Club finances · statutory accounts
Watford finances
- Reporting entity
- THE WATFORD ASSOCIATION FOOTBALL CLUB LIMITED
- Division
- Championship (this season)
- Latest period
- Year to 30 June 2025 (FY2025 · the 2024/25 season, in the Championship)
- Company number
- 00104194
- Accounts
- Company only (not the wider group)
- Filed
- 25 March 2026
These figures come from the accounts the club files by law at Companies House. Anything a filing does not disclose is shown as Not disclosed — FixtureShark never estimates it. Read the original FY2025 filing.
In brief
In the year to 30 June 2025, Watford brought in revenue of £26m, down from £57.6m the year before. The club made an operating loss of £12.5m and ended the period with net assets of £25.1m.
More revenue is not the same as financial health: read it alongside profit or loss, cash and net assets.
FY2025 at a glance
Revenue
£26m
£25,975,000
Operating loss
£12.5m
£12,473,000
Loss before tax
£16m
£15,951,000
Cash
£1.31m
£1,307,000
Borrowings
£58.1m
£58,057,000
Net assets
£25.1m
£25,098,000
Average employees
370
Over time
† These years are not directly comparable with the years either side, so they are shown hatched and no trend is drawn through them:
- FY2020: restated or reclassified in later accounts, or a one-off break in the figures.
- FY2021: restated or reclassified in later accounts, or a one-off break in the figures.
- FY2022: restated or reclassified in later accounts, or a one-off break in the figures.
Hatched: not directly comparable with the years either side.
Bigger is not automatically healthier.
Show as a table
| Year | Value |
|---|---|
| FY2020 † not comparable | £120m |
| FY2021 † not comparable | £57.1m |
| FY2022 † not comparable | £128.1m |
| FY2023 | £66.2m |
| FY2024 | £57.6m |
| FY2025 | £26m |
Hatched: not directly comparable with the years either side.
Show as a table
| Year | Value |
|---|---|
| FY2020 † not comparable | Loss before tax £35.6m |
| FY2021 † not comparable | Loss before tax £21.7m |
| FY2022 † not comparable | Loss before tax £16.1m |
| FY2023 | Profit before tax £24.1m |
| FY2024 | Profit before tax £12.8m |
| FY2025 | Loss before tax £16m |
Hatched: not directly comparable with the years either side.
Show as a table
| Year | Value |
|---|---|
| FY2020 † not comparable | £18k |
| FY2021 † not comparable | £4.78m |
| FY2022 † not comparable | £1.2m |
| FY2023 | £7.58m |
| FY2024 | £3k |
| FY2025 | £1.31m |
Hatched: not directly comparable with the years either side.
Show as a table
| Year | Value |
|---|---|
| FY2020 † not comparable | Net assets £8.94m |
| FY2021 † not comparable | Net liabilities £12.8m |
| FY2022 † not comparable | Net liabilities £35.2m |
| FY2023 | Net liabilities £10.5m |
| FY2024 | Net assets £2.66m |
| FY2025 | Net assets £25.1m |
Hatched: not directly comparable with the years either side.
Show as a table
| Year | Value |
|---|---|
| FY2020 † not comparable | 328 |
| FY2021 † not comparable | 326 |
| FY2022 † not comparable | 361 |
| FY2023 | 343 |
| FY2024 | 352 |
| FY2025 | 370 |
Hatched: not directly comparable with the years either side.
