Manchester United lost £43m in 2025/26 even though revenue hit a record £677.6m. The main figures, why the summer spend was higher than announced, and the turf that has fans talking.
Manchester United have reported a loss for the seventh year running, even though revenue reached a record high. These are the numbers that matter, using reporting from The Guardian and the Manchester Evening News.
The headline figures for 2025/26
Net loss: £43m, up from £33m the year before. The Guardian says compensation paid to sacked manager Ruben Amorim contributed.
Total losses: £444m since 2019.
Revenue: a record £677.6m, up 1.7%.
Operating profit: £22.6m for the year to 30 June 2026.
Wage bill: £301m, down £11.3m (3.6%) and more than £100m below Manchester City's, The Guardian reports.
Why a record income still means a loss
The cost of borrowing is the main reason. Net finance costs more than tripled to £69.2m from £21.2m, partly because of currency movements and a refinancing. United sources told The Guardian that the refinancing helped fund a £63.5m purchase of land next to Old Trafford for a proposed 100,000-capacity stadium, a project that could cost well over £2bn.
The summer spending: £155m or £191.7m?
The club said it committed £155m to new players in the summer, including add-ons. Stock-exchange filings the next day put the total at £191.7m. The Manchester Evening News says the £36.7m gap is partly explained by agents' fees, the Premier League's 4% levy on transfers and the cost of academy signings. The same filings show United have drawn more on their credit facility since 30 June and that overall debt now stands at about £1.15bn.
Chief executive Omar Berrada told investors that the window was planned "with financial sustainability in mind", a sign that Michael Carrick's budget will stay tight.
The £125 turf cubes
The results came as United began selling 7cm x 7cm keepsakes made from the old Old Trafford pitch for £125 each. The pitch was completely dug up and relaid this summer for the first time in 14 years. This is not a first: in 1999 the club sold a limited-edition paperweight with turf from the previous 11 years, for £45.
What to watch
Borrowing and stadium costs are the two figures to follow. We will report on any new spending and on how the season goes at the Premier League table.
Based on reporting by The Guardian. This article was written by Manchester World.