The Edmonton Oilers aren't the most valuable team in the NHL.
They're the one making the most money.
Forbes estimates the Oilers generated US$244 million in operating income in the 2024-25 season. That's more than any other NHL team, and it ties the NFL's Los Angeles Rams for third among all professional sports teams in the world.
Only two teams were ahead: the Dallas Cowboys at US$629 million, and the Golden State Warriors at US$409 million.
"Once again, the Edmonton Oilers are tied with the Rams as the 3rd most profitable teams in all of global professional sports, very impressive!" former NHL goalie and broadcaster Kevin Weekes posted Tuesday.
Same profit as the Rams, a third of the value
The tie is what makes Edmonton's number stand out.
Forbes values the Rams at about US$10.5 billion. It values the Oilers at about US$3.2 billion.
Roughly the same operating income, from a team worth less than a third as much.
Only eighth in the NHL by value
New numbers released Tuesday make the gap even sharper.
Sportico's 2026 NHL valuations put the Toronto Maple Leafs on top at US$4.8 billion, followed by the New York Rangers at US$4.15 billion and the Montreal Canadiens at US$3.88 billion.
The Oilers came in eighth, at US$3.11 billion.
Seven NHL teams are worth more than the Oilers. According to Forbes, none of them made more money.
The Leafs are worth about US$1.7 billion more than Edmonton. But Forbes estimates Toronto's operating income at US$191 million, US$53 million less than the Oilers.
Here's how the top NHL teams compare on Forbes' operating income estimates for 2024-25:
Edmonton Oilers: US$244 million
Toronto Maple Leafs: US$191 million
New York Rangers: US$182 million
Montreal Canadiens: US$136 million
Forbes estimates the Oilers brought in US$431 million in revenue in that same season.
Value and profit aren't the same thing
It can look like the two rankings contradict each other. They don't. They measure different things.
Sportico's valuation estimates what a team would be worth if it sold. That weighs things like market size, arena deals, media rights and long-term growth, which is why big-market teams like Toronto and New York sit on top.
Forbes' ranking measures operating income, also called EBITDA: earnings before interest, taxes, depreciation and amortization. It's roughly what's left from running the team after day-to-day costs like salaries and arena operations, before debt payments and taxes.
So the Oilers can be worth less than the Leafs and still make more money in a given season.
It's also important to know what US$244 million isn't. It isn't what owner Daryl Katz personally took home, and it isn't audited profit. The Oilers are privately owned and don't publish their books, so these are Forbes estimates.
Two Stanley Cup Final runs came in that stretch
The number lines up with one of the best runs in Oilers history.
Edmonton reached the Stanley Cup Final in back-to-back seasons. In 2024, the Oilers came back from 3-0 down against the Florida Panthers to force a Game 7, then lost 2-1. In 2025, they met Florida again and lost in six.
Forbes' NHL numbers cover the 2024-25 season, which includes the second of those runs.
A long playoff run means extra home games at Rogers Place, and more ticket, suite, concession and sponsorship revenue than a team knocked out early.
Rogers Place and the public money behind it
The Oilers play in a building Edmontonians helped pay for.
Rogers Place opened in 2016 as the centrepiece of what became ICE District. The City of Edmonton's arena agreements are with Edmonton Arena Corporation, owned by Katz, which was contracted to design, build and operate the arena.
The arena cost $483.5 million, including underground parking. According to the City:
The City contributed $226 million.
A ticket surcharge collected $125 million.
Katz Group contributed $132.5 million.
That arrangement has been debated in Edmonton for years, and the profitability ranking brought it back up.
When Forbes first published the list, city councillor Michael Janz said Katz ought to thank Edmontonians for the team's spot on it.
It's worth keeping the two separate, though. Forbes' figure is an estimate of the team's operating income. It isn't a calculation of what Edmonton gets back on its arena investment.
Calgary jumped too
The Oilers aren't the only Alberta team moving up.
Sportico now values the Calgary Flames at US$2.24 billion, up 23 per cent, moving them five spots to 14th in the NHL. It's one of the biggest jumps in the league.
It comes as construction continues on Scotia Place, the Flames' new home, scheduled to open in 2027.
League-wide, Sportico estimates the average NHL team is now worth about US$2.43 billion, up 16 per cent in a year, with all 32 teams together worth roughly US$78 billion.
The world's most profitable sports teams
Forbes' top six:
1. Dallas Cowboys (NFL): US$629 million
2. Golden State Warriors (NBA): US$409 million
3 (tie). Edmonton Oilers (NHL): US$244 million
3 (tie). Los Angeles Rams (NFL): US$244 million
5. Mercedes (Formula 1): US$227 million
6. New England Patriots (NFL): US$222 million
The Toronto Maple Leafs were the only other NHL team in the top 10, tied for ninth.
For a team in a city the size of Edmonton, competing with franchises in Dallas, San Francisco and Los Angeles, that's the number that stands out.
Sources
The World's Most Profitable Sports Teams 2026, Forbes, January 9, 2026
The NHL's Most Valuable Teams 2025, Forbes, December 11, 2025
Sportico, NHL Team Valuations 2026, September 29, 2026
Building Rogers Place and ICE District, City of Edmonton
2025 Stanley Cup Final results, NHL
Kevin Weekes, social media post, September 29, 2026
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