1985–86 S.L. Benfica season lapped the first round of the league in first place, after recovering five points since September. After an event-less January, in which Benfica retained their one-point lead over Sporting; in February, Benfica faced Porto again, this time for the round of 16 of the Taça de Portugal, winning 2–1. Meanwhile, in the Primeira Divisão, they added another point in their lead over their closest competitors. In March, Benfica was eliminated of the Cup Winners' Cup by Dukla Prague, while in the Portuguese Cup, they thrashed Sporting by 5–0 in the quarter-finals. They finished the month with a replay of the
1974–75 S.L. Benfica season 1–0 and dropped to third place, two points shy of leaders Porto and Guimarães. They reacted positively to the loss and won their next four Primeira Divisão matches, retaking first place albeit shared with Porto. Both had 18 points. In Europe, Benfica qualified for the quarter-finals, after eliminating Carl Zeiss Jena in the second round. Off the field, Benfica lost Eusébio to injury, as he underwent his six operation to his left knee. On match-day 12, Benfica drew 0–0 with Oriental and dropped to second, a point from leaders Porto. In the final three matches of December, Benfica won the