How have Madrid not translated their financial advantage into sporting? They won the CL+LL just two years ago ffs
Yes, but that was with some key players from their golden generation, Kroos, even Modric with important roles, Carvajal, Benzema ballon d'Or level in one of those two. This is a completely new era for them also.
Madrid did an exceptional job at winning the maximum amount of Champions League titles with the core they started to build in late 00s to mid 10s. They also completed the core with some quality signings, most notably Courtois and Vinicius. Florentino basically did what Bartomeu failed abysmally at, took a team and a great core of players to the maximum of what they could have achieved, and even surpassed it and clinched some CLs in typical Madrid fashion against superior sides.
They won 3 CL titles in those 6 years of Pep City and Klopp Liverpool domination (2018, 2022, 2024), at the peak of EPL, more than those two teams combined. Hell, it's Madrid 3, EPL 3 (Liverpool 2019, Chelsea 2021, City 2023).
Now it's tougher, Bayern rebuilt well, PSG built quite a formidable side... Arsenal look strong also.