Manchester United Football Club reported commercial revenue for the fiscal second quarter ended December 31 was £78.5 million ($106 mm), a decline of 7.8 percent over the prior year quarter. Adidas has been the kit sponsor for Manchester United since 2015, when it replaced Nike.
Sponsorship revenue was £37.2 million, a decrease of 13.5 percent over the prior year quarter, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season.
Retail, Merchandising, Apparel & Product Licensing revenue was £41.3 million, a decrease of 1.9 percent, over the prior year quarter.
Broadcasting revenue for the quarter was £62.3 million, an increase 1.1 percent over the prior year quarter, due to the men’s first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League’s latest international broadcasting rights cycle. These increases are mostly offset by the men’s first team not participating in UEFA competitions this year, compared to the UEFA Europa League in the prior year.
Matchday revenue for the quarter was £49.5 million, a decrease of £2.5 million, or 4.8 percent, over the prior year quarter, primarily due to playing three fewer home cup matches in the current quarter, compared to the prior year quarter, partially offset by improved performance of our matchday revenue function over the seven league home matches played.
Operating profit for the quarter was £19.6 million, compared with operating income of £3.1 million in the second quarter of fiscal 2025. Earnings benefited from reduced operating expenses due to the club’s cost reduction programs and reduced matchday costs due to playing three fewer home matches in the current year quarter, compared to the prior year quarter.
Adjusted EBITDA increased 7.8 percent to £76.0 million, up from £70.5 million in the second quarter of fiscal 2025.
Net earnings were £4.2 million against a loss of £27.7 million. On an adjusted basis, earnings were £4.1 million against a loss of £6.2 million.
Manchester United’s men’s first team is currently positioned fourth in the Premier League; its women’s first team is currently second in the Women’s Super League.
Omar Berrada, CEO, commented, “We are now seeing the positive financial impact of our off-pitch transformation materialize both in our costs and profitability. We continue to take a football-first approach and invest in both our men’s and women’s first teams. On the pitch, our men’s team sits fourth in the Premier League, and our women’s team is second in the Women’s Super League, as well as reaching the League Cup Final and the quarter-final of the UEFA Women’s Champions League. Today’s results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our Men’s and Women’s teams.”
Outlook
For fiscal 2026, the company reiterates its full-year revenue guidance of £640 million to £660 million and adjusted EBITDA guidance of £180 million to £200 million. The club noted in a media release that it “remains in compliance with the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.”
Image courtesy Manchester United
