Steinbrenner money is still on top.

CNBC on Friday unveiled its list of the most valuable Major League Baseball franchises for 2026, which factors 2025 revenue, debt value and more.

The top two teams are unchanged since the 2025 ranking, though the top five saw one shift. The New York Yankees are the league’s most valuable team at $9 billion, according to CNBC senior sports reporter Michael Ozanian.

The Los Angeles Dodgers remained second at $8 billion, but saw a significant one-year value change percentage after being valued at $5.8 billion last year. The Chicago Cubs claimed the third spot with a $5.25 billion valuation.

That resulted in the Boston Red Sox dropping one spot down with a $5 billion mark, increasing just 6% to the Cubs’ 17%. The San Francisco Giants didn’t increase at all at $3.8 billion, but still retained the fifth spot.

Rounding out the top 10, in order, are the Philadelphia Phillies ($3.6B), New York Mets ($3.55B), Houston Astros ($3.3B), Atlanta Braves ($3.25B) and San Diego Padres ($3.1B).

Given the whopping leap the Dodgers took in a season, with their local TV deal and Shohei Ohtani’s stardom leading the way, is it possible they could overtake the Yankees’ top spot soon? Ozanian said ticket prices and who wins more in future years could be key, but both sides could drop, too.

“… The Steinbrenner family, it’s not like they’re going to let the economics of [the Yankees] go down, it’s going to continue to rise,” Ozanian started. “The question is, is it going to rise as much as the Dodgers? And we don’t know, the Dodgers have a lot of risk on their side, too. I mean, what if Ohtani gets hurt? He has been hurt before. How are they going able to replace him if and when the day comes when he’s not playing anymore? So there’s risk on both sides of the equation.”

On the flip side, the five teams with the lowest valuations are as follows: the Cincinnati Reds ($1.68B), Minnesota Twins ($1.65B), Pittsburgh Pirates ($1.64B), Kansas City Royals ($1.63B) and, in last, the Miami Marlins ($1.4B).

It may sound surprising for a team of Miami’s market size to be in last, but that’s been the case for a few years. The Marlins have only made the postseason twice since winning the 2003 World Series.

See the full 30-team list and their respective valuations below: