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Mar 31
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Manchester United Q3 2025 Earnings Report
Manchester United reported a net loss but returned to operating profitability in Q3 2025.
Key Takeaways
Revenue increased across all segments due to strong matchday and European competition performance, while cost control measures helped drive a return to operating profit.
Revenue rose 17.4% YoY to £160.5M driven by matchday and broadcasting gains.
Operating income turned positive at £0.7M versus a loss in the prior year quarter.
Net loss narrowed significantly to £2.7M from £71.5M a year ago.
Adjusted EBITDA increased more than 3x YoY to £51.2M.
Manchester United
Manchester United
Manchester United Revenue by Segment
Revenue by Segment
Commercial Revenue
CapyFin.comBroadcasting Revenue
CapyFin.comMatchday Revenue
CapyFin.com Forward Guidance
The company raised Adjusted EBITDA guidance and expects to hit the upper end of its revenue forecast range.
Positive Outlook
- Revenue guidance tightened to £660M–£670M with high-end expected.
- Adjusted EBITDA guidance raised to £180M–£190M.
- Operational efficiency improvements underway.
- High hospitality and Europa League match demand contributing to growth.
- Financial sustainability measures progressing on track.
Challenges Ahead
- Premier League performance described as disappointing.
- Still reported a net loss despite revenue growth.
- Significant investment costs in training and stadium infrastructure ongoing.
- High current borrowings at £212.3M.
- Free cash flow not disclosed and appears negative due to capex.
Revenue & Expenses
Visualization of income flow from segment revenue to net income