Manchester United Financial Results 2025/26
Carrick's turnaround, record revenue despite no Europe, but still a loss.
This report looks at United's 2025/26 financial results, the impact of cost-cutting and no European football. Also, how the club is positioned to fund further investment in the squad and the proposed new stadium.
Manchester United's 2025/26 season began with Ruben Amorim at the helm, but by January he had been sacked with the club sitting sixth in the Premier League, following a breakdown in his relationship with the club's hierarchy. The appointment of Michael Carrick as interim head coach proved to be the turning point, with the club legend returning to Old Trafford after a spell as Middlesbrough manager.
Eleven wins from his first 16 league matches, including victories over Manchester City, Arsenal, Liverpool and Chelsea, took United to a third-place finish and a return to the Champions League — a big turnaround from the 15th-place finish the previous season. Carrick's caretaker spell was rewarded with a permanent two-year contract in May 2026.
Record revenue, still a loss
United's accounts for the season, the first published by an English club given its status as a company listed on the New York Stock Exchange, showed record revenue of £677.6 million, up 1.7% on the previous year. This was achieved despite the absence of European football and an early exit from both domestic cups. The club nevertheless recorded a seventh consecutive year of losses, with a pre-tax loss of £47 million, compared with £40 million the previous year.
Profit before interest and tax reached £22.6 million, an improvement from the £18.4 million loss recorded the year before and a significant improvement in the underlying result. Salaries fell by £11.3 million to £302 million, while two rounds of redundancies over the past two years have eliminated around 400 jobs.
Ratcliffe's long game
United remain majority owned by the Glazer family, with Ratcliffe's INEOS holding a minority stake since 2024 but full control of football operations. Ratcliffe has been explicit that the club's cost discipline is intended to help fund a long-term future that includes the proposed new 100,000-capacity stadium. During the year, United spent £64.0 million on land and buildings off John Gilbert Way, Manchester as a step towards the new stadium.
Financial Summary 2025/26
Financial highlights:
Record revenue. £677.6 million, up 1.7% from £666.5 million, achieved without European football or a training kit sponsor for the season.
A much-improved underlying trading position. Profit before interest and tax reached £22.6 million, a swing of over £41 million from an £18.4 million loss the year before.
Still a bigger overall pre-tax loss. £47.0 million, up from £39.7 million the year before — though the prior year benefited from a one-off finance gain.
A seventh straight year of losses, taking cumulative losses since 2019/20 to around £444 million.
Salaries fell to £302 million, down £11.2 million, continuing three straight years of wage reductions.
Record amortisation, after four seasons of heavy player acquisition. £208.4 million, reflecting the scale of transfer spending across 2022/23 to 2025/26.
Net trading spend at its lowest in seven years. £191 million spent on new signings — including Bryan Mbeumo, Benjamin Šeško and Senne Lammens — against £114.7 million recovered in sales, the highest player sales income in recent years, leaving a net spend of £76.5 million.
The year's player-sales profit reached £47 million. Garnacho's £40 million move to Chelsea generated most of the profit, with a further contribution from Rasmus Højlund's departure.
£85.9 million spent on fixed assets, the largest spend in recent years, reflecting the £64 million land purchase for the proposed new stadium alongside other capital spending.
Total borrowings rose to £692.2 million, up £46.8 million on the year, with interest paid rising to £77.7 million, from £59.0 million.
Chief Executive Omar Berrada said these results demonstrated the underlying strength of the business, particularly in a season without European football, and showed the direct impact of the work done over the past two years.
With staff costs falling for the third consecutive season, the “Ratcliffe era” cost controls are clearly taking effect, although the club may now be operating within a tighter financial budget than some of its Big 6 rivals.
Financial Outlook
United's 2026/27 season began with a further £155 million invested in the squad — Andrey Santos, Youri Tielemans and Carlos Baleba all joining. Results so far have been mixed with United sitting 12th after five matches and suffered an early exit from the Carabao Cup to Brighton.
