Mississippi State’s total athletics revenue and expenses were the lowest of the SEC’s 15 public institutions in Fiscal Year 2025, according to each school’s NCAA Financial Report.
MSU’s total operating expenses were $164.5 million and revenues $164.7 million, both the lowest marks of the 15 schools who reported. Vanderbilt, a private university, did not report its numbers.
State was one of nine schools in the conference to have an excess of revenues. MSU generated $201,753 more than it spent in FY 25, the smallest excess of the nine schools. Six schools reported a spending deficit.
MSU spent $31.6 million on fundraising, marketing and promotion, the most of the 23 expenses MSU reported. Coaches pay from MSU and “related entities” cost $26.4 million, administrative staff pay $22.7 million. Athletic student aid and “Athletics, Debt Service, Leases and Rental Fees” which includes debt, lease and rental fees for athletics facilities, according to the report, were the only other expenses over $10 million.
Texas, which outspent the next closest SEC school by more than $87 million, spent nearly $100 million on debt service, leases and rental fees.
MSU’s biggest money maker was contributions, defined by the report as:
“Input contributions provided and used by athletics in the reporting year including:
• Amounts received from individuals, corporations, associations, foundations, clubs or other organizations designated for the operations of the athletics program.
• Funds contributed by outside contributors for the payment of debt service, lease payments or rental fee expenses for athletic facilities in the reporting year.
• Amounts received above face value for tickets.”
Contributions accounted for $59.1 million, 35% of State’s total athletics revenue. MSU made $43.2 million in media rights, $18.7 million in ticket sales, $14.7 million in royalties, licensing, advertising and sponsorships and $14.7 million in conference distributions of post-season generated revenue.
Everything, including contributions to athletics, is bigger in Texas. The Longhorns had $167.8 million in contributions in FY 25, fueling its conference high revenue generation. Tennessee’s $110.6 million in contributions was the next closest, and the only other SEC athletics contribution more than $100 million.
Jake is the Mississippi State athletics reporter for The Dispatch.
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