Shares of publicly traded Manchester United fell 3% in the first 15 minutes of trading on Wednesday after the club released its full-year fiscal 2026 earnings. The dip came despite the club posting a record revenue figure, a sign that investors were focused on other numbers in the report.
Manchester United reported annual revenue of £677.6 million ($899 million), up 1.7% from the previous year and a new club record. Operating earnings swung from a loss the prior year into a profit of £22.6 million ($30 million). Even so, the bottom line told a different story, with the club reporting a net loss of £43 million ($57 million).
Missing Out On Europe Hurt The Balance Sheet
Management pointed to the men's team's absence from UEFA competition this year as the main drag on the financial results. On the women's side, the club's team finished fourth in the 2025/26 Women's Super League and reached the Quarter-Finals of the Women's Champions League for the first time last year, but those results were not enough to offset the financial hit from the men's team missing out on UEFA football.
There is a silver lining for next season. The men's team finished third in the Premier League and has been promoted back into the UEFA Champions League for 2026/27, which the club expects will improve its financial results going forward.
What Manchester United Is Forecasting Next
Looking ahead to fiscal 2027, Manchester United is guiding for revenue of £740 million to £760 million, an improvement of as much as 12%. The club also told investors to expect adjusted EBITDA of between £205 million and £225 million.
Taken at the midpoint, however, that EBITDA guidance suggests Manchester United could actually earn less this year than last year despite the higher revenue forecast. Management did not provide any guidance on what net earnings might look like for the year ahead.
