The club's profitability remains structurally impaired, with direct costs frequently exceeding revenue, as demonstrated by the -26.8% gross margin recorded in 2024Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 |
|---|
| Sales/Revenue | 677.79M | 628.49M | 658.15M | 615.7M | 638.56M | 481.07M | 514.18M | 640.31M | 603.72M | 569.05M | 572.93M | 398.18M | 413.08M | 372.43M | 324.98M | 328.01M | 298.98M | 271.65M |
| Revenue Growth % | 5.82% | -4.51% | 6.9% | -3.58% | 32.74% | -6.44% | -19.7% | 6.06% | 6.09% | -0.68% | 43.89% | -3.61% | 10.92% | 14.6% | -0.92% | 9.71% | 10.06% | - |
| Cost of Goods Sold | 508.68M | 652.68M | 713.37M | 642.56M | 729.38M | 521.79M | 522.37M | 591.62M | 571.58M | 498.93M | 477.19M | 384.89M | 343.17M | 308.8M | 275.36M | 264.02M | 240.68M | 224.89M |
| COGS % of Revenue | - | 103.85% | 108.39% | 104.36% | 114.22% | 108.46% | 101.59% | 92.4% | 94.68% | 87.68% | 83.29% | 96.66% | 83.08% | 82.92% | 84.73% | 80.49% | 80.5% | 82.79% |
| Gross Profit | 169.11M | -24.19M | -55.22M | -26.86M | -90.82M | -40.71M | -8.19M | 48.69M | 32.14M | 70.12M | 95.74M | 13.28M | 69.91M | 63.62M | 49.63M | 63.99M | 58.3M | 46.76M |
| Gross Margin % | 24.95% | -3.85% | -8.39% | -4.36% | -14.22% | -8.46% | -1.59% | 7.6% | 5.32% | 12.32% | 16.71% | 3.34% | 16.92% | 17.08% | 15.27% | 19.51% | 19.5% | 17.21% |
| Gross Profit Growth % | - | 56.2% | -105.59% | 70.42% | -123.09% | -396.85% | -116.83% | 51.51% | -54.17% | -26.77% | 620.75% | -81% | 9.88% | 28.21% | -22.45% | 9.75% | 24.69% | - |
| Operating Expenses | 180.18M | 960.87K | 1.14M | 1.1M | 1.48M | 1.31M | 1.73M | 2.75M | 2.74M | 3.59M | 4.1M | 3.3M | 2.93M | 3.64M | 2.6M | 1.63M | 2.02M | 1.54M |
| OpEx % of Revenue | - | 0.15% | 0.17% | 0.18% | 0.23% | 0.27% | 0.34% | 0.43% | 0.45% | 0.63% | 0.72% | 0.83% | 0.71% | 0.98% | 0.8% | 0.5% | 0.68% | 0.57% |
| Selling, General & Admin | 991.55K | 960.87K | 1.14M | 1.1M | 1.48M | 1.31M | 1.73M | 2.75M | 2.74M | 3.59M | 4.1M | 3.3M | 2.93M | 3.64M | 2.6M | 1.63M | 2.02M | 1.54M |
| SG&A % of Revenue | - | 0.15% | 0.17% | 0.18% | 0.23% | 0.27% | 0.34% | 0.43% | 0.45% | 0.63% | 0.72% | 0.83% | 0.71% | 0.98% | 0.8% | 0.5% | 0.68% | 0.57% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -11.07M | -25.15M | -56.37M | -27.96M | -92.3M | -42.02M | -9.93M | 45.94M | 29.39M | 66.53M | 91.65M | 9.98M | 66.98M | 59.98M | 47.03M | 62.36M | 56.28M | 45.22M |
| Operating Margin % | -1.63% | -4% | -8.56% | -4.54% | -14.45% | -8.73% | -1.93% | 7.17% | 4.87% | 11.69% | 16% | 2.51% | 16.21% | 16.11% | 14.47% | 19.01% | 18.82% | 16.65% |
| Operating Income Growth % | - | 55.38% | -101.59% | 69.7% | -119.65% | -323.32% | -121.61% | 56.29% | -55.82% | -27.41% | 818.27% | -85.1% | 11.67% | 27.54% | -24.59% | 10.8% | 24.47% | - |
| EBITDA | 214.99M | 175.79M | 148.88M | 148.9M | 88.91M | 93.39M | 132.65M | 189.62M | 181.92M | 198.25M | 200.57M | 120.83M | 127.97M | 110.72M | 93.44M | 108.12M | 107.14M | 90.68M |
| EBITDA Margin % | 31.72% | 27.97% | 22.62% | 24.18% | 13.92% | 19.41% | 25.8% | 29.61% | 30.13% | 34.84% | 35.01% | 30.34% | 30.98% | 29.73% | 28.75% | 32.96% | 35.84% | 33.38% |
| EBITDA Growth % | 25.84% | 18.07% | -0.01% | 67.48% | -4.8% | -29.59% | -30.05% | 4.23% | -8.24% | -1.16% | 66% | -5.58% | 15.58% | 18.5% | -13.58% | 0.91% | 18.15% | - |
| D&A (Non-Cash Add-back) | 226.07M | 200.94M | 205.25M | 176.86M | 181.2M | 135.41M | 142.57M | 143.68M | 152.53M | 131.73M | 108.92M | 110.85M | 60.99M | 50.74M | 46.41M | 45.76M | 50.86M | 45.46M |
