Newcastle United has posted its financial results for the year ending June 30, 2025.
Newcastle United has confirmed record revenues for another year under PIF’s ownership, but remains some way short of its Premier League ‘big six’ rivals.
The Magpies’ latest accounts for the year ended June 30, 2025, confirm record turnover of £335.3million, helped by a 44% increase in commercial revenue.
It marked the first full year of Adidas as Newcastle’s kit manufacturer, a deal previously described as ‘the biggest’ in the club’s history. The 2024/25 season also marked arguably Newcastle’s best in recent memory as Eddie Howe’s side ended a 70-year domestic trophy drought by winning the Carabao Cup while also qualifying for the Champions League.
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NUFC post record figures
But with the accounting period ending in June 2025, the financial results don’t show the prize money received for competing in the Champions League or a record-breaking summer transfer window which saw the club spend around £250million on new signings while also agreeing a club-record sale of £130million for Alexander Isak to Liverpool.
Despite not playing in European competition during the 2024/25 season, the club were able to increase its turnover by £15million from the previous year in which they competed in the Champions League.
The club’s profit after tax was £34.7million, a notable increase on its £11.1million loss in 2024 and £71.8million loss in 2023.
A statement released by the club read: “Despite not playing in European competition during the accounting period, the club’s turnover rose by £15m to £335.3m. Profit after tax was strongly positive at £34.7m.
“A 44% rise in commercial revenue was a key driver in overcoming the loss of European earnings. This was supported by investment into a new in-house retail operation and the opening of the unique ‘St. James’ STACK’ fan zone next to St. James’ Park.”
The accounts also showed the club disposed of leasehold improvements at St James’ Park to PZ Holdings, a subsidiary of the club’s parent company. This was facilitated by granting an underlease for 72 years for a premium of £172.1million, which totalled £133.2million profit on disposal.
The club were quick to clarify that this was not a PSR loophole but rather a financial housekeeping process with the view to making a future decision around the stadium. It was, however, a big contributor to the club declaring a £34.7million profit on the books.
NUFC CEO comments on 2025 financial results
Newcastle’s chief executive officer David Hopkinson joined after the accounting period ended, but believes the figures highlight the ‘firm foundations’ for the club to meet its ambitions.
“Our financial results reflect not only strong progress on and off the pitch, but also the firm foundations being laid for the future we all aspire to,” he said.
“Thanks to the continued backing of PIF and the Reuben family, we are better positioned than ever to invest in our long-term vision and create the conditions for sustained success.
“Together with our supporters, our staff, our players and our ownership, we move forward with ambition and a shared belief in what this club can become.
“As these results pre-date my arrival, I also want to express my sincere gratitude to Darren Eales for his leadership and dedication during an important period of transition for the club. He made a lasting contribution during a key phase, and we are building on that progress with confidence.”
While Newcastle have grown financially every year since the 2021 PIF-led takeover and are anticipating record figures in its 2026 accounts, they remain some way short of their Premier League rivals.
For example, Manchester United have recorded a revenue of £666.5million for the year ending June 2025, more than double Newcastle's 2024 revenue figure. Relegation-threatened Tottenham Hotspur have a reported revenue of £555million over the same period.
David Hopkinson doubles down on 2030 claim
Discussing the gap and his recent comments about Newcastle being one of the best in the world by 2030, Hopkinson explained in more detail to the local press at St James’ Park: “First off, the size of the challenge you’ve underscoped because those other clubs are also going to be moving forward to.
“When I think about our competitors, they are formidable and they have already got a headstart on us. But all they’ve got is as headstart on us and we’ve got a tremendous opportunity for growth right in front of us.
“We’ve used the phrase headroom in terms of a player budget, but what I also look at is the commercial opportunity, we have significant headroom to catch up. It means we’ve got work harder, we’ve got to work smarter with high conviction and energy every single day to capture that headroom.
“We’ve got to catch these guys, and by the way they are on the racecourse too. We can debate how long that is going to take.
“We’re going to report some financial numbers, we can get there quickly into a group that is incredibly competing for those top prizes.”
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