The Rugby Football Union expects to lose £10m in the financial year ending June 2026, a swing from the £8m underlying profit it posted the previous year, according to a report in The Guardian. The union's own description of England's 2026 Six Nations campaign — four defeats from five matches, finishing second bottom — is "hugely disappointing."

A year earlier, Steve Borthwick's side had finished second in the same tournament. The 2026 edition brought a historic defeat by Italy in March, a 48-46 shootout loss to France in Paris on the final weekend, and a fifth-place finish that prompted a review. Borthwick survived it with a qualified vote of confidence and has since overseen a defeat by South Africa, a thumping win over Fiji, and a narrow victory against Argentina, in which Ben Earl scored two tries in a 31-24 win in the Nations Championship on 18 July 2026, Reuters reported.

The financial picture is more nuanced than the headline loss suggests. RFU insiders told The Guardian that a "light calendar" — fewer home matches to sell tickets and hospitality against — mattered more than England's on-field collapse. Men's matches at Twickenham generate roughly 85% of the union's revenue, and the 2026 Six Nations brought only two home Tests. The books would have looked worse still had the RFU not slotted in an extra autumn fixture against Australia in November 2025, outside the official international window — a move that, as The Guardian reported in February 2025, left Borthwick without a crucial training camp.

RFU chief executive Bill Sweeney said the union has "continued to perform in line with our plans despite significant headwinds." The RFU pointed to a 50% increase in sponsorship revenue since 2024 and said it is poised to announce a new deal putting a sponsor on the back of England jerseys, which it claims would give it the "largest sponsorship revenue in world rugby," ahead of France and New Zealand.

The £10m figure also needs context against the union's recent history. The RFU posted an underlying loss of £34.4m for 2023/24, its annual report showed, before cutting the net loss to reserves to £1.9m in 2024/25, according to the following year's report. The union carries no bank debt, though it will need a loan — and council approval — to fund a £660m stadium overhaul at Twickenham.

Part of that overhaul hinges on staging more non-rugby events. In June 2026, the RFU submitted a planning application to Richmond council to increase the number of concerts allowed at Twickenham from three to eight, held over a maximum of 15 days, by 2029. The application will cost up to £2m, with a decision expected in October 2026. It is a second attempt: Richmond council's licensing committee ruled in September 2025 that the number of stadium events should stay at three, sending the RFU back to the drawing board.

Looking ahead, the RFU expects the financial year ending 2027 to be healthier. The year ending 2028 — which includes the 2027 World Cup in Australia — is projected to be the toughest of the four-year cycle, because tournament costs rise and Twickenham cannot host its lucrative autumn internationals during that window.

While the men's team struggled, the women's Red Roses swept to an eighth successive Women's Six Nations title, beating France 43-28 in Bordeaux and stretching their record unbeaten run to 38 games, Reuters reported. France finished second for a seventh straight season.

What gives this story its bite is the collision between England's on-field slump and a business model that leans almost entirely on filling Twickenham. When the team falters and the calendar thins, the accounts bleed — and the RFU's solutions, from extra fixtures to more concerts, carry their own costs and complications. The union has navigated worse, including a projected £50m hit during the pandemic in 2020 and nearly £5m in costs tied to sacking Eddie Jones and appointing Borthwick in late 2022. But with a £660m stadium rebuild looming and a World Cup year approaching, the margin for error is narrowing.