Manchester United published its unaudited full-year results for the year ended 30 June 2026 on 23 September. Revenue reached a record £677.6 million and operating performance moved from a loss to a £22.6 million profit, yet the net loss widened from £33 million a year earlier to £43 million. Operating improvement and a larger bottom-line loss occurred together, mainly because of changes in finance costs.
Revenue mix and operating profit
Annual revenue rose by £11.1 million, or 1.7%. Broadcasting revenue increased by £33.9 million year on year to £206.8 million. Commercial revenue fell by £16 million to £317.3 million, while matchday revenue declined by £6.8 million to £153.5 million. The broadcasting increase outweighed the declines in the other two streams and drove record total revenue.
The club attributed the broadcasting improvement mainly to the men’s Premier League finish rising from 15th to third, partly offset by the absence of European football. Matchday revenue was affected by ten fewer home games, while the commercial decline included the expiry of the previous training-kit sponsorship agreement. The three businesses were influenced respectively by results, fixture volume and contract cycles.
Annual operating expenses fell by £31.8 million to £701.9 million, with employee benefit costs and other operating expenses both declining. Amortisation of player registrations still rose to £211.8 million. Amortisation spreads the relevant expenditure across accounting periods. The income statement also included a £46.9 million gain on disposal of intangible assets, so the £22.6 million operating profit reflected both business income and costs and asset disposals.
Finance costs, cash and plans for the next financial year
Net finance costs rose from £21.2 million to £69.6 million, an increase of £48.4 million. The main explanation in the results was exchange-rate movement on unhedged US-dollar borrowings: a £22.9 million unrealised gain in the previous year became a £10 million unrealised loss. Deducting net finance costs from operating profit, then adding a £4 million tax credit, produced a net loss of approximately £43 million.
The cash-flow statement showed net operating inflows of £178.7 million and net investing outflows of £229.6 million. After financing and exchange-rate movements, cash and cash equivalents fell by £18.9 million. Investment spending included £63.5 million for stadium land acquisition. The club has acquired the land, while the 100,000-seat stadium remains at the planning stage.
Manchester United also reported adjusted EBITDA of £216.4 million. This measure excludes finance costs, tax, depreciation and amortisation, gains on disposal of intangible assets and exceptional items to compare operating performance. FY2027 guidance is for revenue of £740 million to £760 million and adjusted EBITDA of £205 million to £225 million. It includes the return to the Champions League and related increases in player and staff costs. These figures are management expectations.
Key financial indicators (unaudited)
| Measure (£ million) | FY2026 | FY2025 |
|---|---|---|
| Commercial revenue | 317.3 | 333.3 |
| Broadcasting revenue | 206.8 | 172.9 |
| Matchday revenue | 153.5 | 160.3 |
| Total revenue | 677.6 | 666.5 |
| Operating profit / loss | 22.6 | -18.4 |
| Net loss | 43.0 | 33.0 |
INKA SPORTS analysis: why the net loss widened after operating profit turned positive
Operating profit improved by approximately £41 million from the previous year, but net finance costs increased by about £48.4 million and the tax credit fell by around £2.6 million, enough to offset the operating improvement. Finance costs here cover more than cash interest: actual interest paid in the cash-flow statement rose by only around £1.65 million. The shift from an unrealised foreign-exchange gain to a loss added pressure to net earnings beyond the increase in cash interest.
The following year’s expectations also illustrate the distinction between revenue and operating earnings. Revenue guidance is substantially above this year’s figure, yet the adjusted EBITDA range still spans the current level. The club has included both Champions League revenue opportunities and higher related personnel costs in its outlook. Additional match revenue becomes earnings only after costs, while operating cash must also support squad and infrastructure investment. Returning to the Champions League brings growth opportunities alongside corresponding expenditure.
Summary
These results show operating improvement, pressure from financing costs and investment needs existing together. Broadcasting growth and cost control have had an effect, while foreign exchange and financing still shape the final loss. The next questions are how much of the increased Champions League revenue will translate into operating earnings and what the final audited figures show. Record revenue alone does not establish an overall return to profit.
