Manchester United posted an operating profit of £32.6m for the six months ending 31 December 2025, up from a loss of £3.9m in the same period last year.
Chief Executive Omar Berrada said the club’s “off-pitch transformation” is starting to pay off, with improved financial performance reflecting cost-cutting and operational efficiency.
However, the club’s debt continues to climb. United drew an additional £25m on their rolling credit facility, now at £295.7m. Combined with legacy debt from the Glazer family takeover and outstanding transfer fees exceeding £500m, total liabilities reached £1.29bn by the end of 2025.
Net finance costs fell to £13.9m, down from £37.6m the previous year. Total revenues were £190.3m, with commercial income dropping 8% to £78.5m. Wages also fell 9% to £75.1m, reflecting cost-cutting measures under Sir Jim Ratcliffe, who owns a 29% stake in the club.
Cost-saving initiatives included two rounds of redundancies removing 450 staff and reductions in staff perks, including a paid canteen. United say these savings have allowed greater investment in the club’s data and performance infrastructure.
The financial statement did not mention the compensation paid following the sacking of head coach Ruben Amorim, as it occurred after the reporting period.
Berrada added: “We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability. We continue to take a football-first approach, and today’s results demonstrate the underlying strength of our business as we push for the best football results for our men’s and women’s teams.”