Show as a table
| Year | Value |
|---|---|
| FY2020 † not comparable | £96.2m |
| FY2021 † not comparable | £68.1m |
| FY2022 † not comparable | £79m |
| FY2023 | £48.7m |
| FY2024 | £33m |
| FY2025 | £28.1m |
Every year
| Figure | FY2020 †PLcompany | FY2021 †Champcompany | FY2022 †PLcompany | FY2023Champcompany | FY2024Champcompany | FY2025Champcompany |
|---|---|---|---|---|---|---|
| Revenue | £120m | £57.1m | £128.1m | £66.2m | £57.6m | £26m |
| Matchday revenue | £7.25m | £1.58m | £6.76m | £6.82m | £6.35m | £6.36m |
| Broadcast revenue | £95.3m | £49.8m | £85.3m | £48.3m | £45m | £11.6m |
| Commercial revenue | £17.2m | £4.1m | £36.1m | £8.1m | £5.96m | £7.15m |
| Other revenue | £254k | £1.6m | £24k | £2.96m | £270k | £831k |
| Staff costs | £96.2m | £68.1m | £79m | £48.7m | £33m | £28.1m |
| Operating profit or loss | -£47.4m | -£72m | -£24.2m | £31m | £18m | -£12.5m |
| Profit or loss before tax | -£35.6m | -£21.7m | -£16.1m | £24.1m | £12.8m | -£16m |
| Profit or loss after tax | -£31.6m | -£20.9m | -£17.7m | £24.5m | £12.8m | -£16.2m |
| Player amortisation | £37.9m | £33.4m | £28.1m | £19.3m | £9.11m | £5.04m |
| Player impairment (negative = reversed) | £1.97m | £2.54m | £1.59m | £1.83m | £0 | — |
| Profit or loss on player sales | £18.1m | £55.7m | £15.3m | £59.2m | £29.3m | £15.8m |
| Cash | £18k | £4.78m | £1.2m | £7.58m | £3k | £1.31m |
| Borrowings | £91.2m | £137.5m | £123.1m | £114.2m | £70.9m | £58.1m |
| Total assets | £242.1m | £246.7m | £222m | £223.9m | £139.5m | £160.7m |
| Total liabilities | £233.2m | £259.4m | £257.1m | £234.4m | £136.8m | £135.6m |
| Net assets or liabilities | £8.94m | -£12.8m | -£35.2m | -£10.5m | £2.66m | £25.1m |
| Average employees | 328 | 326 | 361 | 343 | 352 | 370 |
| Staff costs as a share of revenue FixtureShark-derived | 80% | 119% | 62% | 74% | 57% | 108% |
- — Not disclosed in that year’s filing. A disclosed zero is shown as £0.
- Under each year: the division the club played in that season (PL Premier League, Champ Championship); then group for consolidated accounts of the whole group, or company for the club company alone.
- Negative figures, in red, are losses or net liabilities.
- † Not directly comparable with the years either side.
- Rows marked FixtureShark-derived are calculated by FixtureShark from the filed figures; everything else is as filed.
Sources and definitions
Where each figure comes from
Total revenue/turnover reported for the period.
| Year | Published | Concept | As filed | Filing | Mapping | Document |
|---|---|---|---|---|---|---|
| FY2020 † | £119,985,000 | pdf:Turnover | 119,985 GBP | AA-2021-07-11 | v3 | Filing |
| FY2021 † | £57,061,000 | pdf:Turnover | 57,061 GBP | AA-2022-04-07 | v3 | Filing |
| FY2022 † | £128,094,000 | pdf:Turnover | 128,094 GBP | AA-2023-03-31 | v3 | Filing |
| FY2023 | £66,198,000 | pdf:Turnover | 66,198 GBP | AA-2024-02-22 | v3 | Filing |
| FY2024 | £57,590,000 | pdf:Turnover | 57,590 GBP | AA-2025-01-16 | v3 | Filing |
| FY2025 | £25,975,000 | pdf:Turnover | 25,975 GBP | AA-2026-03-25 | v3 | Filing |
“As filed” is the value as it appears in the filing — its machine-readable (iXBRL) data where there is any, otherwise the printed statements and notes (concepts starting pdf:), where a figure built from several printed lines shows the sum. A dash means the filing did not disclose this figure. The mapping version records which rule turned the filed concept into this figure.
What each figure means
- Revenue
- Total revenue/turnover reported for the period.
- Matchday revenue
- Revenue attributable to matchday activities where separately disclosed.
- Broadcast revenue
- Revenue attributable to broadcasting/media rights where separately disclosed.
- Commercial revenue
- Revenue attributable to commercial activities where separately disclosed.
- Other revenue
- Other revenue not included in the principal disclosed categories.
- Staff costs
- Total staff/employee costs reported for the period.
- Operating profit or loss
- Operating profit or loss reported for the period.
- Profit or loss before tax
- Profit or loss before taxation.
- Profit or loss after tax
- Profit or loss after taxation for the financial period.
- Player amortisation
- Amortisation of player registrations/intangible player assets.
- Player impairment (negative = reversed)
- Impairment of player registrations/intangible player assets.
- Profit or loss on player sales
- Profit recognised on disposal of player registrations.
- Cash
- Cash and cash equivalents at the reporting date.
- Borrowings
- Interest-bearing borrowings disclosed at the reporting date; definition excludes derived net debt.
- Total assets
- Total assets at the reporting date.
- Total liabilities
- Total liabilities at the reporting date.
- Net assets or liabilities
- Net assets/equity at the reporting date.
- Average employees
- Average number of employees during the reporting period.
- Staff costs as a share of revenue (FixtureShark-derived)
- Staff costs divided by total revenue.