It is sometimes said in Spain that Real Madrid don't play finals... they win them.
Hugely successful in the European Cup, Madrid won the first five editions of the continental competition and claimed their 15th title by beating Borussia Dortmund in the 2024 Champions League final at Wembley.
Unbeaten in a European Cup final since the early 1980s, Real rarely lose the biggest matches when it matters most.
But over the years, Los Blancos have lost out in major finals, both on the continent and at home. Here, a look at some of Madrid's notable defeats in showpiece fixtures...
Real Madrid 2-5 Barcelona (Supercopa de España, 2025)
Real Madrid's most recent loss in a final was a painful one for Los Blancos as Carlo Ancelotti's side were thrashed 5-2 by fierce rivals Barcelona in the Supercopa de España showpiece in January 2025.
Kylian Mbappé gave Madrid an early lead, but Barça stormed into a 4-1 lead at the break through Lamine Yamal, Robert Lewandowski, Raphinha and Alejandro Balde, with the Brazilian winger adding another in the second half and Hansi Flick's side comfortably holding on for a big win despite the dismissal of Wojciech Szczęsny with over half an hour left to play and a Rodrygo goal on the hour.
Real Madrid 1-3 Barcelona (Supercopa de España, 2023)
Real Madrid were well beaten by Barcelona in the final of the Supercopa de España in Saudi Arabia in January 2023.
Gavi, Robert Lewandowski and Pedri scored the goals as Barcelona won a first trophy under Xavi. Karim Benzema netted a late consolation for Madrid.
Real Madrid 2-4 Atlético Madrid (UEFA Super Cup, 2018)
With Cristiano Ronaldo having departed for Juventus and coach Zinédine Zidane no longer in charge, Real Madrid started life under new boss Julen Lopetegui by losing to city rivals Atlético in the UEFA Super Cup in Tallinn in August 2018.
Diego Costa scored twice for the Rojiblancos, including an opener in the first minute, and the match went to extra time in the Estonian capital after a Karim Benzema effort and a Sergio Ramos penalty. Atleti went on to win 4-2 thanks to goals from Saúl and Koke.
Atlético Madrid 2-1 Real Madrid (Supercopa de España, 2014)
Real Madrid beat Atlético Madrid after extra time to win the Champions League final in Lisbon in May 2014 and three months later, the two teams met again in the Supercopa de España.
Raúl García grabbed a late equaliser at the Santiago Bernabéu to cancel out a James Rodríguez effort scored seven minutes earlier in the first leg and Mario Mandžukić netted the only goal in the second match as Atleti sealed a 2-1 win on aggregate.
Real Madrid 1-2 Atlético Madrid (Copa del Rey, 2013)
Ahead of the 2013 Copa del Rey final, Real Madrid had not lost to city rivals Atlético Madrid since October 1999 – and Los Blancos also had home advantage.
But Atleti had to end that sorry streak somewhere and Diego Simeone's side snatched a 2-1 win after extra time at the Santiago Bernabéu on a chaotic evening for Los Blancos, with Cristiano Ronaldo and coach José Mourinho both sent off. Earlier, Ronaldo had opened the scoring for Madrid, but Diego Costa levelled for Atleti and Miranda headed the winner for the Rojiblancos in extra time.
Real Madrid 2-3 Zaragoza (Copa del Rey, 2004)
Real Madrid capitulated from a strong position in the 2003/04 season, falling from first to fourth in La Liga and losing to Monaco in the last 16 of the Champions League.
Los Blancos were also beaten 3-2 after extra time by Real Zaragoza in the final of the Copa del Rey in March. David Beckham and Roberto Carlos scored for Madrid, with Dani García and David Villa on target for Zaragoza. Luciano Galletti's goal won it for the Aragonese outfit in extra time at Barcelona's Olympic Stadium.
Real Madrid 1-2 Deportivo La Coruña (Copa del Rey, 2002)
Real Madrid were celebrating their centenary on March 6th, 2002 and what better way to mark the occasion than by winning the Copa del Rey final at a packed Santiago Bernabéu?
Unfortunately for Los Blancos, Deportivo La Coruña had other ideas as goals from Sergio and Diego Tristán stunned Vicente del Bosque's side in a shock defeat for the home team. Raúl scored Madrid's goal in the second half, but Real were unable to find an equaliser and it was Deportivo's party by the end of the night.
