Manchester United recorded its highest-ever annual revenue of £677.6 million for the 2025-26 financial year, but the increase was not enough to prevent the football club from reporting a £43 million net loss.
The loss marked United’s seventh consecutive annual loss and was higher than the £33 million loss recorded in the previous financial year. The accounts cover the 12 months ended June 30, 2026.Despite the loss, United returned to an operating profit.
Earnings before interest and tax reached £22.6 million, compared with an operating loss of £18.4 million in the previous year.The club said lower operating costs, staff reductions and improved Premier League performance contributed to the improvement.
Revenue Reaches a New Record
United’s total revenue rose 1.7% from £666.5 million in 2024-25 to £677.6 million in 2025-26.
The increase came despite the club playing without European football during the season.
Broadcasting revenue was the main contributor. It increased by 19.6% to £206.8 million, helped by United’s improved Premier League position.
The men’s team finished third in the league, a major improvement from 15th place the previous season.
The higher league position increased the club’s share of domestic broadcasting distributions.
However, other revenue streams declined.Commercial revenue fell 4.8% to £317.3 million, while matchday revenue dropped 4.2% to £153.5 million.
The club said the commercial decline was partly linked to the end of its previous training-kit sponsorship arrangement.
Retail and merchandising revenue, however, increased by 8.2% to £156.8 million.
Wage Bill Falls to Six-Year Low
Manchester United also reported a reduction in employee costs.The club’s employee benefit expenses fell by £11.3 million, or 3.6%, to £302 million.
The reduction followed changes to the men’s first-team squad and workforce reductions introduced over the previous two financial years.
Business Standard reported that wages accounted for about 44.6% of United’s revenue, the lowest proportion in many years.
The club’s cost-cutting measures helped improve its underlying operating performance.
However, savings were offset by other costs associated with the football squad and financing.
Financing Costs Push United Deeper Into Loss
The biggest pressure on the bottom line came from financing costs.
United recorded £69.6 million in net financing costs during the year, compared with £21.2 million in the previous financial year.
The increase was partly linked to foreign-exchange movements on US-dollar borrowings and higher borrowing costs.
Financial debt stood at approximately £689 million at the end of June, according to Business Standard’s analysis of the accounts.
That represented an increase of about £52 million from a year earlier.
As a result, the club’s return to an operating profit did not translate into an overall profit after financing and other costs.
Player Sales Also Boosted the Results
United recorded a £46.9 million profit on the disposal of intangible assets, largely connected to player transfers.
Those gains helped the club move from an operating loss before player sales to a positive earnings figure before interest and tax.
However, the club also recorded higher amortisation costs linked to investment in its playing squad.
Amortisation for the year reached £211.8 million, an increase of 7.8% from the previous year.
This reflects the accounting process through which transfer fees are spread across the contractual periods of players.
Champions League Return Offers Revenue Boost
One of the biggest changes in United’s financial outlook is the return of Champions League football.
The men’s team secured third place in the 2025-26 Premier League season and will compete in the Champions League during the 2026-27 campaign.
United expects that European competition will provide an additional source of broadcasting and commercial income.
The club has forecast £740 million to £760 million in revenue for fiscal 2027, significantly above the £677.6 million recorded in fiscal 2026.
United also expects adjusted EBITDA of between £205 million and £225 million for the coming financial year.
Adjusted EBITDA reached a record £216.4 million in fiscal 2026.
New Stadium Project Adds Another Financial Commitment
United’s financial plans also include a major infrastructure project.The club has secured the land required for a proposed 100,000-seat stadium as part of its long-term plan for the Old Trafford area.
The project represents a significant future investment. Business Standard reported that United spent £63.5 million on the land during June 2026.
The club will therefore need to balance stadium development, squad investment and debt management while attempting to improve profitability.
A Mixed Financial Picture
Manchester United’s latest accounts present two contrasting trends.
Revenue reached a record level, broadcasting income increased sharply and the club returned to an operating profit.
The wage bill also declined as part of wider cost-cutting measures.At the same time, the overall loss increased to £43 million, while financing costs rose sharply and financial debt remained high.
Chief executive Omar Berrada said the club would continue taking a disciplined approach to financial sustainability.
The return to the Champions League gives United an opportunity to increase revenue during 2026-27.
But higher European income will need to be balanced against borrowing costs, transfer commitments and the proposed stadium project.
For now, the latest results show a club generating record revenue while still working to turn that income into sustained profitability.
Curated news reports, in-depth analysis, and special features by India’s Opinion editorial team.
