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Dec 31, 2025
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Manchester United Q2 2026 Earnings Report
Manchester United reported a return to quarterly profitability in Q2 fiscal 2026, with improved operating profit and higher adjusted EBITDA despite lower revenue year over year.
Key Takeaways
Manchester United generated revenue of 190307000 and operating profit of 19552000 in Q2 fiscal 2026, delivering profit for the period of 4183000 and adjusted EBITDA of 75953000 as cost reductions improved profitability.
Total revenue declined 4.2% year over year to 190307000.
Operating profit increased to 19552000 from 3046000 in the prior year quarter.
Adjusted EBITDA rose to 75953000 from 70460000.
Employee benefit expenses decreased 9.0% year over year to 75100000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reiterated full year fiscal 2026 guidance of revenue between 640000000 and 660000000 and adjusted EBITDA between 180000000 and 200000000.
Positive Outlook
- Full year revenue guidance of 640000000 to 660000000 reiterated.
- Full year adjusted EBITDA guidance of 180000000 to 200000000 reiterated.
- Operating cost reduction programs improving profitability.
- Men’s team positioned 4th in the Premier League.
- Women’s team positioned 2nd in the Women’s Super League.
Challenges Ahead
- Quarterly revenue declined year over year.
- No participation in UEFA competitions impacting broadcasting revenue.
- Matchday revenue declined due to fewer home cup matches.
- Cash and cash equivalents decreased year over year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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