Manchester United (MANU) Q1 2026 earnings summary

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.