Real Madrid 1-2 Boca Juniors (Intercontinental Cup, 2000)
Martín Palermo scored two goals in the opening six minutes as Boca Juniors made a dream start against Real Madrid in the teams' Intercontinental Cup clash in November 2000.
Roberto Carlos netted for Madrid with just 12 minutes on the clock, but Boca held on for a 2-1 win in Tokyo, sparking huge celebrations back in Buenos Aires and across Argentina.
Real Madrid 0-1 Chelsea (UEFA Super Cup, 1998)
More than 30 years after their last European Cup crown, Real Madrid beat Juventus to claim the trophy for a seventh time in 1998.
But Los Blancos were frustrated in the UEFA Super Cup a few months later, losing out to a late Gustavo Poyet goal as Chelsea took the trophy in Monaco.
Atlético Madrid 2-0 Real Madrid (Copa del Rey, 1992)
As of 2024, Real Madrid had finished as runners-up in the Copa del Rey on 20 occasions and Los Blancos have lost seven of those finals at the Santiago Bernabéu.
Beaten in the 1960 and 1961 finals at the Bernabéu by Atlético Madrid, Los Blancos were defeated by their city rivals again in the 1992 showpiece at their home ground. Bernd Schuster and Paulo Futre scored the goals for Atleti.
Aberdeen 2-1 Real Madrid (UEFA Cup Winners' Cup, 1983)
Real Madrid missed out on a trophy in the 1982/83 season, finishing as runners-up in La Liga, the Supercopa de España, Copa del Rey, Copa de la Liga and also the UEFA Cup Winners' Cup.
In the European final, Alfredo Di Stéfano's side were beaten 2-1 after extra time by Alex Ferguson's Aberdeen in Gothenburg. Juanito cancelled out John Black's opener with a penalty as both sides scored in the opening 15 minutes. John Hewitt's header won the match for the Dons in extra time.
Barcelona 3-2 Real Madrid (Copa de la Liga, 1983)
Real Madrid met Barcelona over two legs in the final of the Copa de la Liga in June 1983.
Los Blancos came from two goals down to draw 2-2 at home in the first match, which is best remembered for Diego Maradona's superb solo goal, but went down 2-1 to the Blaugrana in the return match at Camp Nou in a 3-2 aggregate defeat. Madrid went on to win the Copa de la Liga in 1985, beating Atlético in the final. The competition was discontinued the following year after just four editions.
Liverpool 1-0 Real Madrid (European Cup, 1981)
Real Madrid beat Liverpool in the Champions League finals of 2018 and 2022, but Los Blancos have lost out to the Reds once at the last hurdle in the European Cup.
That was in the 1981 final at the Parc des Princes in Paris, with Alan Kennedy's goal sealing a 1-0 win for the Anfield club. It was the third time Madrid had lost a European Cup final.
Chelsea 2-1 Real Madrid (UEFA Cup Winners' Cup, 1971)
Real Madrid met Chelsea in the final of the UEFA Cup Winners' Cup in Piraeus in 1971. The Blues went ahead through Peter Osgood after 56 minutes, but Los Blancos levelled right at the end thanks to a goal by Ignacio Zoco.
Extra time did not produce a winner, so a replay took place two days later at the same venue and this time, Chelsea came out on top in a 2-1 win. John Dempsey and Osgood scored for the Blues in the first half. Sebastián Fleitas netted Madrid's goal 15 minutes from time.
Inter 1-0 Real Madrid (European Cup 1964)
Real Madrid's second European Cup final defeat came in May 1964 as the five-time winners went down to Inter in Vienna.
Goals from Sandro Mazzola and Aurelio Milani put Inter 2-0 up at the Praterstadion with just over an hour played and although Felo pulled one back for Los Blancos, Mazzola soon added another to seal a 3-1 win for the Nerazzurri. Inter went on to retain the trophy the following season.
Benfica 5-3 Real Madrid (European Cup, 1962)
After winning the first five editions of the European Cup, Real Madrid were knocked out of the competition by fierce rivals Barcelona in the 1960/61 season.
Back in the final the following season, Los Blancos led 2-0 and 3-2 against Benfica in Amsterdam as Ferenc Puskás hit a first-half hat-trick, but ended up losing 5-3 to the Lisbon giants in an entertaining match.
