Manchester United [MANU] is scheduled to report its Q4 earnings for the fiscal year ended June 2026 on 23 September.
Despite not participating in lucrative European competitions in the 2025/26 season, Manchester United has forecast fiscal 2026 revenue of £655m-665m to be close to flat compared to the year-ago period.
The UK football club has used its expansive marketing reach to increase revenue earned from retail, merchandising, apparel and licensing to make up the shortfall.
Investors will now be watching whether a return to the UEFA Champions League and cost-cutting measures undertaken over the past two years has put the club on a path to profitability, and whether it can balance its books to finance a new 100,000-seat stadium.
What to look forward to from MANU’s Q4 earnings
Path to profitability
Manchester United came under the stewardship of co-owner Sir Jim Ratcliffe after he acquired a 27.7% minority stake in February 2024. Since then, United cut 250 jobs in 2024 and another 150 to 200 roles in 2025 to “renew the club”, which has reported consecutive annual losses since 2019.
The cost-cutting measures resulted in a 29% year-on-year jump in adjusted EBITDA to £187.5m in the nine months ended 31 March 2026, while net loss for the period narrowed to £14.3m from £29.1m reported a year ago.
In May, MANU raised its full-year fiscal 2026 adjusted EBITDA guidance from a previous range of £180m-200m to £200m-210m, highlighting increased operational efficiencies at the club.
With much of the initial benefit from cost-cutting now reflected in the expense base, the focus is shifting to how much further United can improve profitability through revenue growth. Fiscal 2027 guidance will therefore be closely watched.
The club should benefit from higher matchday and broadcasting revenue following its return to the Champions League for the 2026/2027 season, as well as retaining £10m from sponsors Adidas [ADDYY] as a result of qualifying for Europe’s elite competition.
Revenue growth drivers
Retail, merchandising, apparel and product licensing revenue has been a growth driver for Manchester United, following the launch of a direct-to-consumer online platform in late 2024. Developed in partnership with enterprise e-commerce solutions provider SCAYLE, the platform offers mobile-first shopping, local language and currency support, and global logistics.
In Q3, MANU reported a 36.3% y/y increase in retail, merchandising, apparel and product licensing revenue to £43.9m.
Manchester United has also increasingly used technology partnerships to monetise its brand and intellectual property. In 2025, DXC Technology [DXC] helped the club bring digital services including live match updates, tickets and online shopping into a single mobile app. In 2024, shirt sponsor Qualcomm [QCOM] introduced QR codes on the front of Manchester United’s kits for fans to access exclusive digital content.
As for the use of data analysis, the BBC reported that the appointment of former Mercedes F1 team engineer Michael Sansoni as Manchester United’s Director of Data & AI in 2025 has revamped the club’s data capabilities, which are being used across recruitment, training and performance.
100,000-seat stadium plans amid high debt
In November 2025, Manchester United announced plans to build a new 100,000-seat stadium as a part of a wider regeneration plan of the Old Trafford area led by the Old Trafford Regeneration Mayoral Development Corporation.
The club updated fans and investors in June that it had secured a 25-acre site, located about 350 metres from the existing Old Trafford stadium.
Going into the Q4 earnings, investors will be eager to learn about the purchase price of the site, expected stadium construction budget and the club’s expected share of the development cost.
So far, Manchester United has yet to disclose any financial details related to the proposed 100,000-seat stadium. Any update during its Q4 earnings will be closely watched given the club’s existing debt levels.
As of 31 March, the club’s total debt stood at £1.03bn, including £144.4m in transfer fees payable. Other items included £320.9m in senior secured notes, £169m from a secured term loan, and £400m from a revolving credit facility of which £260m had been drawn. The BBC estimated Manchester United’s overall debt at £1.3bn.
Comparing newly built stadiums across England, Liverpool-based Everton FC’s new 52,888-seater Hill Dickinson Stadium – built between 2021 and 2024 – was estimated to cost between £750m-800m, according to The Guardian. London-based Tottenham Hotspur, meanwhile, disclosed that its 62,000-seat stadium – opened in 2019 – cost about £1.2bn.
MANU share price: Champions League qualification sparks three-year high
Manchester United’s New York-listed shares have jumped over 25.62% year-to-date, as of 16 September, after the club finished third in the English Premier League, securing Champions League qualification.
According to the BBC, clubs participating in the Champions League league phase receive £16.1m each. An additional £1.8m per win and £600,000 for each draw were also distributed.
On 14 August, MANU stock climbed to a three-year high of $24.19. Coincidentally, the club finished third in the English Premier League in the 2022/23 season.
Since this multi-year high, MANU stock has fallen 17.3% to $20.00, as of 16 September, ahead of its Q4 earnings announcement.
Sporting peers: MANU vs MSGS vs TKO
Madison Square Garden Sports [MSGS] is a sports company that owns National Basketball Association (NBA) team the New York Knicks. In 2026, the Knicks won the NBA championship for the first time in 50 years. The company also owns National Hockey League team the New York Rangers, which it plans to spin off by the end of 2026.
TKO Group [TKO] is a sports and entertainment company that owns mixed martial arts organisation UFC and professional wrestling organisation WWE. The company also owns media rights management and distribution agency IMG.
Here is how the three stocks compare, as of the 16 September close:
| MANU | MSGS | TKO |
Market cap | $3.45bn | $9.48bn | $36.42bn |
P/S ratio | 3.82 | 8.22 | 6.87 |
Forward P/E ratio | N/A | N/A | 36.55 |
Debt/EBITDA | 3.5 | 9.98 | 3.02 |
Estimated sales growth (Current fiscal year) | -0.15% | -6.22% | 22.88% |
Estimated sales growth (Next fiscal year) | 13.30% | 3.79% | 0.98% |
Sources: Stockanalysis.com; Yahoo Finance
MANU stock: The investment case
The bull case for Manchester United: Champions League football
Performance on the pitch translates directly into income for Manchester United. A 12-place improvement in 2025/26’s Premier League compared to the previous season secured a position in the Champions League, which should bring higher matchday, broadcasting, sponsorship and competition revenue.
Manchester United has also used technology and partnerships to monetise its global fan base, while job cuts have lifted adjusted EBITDA and improved its path to profitability.
The bear case for Manchester United: High debt
Plans to build a new 100,000-seat stadium come amid concerns of ballooning debt, which stood at over £1bn – including transfer fees payable and revolving credit facility – at the end of March.
Debt financing is becoming more expensive as major central banks including the US Federal Reserve and the European Central Bank pursue monetary tightening paths in 2026.
Conclusion
Manchester United enters Q4 earnings with improving profitability. Market focus will be on its fiscal 2027 outlook as investors look for continued commercial revenue growth to couple with higher expected matchday and broadcast revenue from a return to European football.
Updates on the proposed 100,000-seat stadium could also take centre stage, given the potential cost and the club’s existing debt levels.
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