Heart of Midlothian – Annual Report & Financial Statements
Heart of Midlothian has today published its accounts for the 2025/26 financial year, reporting turnover of £23.1m – a club record for a season without European football – with like-for-like revenue up 20%.
The club took a deliberate decision to invest in the playing squad from a position of financial strength, helping secure a return to European league phase football for 2026/27.
This additional investment in squad wages, combined with the absence of European income, resulted in an operating loss of £2.4m for the year.
With European income returning and further progress in player trading, the club anticipates a significantly improved financial result in 2026/27.
Strong underlying revenue growth offset much of the loss of European income for the 2025/26 financial year, with Sponsorship & Advertising income up 37% and Retail & Hospitality income up 17%, reflecting continued commercial progress and support from partners and fans alike.
The club continued to benefit from exceptional financial backing from its benefactors and Foundation of Hearts members, and extends its sincere thanks for their continued commitment and support.
The increased investment in the playing squad and football operations was supported by an investment from Tony Bloom towards the end of the previous financial year, which strengthened the club’s financial position and provided capacity to invest in improving the playing squad. As an equity investment, this funding is reflected in the balance sheet rather than recognised as income in the profit and loss account.
The reported operating loss of £2.4m includes £1.8m of gains from player trading and is stated before depreciation, amortisation and finance costs. The player trading gains are an increase of over 30% on the prior year and reflect activity to 30 June 2026 only. Further gains will be reflected in the 2026/27 financial year following player trading activity completed in July and August 2026.
The club is also engaged in positive discussions regarding further investment to support the continued, measured pursuit of the club’s ambitions.
The club’s balance sheet remains robust, with the accounts reporting net assets of £20.3m at the 30 June <a href="https://bitcomme.com/pacific-health-care-organization-inc-reports-its-third-quarter-2026-financial-results/" title="Pacific Health Care Organization, Inc. Reports its Third Quarter 2026 Financial Results”>2026 financial year-end.
The return of European income, continued commercial development and further momentum in player trading provide a positive outlook for 2026/27, as the club continues to pursue its objectives within a disciplined financial framework.
· Turnover of £23.1m – a club record for a season without European football, representing 20% like-for-like growth.
· Sponsorship & advertising income up 37%, with retail & hospitality income increasing by 17%.
· £1.49m in donations from the Foundation of Hearts, alongside continued backing from the club’s benefactors.
· Staff costs up 8%, with player acquisition costs of £7.8m across the year, reflecting significant investment in the playing squad.
· Player trading gains of £1.8m, compared with £1.3m in 2024/25.
· Net assets of £20.3m and cash balance of £4.9m at 30 June 2026.
- Notice of Annual General Meeting
- Annual Report & Financial Statements for the year ended 30 June 2026
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