Manchester United plc (NYSE:MANU) slipped 4.16% in premarket trading on Thursday after the club posted fiscal first-quarter 2026 revenue of £140.3 million — just under the £141.05 million analysts had forecast and down 2% from £143.1 million a year earlier.
The Premier League club reported an adjusted loss per share of £1.48, sharply below expectations for breakeven results. This underperformance came even as adjusted EBITDA improved 13.5% to £26.9 million from £23.7 million in the comparable quarter. Revenue declined across every major category: commercial sales fell 1.3%, broadcasting dropped 4.5%, and matchday revenue dipped 1.1% versus the prior year.
“These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club,” said CEO Omar Berrada. “The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long-term.”
Despite missing top-line expectations, Manchester United benefited from lower operating expenses, which fell 7.1% to £172.4 million. The decline was driven largely by an 8.2% reduction in employee benefit costs following last year’s headcount reductions. As a result, the club generated an operating profit of £13.0 million, compared with a £7.0 million operating loss in the prior period.
Management reaffirmed full-year fiscal 2026 guidance, projecting revenue between £640 million and £660 million and adjusted EBITDA of £180 million to £200 million. On the pitch, the men’s squad currently ranks 6th in the Premier League, while the women’s team holds 3rd place in the Women’s Super League.