Overview

• United recorded a sixth straight annual loss, with a £33m deficit as the operating loss narrowed to £18.4m.
• Commercial income reached a record £333.3m in the first year of the Snapdragon shirt deal, while matchday revenue hit a record £160.3m.
• Broadcast receipts fell by £48.9m to £172.9m after a 15th‑place league finish and Europa League participation.
• Restructuring under Sir Jim Ratcliffe cut wages by £51.5m and incurred £36.6m in exceptional costs, including severance for Erik ten Hag, alongside hundreds of job cuts.
• Debt remained heavy at $650m in long‑term borrowings reported as £471.9m with current borrowings rising to £165.1m, and the club guided FY26 revenue to £640m–£660m with £180m–£200m adjusted EBITDA while stating PSR/FFP compliance.