What happened: Total revenue rose 4.7% to $753 million, while expenses climbed 18.7% to $754.1 million. A $131.7 million increase in player costs drove the expense surge, while non-operating income reached $133.6 million.

Why it matters: Green Bay's public ownership limits access to private-equity capital available to other clubs, complicating long-term funding for roster and stadium costs. Ed Policy said short- and medium-term finances remain healthy but called for more aggressive local revenue generation.

What to watch: The Packers hold their annual shareholders meeting Monday, when leadership could detail revenue initiatives and future Lambeau Field investments.