The January 2026 window saw a three per cent increase in the number of transfers compared to the previous record set the year before with more than 5,900 international transactions completed.
However, with a total of over $1.9 billion (£1.4bn) spent, the cumulative amount splashed out on transfer fees is down by 18 per cent compared to the record set in January 2025 ($2.35bn, £1.7bn).
English clubs were by far the biggest spenders, with more than $363m (£267.7m) in compensation paid, a significant drop from 2025 ($623m, £459.6m), but still far ahead of Italian clubs ($283m, £208.7m) in second place.
Brazilian clubs made their way into the top three this year, with $180m (£132.8m) spent - some $49m (£36m) of which came courtesy of Flamengo's signing of Lucas Paqueta from Premier League side West Ham.
Saudi clubs, fourth-heaviest spenders last year ($213m, £157m), slipped to sixth place on $101m (£74.5m).
Just like last year, French clubs led the way in terms of transfer revenue, with a total of $218m (£160.8m) received ($373m, £275m in January 2025), ahead of their Italian, Brazilian, English and Spanish counterparts.
In women's football, a new spending record was set, with more than $10m (£7.3m) spent in January, an 85 per cent jump from last year's record, despite a six per cent drop in the number of transfers (420 in January 2026).
Once again, English clubs spent the most, splashing out more than $5m (£3.7m).