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Sep 30, 2025
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Manchester United Q1 2026 Earnings Report
Manchester United reported a net loss despite returning to operating profitability in Q1 2026.
Key Takeaways
Manchester United returned to operating profitability due to reduced expenses but recorded a net loss driven by foreign exchange losses on USD-denominated debt.
Revenue reached £140.3M, slightly down from the previous year.
Adjusted EBITDA rose to £26.9M, showing improved operational efficiency.
The company reported a net loss of £6.6M due to FX losses on USD borrowings.
Operating profit turned positive at £13.0M, compared to a loss in Q1 2025.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reaffirmed its FY2026 outlook for revenue and adjusted EBITDA.
Positive Outlook
- FY2026 revenue guidance reaffirmed at £640M–£660M.
- Adjusted EBITDA guidance maintained at £180M–£200M.
- Cost reduction programs continue to drive operating efficiency.
- Men's and women's teams performing well in their respective leagues.
- Club remains compliant with Premier League and UEFA financial regulations.
Challenges Ahead
- No participation in UEFA competitions in the current quarter affected broadcasting revenue.
- FX losses impacted bottom line results.
- Total revenue slightly declined year-over-year.
- Cash position decreased from the prior quarter.
- Net cash outflow from operating activities in the quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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