Manchester United has reported a return to operating profit for the six months to December 2025, posting £32.6 million compared with a loss a year earlier, as club executives credited ongoing cost-cutting and restructuring efforts for improved financial performance.
Despite the stronger results, total debt and liabilities have climbed to about £1.29 billion following additional borrowing and significant outstanding transfer payments linked to the club’s long-standing financial obligations since the Glazer takeover.
Revenue reached £190.3 million during the period, while wage costs declined and commercial income fell slightly.
Since acquiring a minority stake, Sir Jim Ratcliffe has overseen widespread cost reductions, including job cuts and the removal of staff benefits, with savings redirected toward operational and data investment. The club has yet to outline funding plans for a proposed new stadium expected to exceed £2 billion, underscoring the financial importance of returning to Champions League competition.
