Manchester United beats Q4 estimates despite a season without Europe
As seen on the 24/7 Wall St. homepage on September 23, 2026.
A season with no European football still produced a narrower loss than analysts modeled, and full-year adjusted EBITDA rose 18.4% to £216.4 million on cost cuts. Champions League football returns to Old Trafford next season, underpinning fiscal 2027 revenue guidance of £740 million to £760 million.
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Manchester United posted a Q4 adjusted loss per share of $0.16, beating the consensus estimate of $0.30. Revenue of $157.5 million also beat expectations, even as the top line slipped year-over-year, a decline the club tied to match phasing and the prior-year quarter's benefit from a post-season tour and the UEFA Europa League final.
At the full-year level, adjusted EBITDA rose 18.4% to $216.4 million, driven by cost discipline across employee benefit and other operating expenses. Full-year operating income swung from a loss to a profit of $22.6 million, a meaningful structural improvement for a club that spent fiscal 2026 entirely outside European competition.
The headline net loss widened to $42.95 million for the full year, largely because net finance costs swung higher, partly from an unrealized foreign exchange loss on unhedged USD borrowings. Those borrowings, now at $775 million following a refinancing, remain a key risk to watch, since currency swings can distort net income in ways that do not reflect the underlying operating business.
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CEO Omar Berrada pointed to the secured land for a proposed 100,000-seat stadium as a major milestone, alongside new commercial partnerships with Betway as Training Kit partner and SumUp as Sleeve partner. The men's team also finished third in the Premier League, up from 15th the prior year, which drove full-year broadcasting revenue 19.6% higher and unlocks Champions League prize money and matchday revenue in fiscal 2027.
That Champions League return is the central pillar of fiscal 2027 guidance: revenue of $740 million to $760 million and adjusted EBITDA of $205 million to $225 million. The gap between the EBITDA guidance midpoint and the fiscal 2026 result is narrow, reflecting anticipated increases in player and staff costs that come with competing in Europe, while the revenue step-up is substantial and should more than offset those cost headwinds if the club advances past the group stage.
Mentioned: MANU