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United's return to the Champions League for 2026/27 will however provide a significant revenue boost, with participation alone worth anywhere from £70 million to more than £100 million depending on results. This, combined with new sponsorship deals with Betway and SumUp, will mean revenue will again reach a new record. There have been few player sales so far this season, however, and without this usual offset from transfer profits, the club could still record another small loss. The final outcome will depend on Premier League and Champions League performance, as well as any further player sales.
Still early days for the new ground
The stadium project remains at an early stage. Beyond the land purchase, the design, financing model and planning process are all still to be finalised. United have stated that construction will be financed entirely privately, with no public money sought for the stadium itself, although the club has asked the government for support with surrounding transport infrastructure. No debt structure or full financing plan has yet been confirmed.
A fanbase running out of patience
Relations between the ownership and sections of the fanbase have been deteriorating. Fan group The 1958 has organised protests outside Old Trafford, including one involving around 500 supporters ahead of the Manchester derby, while the #BoycottUnited campaign has targeted the club's sponsors online. Continued ticket price increases and a touting crackdown that resulted in 685 supporters losing their season tickets have added to the tensions.
More broadly, the Manchester United Supporters Trust has called for a "major reset" in relations between the club and its fanbase.
For the ownership, the challenge is financial as well as sporting. United are generating record revenue and have returned to the Champions League, but the club still carries substantial debt, continues to report losses and faces significant future capital requirements if the proposed new stadium proceeds. Balancing those demands with further investment in the squad — while rebuilding relations with supporters — will be one of the defining challenges of the next phase of the club's development.
Financial Results 2025/26
The detail behind the numbers. Here we look more closely at United's 2025/26 results and what sits behind the headline figures — from turnover and staff costs to profitability, regulatory position, net assets, player trading, debt and cash.
Turnover
Revenue is generated from three primary streams: matchday income (ticket sales), broadcast distributions from the Premier League and UEFA, and commercial activities including sponsorship, merchandising and other business operations.
Manchester United's turnover reached a record £677.6 million in 2025/26, up 1.7% from £666.5 million the year before — a genuinely notable achievement given the club played only 40 matches all season, the fewest in this seven-year run, having qualified for no European competition.
Whilst United are the only club to have submitted accounts, based on our estimates they will rank fourth in the league.
Matchday Revenue
Manchester United have played at Old Trafford since 1910, the largest club stadium in English football and the biggest outside Wembley, and own the ground outright on a freehold basis. The club also owns the Carrington training complex and several other properties around Trafford Park.
Average attendance reached a record 74,257, representing 99.9% of Old Trafford's capacity and edging out the previous high of 73,747 the year before. United played nine fewer home matches during the season, however, with no European football and early exits from both domestic competitions.
Despite this, matchday revenue fell only marginally, from £160.3 million to £153.6 million, a 4.2% decline. Revenue per fan increased dramatically, from £76.48 to £106.04, more than offsetting much of the impact of the reduced number of fixtures. The club implemented their third consecutive 5% price increase, but this doesn't explain the jump. United attributed the increase to "strong demand for our general admission and hospitality offerings."
In preparation for the proposed 100,000-capacity stadium, the club spent £64 million on land and buildings for the 25 acre site off John Gilbert Way.
Broadcast Revenue
Premier League distributions rose to £192 million in 2025/26, from £136 million the year before. This was driven mainly by higher merit payments, which rose to £68 million from £16 million as the club's league position improved from 15th to 3rd, combined with an overall uplift in distributions from a new broadcast rights deal — 2025/26 was the first season of a new four-year Premier League rights cycle worth £6.7 billion in total, a 4% increase on the previous cycle and the largest sports media deal in UK history.
That rise was partly offset by the absence of European football, which had contributed £31 million to broadcast income the year before, following the club's run to the Europa League final.
Overall Broadcast income still rose to £206.8 million, from £173.0 million (+19.6%), and the improved league finish secured a return to the Champions League for 2026/27.
