Insane New MLB Revenue Numbers Expose Owners Hoarding Cash Instead Of Trying To Win

As we start the 2026 Major League Baseball season later Wednesday evening, much of the discussion around the sport centers on the disparity in payrolls from the top of the sport to the bottom. 

The Los Angeles Dodgers are coming off back-to-back World Series championships. Instead of resting on their laurels, they added the best available hitter on the free agent market, Kyle Tucker, and shored up their bullpen by signing the best available reliever in former Met Edwin Diaz. 

Similarly, the New York Mets continue to spend huge sums of money, with Juan Soto on a record-setting deal, Bo Bichette getting a huge payday in free agency, and high-priced stars like Marcus Semien, Devin Williams, and Francisco Lindor. Many of these issues start with concerns about competitive balance, and the upcoming expiration of the Collective Bargaining Agreement between the league's owners and the Players Association. 

Owners are expected to push for a salary cap, hoping to limit players' earnings and protect their franchise values. But with Forbes posting their revenue and valuation estimates for the 2026 season this past week, it's easy to see how disingenuous these supposed motivations are. Because MLB is growing, rapidly, and many of these teams are choosing to pocket profits instead of investing them.

Shohei Ohtani of the Los Angeles Dodgers. (Photo by Jayne Kamin-Oncea/Getty Images)

Teams Like Milwaukee Brewers Raking In Revenue

Franchise valuations, per Forbes, are generally increasing, with the Dodgers jumping 13 percent to $7.8 billion, the Red Sox up 9 percent to $5.25 billion, and the San Diego Padres exploding 59 percent to $3.1 billion. The Mets were sold to Steve Cohen as recently as 2020 for $2.4 billion, now the Padres, with an unsettled TV deal, in one of the smallest television markets in the sport, are expected to get up to $3.5 billion in their upcoming sale.

The 30 owners believe a salary cap will send their franchise valuations soaring because of more payroll cost certainty, but there's just one problem with that: their valuations are already soaring. And so are revenues. Even for small market teams who incessantly cry poor.

The Milwaukee Brewers, for example, have kept payroll nearly flat over the past six-seven seasons. In 2019, their estimated payroll, per Fangraphs, was $132 million. Their estimated payroll in 2026 is $129 million. That's despite inflation turning $132 million in 2019 to nearly $169 million in today's dollars. 

Meanwhile, Forbes estimates that their revenue in 2025 was $354 million, their franchise valuation grew 12 percent, and they had $47 million in operating income. And just for reference, the notoriously cheap Los Angeles Angels reportedly brought in an estimated $377 million in revenue, yet had a payroll of $206 million. Yes, the Brewers are hoarding money instead of reinvesting it into the team. They're not the only ones. 

The Tampa Bay Rays had estimated revenues of $290 million, but a payroll of just $79 million. Their operating income was an estimated $31 million. That pales in comparison to one of baseball's most consistently cheap teams, the Cleveland Guardians. Cleveland made an estimated $337 million in revenue, with a whopping $51 million in operating income, thanks to just a $102 million payroll. That number has gone down, with Fangraphs estimating just $83 million in salary commitments for 2026. 

Pittsburgh Pirates owner Bob Nutting is also raking in the dough, with $330 million in revenue and $48 million in operating income. This is the organization currently employing Paul Skenes, who will not even make a good-faith effort to keep him once he reaches free agency. Oh, and the Miami Marlins? They brought in $320 million with a $53 million operating income. 

The most infuriating part about all these numbers is that Forbes is likely underestimating revenue. How do we know that? Well, the Atlanta Braves are essentially publicly traded, and reported baseball revenues in 2025 of over $635 million. Total revenue, including their mixed-use development next to the stadium, reached $732 million. Forbes estimated their revenues at just $524 million. Not every organization is Atlanta, obviously, but in this case, the estimates were well under reality. 

So what does all this mean? Well, the business of baseball is very, very good. Unsurprisingly. Small market owners acting as though they can't spend on payroll are not being honest with fans, because they don't have to be and don't want to be. Why spend more when you can pocket tens of millions in profits and use outrage over the Dodgers to bring fans on your side? Why sign free agents now when you can hold out for a salary cap, with fans supporting losing an entire season just so players can make less and owners can make more? 

This is why the players are so adamant about not accepting it, because they know there is plenty of money pouring into baseball. Many small market owners are just choosing to keep it instead of trying to win. And for some reason, fans don't care.