This was the scene as the group watched the penalty shoot out between the British side and German team Bayern Munich during a break from their work at the Camp David G8 Summit.
Not everyone was happy about the result, however.
German Chancellor Angela Merkel, and her foreign policy advisor Christoph Heusgen clearly didn't share Mr Cameron's enthusiasm.
The British premier gave Mrs Merkel a consolatory hug.
The last time they watched football together the tables were turned – England suffered a 4-1 defeat at the hands of Germany.
It had been a tense five minutes, especially for Bayern fan Christoph Heusgen. He is reported to have shouted a German expletive beginning with 'S' when his side missed a goal.
President Obama is then said to have joked "no translation needed".
Mr Cameron hadn't been confident about the result of the match, and had almost passed up on watching.
"Angela said, 'the penalty shoot-out has started, I must go and watch it'," he explained.
"President Obama turned to me and said, 'Are you going to go?' and I said, 'Well, what's the point? We never win'."
His despondency soon turned to jubilation – the PM said it was a "extraordinary experience" watching Chelsea storm to victory.