New Zealand Rugby has reported a net loss of $7.5 million for the 2025 financial year, despite recording its highest-ever revenue of $304.2 million and an adjusted operating profit of $700,000.
According to a report by Stuff, the figures were presented at NZ Rugby’s annual meeting in Wellington on Thursday, where chair David Kirk described the results as a positive outcome during a difficult period for global sport.
The organisation’s total income rose from $285.2m in 2024 to a record $304.2m in 2025. Expenditure also increased, climbing from $304.8m to $311.8m, driven largely by rising travel and operational costs for national teams.
Despite the deficit, the loss was significantly lower than the $19.5m reported the previous year. NZ Rugby’s adjusted operating result, reflecting the day-to-day running of the organisation and including commercial growth investment, improved from a $7.8m loss in 2024 to a $700,000 profit this year, as reported by Stuff.
NZ Rugby’s reserves dipped slightly from $158.6m to $144.7m.
A major milestone was also reached at the meeting, with former Black Ferns player Erin Rush confirmed as NZ Rugby’s first female president. Rush had earlier made history in 2024 when she became the organisation’s first woman elected vice-president.
According to Stuff, the financial results were supported by continued commercial growth and a favourable settlement with former sponsor Ineos after their partnership ended early. NZ Rugby later secured new sponsorship agreements with Toyota and Gallagher.
Rising travel expenses remain a challenge for the organisation, particularly the cost of flying national sevens teams business class to international tournaments under collective bargaining obligations. Industry estimates suggest business-class fares from Auckland to London have risen by as much as $10,000 over the past year.
Revenue was also boosted by offshore All Blacks fixtures, including the 2025 test against Ireland in Chicago and the upcoming Baltimore clash with South Africa. NZ Rugby says these neutral-venue matches are among its biggest match-day earners outside British and Irish Lions tours.
“It was a challenging year globally and domestically and those economic headwinds have only strengthened so far in 2026,” Kirk said, as quoted by Stuff.
“Prudent financial management and an ongoing focus on growing our commercial revenue so we can invest in our game remains New Zealand Rugby’s focus.
“At a strategic level, the refreshed all-of-game strategy has provided a clear, unified direction that aligns the game behind clear community, high performance and commercial priorities.
“The consolidation of NZR and NZRC under one chief executive and executive team is enabling the organisation to be more efficient, collaborative and accountable,” Stuff has quoted.
New NZ Rugby chief executive Steve Lancaster said strong crowd numbers and overseas fixtures had contributed to the improved revenue performance.
“We believe the game is in really good health,” he told AGM.
“Last year we made significant investment into the community game to the tune of $40m, we welcomed two fantastic new official partners, seven All Blacks matches were sold out, digital engagement grew for our teams in black, and we saw match attendance for Super Rugby Pacific and NPC increase year-on-year,” as quoted by Stuff.
The annual meeting also formally welcomed the New Zealand Pasifika Rugby Council as an affiliated body following its ratification last December, as reported by Stuff.
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