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Manchester United (MANU) investor relations material
Manchester United Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Sep, 2025
Executive summary
Achieved record total revenues of £666.5 million for fiscal 2025, up 0.7% year-over-year, driven by strong commercial and matchday performance despite a challenging season on the pitch.
Adjusted EBITDA rose 23.8% to £182.8 million, while operating loss narrowed significantly to £18.4 million from £69.3 million in fiscal 2024.
Net loss for the year improved to £33.0 million from £113.2 million in the prior year.
Major investments included a £50 million upgrade to the Carrington Training Complex and continued squad strengthening.
Financial highlights
Commercial revenue reached a record £333.3 million, up 10.0% year-over-year, with sponsorship and retail both showing strong growth.
Matchday revenue hit a record £160.3 million, up 16.9%, due to more home matches and strong hospitality demand.
Broadcasting revenue declined 22.0% to £172.9 million, reflecting lower league finish and participation in the Europa League instead of the Champions League.
Total operating expenses decreased 4.5% to £733.6 million, mainly from lower employee benefit expenses.
Exceptional items totaled £36.6 million, mainly restructuring and staff departure costs.
Net finance costs fell to £21.2 million, aided by a large unrealized FX gain.
Outlook and guidance
Fiscal 2026 revenue guidance set at £640–£660 million, with adjusted EBITDA expected between £180–£200 million.
Retail, merchandising, and licensing revenues expected to improve, with a slight uplift in broadcasting offset by no UEFA competition.
Cost reduction measures and operational efficiency initiatives to support profitability.
How will player investment drive on-field improvement?
Beyond FY26, what are efficiency plan impacts?
Old Trafford stadium funding and timeline update
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Next Manchester United earnings date
Q1 202625 Nov, 2025
Next Manchester United earnings date
Q1 202625 Nov, 2025
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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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