Commercial Revenue
Total commercial income fell to £317.3 million, from £333.3 million (-4.8%). Sponsorship revenue fell from £188 million to £160.5 million, in part due to having no training kit sponsor in place for the season. Manchester United's principal partnerships for 2025/26 included kit supplier adidas — under a 10-year extension signed in July 2023, running to June 2035 — and front-of-shirt sponsor Qualcomm, via its Snapdragon brand, a partnership set to run to 2029..
Betway and SumUp joined as training kit and sleeve partners for the 2026/27 season.
Other commercial revenue, including retail, merchandising, apparel and product licensing increased from £144.8 million to £156.8 million,
Staff Costs
Staff costs comprise salaries and wages, the amortisation of transfer fees (spreading a player's acquisition cost over the length of their contract), and any impairment charges.
Salaries and wages fell to £302.0 million in 2025/26, from £313.3 million the year before (-3.6%), the third consecutive season of wage reductions and a fall of over £82 million from the 2021/22 peak of £384.1 million.
Player amortisation continued to climb, however, rising to £208.4 million from £193.1 million, reflecting the scale of transfer activity in recent seasons working its way through the accounts. Total staff costs rose slightly to £510.4 million, but as a share of turnover the ratio improved marginally to 75.3%, from 76.0%, since revenue grew fractionally faster than costs.
United's total staff costs are likely to be below those of Chelsea, Manchester City, Liverpool and Arsenal. None of these clubs had released their 2025/26 accounts at the time of this report, so the chart below compares United's 2025/26 staff costs with the other clubs' 2024/25 figures.
Profit on Player Sales
Profit on player sales fell slightly to £46.9 million in 2025/26, from £48.7 million the year before. The bulk of that profit came from Alejandro Garnacho's £40 million move to Chelsea, with a further contribution from the sale of Rasmus Højlund.
There were also several significant previous signings who departed on free transfers during 2025/26, including Antony, signed for £81.3 million, Jadon Sancho, signed for £73 million, and Casemiro, signed for £70 million. While Casemiro was generally highly regarded by supporters, Antony and Sancho had underwhelming spells at United, meaning the club ultimately received no transfer fee for players who had cost a combined £224.3 million to acquire.
Profit and Loss
Manchester United reported a pre-tax loss of £47.0 million in 2025/26, a seventh consecutive annual loss, and larger than the £39.7 million loss recorded the year before.
EBITDA improved to £216.4 million, from £182.8 million, marking three consecutive years of EBITDA growth. The operating loss, before profit on player sales, narrowed to £16.0 million, from £30.5 million, as revenue growth and wage discipline both contributed.
Adding profit from player sales, which fell marginally to £46.9 million, and accounting for £8.2 million of exceptional items, down from £36.6 million, primarily due to the departure of Amorim, profit before interest and tax reached £22.6 million. This represented an improvement of more than £41 million from the £18.4 million loss recorded the previous year.
That improvement was more than offset by net finance costs of £69.6 million, pushing the overall pre-tax result into a loss. Interest paid rose to £77.7 million, from £59.0 million the year before. This increase was mainly due to a Foreign Exchange loss, with the underlining interest on debt flat at £35 million. Interest received dropped from £37.8 million to £8 million which was also due to a one-off gain of around £33 million in 2024/25.
Regulation and Compliance
Profitability and Sustainability Regulations
Premier League clubs were still assessed against the Profitability and Sustainability Rules (PSR) for the 2025/26 season, which limit adjusted losses to £105 million over a rolling three-year period, after permitted deductions for costs including women's football, academy investment, community programmes and certain infrastructure spending.
On a simple, unadjusted basis, Manchester United's three-year results to 2025/26 — a £130.7 million loss in 2023/24, a £39.7 million loss in 2024/25 and a £47.0 million loss this year — amount to a combined loss of £217.4 million, more than double the standard threshold before any deductions are applied.
However, United's significant investment in its academy, women's football, community programmes and infrastructure provides substantial scope for allowable adjustments. We estimate these at around £50 million a year, which would bring the club's PSR loss for the three-year period to around £60 million, comfortably within the £105 million limit.
