We are here with the complete list of Champions League Finals that were decided by penalty shootouts. Paris Saint-Germain retained their UEFA Champions League crown in dramatic fashion after defeating Arsenal 4-3 on penalties in the 2026 final at the Puskás Aréna in Budapest. After a tense 1-1 draw that remained unresolved through extra time, the trophy was ultimately decided from the spot, adding another chapter to the competition's rich history of penalty shootout drama.
While Champions League finals are often settled within 90 minutes or extra time, a select group of showpiece matches have gone all the way to penalties. These finals have produced some of the most unforgettable moments in European football, with heroes and heartbreak often separated by a single kick.
Here is a look at every Champions League final that has been decided by a penalty shootout, including the latest PSG vs Arsenal showdown.
Liverpool vs Roma (1984)
Liverpool faced Roma in the 1984 European Cup final at Roma's home stadium, the Stadio Olimpico.
After a 1-1 draw following extra time, the final went to penalties. Liverpool goalkeeper Bruce Grobbelaar famously used his "spaghetti legs" routine to unsettle Roma's players. The English eventually side won the shootout 4-2 to secure their fourth European Cup title.
Steaua Bucharest vs Barcelona (1986)
The first European Cup final to be decided by penalties came in 1986 when Romanian side Steaua Bucharest faced Barcelona in Seville.
After a goalless 120 minutes, Steaua goalkeeper Helmuth Duckadam produced one of the most remarkable performances in football history by saving all four Barcelona penalties. Steaua won the shootout 2-0 and became the first Eastern European club to lift the European Cup.
PSV Eindhoven vs Benfica (1988)
Two years later, PSV Eindhoven and Benfica played out another cagey final that ended 0-0 after extra time.
The Dutch champions held their nerve in the shootout, winning 6-5 after all but one of the first eleven penalties were converted. It remains one of the longest and most nerve-wracking shootouts in Champions League final history.
Red Star Belgrade vs Marseille (1991)
The 1991 final between Red Star Belgrade and Marseille is often remembered as one of the most tactical and cautious finals ever played.
Neither side managed a goal during regulation or extra time. Red Star eventually triumphed 5-3 on penalties to claim the biggest trophy in the club's history.
Juventus vs Ajax (1996)
The 1996 final saw defending champions Ajax take on Juventus in Rome.
The match finished 1-1 after extra time, forcing a shootout. Juventus goalkeeper Angelo Peruzzi made crucial saves as the Italian giants prevailed 4-2 on penalties to secure their second European Cup title.
Bayern Munich vs Valencia (2001)
Bayern Munich and Valencia met in the 2001 Champions League final in Milan.
Both teams scored from penalties during normal time, and the match remained level at 1-1 after extra time, which led to a penalty shootout.
Bayern goalkeeper Oliver Kahn made crucial saves as the German side prevailed 5-4 on penalties. Bayern thus won their fourth European Cup crown.
AC Milan vs Juventus (2003)
The 2003 Champions League final was the first all-Italian final in the competition's history.
AC Milan and Juventus played out a tense encounter at Old Trafford. After 120 goalless minutes, the trophy was decided from the penalty spot. Milan goalkeeper Dida emerged as the hero as the Rossoneri won the shootout 3-2. It secured Milan's sixth European Cup title.
Liverpool vs AC Milan (2005)
Perhaps the most famous Champions League final of all time, the 2005 clash in Istanbul produced an unforgettable comeback.
AC Milan raced into a 3-0 lead by half-time, only for Liverpool to score three goals in six extraordinary second-half minutes. The score remained 3-3 after extra time before Liverpool won the shootout 3-2, with goalkeeper Jerzy Dudek becoming the hero.
Manchester United vs Chelsea (2008)
The first all-English Champions League final took place in Moscow in 2008.
After a 1-1 draw following extra time, the match went to penalties. Cristiano Ronaldo missed for Manchester United, but Chelsea captain John Terry famously slipped while taking what could have been the winning kick. United eventually won 6-5 in the shootout.
Chelsea vs Bayern Munich (2012)
Chelsea faced Bayern Munich in the 2012 Champions League final at the Allianz Arena.
Thomas Müller gave Bayern a late lead before Didier Drogba equalized with a powerful header. The match finished 1-1 after extra time and went to penalties. Chelsea held their nerve in the shootout, winning 4-3. Drogba scored the decisive penalty to secure the club's first-ever Champions League title.
Real Madrid vs Atletico Madrid (2016)
The Madrid derby final in Milan delivered another dramatic penalty finish.
Sergio Ramos gave Real Madrid the lead before Yannick Carrasco equalized for Atletico Madrid. Following a 1-1 draw after extra time, Real Madrid emerged victorious 5-3 on penalties to claim their record-extending 11th European crown.
PSG vs Arsenal (2026)
The latest addition to the list came in Budapest, where Arsenal and PSG battled through 120 intense minutes.
Kai Havertz opened the scoring for Arsenal before Ousmane Dembélé levelled from the penalty spot. With the score locked at 1-1 after extra time, PSG kept their composure in the shootout to win 4-3 and secure back-to-back Champions League titles.
Conclusion
Penalty shootouts remain the ultimate test of nerve in football, and Champions League finals decided from 12 yards often become instant classics. From Liverpool's miracle in Istanbul to PSG's triumph over Arsenal in 2026, these matches have provided some of the competition's most iconic moments and unforgettable stories.