| EBIT | -9.84M | -25.15M | -56.37M | -27.96M | -92.3M | -42.02M | -9.93M | 45.94M | 29.39M | 66.53M | 91.65M | 9.98M | 66.98M | 59.98M | 47.03M | 62.36M | 56.28M | 45.22M |
| Net Interest Income | -59.66M | -34.22M | -36.89M | -32.26M | -25.95M | -19.42M | -20.08M | -17.7M | -18.84M | -19.74M | -20.89M | -33.92M | -22.35M | -69.61M | -44.35M | -66.45M | -80.77M | -66.82M |
| Interest Income | 8.85M | 3.16M | 1.68M | 691.28K | 158.76K | 2.92K | 1.37M | 2.88M | 1.27M | 720.6K | 491.39K | 205.55K | 244.13K | 1.31M | 790.34K | 1.69M | 1.79M | 1.28M |
| Interest Expense | 68.51M | 37.38M | 38.57M | 32.95M | 26.11M | 19.42M | 21.45M | 20.58M | 20.12M | 20.46M | 21.38M | 34.13M | 22.59M | 70.92M | 45.14M | 68.14M | 82.56M | 68.11M |
| Other Income/Expense | -10.68M | -12.25M | -73.64M | -2.97M | -71.53M | 18.63M | -11.1M | -17.88M | -2.95M | -11.17M | -37.36M | -13.57M | -28.35M | -69M | -51.76M | -50.48M | -102.5M | -39.26M |
| Pretax Income | -21.75M | -37.4M | -130.01M | -30.93M | -163.83M | -23.39M | -21.03M | 28.05M | 26.44M | 55.36M | 54.29M | -3.59M | 38.63M | -9.02M | -4.73M | 11.88M | -46.22M | 5.95M |
| Pretax Margin % | -3.21% | -5.95% | -19.75% | -5.02% | -25.66% | -4.86% | -4.09% | 4.38% | 4.38% | 9.73% | 9.48% | -0.9% | 9.35% | -2.42% | -1.46% | 3.62% | -15.46% | 2.19% |
| Income Tax | -3.66M | -6.26M | -17.47M | -3.7M | -37.35M | 66.39M | 2.44M | 8.78M | 64.96M | 17M | 13.85M | -2.69M | 15.9M | -159.16M | -28.38M | -975.8K | 3.35M | 823.3K |
| Effective Tax Rate % | 16.8% | 16.74% | 13.44% | 11.96% | 22.8% | -283.8% | -11.6% | 31.28% | 245.66% | 30.71% | 25.52% | 74.91% | 41.15% | 1765.18% | 599.85% | -8.21% | -7.25% | 13.83% |
| Net Income | -18.1M | -31.14M | -112.54M | -27.23M | -126.47M | -89.78M | -23.47M | 19.28M | -38.52M | 38.36M | 40.44M | -901.8K | 22.73M | 149.97M | 23.32M | 12.52M | -49.85M | 5.21M |
| Net Margin % | -2.67% | -4.95% | -17.1% | -4.42% | -19.81% | -18.66% | -4.56% | 3.01% | -6.38% | 6.74% | 7.06% | -0.23% | 5.5% | 40.27% | 7.18% | 3.82% | -16.67% | 1.92% |
| Net Income Growth % | 72.55% | 72.33% | -313.28% | 78.47% | -40.87% | -282.58% | -221.73% | 150.05% | -200.42% | -5.14% | 4583.86% | -103.97% | -84.84% | 543.08% | 86.3% | 125.11% | -1056.49% | - |
| Net Income (Continuing) | -18.1M | -31.14M | -112.54M | -27.23M | -126.47M | -89.78M | -23.47M | 19.28M | -38.52M | 38.36M | 40.44M | -901.8K | 22.73M | 150.14M | 23.65M | 12.86M | -49.57M | 5.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M | -2.33M | -2.67M | -2.94M |
| EPS (Diluted) | -0.11 | -0.19 | -0.68 | -0.18 | -0.71 | -0.57 | -0.14 | 0.11 | -0.23 | 0.24 | 0.22 | -0.01 | 0.15 | 0.90 | 0.15 | 0.08 | -0.31 | 0.03 |
| EPS Growth % | 72.88% | 72.06% | -277.78% | 74.65% | -24.56% | -307.14% | -227.27% | 147.83% | -195.83% | 9.09% | - | -103.67% | -83.33% | 500% | 84.28% | 126.26% | -1001.16% | - |
| EPS (Basic) | - | -0.19 | -0.68 | -0.18 | -0.71 | -0.57 | -0.14 | 0.11 | -0.23 | 0.24 | 0.22 | -0.01 | 0.15 | 0.90 | 0.15 | 0.08 | -0.31 | 0.03 |
| Diluted Shares Outstanding | 172.43M | 172.61M | 165.34M | 163.06M | 163M | 162.94M | 164.25M | 164.67M | 164.61M | 164.49M | 164.32M | 164.13M | 163.89M | 162.9M | 153.24M | 155.35M | 155.35M | 155.35M |
| Basic Shares Outstanding | 172.43M | 170.93M | 165.34M | 163.06M | 163M | 162.94M | 164.25M | 164.53M | 164.19M | 164.03M | 163.89M | 163.79M | 163.81M | 162.9M | 153.24M | 155.35M | 155.35M | 155.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 121% | - | 60.73% | 49.67% | - | - | - | 42.88% | - | - | - |