A New Premier League Yardstick
The Premier League's new Squad Cost Ratio (SCR) caps total squad costs at 85% of adjusted revenue. Squad costs include player and head coach wages, amortisation of transfer fees and agents' fees. Adjusted revenue includes football-related income, gross profit on non-football events — effectively revenue less the direct costs of staging those events — and a rolling three-year average of profit on player sales.
The rule was monitored on a shadow basis during 2025/26 and comes fully into force from 2026/27, although financial penalties for breaches do not apply until 2027/28. Based on our estimates, United's squad cost ratio should be around 64% for 2025/26 and is likely to fall further in 2026/27 following the return of Champions League revenue, leaving the club well below the Premier League's 85% limit.
UEFA's Tougher Test
United's return to the Champions League also brings them under UEFA's financial sustainability rules. UEFA's Football Earnings Rule permits lower losses than the Premier League's PSR, with an aggregate acceptable deviation of €60 million over a three-year period, assuming at least €55 million is covered by equity contributions. Losses are subject to a range of permitted adjustments, broadly similar to those under PSR.
The heavy loss recorded in 2023/24 will drop out of the rolling three-year assessment for 2026/27, while the expected small loss in 2026/27 should leave United within the permitted limit.
United will also be measured against UEFA's Squad Cost Rule, which is also more restrictive than the Premier League's, with a limit of 70%. The club should remain below this level for 2026, although it is important to note that UEFA's calculation is based on the calendar year rather than the club's financial year.
Net Assets
Net assets represent the difference between total assets and total liabilities, and correspond to a club's net equity position.
Manchester United's net asset position fell to £150.4 million in 2025/26, from £193.7 million the previous year. Total assets declined by £89 million, with the biggest movement being an £85 million reduction in player book values. Outstanding transfer fees receivable also fell, partly offset by a £65 million increase in tangible assets following the purchase of land for the proposed new stadium.
Total liabilities also fell, from £1.44 billion to £1.40 billion. The main reduction came from a £70 million decline in transfer fees payable, partly offset by an increase in loans and other borrowings.
With no equity raised in 2025/26, following £238 million raised across 2023/24 and 2024/25, this year's loss flowed directly through to retained earnings, which deteriorated to -£384.1 million from -£341.6 million.
Without the equity raised during those two years, Manchester United's net assets would have been negative, highlighting the importance of shareholder funding in maintaining the club's positive equity position.
Player Trading
Manchester United spent £191.1 million on player acquisitions in 2025/26, against £114.7 million recovered in sales — a net spend of £76.5 million, the smallest net outlay of the past seven years by some distance..
The summer 2025 window saw three major forward signings: Matheus Cunha (£62.5 million, from Wolverhampton Wanderers), Bryan Mbeumo (£71 million, from Brentford) and Benjamin Šeško (£73.7 million, from RB Leipzig), alongside goalkeeper Senne Lammens (£18 million, from Royal Antwerp) and Diego León (£3 million, from Cerro Porteño) — a combined gross outlay of more than £225 million on these signings alone. Cunha's acquisition was completed before 30 June 2025 and was therefore accounted for in the previous financial year.
United have had a number of expensive transfer disappointments in recent years, with signings such as Antony, Sancho, Mount, Onana, Zirkzee and Ugarte failing to consistently meet expectations. The early response to the summer 2025 arrivals has been more positive, however, with the three forward signings well received by supporters and Lammens also making a strong start.
The main departures during 2025/26 were Alejandro Garnacho, who joined Chelsea for around £40 million, Rasmus Højlund, who moved to Napoli for around £38 million following a loan spell, and Antony, who joined Real Betis for around £19 million after an underwhelming spell at United. Several notable players also departed on free transfers, including Victor Lindelöf, Jadon Sancho and Casemiro.
Whilst United's net spending was relatively low in 2025/26, ranking ninth-highest by our estimates, their five-year net spend of £856 million is second only to Chelsea's.
Squad Cost and Net Book Value
A squad's net book value (NBV) represents the acquisition cost of its players, less accumulated amortisation. After a big increase the previous season, Manchester United's squad NBV fell to £452.3 million, from £537.3 million, after a season of relatively low net transfer spend.
