Manchester United have recorded a £43 million loss for the financial year ended June 30, 2026, despite generating a record £677.6 million in revenue.
The latest accounts show that the club’s revenue increased by 1.7 per cent from the previous record of £666.5 million, but United still ended the year with their seventh consecutive annual loss after tax.
The financial results cover a turbulent 2025/26 campaign in which United finished third in the Premier League and secured qualification for the UEFA Champions League after missing out on European competition the previous season.
The improved league position helped significantly increase broadcasting income. United recorded £206.8 million in broadcasting revenue, representing a 19.6 per cent increase on the previous year. The rise was largely linked to the club’s improved Premier League finish, although it was partly offset by the absence of European football during the campaign.
Despite the record overall revenue, the club’s commercial and matchday income declined.
Matchday revenue fell by £6.8 million to £153.5 million, a 4.2 per cent decrease, with United playing 10 fewer home matches than in the previous financial year.
The club’s operating expenses, however, fell by £31.8 million to £701.9 million. Employee benefit expenses also dropped by £11.3 million to £302 million, reflecting changes to the men’s first-team squad and staff reductions implemented during the previous two years.
Those cost reductions helped Manchester United move from an operating loss to an operating profit.
The club reported an operating profit of £22.6 million for the year, compared with an operating loss of £18.4 million in the previous financial year. Adjusted EBITDA also reached a record £216.4 million, an increase of £33.6 million, or 18.4 per cent.
However, the club’s overall financial position remained affected by several significant costs.
United recorded £8.2 million in exceptional costs, with much of the amount connected to the departure of former manager Ruben Amorim.
Amorim left the club in January after 14 months in charge and was replaced by former United midfielder Michael Carrick, who guided the team to a third-place Premier League finish and Champions League qualification.
The club also continued to carry substantial costs associated with player acquisitions. Amortisation of player registrations increased to £211.8 million, while the unamortised balance of player registrations stood at £452.3 million at the end of June.
Another major development revealed in the accounts was United’s investment in land around Old Trafford.
The club spent £63.5 million acquiring land needed for its plans to construct a new 100,000-capacity stadium. The proposed arena is part of a wider redevelopment project aimed at transforming the area around the club’s historic home.
The financial results also come amid an extensive cost-cutting programme overseen by co-owner Sir Jim Ratcliffe.
Since acquiring his stake in the club in 2024, Ratcliffe and his INEOS team have introduced a series of measures aimed at reducing operating costs, including significant staff reductions and changes to the club’s operations.
United chief executive Omar Berrada said the latest figures demonstrated the impact of those measures and the club’s continued commercial strength.
He said the club would maintain a disciplined approach to its finances as it works towards greater financial sustainability.
The return of Champions League football is expected to provide another significant boost to United’s finances during the current financial year.
The club has forecast revenue of between £740 million and £760 million for fiscal 2027, alongside adjusted EBITDA guidance of between £205 million and £225 million.
United’s financial performance also reflects the contrast between their commercial strength and their recent sporting difficulties.
Although the team finished third in the 2025/26 Premier League season and secured Champions League qualification, the start to the new campaign has been considerably less encouraging.
Carrick’s side have collected only five points from their opening five Premier League matches, matching the club’s worst-ever start to a Premier League season. United were also eliminated from the English League Cup last week.
The latest accounts therefore present a mixed financial picture.
On one side, United have generated their highest-ever annual revenue, returned to operating profitability and significantly increased adjusted EBITDA. On the other, the club has still recorded a £43 million loss, its seventh consecutive annual loss after tax.
The financial results show that United remain one of football’s strongest commercial brands, but also underline the scale of the financial restructuring taking place at Old Trafford.
The return to Champions League football could provide an important source of additional revenue, while the planned new stadium represents a major long-term investment.
For now, however, the £43 million loss remains the headline figure from United’s latest accounts, even as the club celebrates record revenue of £677.6 million.
The challenge for the club will be to convert its strong commercial income, Champions League return and cost-cutting measures into sustained profitability while rebuilding competitiveness on the pitch.
