Manchester United Ltd. (NYSE: MANU) stock fell Wednesday after the football club reported mixed fiscal fourth-quarter 2026 results.

Quarterly revenue fell to 157.5 million pounds ($211.28 million) from 164.1 million pounds a year earlier. However, the figure topped Wall Street estimates of $145 million.

Total revenue declined 4% year over year, while matchday revenue fell 4.3%.

Manchester United said the comparison reflected the timing of Premier League matches and benefits in the prior-year quarter from a postseason tour and the UEFA Europa League final.

Loss Widens Sharply

The club's quarterly net loss widened sharply to 28.7 million pounds from 3.9 million pounds a year earlier. Its operating loss was 15 million pounds, compared with a loss of 15.2 million pounds in the prior-year period.

Adjusted EBITDA fell 22.9% to 28.9 million pounds. The company posted an adjusted loss of 22 cents per share, wider than analysts' expectations for a loss of 3 cents per share.

Net finance costs totaled 13.9 million pounds, compared with finance income of 11.5 million pounds a year earlier.

Commercial Revenue Weighs On Quarter

Commercial revenue declined 18.1% to 72.2 million pounds. Sponsorship revenue fell 26.2%, partly because the year-ago quarter included revenue from a postseason tour of Malaysia and Hong Kong. Manchester United did not hold a similar tour this year because of the FIFA Men's World Cup.

Meanwhile, broadcasting revenue rose 28.4% to 49.7 million pounds, helped by the men's team's improved Premier League performance. Matchday revenue declined 4.3% to 35.6 million pounds.

Manchester United Targets Sustainable Growth

Management said record full-year revenue and adjusted EBITDA highlighted the underlying strength of the business despite a season without European football.

CEO Omar Berrada said changes made over the past two years contributed to the club's improved financial performance. Management plans to maintain a disciplined approach as it focuses on long-term financial sustainability.

Manchester United also strengthened its men's and women's teams during the summer transfer window. The men's team returned to Champions League football at Old Trafford.

The club expanded its commercial partnerships by adding Betway as its training kit partner and SumUp as its sleeve partner, alongside adidas and Snapdragon.

Berrada also said Manchester United reached a major milestone in its proposed 100,000-seat stadium project by securing land that will form part of the planned site.

Fiscal 2027 Outlook

For fiscal 2027, Manchester United expects revenue of 740 million pounds to 760 million pounds, or about $992.66 million to $1.02 billion. That compares with the $992.45 million analyst consensus estimate.

The company expects adjusted EBITDA of 205 million pounds to 225 million pounds for the year.

MANU Price Action: Manchester United shares fell 3.17% to $19.86 at the time of publication Wednesday, according to market data.