📅 September 23, 2026

Record £677.6m Revenue and a Return to Operating Profit: United’s 2025/26 Results

By Mav Jones · Manchester United fan writer

Manchester United posted record revenue of £677.6 million for the year to 30 June 2026 and turned an operating loss into an operating profit, in a season with no European football. The figures are in the club’s results release of 23 September. It’s guiding to £740 million to £760 million next year with the Champions League back.

The numbers

Revenue rose 1.7% from the previous record of £666.5 million. Adjusted EBITDA hit a record £216.4 million, up 18.4%. The operating line went from an £18.4 million loss to a £22.6 million profit, helped by operating expenses falling 4.3% to £701.9 million.

Below the operating line it’s a different picture: finance costs of £77.7 million left a net loss of £43.0 million, against £33.0 million the year before. The release lists non-current borrowings of $775 million, up from $650 million, and £110 million drawn on the revolving credit facility at 30 June.

Where the money came from

Broadcasting did the lifting. It’s up 19.6% to £206.8 million because the team finished third in the Premier League rather than 15th, which more than offset the missing UEFA money.

Commercial revenue didn’t keep up, down 4.8% to £317.3 million. Sponsorship dropped to £160.5 million, mostly because the Tezos training-kit deal ended before last season; Betway has since taken that slot. Retail and merchandising didn’t follow it, up 8.2% to £156.8 million on a full year of the in-house online store. Matchday fell 4.2% to £153.5 million with ten fewer home games.

What the club is saying

Omar Berrada, the chief executive, said: “We are pleased to have secured record revenues and adjusted EBITDA which demonstrates the underlying strength of our business, particularly in a season without European football. This shows the direct impact of the work we have been doing over the past two years.”

It also lists the land secured for the proposed 100,000-seat stadium as a milestone of the year, and the return to the Champions League for 2026/27.

Next year’s guidance

For fiscal 2027 the club is guiding to revenue of £740 million to £760 million and adjusted EBITDA of £205 million to £225 million. The revenue range assumes Champions League income; the EBITDA range barely moves because the player and staff costs that come with it eat most of the extra. That’s the clearest statement yet of what a third-place finish was worth: £62 million to £82 million more revenue than this year.

Revised, 30 September 2026: this post was published on 23 September under the headline “United’s Net Debt Passes $1 Billion Even as Revenue Hits a Record High”. It has been rewritten from the club’s own results release, which is the source for every figure above; the earlier version’s net debt and total debt figures do not appear in that release and have been removed. Sources: Manchester United plc, fourth quarter and fiscal 2026 results release, 23 September 2026 (revenue, adjusted EBITDA, operating profit, net loss, finance costs, borrowings, the revenue breakdown, the Berrada quote and the fiscal 2027 guidance); the same headline figures were reported by Sky Sports and Insider Sport on 23 and 24 September 2026. The guidance range in the last paragraph is the club’s; the £62 million to £82 million difference is that range set against this year’s £677.6 million.