The squad's net book value (NBV) is part of the club balance sheet, recorded as Intangible Player Assets. The NBV does not however reflect a squad’s current market value. According to transfermarkt.com, the market-value estimates for the squad was around £736 million at the end of 2025/26, down slightly from £764 million which is £283 million higher than their book value. An uplift is expected as transfer fees are typically amortised over five years, while a player’s career span is considerably longer. Whilst this is an imperfect measure it does highlight the potential to generate profits through future sales.
Players with potential market values significantly above their book value include academy products Kobbie Mainoo and Marcus Rashford, plus Ayden Heavan, Diogo Dalot and Amad Dallo.
Football Net Debt
Manchester United's borrowings stood at £689.0 million at the end of 2025/26, up from £637.0 million the year before, made up of £408.9 million in senior secured notes (a fixed 5.36% coupon, maturing 2031), £168.6 million on a secured term loan, and £110.0 million drawn against a £400 million revolving facility.
The senior secured notes were refinanced in June 2026, increasing the principal from $425 million to $550 million and extending maturity from 2027 to 2031. The club also had lease liabilities of $3.2 million lifting total debt to $692 million. All of United's borrowing is owed to third-party lenders.
Net debt (loans net of cash) reached £625.0 million, up from £559.3 million. Relative to turnover, that equates to 137.5% of revenue, the highest of the past seven years. Interest paid on the loans was £37 million, which was a similar amount to the previous year.
After a quieter trading period the amount owed to other clubs for transfer fees fell to £375.0 million, from £447.1 million, while the amount owed to United by other clubs also fell, to £67.9 million from £102.8 million. United carried the highest transfer debt in the Premier League in 2024/25, and while that figure has come down, it is likely to remain among the highest in the division for 2025/26.
Cash Flow
Cash flows are reported in three categories: cash from operations (revenue less day-to-day running costs), cash from investing activity (player and infrastructure spending, net of sales), and cash from financing (new loans or equity raised, less repayments).
Manchester United recorded a £175.4 million operating cash inflow in 2025/26, more than double the £72.7 million inflow the year before as operating costs relative to revenue fell. Investing activity was a net outflow of £229.6 million, with £292.3 million spent on players and £85.9 million on fixed assets, partly offset by £148.6 million recovered from player sales. The cash figures for player spending and sales both run notably higher than the amounts recognised in the accounts, which led to the fall in transfer fees payable and receivable balances.
Financing activity provided £35.3 million, entirely through new borrowing, with no fresh equity raised during the year. Cash reserves fell to £67.2 million, from £86.1 million.
The five-year picture presents a more telling story. Over the period, the club generated £526 million of operating cash flow, one of the highest totals in the division. However, this was not enough to cover more than £1 billion invested in players and a further £172 million spent on facilities. Player sales generated £296 million, partly offsetting the investment, but still left a substantial funding shortfall. This was covered by £239 million of equity contributions and a further £99 million of borrowing.
United are one of many clubs that do not generate sufficient operating cash flow to fund their level of player investment. Like most clubs operating at this level, they remain reliant on owner funding to bridge the gap between the cash generated by the business and the capital required to maintain and develop the squad.
The proposed new stadium adds another significant future cash requirement. United recently spent £64 million on the project, but the major construction costs are to come. The stadium is currently expected to cost around £2 billion, although the final figure and financing structure have yet to be confirmed. With the club committed to private financing, funding a project of this scale will place considerable additional demands on future cash flows alongside continued investment in the squad.
Reporting Entity
This analysis is based on the entity Manchester United plc, for the period 1 July 2025 to 30 June 2026. The company is listed on the New York Stock Exchange and is majority owned by the Glazer family, who hold around 67.3% of the club, while Sir Jim Ratcliffe's INEOS owns approximately 27.7%, with the remaining shares held by other investors.
Ratcliffe's investment in 2024 gave INEOS control of the club's football operations despite its minority economic stake, while the Glazers retain overall majority ownership.
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