Manchester United (NYSE:MANU) saw its shares drop nearly 8% in pre-market trading on Wednesday following the release of its latest financial results, marking the club’s sixth straight annual net loss.
For the fiscal year ending June 30, the Premier League club reported a net loss of £33 million ($45 million), an improvement from the previous year’s £113.2 million deficit. Quarterly revenue for Q4 rose 15.4% year-over-year to £164.1 million, pushing total fiscal 2025 revenues to a record £666.5 million.
Commercial revenue contributed significantly, reaching £88.2 million in Q4 and £333.3 million for the full year. Adjusted EBITDA for the year was £182.8 million, while the operating loss narrowed to £18.4 million from £69.3 million a year earlier. Adjusted basic loss per share improved to 3.16 pence from 15.79 pence in the prior-year period.
“As we settle into the 2025/26 season, we are working hard to improve the club in all areas,” said CEO Omar Berrada. “Our commercial business remains strong as we continue to deliver appealing products and experiences for our fans, and best-in-class value to our partners.”
Looking ahead, the club projects revenues for fiscal 2026 in the range of £640 million to £660 million, slightly below last year’s record. Adjusted EBITDA guidance is set between £180 million and £200 million.
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