Oilers’ high Forbes sports team profit ranking questioned by economist

A new analysis by Forbes Magazine ranks the Edmonton Oilers as the third most profitable sports team in the world. CTV News Edmonton's Jeremy Thompson has more.

While a major U.S. business publication recently ranked the Edmonton Oilers among the most profitable sports franchises in the world, one Alberta-based economist is dubious of the claim.

Forbes Magazine put the National Hockey League franchise tied for third on its 2026 list of the world’s most profitable sports teams.

It said the Daryl Katz-owned Oilers have an operating income of $244 million, the same amount generated by the Los Angeles Rams of the National Football League.

In first place are the NFL’s Dallas Cowboys with an operating income of $629 million, with the Golden State Warriors of the National Basketball Association coming second at $409 million.

Operating income is earnings before interest, taxes, depreciation and amortization, according to Forbes.

The Oilers rank higher earnings-wise than several popular clubs, including the NFL’s New England Patriots (sixth, $222 million), the NHL’s Toronto Maple Leafs (tied for ninth, $191 million), Manchester United of the English Premier League (11th, $185 million) and the NBA’s Los Angeles Lakers (18th, $170 million).

But all these teams are worth more than the Oilers, which Forbes pegs at $3.2 billion (for example, they peg the Maple Leafs’ value at $4.4 billion and the Lakers at $10 billion.) That’s more than six times what Forbes valued the franchise a decade ago, when the team was moving into its current arena, Rogers Place.

Forbes says its estimates of operating income are derived from team executives, sports bankers, league consultants, public documents such as stadium lease agreements and credit rating reports, and sponsorship and broadcasting industry executives.

But Alberta-based economist Moshe Lander is skeptical of the Forbes’ report as each NHL team is privately owned and doesn’t share its financial information widely.

“They do not disclose that information,” Lander, who works at Montreal’s Concordia University, told CTV News Edmonton on Friday. “That’s always why there’s contention in any labour negotiation because the players always say, ‘Show us your books,’ and the owners say, ‘Mind your own business.’ It’s not a public number.”

Still, the numbers reflect a dedicated Oilers fan base, local sports talk show host Reid Wilkins says, despite common gripes such as ticket and alcohol prices.

“It’s something that people want to engage in, and one way to do that with your favourite pro sports team is to spend money on loving them,” Wilkins, who hosts his eponymous show weekday afternoons on Edmonton Sports Talk, told CTV News Edmonton.

Forbes data also indicates the rise in Oilers’ income mirrors the team’s rise in value, which has been steadily climbing since the move to Rogers Place and the surrounding Ice District.

And given the Oilers have been going on long NHL playoff runs in recent years, including the last two Stanley Cup Finals, it adds up to even more money coming in, Lander says.

“All of a sudden, the team takes off, becomes successful, ticket prices skyrocket because it’s a new arena in an exciting place, and then the last two years of going to the Stanley Cup Final is just free money,” said Lander, adding he thinks the Oilers’ value is close tied to Katz’s stake in Ice District, although the Forbes authors say their estimates don’t include stadium real-estate value.

Regardless, Wilkins says the Forbes profitableness ranking earns Oilers fans some pride.

“For little old Edmonton right?” he said. “We still have a bit of that complex, ‘Hey, look at us! Look at us!’ This is definitely a ‘look at us’ moment.”

With files from CTV News Edmonton’s Jeremy Thompson