Wage-to-revenue structural imbalance
As reported in recent financial filings, Manchester United's revenue trajectory remains highly inconsistent, characterized by a 21.3% growth rate in 2026Q3 following a 7.7% contraction in 2026Q2, reflecting the inherent seasonality and broadcasting volatility typical of the club's current commercial and sporting performance cycles.
The revenue fluctuations suggest a heavy reliance on the timing of matchday events and broadcasting distributions rather than a steady, organic growth engine. Investors should monitor whether the recent 21.3% growth in 2026Q3 represents a sustainable shift in commercial monetization or merely a favorable seasonal anomaly in the club's reporting calendar.
Based on the provided income statement data, the club's gross margin profile is frequently negative, reaching a low of -26.8% in 2024Q3, which indicates that the direct costs of maintaining the playing squad consistently outpace the revenue generated from core matchday and broadcasting activities.
This persistent margin compression suggests that the club's current cost structure is fundamentally misaligned with its revenue-generating capacity. The inability to maintain positive gross margins across multiple quarters implies that the 'legacy flywheel' is currently insufficient to cover the escalating costs of elite talent acquisition and retention.
According to the historical income statement data, the club's cost structure is dominated by high direct expenses, with COGS frequently exceeding revenue, which suggests that player wage inflation is effectively cannibalizing the commercial revenue gains that management has historically been able to secure through global partnerships.
The lack of expense discipline, evidenced by the recurring negative operating income, highlights the difficulty of managing a high-fixed-cost sports asset in a competitive transfer market. Without a structural reduction in the wage-to-revenue ratio, the club may continue to struggle with profitability regardless of its top-line commercial success.
While the club maintains a strong global brand, the income statement data suggests that the 'scarcity premium' may be masking underlying operational decay, as evidenced by the consistent net losses and the inability to achieve sustained positive operating margins over the last ten reported quarters.
Short-sellers would likely focus on the disconnect between the club's valuation and its inability to generate consistent bottom-line earnings. The reliance on non-operating items to occasionally bolster net income warrants further investigation into whether the core business model is capable of self-funding its necessary infrastructure and squad investments.
Quick answers to the most common questions about buying MANU stock.
For fiscal year 2025, Manchester United plc (MANU) reported total revenue of $628.5M. This represents a 131.4% increase compared to $271.6M in 2009.
Manchester United plc (MANU) reported a net loss of $31.1M for the fiscal year ending 2025.
Manchester United plc (MANU) reported an operating income of $-25.2M, resulting in an operating profit margin of -4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Manchester United plc (MANU) generated $-24.2M in gross profit for the year, representing a gross profit margin of -3.8%. This demonstrates the company's core pricing power and production efficiency.