Manchester United reported an operating profit of £32.6 million for the six months to 31 December 2025, reversing a £3.9 million loss from the same period a year earlier, while also increasing its borrowing and carrying total obligations of £1.29 billion at the end of last year. The figures show improved profitability alongside continued pressure from debt, financing costs, and plans for a new stadium.
Profit, Borrowing, And Total Obligations
The club said the £32.6 million operating profit contrasts with the £3.9 million loss recorded 12 months earlier. During the period, United drew down an additional £25 million on its rolling credit facility, which now stands at £295.7 million. With legacy debt from the Glazer family takeover and additional listed liabilities of more than £500 million, most of which relate to outstanding transfer fee payments, the club’s total amount owed reached £1.29 billion at the end of last year.
United paid £13.9 million in net finance costs, which was lower than the £37.6 million recorded in the previous year.
Revenue, Wages, And Cost Measures
Total revenue for the period was £190.3 million. Commercial revenue fell 8% from the previous 12 months to £78.5 million. Wages declined by 9% to £75.1 million.
Since taking a 29% stake in the club two years ago, Sir Jim Ratcliffe has overseen cost-cutting measures, including two rounds of redundancies that reduced the workforce by 450 jobs. The club has also removed several staff benefits, including a paid-for staff canteen. United sources said these steps have allowed more investment on the data side of the club.
Debt Comparisons And Stadium Plans
In August 2025, football finance blogger Swiss Ramble placed Everton and Tottenham above Manchester United in a league table of club debt, although both of those clubs borrowed to fund new stadiums. United has not said how it plans to finance its own new ground, which is expected to cost more than £2 billion. The figures highlight why the club is seeking a return to the Champions League after a two-year absence.
Management Comments And Reporting Scope
There was no mention in the financial statement of the amount paid to dismiss head coach Ruben Amorim, as that decision occurred after the reporting period. Berrada said, “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 continue to push for the best football results possible for our men’s and women’s teams.”
Featured image credits: NCE Soccer
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