Manchester United’s (NYSE: MANU) most recent quarterly earnings report (Q2, 2025) highlighted the financial status of Manchester United in the second fiscal quarter of 2025. The report illustrates the status of Manchester United’s men’s and women’s teams, respectively, as stated in the report that “the Men’s first team reached the round of 16 of both the UEFA Europa League and the FA Cup while the Women’s team reached the Quarter-Finals of the Women’s FA Cup.” This shows that the men’s team has some improvement to do in their overall performance and standing in the league, where the women’s team is in a good position overall. The club also shared information about player acquisitions, contract extensions, and players who are on loan, giving an overall status update about their rosters to their shareholders.
Additionally, the report highlights that total revenue for the club declined by 12% in the quarter. This loss was primarily due to a 42.1% decline in broadcast revenue as Manchester United was no longer broadcast in the UEFA Champions League, but instead was broadcast in the UEFA Europa League. Still, there was a commercial revenue growth of 18.5% due to a partnership with Snapdragon and e-commerce platform conversion. Additionally, matchday revenue grew by 9.2% from the previous year due to ticket sales, hospitality, and membership growth.
The media had a mostly negative sentiment towards this quarterly earnings report. Sportico highlighted in an article how “the [team’s] poor start to the season triggered the club to fire manager Erik ten Hag in October just four months after he signed a new contract. United’s financial report highlighted the cost of firing ten Hag and his staff as an exceptional item of £14.5 million ($18.3 million).” The BBC illustrated how fans of the team are upset at the perceived financial mismanagement, stating that “a Manchester United supporters’ group says fans must not ‘pay the price’ for the club’s financial ‘mismanagement’ after the Red Devils announced revenues decreased by 12% in the last financial quarter.” BBC also highlighted that this drop in earnings and “mismanagement” came at a time when the club was raising matchday prices for everyone, even children and seniors. Sports Business Journal also highlighted fans’ feelings that the team has been “mismanaged,” as well as how the club’s staff feels like they’re also paying the price for management mistakes.
Additionally, The Athletic took a slightly more fact-based approach to their reporting of this quarterly earnings report, focusing on Manchester United’s outstanding transfer debt and the overall debt of the club. They highlighted that their outstanding transfer debt was about 300 million pounds and that their overall separate financial debt is 731 million pounds. Though their approach was more neutral and fact-based than BBC’s, Sports Business Journal’s or Sportico’s, the facts that they highlighted did not paint a positive picture for Manchester United.
Reuters highlighted that despite the overall net loss of revenue for the company, “the Premier League soccer club, however, forecast an annual adjusted core profit at the top end of the club’s previous range of 145 million pounds to 160 million pounds, while keeping its full-year revenue forecast unchanged.” Which is a slightly more positive look at the club’s financial performance than the other articles took.
Despite the mostly negative media sentiment about Manchester United’s Q2 2025 Earnings Report, financial analysts still maintain a buy or moderate buy rating. UBS analysts state that they “maintain a buy rating on Manchester United shares despite a gloomy short-term forecast. While the club faces its worst Premier League finish, UBS projects potential revenue growth through Champions League qualification and stadium redevelopment, estimating future earnings could rise to £800m annually.” Gurufocus states that “from a financial analyst’s viewpoint, Manchester United’s Q2 2025 results highlight the company’s ability to leverage its brand for commercial success, as evidenced by the significant growth in commercial revenue. However, the decline in broadcasting revenue and the overall net loss indicate challenges in maintaining profitability, particularly when not competing in the top-tier UEFA Champions League. The increase in net finance costs due to foreign exchange losses further exacerbates the financial strain. The company’s strategic investments in infrastructure and partnerships are positive long-term moves, but immediate financial performance remains under pressure.”
Overall, based on the media and financial analysts statements as well as Manchester United’s own report, the club is not currently in a positive financial position but has an opportunity to turn it around if management makes smart financial decisions going forward.