Even the Texas Longhorns, who boast one of the most financially powerful athletic departments in the nation, can find themselves on the wrong side of the balance books.
Texas Athletics lost about $23.3 million in the 2025 fiscal year, an outcome it says it expected after missing out on most of its media distribution share from the SEC because Texas and Oklahoma joined the league a year earlier than they originally agreed.
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MORE LONGHORNS: Where does UT’s transfer class rank?
Texas Longhorns linebacker Ty’Anthony Smith (26) lifts the trophy with head coach Steve Sarkisianas the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) eats a Cheez-It encrusted turkey leg as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns wide receiver Kaliq Lockett (7) catches a 30-yard pass from Texas Longhorns quarterback Arch Manning (16) to score in the fourth quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) runs the ball 6- yard to score in the fourth quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Prince Chedward pours Cheez-Its into the mouth of Texas Longhorns offensive lineman Brandon Baker (73) as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) looks for a pass in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns tight end Jack Endries (88) catches a pass to score in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) holds the ball as he is surrounded by Michigan defense in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Michigan Wolverines tight end Marlin Klein (17) jumps for a pass as Texas Longhorns linebacker Ty’Anthony Smith (26) rushes to defend in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns wide receiver Daylan McCutcheon (17) carries the Texas flag as the Longhorns ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive back Kobe Black (6) collides with Michigan Wolverines running back Bryson Kuzdzal (24) in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns running back Christian Clark (6) goes down under the Michigan defense in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns celebrate with Prince Chedward after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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The ball is knocked from the grasp of Texas Longhorns running back Christian Clark (6) in the third quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns running back Christian Clark (6) celebrates a first down gain in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Michigan Wolverines defensive back Elijah Dotson (22) runs down the field as the ball is kicked off in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Michigan Wolverines quarterback Bryce Underwood (19) throws a pass in the third quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) warms up ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive back Kade Phillips (11) dives to try to block a pass heading for Michigan Wolverines wide receiver Donaven McCulley (1) in the third quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) heads to locker room after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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A member of the Longhorn Marching Band wears a Cheez-It hat in the first quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns head coach Steve Sarkisian walks into the stadium ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas players eat Cheez-It encrusted turkey legs as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns wide receiver Ryan Wingo (1) warms up ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) is crowned by Prince Chedward as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Fans cast shadows on a “Cheez-it” tunnel ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025. The snack brand is the premiere sponsor of the bowl game.
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Texas Longhorns quarterback Arch Manning (16) walks into the stadium ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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The Texas cheer team enter the stadium ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas takes the field ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Prince Chedward entertains the crowd in the third quarter of the Citrus Bowl between the Texas Longhorns and the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns wide receiver Parker Livingstone (13) hands his gloves to young fans as he warms up ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) greets young fans he heads to the locker room after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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A fan films the team as they walk into the stadium ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive back Jordon Johnson-Rubell (23) tackles Michigan Wolverines wide receiver Kendrick Bell (10) in the fourth quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas mascot Bevo on the sidelines ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns wide receiver Ryan Niblett (21) returns the ball as Michigan Wolverines tight end Zack Marshall (83) arrives to defend in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Karle “Kj” Lacey Jr. (8) warms up ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive end Lance Jackson (40) blocks Michigan Wolverines offensive lineman Brady Norton (70) in the fourth quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Karle “Kj” Lacey Jr. (8) warms up ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns head coach Steve Sarkisian is crowned by Prince Chedward as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Karle “Kj” Lacey Jr. (8) warms up ahead of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns running back Christian Clark (6) runs through an attempt from Michigan Wolverines defensive back Brandyn Hillman (6) in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive end Colin Simmons (1) celebrates a sack in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns running back Christian Clark (6) runs the ball in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Michigan Wolverines wide receiver Kendrick Bell (10) catches a pass in the end zone to score as Texas Longhorns defensive back Kobe Black (6) defends in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) sends a pass in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns wide receiver Emmett Mosley V (3) gets around Michigan Wolverines linebacker Chase Taylor (29) in the first quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Michigan Wolverines tight end Marlin Klein (17) jumps for a pass as Texas Longhorns linebacker Ty’Anthony Smith (26) rushes to defend in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive back Graceson Littleton (29) defends as Michigan Wolverines quarterback Bryce Underwood (19) runs the ball in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Michigan Wolverines defensive lineman Ikechukwu Iwunnah (92) grabs the face mask of Texas Longhorns running back Christian Clark (6) in the second quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Prince Chedward throws Cheez-Its at players as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Cheez-Its decorate the field as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns head coach Steve Sarkisian is crowned by Prince Chedward as the Longhorns celebrate after winning the Citrus Bowl 41-27 against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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A scrum forms around the ball in the third quarter of the Citrus Bowl between the Texas Longhorns and the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns running back Christian Clark (6) puts an arm out to stop a tackle from Michigan Wolverines defensive back Zeke Berry (10) in the third quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive back Kade Phillips (11) celebrates a play in the third quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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A Michigan fan reacts as a touchdown goes to review in the fourth quarter of the Citrus Bowl against the Texas Longhorns at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive end Brad Spence (14) and the Texas defense in the fourth quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns linebacker Ty’Anthony Smith (26) celebrates an interception in the fourth quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) runs the ball 6- yard to score in the fourth quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns kicker Mason Shipley (49) scores a 51-yard field goal in the fourth quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive tackle Hero Kanu (93) warms up ahead of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) runs the ball in for a 23-yard touchdown in the third quarter of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns linebacker Marshall Landwehr (51) warms up ahead of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns linebacker Ty’Anthony Smith (26) warms up ahead of the Citrus Bowl against the Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns quarterback Arch Manning (16) catches a snap in the first quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns defensive back Xavier Filsaime (17) lines up in the first quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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Texas Longhorns wide receiver Ryan Niblett (21) returns the ball in the second quarter of the Citrus Bowl against the Michigan Wolverines at Camping World Stadium in Orlando, Florida, Dec. 31, 2025.
