Less money — more deals: what the transfer market showed in January 2026
6 February 16:15
Football clubs around the world spent more than $1.9 billion on international transfers during the January 2026 transfer window. This is according to the FIFA January Transfer Snapshot 2026 report, as reported by "Komersant Ukrainian".
Despite the significant amounts, spending was 18% lower than in January 2025. At the same time, it exceeded the January 2023 figure by 20%, indicating overall growth in the transfer market in the medium term.
Record number of transfers
The key feature of this transfer window is unprecedented activity:
- more than 5,900 international transfers were recorded in men’s football;
- this is the highest figure in the history of January windows.
FIFA analysts note that clubs are increasingly using the winter window not for high-profile purchases, but for targeted squad reinforcement and short-term solutions.
Who spent the most
The leaders in terms of total spending were:
- England — over $360 million
- Italy
- Brazil
- Germany
- France
English clubs retained their status as the most solvent, although their spending was more restrained than a year earlier.
Who earned the most
At the same time, France took first place in terms of transfer income:
- over $215 million in transfer revenue.
Next came clubs from:
- Italy
- Brazil
- England
- Spain
This reflects France’s role as one of the key exporters of football talent in Europe.
Geography of player movement
Incoming transfers (leaders):
- Brazil — 456
- Spain — 244
- Argentina — 237
- England — 193
- Portugal — 152
Outgoing transfers (leaders):
- Argentina — 228
- England — 206
- Brazil — 204
- Spain — 177
- United States — 176
These figures highlight South America’s role as a global donor of players, as well as the growing activity of the US market.
Ukraine: moderate growth
According to FIFA, in January 2026, the Ukrainian market saw:
- 10 international incoming transfers worth $4.31 million ( 25%);
- 25 outgoing transfers worth $2.92 million ( 8.7%).
This indicates a cautious revival of transfer activity, despite the difficult security and economic conditions.
FIFA also notes that:
- in 2025, a record 86,158 international transfers were made worldwide;
- the total value of transfers in men’s football reached $13.08 billion, the highest figure in history;
- during the 2025 summer window, clubs spent a record $9.76 billion, compared to $6.46 billion a year earlier.
Against this backdrop, January 2026 looks like a period of correction after a peak summer, rather than the beginning of a downturn.
