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Jun 30
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Manchester United Q4 2025 Earnings Report
Manchester United narrowed its Q4 losses as record commercial and matchday revenues offset weak broadcast performance.
Key Takeaways
The club posted a smaller net loss in Q4 2025 with revenue rising 15% year-over-year, helped by strength in commercial partnerships and retail. Operating loss nearly halved, and adjusted EBITDA doubled.
Total revenue reached £164.1M in Q4, up 15.4% YoY.
Net loss reduced to £3.9M from £36.3M the previous year.
Adjusted EBITDA nearly doubled to £37.5M.
Matchday and commercial revenue hit quarterly records.
Manchester United
Manchester United
Manchester United Revenue by Segment
Manchester United Revenue by Geographic Location
Revenue by Segment
Commercial Revenue
CapyFin.comBroadcasting Revenue
CapyFin.comMatchday Revenue
CapyFin.comRevenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
Manchester United expects FY26 revenue between £640M–£660M, with adjusted EBITDA ranging £180M–£200M, aided by cost reductions and commercial strength.
Positive Outlook
- Projected growth in retail and merchandising revenue from in-house e-commerce.
- Slight improvement expected in broadcasting revenues.
- Cost reductions from non-playing staff restructuring.
- Anticipated operating efficiency gains in FY26.
- Club remains compliant with financial sustainability rules.
Challenges Ahead
- No UEFA competition participation in FY26.
- Operating expenses still elevated due to prior investments.
- Broadcast income under pressure from lower league standings.
- Heavy investment in playing squad continues.
- Volatility in FX may impact financial costs.