Manchester United has reported record revenue of £666.5m for the last financial year, but an overall loss of £33m was recorded. The accounts cover the year to 30 June 2025. The club finished 15th in the Premier League in 2024/25, its lowest top-flight finish for 51 years.

Revenue rose by 0.7% to £666.5m, while the operating loss narrowed from £69.3m to £18.4m over the year. Overall losses fell from £113.2m to £33m after co-owner Sir Jim Ratcliffe oversaw broad changes at the club, which he described as having been “gone one off the rails” as a business. He warned United would have gone “bust at Christmas” if they had not taken “really tough decisions”. Chief executive Omar Berrada said the club is moving into the 2025/26 season with plans to improve on and off the field.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at £182.8m, with guidance for this year of £180m–£200m. Broadcasting revenue for the year to 30 June 2025 fell by £48.9m to £172.9m after the men’s team played in the Europa League rather than the Champions League. Employee benefit expenses declined by £51.5m (14.1%) to £313.2m. The club reported record commercial revenues of £333.3m, aided by the front-of-shirt deal with Snapdragon, and record matchday revenues of £160.3m. Exceptional items totalled £36.6m, including severance as part of the transformation plan and payouts to Erik ten Hag and his staff. Debt remained at $650m, with exchange-rate movements reducing the equivalent pound figure to about £471.9m. Looking ahead, United expects next year’s revenue to be between £640m and £660m, and EBITDA to be between £180m and £200m, while emphasising compliance with Premier League Profit and Sustainability Rules and UEFA Financial Fair Play.