Manchester United chief executive Omar Berrada says the benefits of the club's "off-pitch transformation" is being recognised through improved financial performance - even though the club's debt is now approaching £1.3bn.
United have posted an operating profit of £32.6m for the six months to 31 December 2025.
This contrasts sharply with a loss of £3.9m for the same period 12 months ago.
However, United also drew down an additional £25m on their rolling credit facility, which now stands at £295.7m.
With that, the legacy debt from the Glazer family takeover and additional 'liabilities' listed of more than £500m - the vast majority of which is outstanding transfer fee payments - the club owed a staggering £1.29bn at the end of last year.
United also paid out £13.9m in net finance costs, although this was much lower than the £37.6m from the previous year.
In August 2025 respected football finance blogger Swiss Ramble placed Everton and Tottenham above Manchester United in his debt league. However, both clubs have borrowed to pay for new stadiums.
United are yet to say how they intend to finance their new ground, which is likely to cost more than £2bn, although the figures show why the club are so keen to return to the Champions League after a two-year absence.
Total revenues for the period in question were £190.3m, with commercial revenue dropping 8% from the previous 12 months to £78.5m. However, wages also fell by 9% to £75.1m.
Since taking a 29% stake in the club two years ago, Sir Jim Ratcliffe has instigated major cost-cutting, including two rounds of redundancies that have cut 450 jobs.
In addition, many staff perks, including a paid-for staff canteen, have been axed.
United sources argue this has allowed more to be invested on the data side of the club.
There was no mention in the financial statement about the amount United paid to sack head coach Ruben Amorim as this took place after the reporting period.
"We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability," said Berrada.
"We continue to take a football-first approach and today's results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our men's and women's teams."
