Every NHL Team's Revenue Compared
What We're Showing
This graphic shows every NHL team's revenue from the 2022/23 season using data from Forbes, compiled by JP Morgan Asset Management. See data tab for details.
How the Finalists Stack Up
As the final round of the Stanley Cup Playoffs wears on, two teams on different ends of the revenue spectrum face off. Despite representing a much smaller city than the other teams at the top of the ranking, the Edmonton Oilers have the second highest revenue in the league at $281 million. The Oilers have seen the fastest revenue growth over the past five years (13%) as the team has improved.
In the 2022/23 season, the Florida Panthers pulled off a major upset in the first round of the playoffs and fought their way to the finals before losing to the Vegas Golden Knights. Despite the success last season, the Panthers still find themselves in the bottom six in this ranking, with $161 million in revenue. The team also has the second lowest operating income in the league, after Ottawa. Florida is an emerging hockey market though, with revenue increasing 9% over the past five years.
Other Key Highlights
- Along with the Oilers, the Toronto Maple Leafs sit at the top of the revenue ranking. There is a key difference though: the Maple Leafs have a higher valuation-to-revenue multiple (10x vs 6.6x).
- Professional hockey remains attractive to advertisers. In the 2022/23 season, team-specific sponsorship revenue was 36% higher than in 2018/19.
- The team with the lowest revenue, the Arizona Coyotes, will be moving to Utah next season.
Dataset
RANK | TEAM NAME | CURRENT VALUE | 1-YR CHANGE IN VALUE (%) | REVENUE |
1 | Toronto Maple Leafs | 2.8 B | 40 | 281 M |
3 | Montreal Canadiens | 2.3 B | 24 | 265 M |
4 | Los Angeles Kings | 2 B | 54 | 279 M |
5 | Boston Bruins | 1.9 B | 36 | 239 M |
6 | Chicago Blackhawks | 1.88 B | 25 | 228 M |
7 | Edmonton Oilers | 1.85 B | 45 | 281 M |
8 | Philadelphia Flyers | 1.65 B | 32 | 219 M |
9 | Washington Capitals | 1.6 B | 33 | 218 M |
10 | New York Islanders | 1.55 B | 52 | 183 M |
11 | New Jersey Devils | 1.45 B | 51 | 240 M |
12 | Vancouver Canucks | 1.32 B | 31 | 198 M |
13 | Tampa Bay Lightning | 1.25 B | 25 | 196 M |
14 | Seattle Kraken | 1.23 B | 17 | 197 M |
15 | Detroit Red Wings | 1.2 B | 17 | 199 M |
16 | Pittsburgh Penguins | 1.18 B | 19 | 207 M |
17 | Colorado Avalanche | 1.15 B | 34 | 182 M |
18 | Vegas Golden Knights | 1.13 B | 17 | 233 M |
19 | Calgary Flames | 1.1 B | 29 | 183 M |
20 | Dallas Stars | 1.08 B | 17 | 210 M |
21 | Minnesota Wild | 1.05 B | 24 | 185 M |
22 | St Louis Blues | 990 M | 13 | 184 M |
23 | Nashville Predators | 975 M | 20 | 180 M |
24 | Ottawa Senators | 950 M | 19 | 128 M |
25 | Anaheim Ducks | 925 M | 28 | 164 M |
26 | San Jose Sharks | 900 M | 22 | 158 M |
27 | Carolina Hurricanes | 825 M | 29 | 177 M |
28 | Winnipeg Jets | 780 M | 20 | 162 M |
29 | Florida Panthers | 775 M | 41 | 161 M |
30 | Columbus Blue Jackets | 765 M | 23 | 151 M |
31 | Buffalo Sabres | 750 M | 23 | 159 M |
32 | Arizona Coyotes | 500 M | 11 | 120 M |
Data sources
Revenue is adjusted for revenue sharing and are net of arena revenue that goes toward arena debt service. All figures are in U.S. dollars based on the average U.S.-Canada exchange rate during the 2022-23 season.