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MANU

Manchester United plc

MANU

Manchester United plc • NYSE
$15.90 ▲ 1.79% (+0.28)
Market Cap $2.74 B
52w High $19.65
52w Low $12.05
Dividend Yield 0%
P/E -61.15
Volume 246.14K
Outstanding Shares 172.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $164.185M ▲ $138.019M ▼ $-3.897M ▼ -2.374% ▼ $-0.023 ▼ $40.855M ▼
Q3-2025 $160.564M ▼ $159.857M ▼ $-2.71M ▲ -1.688% ▲ $-0.016 ▲ $60.053M ▲
Q2-2025 $198.7M ▲ $181.077M ▲ $-27.745M ▼ -13.963% ▼ $-0.16 ▼ $55.923M ▼
Q1-2025 $143.065M ▲ $150.033M ▼ $1.329M ▲ 0.929% ▲ $0.008 ▲ $72.795M ▲
Q4-2024 $142.21M $174.623M $-36.276M -25.509% $-0.22 $20.698M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $86.105M ▲ $1.638B ▲ $1.444B ▲ $193.733M ▼
Q3-2025 $73.211M ▼ $1.593B ▼ $1.396B ▼ $197.415M ▲
Q2-2025 $95.542M ▼ $1.6B ▼ $1.404B ▼ $196.714M ▲
Q1-2025 $149.558M ▲ $1.643B ▲ $1.495B ▲ $148.179M ▲
Q4-2024 $73.549M $1.345B $1.2B $144.89M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-3.897M ▼ $100.298M ▲ $-45.005M ▲ $-50.11M ▼ $12.894M ▲ $89.668M ▲
Q3-2025 $-3.057M ▲ $22.317M ▲ $-48.116M ▲ $-102K ▼ $-22.331M ▲ $-30.602M ▲
Q2-2025 $-27.745M ▼ $-63.23M ▼ $-51.083M ▲ $59.922M ▼ $-54.016M ▼ $-70.166M ▲
Q1-2025 $1.628M ▲ $13.317M ▼ $-130.471M ▼ $199.872M ▲ $76.009M ▲ $-150.722M ▼
Q4-2024 $-41.57M $125.857M $-6.126M $-111.631M $6.555M $118.969M

Revenue by Products

Product Q2-2022Q4-2022Q2-2023Q4-2023
Broadcasting
Broadcasting
 $90.00M ▲$130.00M ▲$60.00M ▼$150.00M ▲
Broadcasting Other
Broadcasting Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Commercial
Commercial
 $60.00M ▲$190.00M ▲$80.00M ▼$220.00M ▲
Matchday
Matchday
 $30.00M ▲$80.00M ▲$30.00M ▼$110.00M ▲
Sponsorship
Sponsorship
 $40.00M ▲$110.00M ▲$50.00M ▼$140.00M ▲
Broadcasting Domestic Competitions
Broadcasting Domestic Competitions
 $50.00M ▲$0 ▼$0 ▲$0 ▲
Broadcasting European Competitions
Broadcasting European Competitions
 $40.00M ▲$0 ▼$0 ▲$0 ▲
Retail Merchandising Apparel And Products Licensing
Retail Merchandising Apparel And Products Licensing
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past five years, showing that the commercial engine and fan monetization are working. However, the club still struggles to turn that strong top line into bottom‑line profit. Operating results have been consistently in the red, with losses widening in the recent past before showing some early signs of improvement in the latest year. Underlying cash profitability (at the EBITDA level) is positive and has improved recently, but not enough yet to fully absorb player wages, amortization, and other fixed costs. Overall, this is a business with a powerful revenue base but a cost structure that remains too heavy, keeping net income negative.

Balance Sheet

Balance Sheet The asset base has grown, helped by investments in the squad, infrastructure, and intangibles, which reinforces the long-term franchise but also adds balance‑sheet complexity. Equity had been eroding for several years due to repeated losses, but it has started to recover, though it remains relatively thin compared with the size of the business. Debt is significant and has ticked up again, meaning the company is meaningfully leveraged and sensitive to interest costs and refinancing conditions. Cash on hand is modest but not collapsing, suggesting some flexibility but not a large safety buffer. In short, the balance sheet supports ongoing operations but carries notable leverage and relies on sustained cash generation to remain comfortable.

Cash Flow

Cash Flow The core business has been consistently generating cash from operations, which is a positive sign that the underlying franchise is cash‑generative even when accounting profits are negative. Historically, heavy spending on infrastructure and other investments has pushed free cash flow into negative territory, showing a pattern of reinvesting more than the business generates. In the most recent year, free cash flow turned positive, largely because investment spending stepped down, not because operating cash suddenly surged. That improvement is encouraging but may not be permanent if major projects, such as stadium redevelopment, ramp up. Overall, cash flows show a solid core engine with large, sometimes lumpy, investment needs that can easily swing free cash flow up or down.

Competitive Edge

Competitive Edge Manchester United operates with one of the strongest brands in global sport, backed by a vast, highly engaged fanbase and deep history. This brand power underpins diversified income from sponsorships, broadcasting, licensing, retail, and matchday activities, giving the club multiple ways to monetize attention. Its own media and digital platforms, plus global commercial partnerships, help it remain front‑of‑mind with fans and sponsors, even during periods of weaker on‑field performance. The main pressures come from intense competition with other elite clubs, fast‑evolving media consumption habits, escalating player and wage costs, and the constant expectation of sporting success. Despite these challenges, the combination of heritage, scale, and commercial reach provides a substantial, hard‑to‑replicate moat.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional R&D and more about digital engagement, data, and new fan experiences. The club has leaned into a digital‑first strategy with its app, website, and direct‑to‑consumer media, supported by technology partners that help with analytics and personalization. Experiments with augmented reality, blockchain, enhanced connectivity, and new e‑commerce models are aimed at deepening engagement and opening fresh revenue channels. Plans for a major stadium redevelopment and continued build‑out of the women’s team represent large, strategic bets that combine brand, infrastructure, and growth in emerging segments. The opportunity is meaningful, but execution risk is high, especially given the capital intensity and the need to align sporting, financial, and fan expectations.

Summary

Financially, Manchester United shows the profile of a powerful global franchise that still has not fully translated its brand strength into consistent profits. Revenue and underlying cash earnings are solid and improving, yet structural costs and investment needs keep reported earnings weak and the balance sheet relatively leveraged. Cash generation from operations is steady, but big strategic projects can quickly absorb that cash, making capital allocation and financing choices critical. Competitively, the club enjoys one of the strongest moats in global sport, anchored in its brand, fanbase, and diversified commercial model, and it is actively investing in digital, infrastructure, and new formats like women’s football to extend that edge. The key uncertainties revolve around execution of the transformation plan, control of costs (especially wages and capital projects), and maintaining sporting and fan momentum while pursuing ambitious long‑term investments.

NEWS

September 17, 2025 · 7:00 AM UTC

Manchester United PLC Reports Fourth Quarter and Full Year Fiscal 2025 Results

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September 12, 2025 · 7:00 AM UTC

Manchester United plc Announces Fourth Quarter Fiscal 2025 Earnings Report Date

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