Washington Nationals
- Revenue '25, $M
- Estimated · Forbes · 28th of 30
- Op. income '25, $M
- Estimated · Forbes · 21st of 30
- CBT payroll '25, $M
- Reported · AP via Post Register
Revenue and results
2025 revenue split into operating income and everything else. Calculated from Forbes estimates.
| Figure | Value | Rank of 30 | League median | Source |
|---|---|---|---|---|
| Revenue, 2025, net of revenue sharing | $300M (estimated) | 28th | $359M | Forbes, Mar 2026 |
| Operating income, 2025 | −$15M (estimated) | 21st | $23.5M | Forbes, Mar 2026 |
| Local TV rights fee, 2024 MASN fee set by MLB's Revenue Sharing Definitions Committee for 2024 to 2026, cut about 20%. The Nationals and Orioles later settled, letting the Nationals leave MASN starting in 2026. | $58.3M | ? | ? | AP via ABC News, Jan 2025 |
Figures are reported unless marked: * estimated. About labels Figures from different seasons and sources shouldn't be added together.
What Forbes' operating income leaves out. It covers baseball operations in one regular season, and:
- It's what's left after payroll and the rest of the organization are paid for. It isn't the same as what the owner makes. What those costs are
- It counts luxury tax payments as a cost, so the biggest spenders' figures fall by the amount of their tax bill.
- It leaves out playoff revenue.
- It leaves out the growth in a franchise's value, often the largest return an owner earns.
- It leaves out businesses owners run alongside the club, such as real estate around the ballpark or a stake in a TV network.
- It's an outside estimate. When club books leaked in 2010, Forbes' figures ran higher than the audited ones in 8 of 10 cases.
League context
Revenue against operating income for all 30 clubs, 2025. The Nationals rank 28th in revenue and 21st in operating income. The two clubs with the most revenue, the Dodgers and Yankees, come in below zero on Forbes' measure after paying $169.4M and $61.8M in luxury tax.
Payroll
| Figure | Value | Source |
|---|---|---|
| Payroll, 2025 | $107.7M | AP via Register-Herald |
| Tax payroll, 2025 | $133.7M | AP via Post Register |
| Highest tax payroll, 2025: Dodgers | $417.3M | AP via Post Register |
Payroll is what the club paid its 40-man roster. Tax payroll is the luxury tax figure, which counts each contract's average annual value plus benefits. Both are defined in the glossary. All figures are reported. About labels
Where the Nationals fall against each side's proposed caps and floors
Big contracts, 2026
The Nationals carried no contracts at $20M or more, 0 at $10M to $20M and 1 at $5M to $10M, measured by what each counts against the luxury tax this season. Every club
All figures are estimates. About labels Source: FanGraphs RosterResource, as of Oct 2026. The tax charge is usually the contract's average annual value. Released and traded players aren't counted.
Farm system
| Level | Affiliate | League | Home |
|---|---|---|---|
| Triple-A | Rochester Red Wings | International League | Rochester |
| Double-A | Harrisburg Senators | Eastern League | Harrisburg |
| High-A | Wilmington Blue Rocks | South Atlantic League | Wilmington |
| Single-A | Fredericksburg Nationals | Carolina League | Fredericksburg |
| Complex | FCL Nationals | Florida Complex League | West Palm Beach |
| DSL | DSL Nationals | Dominican Summer League | Dominican Republic |
Source: MLB Stats API, Oct 2026. Complex teams play at the club's spring training site. Player development spending isn't public. Every club's affiliates
Baseball operations staff
Not yet counted. Staff counts come from an annual snapshot of each club's directory. How we classify roles
Spot something wrong? Send a correction with a source.