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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Manchester United (MANU) investor relations material
Manchester United Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary11 Dec, 2025
Executive summary
Total revenue for Q1 FY2026 was £140.3 million, down 2.0% year-over-year, with adjusted EBITDA up 13.5% to £26.9 million.
Operating profit reached £13.0 million, reversing a £7.0 million loss in the prior year quarter, driven by cost and headcount reductions.
Men's team ranked 6th in the Premier League; women's team 3rd in the Women's Super League and qualified for UEFA Women's Champions League league phase.
Partnerships with Canon Medical Systems and Concha y Toro were extended.
Financial highlights
Commercial revenue was £84.2 million (down 1.3%), broadcasting revenue £29.9 million (down 4.5%), and matchday revenue £26.2 million (down 1.1%) year-over-year.
Sponsorship revenue fell 9.3% to £47.0 million, while retail and licensing revenue rose 11.0% to £37.2 million.
Operating expenses decreased 7.1% to £172.4 million, with employee benefit expenses down 8.2% to £73.6 million.
Profit on disposal of intangible assets was £45.0 million, up 26.4% year-over-year.
Net finance costs were £21.4 million, compared to net finance income of £8.6 million in the prior year, due to unfavorable FX movements.
Net loss for the period was £6.6 million, compared to a profit of £1.3 million in the prior year quarter.
Outlook and guidance
Full-year FY2026 revenue guidance reiterated at £640–£660 million; adjusted EBITDA guidance at £180–£200 million.
Club remains compliant with Premier League and UEFA financial regulations.
Operating cash flow decline drivers
Sponsorship revenue decline: partner mix impact
Liquidity outlook given current borrowings
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Next Manchester United earnings date
Q2 202618 Feb, 2026
Next Manchester United earnings date
Q2 202618 Feb, 2026
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Frequently asked questions
The Theatre of Dreams
Manchester United is a professional football club based in Manchester, England, that competes in the English Premier League. The club was founded in 1878 and has a rich history, having won numerous domestic and international titles throughout the years. Given the extraordinarily successful history, Manchester United's home stadium, Old Trafford, is now called The Theatre of Dreams.
The primary business model of Manchester United is generating revenue through matchday tickets, broadcasting rights, commercial partnerships, and merchandise sales. The club has a global fan base, which it leverages to secure lucrative commercial partnerships with companies such as Adidas, Chevrolet (General Motors), TeamViewer, and Kohler. The club has one of the largest fan bases in the world, with millions of supporters in countries such as China, India, and the United States.
An odd and tough industry
Creating profits within the football industry can be challenging, as the costs associated with player wages, transfer fees, and stadium operations can be significant. Additionally, football clubs are subject to fluctuations in revenue based on their on-field success, with winning trophies often leading to increased revenue through merchandise sales and sponsorship deals.
In recent years, Manchester United has experienced mixed financial results. The club reported record revenues of £627.1 million in the 2018/19 season, primarily due to increased broadcasting and commercial revenue. However, the COVID-19 pandemic had a significant impact on the club's financial performance, with revenue dropping to £509 million in the 2019/20 season due to the absence of matchday revenue. Despite this, Manchester United remains one of the wealthiest football clubs in the world, with a valuation of over $4 billion.
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