Manchester United Q2 2025 Earnings Report
Key Takeaways
Manchester United's Q2 FY25 revenue fell 12.0% YoY to £198.7 million, primarily due to a 42.1% drop in broadcasting revenue. The club posted an operating profit of £3.1 million (-88.7% YoY) and a net loss of £27.7 million. However, commercial revenue grew 18.5% due to the Snapdragon sponsorship and e-commerce expansion.
Total revenue declined by 12.0% YoY, mainly due to a 42.1% drop in broadcasting revenue.
Commercial revenue grew 18.5% YoY, supported by the Snapdragon sponsorship and e-commerce growth.
Net loss of £27.7 million, compared to a profit of £20.4 million in Q2 FY24.
Matchday revenue increased 9.2% YoY, reaching £52.0 million.
Manchester United Revenue
Manchester United EPS
Manchester United Revenue by Segment
Forward Guidance
Manchester United reaffirmed its revenue guidance for FY25 at £650M-£670M and expects adjusted EBITDA to be at the high end of its prior guidance range.
Positive Outlook
- Revenue guidance remains at £650M-£670M.
- Adjusted EBITDA is expected at the higher end of the £145M-£160M range.
- Commercial revenue growth driven by Snapdragon sponsorship and e-commerce.
- Matchday revenue remains strong due to high demand for tickets and hospitality.
- Club remains compliant with Premier League and UEFA financial regulations.
Challenges Ahead
- Broadcasting revenue is expected to remain lower due to UEFA Europa League participation.
- Operating income has declined significantly YoY.
- Net loss is substantially higher than the previous year’s net profit.
- Increased costs related to exceptional items, including managerial changes.
- Cash flow from operations has worsened, with a net cash outflow of £63.2M in Q2.
Revenue & Expenses
Visualization of income flow from segment revenue to net income