Manchester United (MANU) Q2 2025 earnings summary

Executive summary

• Men's team reached UEFA Europa League round of 16 and FA Cup 5th round; women's team reached Women's FA Cup quarter-finals and is second in the Women's Super League.

• New player signings and contract extensions; 8 players loaned out, including Marcus Rashford.

• Old Trafford Regeneration Task Force completed feasibility work; redevelopment of Carrington Training Complex on track.

Financial highlights

• Total revenue for the quarter declined 12% year-over-year to £198.7 million, mainly due to a 42.1% drop in broadcasting revenue to £61.6 million.

• Commercial revenue rose 18.5% to £85.1 million, driven by the Snapdragon sponsorship and e-commerce platform conversion.

• Matchday revenue increased 9.2% to £52.0 million, supported by strong ticket demand and hospitality.

• Operating profit was £3.1 million, down from £27.5 million in 2Q24; adjusted EBITDA fell 22.9% to £70.5 million.

• Net loss for the quarter was £27.7 million, compared to a profit of £20.4 million in the prior year quarter.

Outlook and guidance

• Fiscal 2025 revenue guidance reiterated at £650–£670 million; adjusted EBITDA now expected at the high end of £145–£160 million.

• Club remains compliant with Premier League and UEFA financial regulations.