Executive Summary
Manchester United plc delivered a solid top-line performance in QQ4 2025, with revenue of GBP 164.185 million, up 15.5% year over year and 2.3% quarter over quarter. The gross margin remained robust at 74.8%, underscoring the value of the brand licensing, merchandising, and media revenue streams. However, the quarter recorded an operating loss of GBP 15.214 million and a net loss of GBP 3.898 million, highlighting the ongoing investment phase and the drag of depreciation and amortization on reported profitability. EBITDA stood at GBP 40.855 million (margin ~24.9%), illustrating the business’s ability to generate cash-like earnings even as reported net income remains negative.
Key Performance Indicators
QoQ: -23.52% | YoY:-13.65%
QoQ: -2 252.05% | YoY:53.06%
QoQ: -43.80% | YoY:89.26%
QoQ: -43.95% | YoY:89.73%
Key Insights
Revenue: GBP 164.185m; YoY +15.45%; QoQ +2.26% | Gross Profit: GBP 122.804m; Gross Margin 74.80%; YoY gross profit change -13.65%; QoQ -23.52% | EBITDA: GBP 40.855m; EBITDA margin 24.88% | Operating Income: GBP -15.214m; Operating Margin -9.27% (YoY improvement from a larger loss in the prior year) | Net Income: GBP -3.898m; Net Margin -2.37% | EPS: GBP -0.0226; Diluted EPS: GBP -0.0226 | D&A: GBP 51.763m; Interest: nil | Weighted average shares: 172.357m (basic); 172.353m (diluted)...
Financial Highlights
Revenue: GBP 164.185m; YoY +15.45%; QoQ +2.26% | Gross Profit: GBP 122.804m; Gross Margin 74.80%; YoY gross profit change -13.65%; QoQ -23.52% | EBITDA: GBP 40.855m; EBITDA margin 24.88% | Operating Income: GBP -15.214m; Operating Margin -9.27% (YoY improvement from a larger loss in the prior year) | Net Income: GBP -3.898m; Net Margin -2.37% | EPS: GBP -0.0226; Diluted EPS: GBP -0.0226 | D&A: GBP 51.763m; Interest: nil | Weighted average shares: 172.357m (basic); 172.353m (diluted)
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
164.19M |
15.45% |
2.26% |
| Gross Profit |
122.80M |
-13.65% |
-23.52% |
| Operating Income |
-15.22M |
53.06% |
-2 252.05% |
| Net Income |
-3.90M |
89.26% |
-43.80% |
| EPS |
-0.02 |
89.73% |
-43.95% |
Management Commentary
Transcript data for QQ4 2025 was not provided in the input. No management quotes or call highlights could be extracted from the supplied content. Access to the company’s earnings call transcript (or the 20-F discussion) would be required to generate thematically grouped highlights with context and significance.
Forward Guidance
No explicit quantitative guidance was provided in the supplied material for QQ4 2025. Qualitatively, the company appears to be pursuing growth through direct-to-consumer (MUTV and mobile apps), licensing and merchandising expansion, and international brand monetization. Key factors likely to influence the forward trajectory include: (1) ongoing investment cadence in DTC platforms and content rights, (2) monetization of merchandise and licensing in new territories, (3) stability and renewal of media rights and sponsorship deals, and (4) operating leverage as non-cash amortization moderates with asset amortization profiles. Investors should monitor quarterly progress in: cash flow generation (operating cash flow versus EBITDA), capital expenditure cadence, working capital dynamics, and any cadence changes in sponsorship and media-rights arrangements.