Texas set a record with $325 million in expenses and $331.9 million in revenue, becoming the first public Division I school to exceed $300 million in both, while Ohio State, with $292.3 million in expenses and a $37 million deficit, 2023-24.

Texas had a strong debut season in the SEC in 2024, reaching the College Football Playoff and advancing to the semifinal round. In today’s college football landscape, success demands substantial financial investment, and the Longhorns exemplify that reality.

Front Office Sports reported on Wednesday that the Texas athletic department incurred operating expenses totaling an impressive $325 million. The university also generated $331.9 million in revenue, making it the first public Division I school to surpass $300 million in both expenses and revenue within a single year.

Ohio State recorded the second-highest operating expenses at $292.3 million, with both its total and Texas’ setting new records for the largest ever reported in college athletics.

These figures come from last season, Texas’ final year in the Big 12. With the move to the SEC, it’s likely these numbers will continue to rise annually. Given their massive fanbases and recent football success, it’s no surprise that Texas and Ohio State lead the list.

Likely driven by Texas’ recent success and transition to the SEC, the university reported $133.9 million in contributions—a nearly $48 million increase from fiscal year 2023. This surge was credited to heightened fundraising efforts and a boost in pledge donations, aided by the football team’s strong 12-2 season, Big 12 championship victory, and College Football Playoff semifinal appearance.

Despite Texas turning a profit despite its significant expenses, Ohio State was not as fortunate, reportedly operating at a deficit of approximately $37 million.