outside of civic pride and, potentially, if the Oilers are rolling, a short-lived productivity boost and looser consumer spending, Lander said.
Forbes lists the Edmonton Oilers as the 2026 most profitable team in the NHL
Although, if the Forbes operating income estimates are accurate, he said, Oilers fans and Edmonton taxpayers have a right to be frustrated with team ownership, given the high ticket and merchandise prices and the amount of government funding spent on Rogers Place and developments around the stadium.
That sentiment rang true for Oilers fan Alex Gavinchuk.
“We get gouged, so it makes sense,” Gavinchuk told CBC News Sunday. “When you compare prices to everywhere else, it’s a little bit ridiculous.”
Other fans told CBC News they weren’t surprised to learn of the team’s ranking on the Forbes list, given the team’s loyal fan base and how they rally on game day.
