CF: Milan climb above Inter in squad cost ranking – where they stand in Serie A

AC Milan have overtaken their city rivals Inter in terms of squad cost for the 2025-26 season, a report has revealed.

As Calcio e Finanza write, the incoming and outgoing transactions completed by clubs in the Italian top flight also had an impact on squad costs, which have been adjusted accordingly.

Our latest Substack article has a full breakdown of each player and how they impact the budget. In essence though, squad costs are calculated by taking the following into consideration:

➤ Players owned by the club, taking into account the amortisation quota and gross salary (and considering the tax breaks provided by the Growth Decree for the players who still benefit from them);

➤ Players who arrive on a temporary basis, for which the cost of the loan and the gross salary are taken into account;

➤ Club-owned players who are temporarily sold, for which only the amortisation portion is considered (and the salary only if paid by the club, since it is normally covered by the purchasing club).

The sum of these items for each player provides an idea of ​​the cost each club incurs for its squad. To arrive at the final result, C&F use data from official press releases and club financial statements (primarily regarding players’ residual values) and salary rumours reported by major media outlets.

Where Milan rank

Looking at the numbers, we can see that Napoli are the club with the highest squad cost in 2025-26. The last two summer transfer winddows, those of Antonio Conte’s era, have weighed heavily on the Neapolitan club as their costs are now nearly €249m.

Juventus are in second place. The cost of their squad has remained essentially stable, but they have lost the top spot they held for many seasons. They still boast the highest amortisation rates and are in second place in terms of wages.

Milan complete the podium with €197m, slightly surpassing their rivals Inter. The Rossoneri have a substantial balance between depreciation and gross salaries, unlike the Nerazzurri’s figures. Milan’s amortisation is at just under €93m, and gross salaries just under €104.5m.