The Dallas Cowboys are worth $17 billion, according to Forbes, which has ranked them the NFL's most valuable team for 20 straight years even though they have not played in a Super Bowl since January 1996. Forbes estimates the team earned nearly $1.28 billion in revenue and about $677 million in operating income last season. The Cowboys brand has outgrown the team's results, and this page explains how.
How much is the Dallas Cowboys brand worth in 2026?
Forbes valued the Cowboys at a record $17 billion on September 9, 2026, a 31% increase from $13 billion a year earlier, according to Forbes' 2026 NFL valuations. Sportico's separate 2026 valuation put the team at $15.5 billion, its seventh straight year at the top of that ranking.
The two lists use different methods, so the gap between them is a difference in estimates, not a dispute over facts. Forbes says the Cowboys were the first franchise in any sport to cross $10 billion, which they did in 2024.
| Source | Year | Cowboys valuation |
|---|
| Forbes | 2022 | $8 billion |
| Forbes | 2025 | $13 billion |
| Sportico | 2025 | $12.8 billion |
| Sportico | 2026 | $15.5 billion |
| Forbes | 2026 | $17 billion |
How does the Cowboys' money compare with the rest of sport?
The Cowboys earned more revenue than any sports team Forbes has measured, about $1.278 billion in 2025, edging Real Madrid's $1.27 billion from 2024-25. Forbes also estimates $677 million in operating income, $342 million ahead of the next-best NFL franchise.
Sportico reports about $1.3 billion in revenue and an estimated $510 million in earnings before interest, taxes, depreciation and amortization, twice the Rams' figure and nearly four times the league average of $139 million. Its analysis says local revenue is nearly 70% higher than second-place Los Angeles, and that at 30 times earnings the team generates enough cash to justify its valuation as a business, according to Sportico's valuation report.
Where does Cowboys revenue come from?
Sponsorship and merchandise supply much of the Cowboys' edge, and the team controls how its merchandise is sold. Yahoo Sports, summarizing Sportico's figures, reports about $300 million a year in sponsorship revenue, double any other franchise, and nearly $200 million a year from merchandise.
Wikipedia reports Dallas is the only NFL team that distributes its own merchandise, which stays among the league's top sellers even in losing seasons. Jerry Jones bought the team in 1989 for about $140 million, per Yahoo Sports, or $150 million including unfunded liabilities, per Sportico.
How did "America's Team" become the brand?
"America's Team" became the Cowboys' brand through a 1978 NFL Films highlight film, and the team's marketers have used it since. Wikipedia reports the film's narration, written by producer Bob Ryan, says the Cowboys appear on television so often that their faces are as familiar as presidents and movie stars.
NBC Insider reports Ryan wrote the line after noticing Cowboys fans at road games almost matched the home crowd. The nickname was a league film's idea, which the team adopted. The America's Team entry on Wikipedia notes the NFL later released its own history collection under the name.
What role do the cheerleaders play in the Cowboys brand?
The Dallas Cowboys Cheerleaders are a second brand inside the brand, nicknamed "America's Sweethearts." Their reality series "Making the Team" ran on CMT for 16 seasons from 2006 to 2021, and Netflix released the docuseries "America's Sweethearts: Dallas Cowboys Cheerleaders" on June 20, 2024, with three seasons and 21 episodes, according to Wikipedia.
The squad gives the team content that runs outside the football season. The franchise's executive producers on the CMT series included Charlotte Jones and cheer director Kelli Finglass, which kept the show close to the team.
What does a 30-year Super Bowl drought do to the brand?
A 30-year Super Bowl drought has not lowered the Cowboys' value, which Forbes puts up 31% in a year. Athlon notes the team has not reached a conference championship game in more than 30 years, yet it leads every valuation list.
A marketing expert told NBC DFW that old-fashioned marketing under the Jones generation may be a key ingredient behind the Cowboys' continued dominance, in NBC DFW's December 2025 report. Experts also point to media rights, league distributions, sponsorship and premium seating pushing all revenues higher.
Is the Cowboys premium bigger than the NFL's rise?
The NFL's rise lifts every team, and the Cowboys still sit above the pack. Forbes says all 32 teams are worth at least $8 billion and ten are above $10 billion, with the Rams second at $13.5 billion, the Giants at $12 billion and the Patriots at $10.6 billion.
The average franchise is worth about $9.5 billion, up 34%, according to The Sports Encounter's summary of Forbes. By EPR's arithmetic, the Cowboys are worth about 1.8 times the average team and about 26% more than the second-place Rams.
What does the Cowboys playbook teach other brands?
The Cowboys playbook teaches three lessons that other brands can test: own the story, own the channel and build content that runs when the product is not playing. The nickname gave fans an identity, the merchandise model gives the team control of sales, and the cheerleaders produce shows and revenue beyond games.
The numbers also show a limit. Wins are not the only driver of value, but media rights and league revenue lift every team, so a brand has to separate its own premium from the tide. For the same question in baseball, read EPR's Yankees marketing and public relations analysis.
What should a sports brand do with this case?
A sports brand should list the assets it controls, measure revenue and profit against wins, and decide which story it will repeat for decades. The Cowboys control a nickname, a merchandise channel and a cheerleading franchise, and each one earns money in a different season.
Check every valuation figure against its source and method, as Forbes and Sportico differ by $1.5 billion. For a league-wide view, read NFL public relations, and for deals built on team brands, see 25 best sports sponsorship deals.
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