The Texas athletic department reported a loss of roughly $23.3 million in the 2025 fiscal year, an outcome that university officials say they planned for amid the school’s move from the Big 12 to the SEC.
The Longhorns broke their own record for spending by one institution in a fiscal cycle, reporting nearly $376 million in expenses, according to documents obtained by the American-Statesman. The athletic department generated nearly $353 million in revenue, a total that topped last year’s reported revenue by about $21 million. The athletic department concluded fiscal year 2025 in a deficit because it did not receive a full share of revenue distribution from the SEC, according to Texas Chief Financial Officer Rob Novak.
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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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That’s a result of an agreement Texas and Oklahoma struck with the SEC to join the league in 2024, a year earlier than originally planned.
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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Novak said the league’s other 14 schools received a distribution of $60.1 million this year, while UT and Oklahoma got $12.5 million from the conference.
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Because of that, Novak said, Texas budgeted to make a loss of $47 million in 2025, and considers the $26 million it lost to be a positive outcome relative to its own expectations.
MORE: 3 outgoing players the Longhorns could regret losing
Texas expects to receive a full SEC distribution share in the 2026 reporting cycle. In 2027, that share will reflect a lucrative TV contract between the SEC and ESPN, which is reportedly worth about $3 billion over a 10-year period.
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Novak told the Statesman last January that he expected Texas to make a loss in the 2025 fiscal year. In the past three fiscal cycles, Texas banked a surplus of over $46 million to prepare its reserves for 2025. Novak said the athletic department still has over $30 million in reserve after its 2025 losses.
“It’s not Whack-A-Mole to balance a budget,” Novak said. “It’s, ‘What does this look like long-term? If we agree to do this today, can we sustain it? And if we can, what does that mean for revenue? Are the donors going to keep investing through donations? Is there going to be a market to increase ticket prices?’”
This year’s deficit was further complicated by the loss of revenue from the Longhorn Network, which handed over the rights to live events to ESPN following Texas’ move to the SEC. The athletic department reported roughly $21 million less in media rights revenue this cycle compared to last. An independent audit of Texas’ finances obtained by the Statesman said the athletic department received about $15.6 million in revenue from the Longhorn Network in the 2024 fiscal year.
MORE: Texas football lost players to midyear transfers. Now, coaches propose change to fix it
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Notably, the majority of Texas’ 2025 deficit does not stem from revenue sharing with athletes. Texas shared only about $3 million with its athletes in the 2025 fiscal year because the new NCAA rules permitting revenue sharing went into effect near the end of the fiscal year. In fiscal year 2026, the Longhorns are expected to distribute roughly $20 million of revenue to their student-athletes.
Texas’ increased spending was driven up by two main categories. It dished out upwards of $94 million on debt service for athletic facilities, leases and rental fees, up about $15 million from the last cycle. Novak attributed that to ongoing facilities projects, such as renovations to Royal-Memorial Stadium, and payments for a new training facility for Texas’ basketball and rowing teams. Those projects have also driven a continued uptick in contributions and donations, which rose by roughly $34 million year-over-year to total $167.8 million in the 2025 fiscal year.
“We have a bunch of really big capital projects,” Novak said. “And so it’ll continue to look like this for the next five or six years while we pay off all those big projects.”
Texas also upped its spending significantly on fundraising, marketing and promotion. Its outlay of about $35 million marked an increase of more than $23 million from last fiscal year. Novak said Texas made a substantial investment in equipment to outfit its ESPN3 streaming outlet — another product of its move to the SEC. The Longhorns also made what Novak considers to be one-time investments in various football gameday fan enhancements.
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Novak said Texas is already beginning to see positive financial returns on its move to the SEC elsewhere on the balance sheet.
The Longhorns made roughly $10 million more in ticket revenue this cycle compared to last, a change Novak attributes to home football games against SEC brands like Georgia and Florida.
The football program was the only profitable program on campus, turning a profit of nearly $107 million. Men’s basketball programs are typically profitable across the country, but Texas lost nearly $5 million after firing coach Rodney Terry and paying a buyout to pry Sean Miller from Xavier.
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