Shocking CNBC NHL Team Valuations Reveal Unexpected Winners and Losers in 2025 Rankings
During the 2024-25 season, revenue increased to an average of $243 million for the league’s 32 teams, 9% higher than the previous season. Over the same time span, EBITDA — or earnings before interest, taxes, depreciation and amortization — rose 20%, to an average of $54 million per team.
Revenue from national media rights is split evenly among the league’s teams, with increases in national media rights proportionally benefiting low-revenue teams more than high-revenue teams. This is one of the reasons the 16 teams that posted the lowest revenue for the 2024-25 season increased, on average, 19% in value during the past year compared with 14% for the 16 teams that had the highest revenue.
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