Manchester United have reported record annual revenue of £677.6 million despite playing no European football during the 2025/26 season, but the financial milestone has been overshadowed by a £43 million pre-tax loss and a sharp increase in the club’s borrowing.

The results for the financial year ended June 30, 2026, released on Wednesday, September 23, show that United’s revenue increased by 1.7 per cent from the previous record of £666.5 million set in 2025.

United’s broadcasting revenue jumped by almost 20 per cent after the team finished third in the Premier League, a dramatic improvement on the 15th-place finish recorded the previous season. The result also secured Champions League football for the 2026/27 campaign.

However, commercial and matchday revenue each fell by about five per cent, largely reflecting the loss of European fixtures and the additional matchday income they generate.

At operating level, United recorded a significant improvement. The club moved from an £18.4 million operating loss in the previous financial year to an operating profit of £22.6 million.

Adjusted EBITDA also reached a record £216.4 million, representing an 18.4 per cent increase, while the wage bill fell by about 3.6 per cent to approximately £301 million.

The improvement came amid an extensive cost-cutting and restructuring programme associated with the club’s new ownership structure and the influence of minority shareholder Sir Jim Ratcliffe.

Despite the stronger operating performance, however, United’s bottom line remained under pressure.

Net finance costs more than tripled to around £70 million, with higher interest expenses, refinancing costs and foreign-exchange movements contributing to the increase. The financing burden effectively wiped out much of the improvement achieved at operating level.

United subsequently recorded a £43 million pre-tax loss, compared with a £33 million loss the previous year. It marked another annual deficit for a club that continues to carry substantial borrowing.

Non-current borrowings increased from £471.9 million to £577.6 million during the year, keeping the club’s debt position firmly in focus and continuing a long-running debate over the financial legacy of the Glazer ownership era.

The accounts also include £8.2 million in exceptional costs, with a significant portion linked to the mid-season departure of manager Ruben Amorim. Amorim was replaced by Michael Carrick.

One of the biggest developments revealed alongside the financial results was United’s acquisition of a 25-acre site near Old Trafford for £63.5 million.

The land, purchased from Indurent, forms part of the proposed site for a new stadium that could accommodate around 100,000 supporters.

United chief executive Omar Berrada described the acquisition as a major milestone towards the club’s plans for a new stadium, which is expected to cost more than £2 billion and be privately financed.

The club has indicated that the refinancing used to complete the land purchase will not reduce the transfer budget available to the football operation.

The proposed stadium forms part of a wider regeneration project around Old Trafford and could become one of the largest sporting infrastructure developments in the United Kingdom.

United are entering the new financial year with an additional source of revenue after returning to the Champions League.

The club expects revenue for the current financial year to reach between £740 million and £760 million, while adjusted EBITDA is forecast at between £205 million and £225 million.

The latest accounts therefore present a mixed financial picture for the Premier League giants. United have achieved their highest-ever annual revenue, returned to operating profitability, reduced their wage bill and secured a place in the Champions League.

At the same time, the club remains loss-making at the pre-tax level, finance costs have risen sharply and non-current borrowings have increased significantly.

With Champions League football returning and plans for a new 100,000-capacity stadium gathering momentum, Manchester United’s financial performance will remain closely watched as the club attempts to balance major investment in its future with the need to control costs and manage its debt.

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Manchester United have reported record annual revenue of £677.6 million despite playing no European football during the 2025/26 season, but the financial milestone has been overshadowed by a £43 million pre-tax loss and a sharp increase in the club’s borrowing.

The results for the financial year ended June 30, 2026, released on Wednesday, September 23, show that United’s revenue increased by 1.7 per cent from the previous record of £666.5 million set in 2025.

The figures underline the strength of the club’s commercial operation despite the absence of European competition and a training-kit sponsor during the campaign.

United’s broadcasting revenue jumped by almost 20 per cent after the team finished third in the Premier League, a dramatic improvement on the 15th-place finish recorded the previous season. The result also secured Champions League football for the 2026/27 campaign.

However, commercial and matchday revenue each fell by about five per cent, largely reflecting the loss of European fixtures and the additional matchday income they generate.

At operating level, United recorded a significant improvement. The club moved from an £18.4 million operating loss in the previous financial year to an operating profit of £22.6 million.

Adjusted EBITDA also reached a record £216.4 million, representing an 18.4 per cent increase, while the wage bill fell by about 3.6 per cent to approximately £301 million.

The improvement came amid an extensive cost-cutting and restructuring programme associated with the club’s new ownership structure and the influence of minority shareholder Sir Jim Ratcliffe.

Despite the stronger operating performance, however, United’s bottom line remained under pressure.

Net finance costs more than tripled to around £70 million, with higher interest expenses, refinancing costs and foreign-exchange movements contributing to the increase. The financing burden effectively wiped out much of the improvement achieved at operating level.

United subsequently recorded a £43 million pre-tax loss, compared with a £33 million loss the previous year. It marked another annual deficit for a club that continues to carry substantial borrowing.

Non-current borrowings increased from £471.9 million to £577.6 million during the year, keeping the club’s debt position firmly in focus and continuing a long-running debate over the financial legacy of the Glazer ownership era.

The accounts also include £8.2 million in exceptional costs, with a significant portion linked to the mid-season departure of manager Ruben Amorim. Amorim was replaced by Michael Carrick.

One of the biggest developments revealed alongside the financial results was United’s acquisition of a 25-acre site near Old Trafford for £63.5 million.

The land, purchased from Indurent, forms part of the proposed site for a new stadium that could accommodate around 100,000 supporters.

United chief executive Omar Berrada described the acquisition as a major milestone towards the club’s plans for a new stadium, which is expected to cost more than £2 billion and be privately financed.

The club has indicated that the refinancing used to complete the land purchase will not reduce the transfer budget available to the football operation.

The proposed stadium forms part of a wider regeneration project around Old Trafford and could become one of the largest sporting infrastructure developments in the United Kingdom.

United are entering the new financial year with an additional source of revenue after returning to the Champions League.

The club expects revenue for the current financial year to reach between £740 million and £760 million, while adjusted EBITDA is forecast at between £205 million and £225 million.

The latest accounts therefore present a mixed financial picture for the Premier League giants. United have achieved their highest-ever annual revenue, returned to operating profitability, reduced their wage bill and secured a place in the Champions League.

At the same time, the club remains loss-making at the pre-tax level, finance costs have risen sharply and non-current borrowings have increased significantly.

With Champions League football returning and plans for a new 100,000-capacity stadium gathering momentum, Manchester United’s financial performance will remain closely watched as the club attempts to balance major investment in its future with the need to control costs and manage its debt.

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