Newcastle United’s latest financial results have been submitted to Companies House.
The Magpies’ have confirmed 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. While Newcastle received no prize money for European football in its accounts, the 2024/25 season saw Newcastle win the Carabao Cup and qualify for the Champions League.
Record figures for NUFC
The accounts predate Newcastle’s 2025/26 Champions League campaign or the £130million Premier League record sale of Alexander Isak to Liverpool.
But they show the club increased 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. But this was largely down to a £133.2million profit from property reorganisation, including sale and leaseback of St James' Park.
Newcastle disposed of leasehold improvements at St James’ Park to PZ Holdings, a subsidiary of the club’s parent company.
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.
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.”
Newcastle United CEO 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.”
NUFC still have work to do
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, almost double Newcastle's 2025 revenue figure. Relegation-threatened Tottenham Hotspur have a reported revenue of £555million over the same period.
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