Failure to qualify for the Champions League saw Celtic’s revenue drop by more than £20 million since the start of the season.
The stark figure was revealed in the club’s interim financial report for the six months to the end of December 2025.
The Hoops were knocked out on penalties by Kazakhstan side Kairat Almaty at the play-off stage, dropping into the second tier competition the Europa League.
The club is counting the cost of the shock defeat, with revenue down £24.1m from £83.5m to £59.4m.
Despite the downturn, pre-tax profit was £13.2m, although this is down on the £43.9m figure of the previous year. Period end of cash stood at £67.4m.
Interim chairman Brian Wilson said: “We witnessed a great deal of change and disruption in the six months to 31 December 2025.
“After winning our 4th successive league title last season and the 13th in 14 seasons, we were looking forward to the next campaign with positivity. We had no prior warning of the resignation of our then first team manager.
“Our exit from the Champions League in August 2025 was a bitter blow. Following the departure of Brendan Rodgers in October 2025, stability was restored by Martin O’Neill and his backroom team before we appointed Wilfried Nancy in early December.
“Appointing a manager in mid-season inevitably comes with challenges and regrettably the implementation of Wilfried’s style and ideas did not achieve our immediate objective of winning games and we took the difficult decision to part company with Wilfried in January 2026.
“We again turned to Martin, Shaun Maloney and Mark Fotheringham and their backroom colleagues to steer the Club through to the coming summer and are pleased to have seen Celtic return to winning football matches in early 2026. We owe them and the players, who have also had to deal with change and uncertainty, a great debt of gratitude.
“Participation in the Champions League carries great financial as well as footballing significance. The results for the six months ended 31 December 2025 show revenues of £59.4m (2024: £83.5m) and a profit from trading, representing the profit excluding player related gains and charges, totalling £4.2m (2024: £26.9m). Operating profit, which includes player transactions, amounted to £11.1m (2024: £42.0m).
“The decline in H1 revenue compared to the same period last year is primarily due to Europa League participation as opposed to Champions League participation, which we had last season. This reflects the lower media rights values associated with the competition along with lower ticket pricing.
“The reduction in profit from trading was driven almost entirely by the reduction in revenue. There was also a lower level of net gains from player trading, with £21.5m in the prior period compared to £14.1m in this one. The latter figure included the disposal of Nicolas Kühn, Gustaf Lagerbielke, Marco Tilio and Adam Idah. The reduction in operating profit also included an increase in amortisation over the previous year from £6.4m to £7.1m reflecting the investment in the first team squad.”
He added: “We currently expect our revenue and profits for the second half of the year ending 30 June 2026 to be significantly lower than the result posted for the first six months of the financial year, and profits for the year ending 30 June 2026 to be lower than the first half of the financial year.”
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