Manchester United (MANU) financial statements

Communication Services · Entertainment · Market cap $3.6B

Manchester United reported revenue of 667M GBP in fiscal 2025, up 2.9% a year over 9 years.

Net income was -33M GBP and the operating margin -2.8%, against 13.4% in 2016.

Free cash flow was -251M GBP.

The diluted share count rose 4% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (GBP).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/MANU/financials">Manchester United financials</a> on Investingly</p>

Income statement

Fiscal years, in GBP, from Manchester United's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	515M GBP	581M GBP	590M GBP	627M GBP	509M GBP	494M GBP	583M GBP	648M GBP	662M GBP	667M GBP
Operating income	69M GBP	81M GBP	44M GBP	50M GBP	5M GBP	-37M GBP	-87M GBP	-11M GBP	-69M GBP	-18M GBP
Interest expense	20M GBP	25M GBP	24M GBP	25M GBP	27M GBP	36M GBP	86M GBP	45M GBP	64M GBP	59M GBP
Pre-tax income	49M GBP	57M GBP	26M GBP	27M GBP	-21M GBP	-24M GBP	-150M GBP	-33M GBP	-131M GBP	-40M GBP
Income tax	12M GBP	17M GBP	63M GBP	9M GBP	2M GBP	68M GBP	-34M GBP	-4M GBP	-18M GBP	-7M GBP
Net income	36M GBP	39M GBP	-38M GBP	19M GBP	-23M GBP	-92M GBP	-116M GBP	-29M GBP	-113M GBP	-33M GBP
EPS (diluted)	0.22 GBP	0.24 GBP	-0.23 GBP	0.11 GBP	-0.14 GBP	-0.57 GBP	-0.71 GBP	-0.18 GBP	-0.68 GBP	-0.19 GBP
Diluted shares	164M	164M	164M	165M	164M	163M	163M	163M	165M	171M
Operating margin	13.4%	13.9%	7.4%	8.0%	1.0%	-7.5%	-15.0%	-1.7%	-10.5%	-2.8%
Net margin	7.1%	6.7%	-6.4%	3.0%	-4.6%	-18.7%	-19.8%	-4.4%	-17.1%	-5.0%

Balance sheet

Fiscal years, in GBP, from Manchester United's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	229M GBP	290M GBP	242M GBP	308M GBP	52M GBP	111M GBP	121M GBP	76M GBP	74M GBP	86M GBP
Receivables	—	104M GBP	168M GBP	24M GBP	116M GBP	50M GBP	49M GBP	31M GBP	37M GBP	134M GBP
Inventory	—	2M GBP	1M GBP	2M GBP	2M GBP	2M GBP	2M GBP	3M GBP	4M GBP	13M GBP
Total current assets	—	399M GBP	413M GBP	388M GBP	225M GBP	213M GBP	237M GBP	194M GBP	177M GBP	284M GBP
Property, plant and equipment	246M GBP	245M GBP	245M GBP	246M GBP	254M GBP	247M GBP	243M GBP	253M GBP	256M GBP	292M GBP
Total assets	—	1.5B GBP	1.5B GBP	1.5B GBP	1.4B GBP	1.3B GBP	1.3B GBP	1.3B GBP	1.3B GBP	1.6B GBP
Total current liabilities	—	411M GBP	461M GBP	429M GBP	398M GBP	384M GBP	495M GBP	527M GBP	495M GBP	750M GBP
Long-term debt	—	498M GBP	487M GBP	506M GBP	520M GBP	465M GBP	530M GBP	507M GBP	511M GBP	472M GBP
Total liabilities	—	1.1B GBP	1.1B GBP	1.1B GBP	1.0B GBP	988M GBP	1.2B GBP	1.2B GBP	1.2B GBP	1.4B GBP
Shareholders' equity	460M GBP	480M GBP	427M GBP	415M GBP	351M GBP	273M GBP	128M GBP	104M GBP	145M GBP	194M GBP
Net debt	-229M GBP	213M GBP	254M GBP	204M GBP	474M GBP	420M GBP	515M GBP	537M GBP	473M GBP	551M GBP

Cash flow

Fiscal years, in GBP, from Manchester United's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	186M GBP	228M GBP	95M GBP	245M GBP	-4M GBP	113M GBP	96M GBP	96M GBP	86M GBP	73M GBP
Capital spending	143M GBP	202M GBP	168M GBP	192M GBP	242M GBP	144M GBP	124M GBP	172M GBP	208M GBP	323M GBP
Free cash flow	43M GBP	25M GBP	-73M GBP	53M GBP	-246M GBP	-31M GBP	-27M GBP	-76M GBP	-123M GBP	-251M GBP
Stock-based compensation	2M GBP	2M GBP	3M GBP	699,000 GBP	818,000 GBP	2M GBP	198,000 GBP	2M GBP	875,000 GBP	658,000 GBP
Dividends paid	20M GBP	23M GBP	22M GBP	23M GBP	23M GBP	11M GBP	34M GBP	0 GBP	0 GBP	0 GBP
Share buybacks (net)	—	—	—	—	-21M GBP	—	—	—	—	—
Net borrowing	-371,000 GBP	-395,000 GBP	-419,000 GBP	-4M GBP	—	60M GBP	40M GBP	0 GBP	-70M GBP	130M GBP
Free cash flow margin	8.3%	4.4%	-12.4%	8.4%	-48.3%	-6.3%	-4.7%	-11.7%	-18.5%	-37.6%
Dividends per share	0.12 GBP	0.14 GBP	0.13 GBP	0.14 GBP	0.14 GBP	0.07 GBP	0.21 GBP	—	—	—

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Questions

What was Manchester United's revenue in 2025?

667M GBP in fiscal 2025, from its 10-K filing.

How much free cash flow does Manchester United generate?

-251M GBP in fiscal 2025 (operating cash flow minus capital spending).

From Manchester United's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.