ClubsClubs
Every season on file · GBP · operating profit before player trading
Printed revenue streams, as a share of the total
From the printed income statement. Costs take away, totals stand on zero.
Each step is the change in one printed revenue stream; the ends are the printed totals.
Calc marks a figure worked out from printed lines
1st is always the better end: lowest for wages, player costs and net debt. In EUR at ECB rates.
Clean PwC opinion (Manchester, 24 September 2026) on pages 98-100. "Profit on disposal of intangible assets" (player registrations, note 8) sits above "Operating profit/(loss)", so EBIT includes player trading. Since 2023 the cash flow statement shows the FX effect above the "Net (decrease)/increase in cash" line, so the printed net change includes FX; NET_CHANGE_CASH is the printed net change less the FX line (= operating + investing + financing). The 2026 20-F no longer prints Adjusted EBITDA figures. Equity total is an unlabelled subtotal on the balance sheet.
Wages are all staff costs, not only the players.