Manchester United have returned to profit after a combination of cost-cutting measures and improved performances on the pitch helped strengthen the club’s finances.
The Premier League club reported an operating profit of £37.7 million for the nine months to 31 March 2026, compared with an operating loss of £3.2 million during the same period a year earlier.
The figures, released as part of United’s third-quarter financial results, suggest the club is beginning to see the benefits of a restructuring programme introduced over the past year, alongside a strong domestic campaign under manager Michael Carrick.
“We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability,” chief executive Omar Berrada said.
Cost-cutting measures begin to pay off
Manchester United have spent much of the past year trying to improve their financial position amid increasing pressure from the Premier League’s Profit and Sustainability Rules and UEFA’s financial regulations.
The club implemented a series of cost-saving measures, including workforce reductions and tighter spending controls, as part of a broader restructuring effort.
Those changes contributed to a sharp rise in profitability. Adjusted EBITDA, a key measure of operating performance, increased to £187.5 million from £145.3 million during the same nine-month period last year.
Improved results on the pitch drive revenue growth
While cost reductions helped improve margins, United’s return to the UEFA Champions League appears to have been a major factor behind the club’s revenue growth.
Carrick’s side secured a third-place finish in the Premier League, guaranteeing a place in next season’s Champions League and restoring access to one of European football’s most lucrative competitions.
Broadcasting revenue rose 57.1% to £64.9 million during the quarter, helped by the club’s higher league finish and the value of the Premier League’s latest international television rights agreements.
Commercial revenue for the nine-month period increased 10.3% to £82.4 million, while revenue from retail, merchandising and licensing climbed 36.3% to £43.9 million.
The club said stronger merchandise sales reflected improved consumer demand and renewed optimism among supporters following a more successful season.
Matchday revenue fell 5.2% to £42.2 million, largely because United hosted three fewer home matches than during the same period last year.
Financial outlook improves
The stronger results have also eased concerns over regulatory compliance.
Manchester United said they remain compliant with both Premier League and UEFA financial rules, an important consideration as clubs across Europe face growing scrutiny over spending.
The club has now raised its financial outlook for the current fiscal year. United expects total revenue for 2026 to reach between £655 million and £665 million, with adjusted EBITDA projected to be between £200 million and £210 million.
Berrada credited both the men’s and women’s teams, as well as the club’s academy system, for contributing to the positive outlook.
“Finishing third in the Premier League and securing qualification for next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch,” he said. “We feel very positive about the club’s progress.”
For United, the latest results offer evidence that a difficult period of restructuring is beginning to deliver financial returns. With Champions League football returning to Old Trafford next season, the club will hope that momentum continues both on and off the pitch.