Manchester United (MANU) Q4 2025 earnings summary

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.