Manchester United have reported a net loss of £43 million for the year ending June 30, 2026, despite generating record annual revenue of £677.6 million.

The club’s revenue increased by £11.1 million, or 1.7%, from the previous record of £666.5 million in 2025. The rise was driven by broadcasting income, which increased as United finished third in the Premier League, although commercial and matchday revenue declined in a season without European competition.

United recorded an operating profit of £22.6 million, compared with an operating loss of £18.4 million the previous year. The improvement was attributed to cost reductions, lower headcount and improved league performance. Adjusted EBITDA also reached a record £216.4 million, up 18.4% year on year.

However, net finance costs rose sharply to £69.6 million, largely because of foreign-exchange losses and the cost of servicing the club’s debt. Those costs outweighed the operating improvement and resulted in a seventh successive annual loss, up from £33 million in 2025.

The accounts also confirmed that United spent £63.5 million on 25 acres of land next to Old Trafford. The site is intended to form part of the club’s proposed new 100,000-seat stadium project, which could ultimately cost more than £2 billion.

United have forecast revenue of between £740 million and £760 million for the current financial year. The club expects its return to the Champions League, together with improved commercial performance, to contribute to further growth.

Chief executive Omar Berrada said the record revenue showed the “underlying strength” of the business, while stressing that the club’s transfer strategy was being guided by financial sustainability.