Manchester United (MANU) Q3 2025 earnings summary

Executive summary

• Men's team reached UEFA Europa League final but finished 15th in Premier League; women's team finished 3rd in WSL, qualifying for UEFA Women's Champions League, and reached FA Cup and World Sevens finals.

• Announced plans for a new 100,000-seat stadium and continued £50m investment in Carrington training facility.

• Transformation plan underway to improve financial sustainability and operational efficiency.

Financial highlights

• Total revenue for Q3 FY25 was £160.5m, up 17.4% year-over-year, driven by increased matches and hospitality demand.

• Operating profit of £0.7m, compared to a £66.2m loss in Q3 FY24; Adjusted EBITDA rose 273.7% to £51.2m.

• Net loss for the quarter was £2.7m, a 96.2% improvement year-over-year; adjusted net loss was £5.5m.

• Matchday revenue surged 50.3% to £44.5m; commercial revenue up 7.3% to £74.7m; broadcasting revenue up 10.1% to £41.3m.

• Operating expenses fell 20.4% to £162.1m, with employee benefit expenses down 21.9%.

Outlook and guidance

• FY25 revenue guidance tightened to £660m–£670m, with expectations to reach the higher end.

• Adjusted EBITDA guidance raised to £180m–£190m.

• Club remains compliant with Premier League and UEFA financial regulations.