Manchester United released its fourth quarter financial report for the 2025 fiscal year and its financial performance analysis report. The report pointed out that the club has set historical records in total revenue, commercial revenue and game-day revenue.
Manchester United Financial Report Highlights
The men's first team reached the Europa League final and ranked 15th in the 2024/25 Premier League;
The women's first team finished third in the Women's Football Super League and reached the FA Cup final;
Total revenue in the fourth quarter reached £164.1 million, driving a record of £666.5 million in total revenue in the 2025 fiscal year;
Business revenue in the fourth quarter was 882 £00,000; total commercial revenue in fiscal 2025 reached a record £333.3 million, which is also the first year of our five-year jersey chest sponsorship agreement with Snapdragon;
Game day revenue in the fourth quarter was £37.2 million, and total game day revenue in fiscal 2025 hit a record £160.3 million;
Adjusted profit before interest, tax, depreciation and amortization (EBITDA) was £182.8 million; operating loss for the whole year was £18.4 million, The operating loss narrowed from £69.3 million in fiscal 2024; the men's first team successfully held a pre-season tour, including matches in Sweden and the United States, preparing for the 2025/26 season; the club recently announced a new sponsorship agreement with Coca-Cola, Sokin and Parimatch, and renewed its partnership with STATSports, Canon and Sportsbreaks;
The club completed a £50 million investment in the Carrington training base on time and on budget, providing world-class facilities for players and employees;
The men's first team was strengthened by introducing Cunia, Leon, Mbermo, Sheshko and Ramens; the women's first team signed new Yulia Zigiotti Olme, Friedolina Rolfour and Jace Parker, and their strength was strengthened;
The club implemented a transformation plan aimed at improving operational efficiency. Its benefits are expected to be reflected in improvements in revenue and cost base in fiscal 2026; for the full year of fiscal 2026, the company expects revenue to be between 640 million and 660 million pounds, and the adjusted EBITDA is expected to be between 180 million and 200 million pounds.
Revenue Analysis
The total annual revenue as of June 30, 2025 was £666.5 million, an increase of £4.7 million (0.7%) from the annual annual ended June 30, 2024. The increase was mainly due to increased revenues in the business and match-day sectors, but was partially offset by a decline in broadcast revenue (specific analysis is as follows).
Business Revenue
The annual commercial revenue reached £333.3 million, an increase of £30.4 million (10.0%) over the previous year.
sponsorship revenue was £188.4 million, an increase of £10.6 million (6.0%) over the previous year, mainly because we reached a jersey-breasted partnership with Qualcomm in the 2024/25 season through its Snapdragon brand for the first time.
The licensing revenue of retail, goods, clothing and products was £144.9 million, an increase of £19.8 million (an increase of 15.8%) over the previous year, mainly due to the new e-commerce model we launched in cooperation with SCAYLE.
Business revenue reached 88.2 million pounds this quarter, an increase of 17 million pounds (23.9%) over the same period last year.
sponsorship revenue was £51.2 million, an increase of £9.4 million (22.5%) over the same period last year, mainly due to the first time the men's first team went to Malaysia and Hong Kong to tour after the end of the season;
retail, goods, clothing and product licensing revenue was £37 million, an increase of £7.6 million (25.9%) over the same period last year, thanks to the new e-commerce model we cooperate with SCAYLE and the release of the new home jersey in the 2025/26 season (no new product releases in the same period last year).
broadcast revenue
annual broadcast revenue was £172.9 million, a decrease of £48.9 million (a decrease of 22.0%), mainly because the men's first team participated in the Europa League this year (the last year was the Champions League) and ranked 15th in the Premier League this season (the last year was the 8th).
The broadcast revenue for the quarter was £38.7 million, an increase of £300,000 (0.8%) over the same period last year, mainly due to the men's first team entering the Europa League final, offsetting the impact of the lower-than-expected Premier League rankings.
Match Day Revenue
The annual match Day Revenue reached 160.3 million pounds, an increase of 23.2 million pounds (16.9%) over the previous year, as the men's first team's home matches increased by 5 games this year compared with the previous year, and the demand for hospitality services was strong.
The daily income for the quarter was £37.2 million, an increase of £4.6 million (an increase of 14.1%) from the same period last year, mainly due to the quarter-finals and semi-finals of the Europa League this quarter (but partly offset by a reduction in home games in the Premier League).
Other Financial Information
Operational Expenditure
Total operating expenditure for the year was £733.6 million, a decrease of £34.9 million (4.5%) from the previous year. The analysis by category is as follows: Employee welfare expenditure
Employee welfare expenditure
Annual employee welfare expenditure was £313.2 million, a decrease of £51.5 million (decrease by 14.1%) from the previous year. The main reasons are that the men's first team participated in the Europa League this year (rather than the Champions League), the changes in the first team player lineup during the season, and the reduction in non-player personnel costs during the club reorganization process..
Other operating expenses
Other operating expenses
Other operating expenses
Other operating expenses
, an increase of 21 million pounds (14.1%) over the previous year, mainly due to the related costs incurred in the transition to the new e-commerce model this year.
Depreciation, impairment and amortization
Annual depreciation and impairment expenditures were £17 million, an increase of £500,000 (3.0% increase) from the previous year. Annual amortization expenses were £196.4 million, an increase of £6.3 million (3.3% increase) over the previous year due to continued investment in the first-team player lineup. As of June 30, 2025, the unamorized balance of the registration rights was £537.3 million.
Special Projects
The annual special project cost is £36.6 million, including resignation compensation incurred by the club's operation restructuring, as well as the resignation of former men's first team coach Eric Tenhach and several football department personnel. The cost of special projects last year was £47.8 million, mainly involving fees related to Trawlers Limited (later renamed INEOS Limited) transactions (including transaction completion fees and resignation compensation).
source:vn2 7m cn vn