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The Longhorns are in line to receive a full share — a difference of tens of millions — next cycle.
Here’s what else we learned from looking through Texas’ financial books:
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Texas: Favorable lending rates support increased spending
Texas knew it was in line to receive a diminished share of SEC media revenue; Rob Novak, UT’s chief financial officer, said as much in an interview with the American-Statesman last year.
So why was it comfortable spending a record $376 million anyway?
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MORE: Texas athletic department reports loss of $23 million in 2025 caused by move to the SEC
Novak cited the support of Texas’ donors — the Longhorns logged nearly $168 million in contributions during the 2025 fiscal year. He also explained that the athletic department receives favorable lending rates from the university to finance the capital projects that accounted for a big chunk of spending.
Texas athletic director Chris del Conte walks the sideline during the game against Vanderbilt at Darrell K Royal–Texas Memorial Stadium on Saturday, Nov. 1, 2025 in Austin.
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Standard mortgage lending rates can come in around 6 or 7%. Texas Athletics borrows money from the UT system at about half that interest rate.
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“In the capital realm, when you know you have the UT system you can borrow from and at a good rate, and the donors are pledging to pay for the whole project, that’s something you do every time to make the place better,” Novak said.
Texas banks more ticket sales money, citing move to SEC
The Longhorns earned about $71 million from ticket sales in the most recent reporting cycle, up from $60.9 million in fiscal year 2024.
An independent financial audit of the athletic department obtained by the Statesman attributed the increase to the fact that Texas had seven home football games in this reporting cycle as opposed to six.
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MORE: Why revenue sharing didn’t play major role in $23.3M deficit
Novak, though, said the athletic department also derived more ticket revenue from increased demand resulting from the Longhorns’ move from the Big 12 to the SEC. In particular, games against Georgia, Florida and Kentucky drove big numbers, Novak said.
“All traveled and sold really well,” he said. “You had that Georgia game that’s on F1 weekend on national television, a prime-time game. So those are attributed to about $6 million in single-game favorable ticket sales.”
A huge majority of Texas’ ticket revenue came from the football team, which drove $62.8 million from ticket sales. Men’s basketball ticket sales accounted for $4.2 million. Baseball drove $1.8 million in revenue, while $1.2 million in ticket revenue came from women’s basketball.
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Texas football is the only Longhorns sport that turned a profit
The Texas football program accounted for a profit of $106.9 million in the 2025 fiscal year, making it the only profitable varsity sport sponsored by the Longhorns.
The men’s basketball program typically turns a profit at Texas, but didn’t in 2025. The Longhorns paid a buyout to Xavier for new coach Sean Miller that upped their head coach compensation to $9.8 million in 2025 (Miller’s salary is roughly $4.8 million). Texas also paid out about $878,000 in severance money after firing Rodney Terry.
Here’s a look at the profit and loss made by each varsity sports program at Texas:
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• Football: $106.9 million
• Men’s tennis: -$1.3 million
• Women’s golf: -$1.3 million
• Men’s golf: -$1.4 million
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• Women’s swimming: -$1.6 million
• Beach volleyball: -$1.7 million
• Women’s tennis: -$1.8 million
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• Baseball: -$2.1 million
• Softball: -$2.2 million
• Men’s swimming: -$2.2 million
• Volleyball: -$2.6 million
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• Men’s track and field/cross country: -$2.7 million
• Women’s track and field/cross country: -$2.8 million
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• Men’s basketball: -$5 million
• Women’s basketball: -$7.5 million