Manchester United (MANU) Q3 2025 earnings summary

Executive summary

• Men's team reached UEFA Europa League final but finished 15th in Premier League; women's team finished 3rd in WSL, qualifying for UEFA Women's Champions League, and reached FA Cup and World Sevens finals.

• Announced plans for a new 100,000-seat stadium and continued £50 million investment in Carrington training facility, with completion expected before 2025/26 season.

• Transformation plan underway to improve financial sustainability and operational efficiency, with expected benefits from Q1 fiscal 2026.

Financial highlights

• Total revenue for the quarter rose 17.4% year-over-year to £160.5m, with growth across commercial, broadcasting, and matchday streams.

• Operating profit was £0.7m, reversing a £66.2m loss in Q3 2024; Adjusted EBITDA surged 274% to £51.2m.

• Net loss for the quarter was £2.7m, a 96.2% improvement from £71.5m loss in Q3 2024; adjusted net loss was £5.5m, down from £40.6m.

• Matchday revenue increased 50.3% year-over-year to £44.5m, driven by four additional home matches and strong hospitality demand.

• Employee benefit expenses fell 21.9% year-over-year, reflecting restructuring and lower non-playing staff costs.

Outlook and guidance

• Fiscal 2025 revenue guidance tightened to £660m–£670m, with expectations to reach the higher end; Adjusted EBITDA guidance raised to £180m–£190m.

• Club remains in compliance with Premier League and UEFA financial regulations.