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Jun 30, 2025
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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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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