NYSE$MANU
Manchester United · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Manchester United narrowed its Q4 losses as record commercial and matchday revenues offset weak broadcast performance.
The club posted a smaller net loss in Q4 2025 with revenue rising 15% year-over-year, helped by strength in commercial partnerships and retail. Operating loss nearly halved, and adjusted EBITDA doubled.
- Total revenue reached £164.1M in Q4, up 15.4% YoY.
- Net loss reduced to £3.9M from £36.3M the previous year.
- Adjusted EBITDA nearly doubled to £37.5M.
- Matchday and commercial revenue hit quarterly records.
Headline financials
Revenue & EPS history
Manchester United · Revenue · Quarterly
$225M
Revenue by segment
Manchester United · $190M total across 3 segments · Q3 2026
- Commercial$82.4M+10.3%43.5%
- Broadcasting$64.9M+57.1%34.2%
- Matchday$42.2M-5.2%22.3%
Forward guidance
Manchester United expects FY26 revenue between £640M–£660M, with adjusted EBITDA ranging £180M–£200M, aided by cost reductions and commercial strength.
Tailwinds
- Projected growth in retail and merchandising revenue from in-house e-commerce.
- Slight improvement expected in broadcasting revenues.
- Cost reductions from non-playing staff restructuring.
- Anticipated operating efficiency gains in FY26.
- Club remains compliant with financial sustainability rules.
Headwinds
- No UEFA competition participation in FY26.
- Operating expenses still elevated due to prior investments.
- Broadcast income under pressure from lower league standings.
- Heavy investment in playing squad continues.
- Volatility in FX may impact financial costs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 6 quarterly earnings reports · overlaid with Q4 2025
+0.4%
Avg return
Earnings day
+2.3%
Avg return
5 days after
+4.2%
Avg return
30 days after
50%
6 / 12 earnings
Positive
+18.8%
Q3 2025
Best reaction
-6.4%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | — | — | — | |
| Q2 2026 | -2.1% | -0.1% | -7.8% | |
| Q4 2025 | -6.4% | -7.6% | +9.2% | |
| Q3 2025 | +18.8% | +22.3% | +26.7% | |
| Q1 2025 | -3.0% | +0.0% | -3.2% | |
| Q4 2024 | +1.1% | +0.6% | +4.6% | |
| Q2 2024 | -1.2% | -1.4% | -4.4% | |
| Q4 2014 | +1.4% | — | — | |
| Q3 2014 | -4.3% | — | — | |
| Q1 2014 | +2.9% | — | — | |
| Q4 2013 | +0.3% | — | — | |
| Q4 2012 | +1.1% | — | — | |
| Q1 2013 | -3.8% | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2011 | — | — | — |
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