Hearts accounts reveal £2.4m loss and transfer spend amid bad news on Calvin Miller injury

Hearts have announced a loss of £2.4million after investing heavily to return to European football this season.

The Tynecastle club backed Derek McInnes after he took over as boss in the summer of 2025. The Jambos’ thrilling Scottish Premiership title challenge went to the last day of the season when they lost to Celtic at Parkhead to finish second to the Hoops.

Hearts lost to Sturm Graz in the Champions League qualifiers and then to Benfica in the Europa League, but victory over Rapid Vienna saw Wouter Vrancken’s side make it to the league phase of the Conference League, where they face Swiss side Thun on Thursday.

Hearts have announced a loss of £2.4million in their latest annual accounts. | SNS Group

Hearts also reported a turnover of £23.1m for the 2025/26 financial year, are also in “positive” discussions about further investment to help Vrancken in the January transfer window and are confident of a “significantly improved financial result” in a year’s time.

The club’s financial results also revealed that staff costs went up eight per cent “with player acquisition costs of £7.8m across the year, reflecting significant investment in the playing squad”.

A statement on Hearts’ official website said: “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 and advertising income up 37 per cent and retail and hospitality income up 17 per cent, 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. 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 June 30 2026 financial year-end.”

Hearts Calvin Miller on crutches after the Premier Sports Cup semi-final defeat by Hibs at Hampden. (Photo by Craig Foy / SNS Group) | SNS Group

Meanwhile, Vrancken revealed Calvin Miller will require surgery on a knee injury that will keep him out for two months.

Both Tomas Magnusson and Miller came off during the first half of the Jambos’ 2-1 Premier Sports Cup semi-final defeat to Edinburgh rivals Hibs at Hampden on Sunday. The Iceland midfielder was taken to hospital with concussion and the former Celtic, Morton and Falkirk attacker left the national stadium on crutches and his knee in a brace.

Vrancken, who will be without 10 first-team players for the game against FC Thun, was asked about Miller and said: “It will be two months, let’s say, depending on what the surgery says because it’s a meniscus injury. It’s a pity, but it is what it is.

“Tomas is doing good. The day after was already a lot better. There is a protocol, of course, with concussions. He will be for sure back after the (international) break.”