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Liverpool have become the top-earning Premier League club for the first time, according to analysis from financial firm Deloitte.
The Reds won the English top-flight title last season and generated 836m euros (£702m) - more revenue than any other English side.
Manchester United fell to their lowest ever position in what is the 29th edition of the Deloitte Football Money League.
Real Madrid again top the list with a 1.2bn euro (£1.01bn) revenue, despite not winning the Champions League or La Liga last season, as both Manchester clubs dropped down the list.
Barcelona were second, moving back into the top three for the first time since 2019-20 after generating 975m euros (£819m), despite playing away from their Nou Camp stadium last season as it was renovated.
Bayern Munich are third on 861m euros (£723m), Champions League winners Paris St-Germain fourth on 837m euros (£703m) and Liverpool fifth.
Manchester City dropped from second to sixth with a revenue of 829m euros (£697m).
Manchester United, who finished 15th in the Premier League and were beaten by Tottenham in the Europa League final, went from fourth to eighth with 793m euros (£666m).
United have topped the money league on 10 occasions, most recently in 2017.
Their matchday revenue will also suffer this season as they are not involved in European competition and have been knocked out of the FA Cup and League Cup at the first hurdle.
"If you went back 10 or 15 years, and you looked at Manchester United's matchday revenue it was the industry leader," said Deloitte Sports Business Group lead partner Tim Bridge.
"If you looked at their ability to generate commercial revenue, it was the benchmark by which everybody then went to market and set their strategy. I don't think that remains the case."
There are six English clubs in the top 10, with Arsenal (822m euros, £690m) in seventh, Tottenham (673m euros, £565m) in ninth and Chelsea 10th with 584m euros (£491m).
Three other English sides made the top 20, with Aston Villa (450m euros, £378m) 14th, Newcastle United (400m euros, £335m) 17th and West Ham United (276m euros, £232m) in 20th.
Overall, the revenue of the top 20 clubs went up by 11% to a record 12.4bn euros (£10.4bn).
Commercial revenues went up to 5.3bn euros (£4.5bn) from 4.9bn euros (£4.1bn) in an increase "driven by a shift in clubs' business models focusing on the increased use of stadia and surrounding areas on non-matchdays, an increase in sponsorship revenue, and improved retail performance".
Real Madrid's commercial income was 594m euros (£499m), which alone would have put them in 10th spot.
Matchday income was again the revenue stream that grew at the fastest rate, increasing 16% to 2.4bn euros (£2bn).
The expanded Fifa Club World Cup, which took place in the United States last summer, helped broadcast revenue go up by 10%.
Manchester City and Chelsea were England's representatives and taking part resulted in a 17% rise in broadcast revenues for those that were in it.
Deloitte's Bridge believes the Money League figures show "clubs continuing to take greater ownership of their revenue-generating capabilities".
However, with player's union Fifpro taking legal action against Fifa over the increase in games in the football calendar, Bridge added that a balance needs to be struck between increased revenue and player welfare.
"On-pitch performance remains a primary driver for clubs to progress to the upper echelons of the ranking, with many clubs benefiting from new and expanded European and international club tournaments," said Bridge.
"In the 2024-25 season, Money League clubs on average played more games than the season before, reflecting the growth of competitions and sporting performance of many in the ranking.
"While this presents substantial financial opportunity, a balance must be struck between revenue optimisation and protecting both the value of the on-field product and player welfare amidst ever-increasing fixture schedules."
In working out its figures, Deloitte said that the amounts have been translated using the 12-month average exchange rate at the time of the clubs' reported year end, with 1 euro equalling £0.84.
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