Manchester United · Q3 2025 earnings

Briefing

Manchester United Q3 FY2025: £160.5M revenue (+17%), narrowed quarterly loss to £2.7M

Manchester United reported its third fiscal quarter ended March 31, 2025 with total revenue of £160.5 million, up 17.4% year over year driven by gains across commercial, broadcasting and matchday lines. Commercial revenue rose 7.3% to £74.7 million on the new Qualcomm shirt deal and SCAYLE e-commerce launch; matchday revenue jumped 50.3% to £44.5 million on four extra home fixtures and strong hospitality demand; broadcasting rose 10.1% to £41.3 million. Operating expenses fell 20.4% to £162.1 million as employee costs declined on squad and restructuring actions, and the quarterly loss after tax narrowed sharply to £2.7 million from £71.4 million a year ago.

• Total Q3 revenue reached £160.5M (+17.4% YoY) with matchday up 50.3% to £44.5M on four additional home games and strong hospitality uptake.
• Commercial revenue grew 7.3% to £74.7M, helped by the Qualcomm front-of-shirt sponsorship and the new SCAYLE e-commerce platform.
• Operating expenses fell 20.4% to £162.1M as employee benefit costs dropped 21.9% following January transfer-window and restructuring actions.
• Quarterly loss after tax improved to £2.7M from £71.4M; basic loss per share was 1.57 pence versus 43.12 pence in the prior-year quarter.
• Cash resources stood at £73.2M at March 31 with £210M drawn on revolving facilities and £90M of undrawn capacity remaining.

Headline financials

Revenue & EPS history