Manchester United generated record revenue of £677.6 million in the 2025/26 financial year, but higher financing costs pushed the Premier League club to a net loss of £43 million, extending its run of annual losses to seven years.
Revenue increased from £666.5 million in the previous financial year, while operating profit improved significantly to £22.6 million, compared with an operating loss of £18.4 million a year earlier.
The improvement at operating level was attributed to previously implemented cost and workforce reduction programmes, alongside stronger sporting performance in the Premier League.
However, the club’s financial expenses increased sharply. Net finance costs rose from £21.2 million to £69.6 million, an increase of 228.3%, resulting in a larger net loss than the £33 million recorded in the previous year.
United also carries debt denominated in US dollars, meaning movements in the pound against the dollar affected its financial result. Currency movements generated a £10 million loss during the latest financial year, compared with a £22.9 million gain in the previous period.
“Although these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable,” Manchester United CEO Omar Berrada said.
Broadcast revenue drives growth
Broadcasting was the club’s fastest-growing major revenue stream, generating £206.8 million, up 19.6%.
The increase was helped by United finishing third in the Premier League, which offset the absence of European competition during the season.
Commercial revenue, meanwhile, declined 4.8% to £317.3 million. The drop was primarily linked to lower sponsorship income following the end of the club’s training kit partnership with Tezos, although growth in retail and licensing provided some compensation.
Matchday revenue fell 4.2% to £153.5 million, largely because United played 10 fewer home matches. Demand for general admission tickets and hospitality helped limit the decline.
New 100,000-seat stadium
United is also continuing preparations for a proposed 100,000-capacity stadium, which the club sees as a major long-term commercial opportunity.
Berrada said the club had completed an important milestone by securing land that will form part of the proposed stadium site.
The project could significantly reshape United’s matchday and hospitality revenue potential, although the club’s immediate financial outlook remains closely tied to sporting performance and its cost base.
United expects another record revenue year in 2026/27, with a return to the Champions League projected to push annual revenue to as much as £760 million.
The figures underline the contrasting dynamics of the club’s business: United continues to generate record commercial and broadcast revenues, while debt-related financing costs remain a significant drag on its bottom line.