Manchester United
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Manchester United (MANU) investor relations material

Manchester United Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary25 Feb, 2026

Executive summary

  • Achieved operating profit of £32.6 million in the first six months of fiscal 2026, reversing a £3.9 million loss from the prior year period.

  • Adjusted EBITDA for the six months rose 9.2% year-over-year to £102.9 million, despite lower total revenue due to absence from UEFA competitions.

  • Second quarter total revenue was £190.3 million, down 4.2% year-over-year, while adjusted EBITDA increased to £76.0 million.

  • Operating profit for the quarter was £19.6 million, up from £3.1 million in the prior year quarter.

  • Men's team is 4th in the Premier League; women's team is 2nd in the Women's Super League.

Financial highlights

  • Commercial revenue for the quarter fell 7.8% year-over-year to £78.5 million, mainly due to the end of a major sponsorship.

  • Broadcasting revenue increased 1.1% to £62.3 million, driven by higher estimated league finish and improved broadcasting rights.

  • Matchday revenue declined 4.8% to £49.5 million, reflecting fewer home cup matches.

  • Total operating expenses dropped 11.5% to £173.9 million, with employee benefit expenses down 9.0% due to headcount reductions.

  • Net finance costs for the quarter were £13.9 million, significantly lower than £37.6 million in the prior year quarter.

Outlook and guidance

  • Reiterated full-year revenue guidance of £640–660 million and adjusted EBITDA of £180–200 million for fiscal 2026.

  • Remains compliant with Premier League and UEFA financial regulations.

Future cost reduction program impact?
Revenue growth strategy given UEFA absence?
Old Trafford regeneration funding plan?
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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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