The 2026 FIFA World Cup has kicked off across North America. FIFA, the governing body that organizes it, is widely seen as a prosperous organization. After all, it governs the world’s most popular sport and its most prestigious event. It’s regarded as a machine generating billions of dollars.

But that perception is not the case because of one key factor: FIFA’s financial model operates on four-year cycles centred on the World Cup. Under this model, the years without a World Cup almost always result in a deficit.

As a full professor of accounting and taxation at Carleton University’s Sprott School of Business, I examine FIFA’s model and financial statements.

Net profit per year or per cycle?

FIFA’s recent financial statements show losses of several million dollars in 2023 (US$390 million), 2024 (US$616 million) and 2025 (US$248 million), for a cumulative loss of US$1.25 billion over these three years.

The years leading up to the World Cup are characterized by limited revenue. Major contracts are primarily finalized in the year of the World Cup, along with massive investments in soccer activities and development, as well as recurring administrative expenses.

Extrapolating from the 2022 results, when the World Cup was held in Qatar, the 2026 World Cup is expected to be profitable.........

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