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J D Wetherspoon (JDW) investor relations material
J D Wetherspoon H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue increased by 5.2% year-over-year to £2,238.0 million, with like-for-like sales up 4.2%.
Profit before tax (before separately disclosed items) fell 31.9% to £58.6 million compared to the prior year.
Free cash flow per share nearly doubled, up 97.9% year-over-year.
Dividend per share maintained at 12.0p.
Record staff retention and recognition for diversity and inclusion.
Financial highlights
Operating profit was £120.2 million, with an operating margin of 5.4%.
Underlying earnings per share dropped to 39.5p from 48.9p year-over-year.
Net debt at year-end was £715.8 million, down from £724.3 million.
Cash capital expenditure totaled £74.2 million, focused on refurbishments and new openings.
Tax contributions for the year were £891.0 million, representing 39.8% of net sales.
Outlook and guidance
Like-for-like sales in the last nine weeks rose 8.6% year-over-year, aided by favorable weather.
Profit before tax and separately disclosed items for FY27 expected to be in line with consensus (£74 million).
Plans for 15-20 new franchised openings in FY27, including international expansion.
- Profits are set to miss expectations as higher costs offset steady sales growth.JDW
Trading update - Sales growth remains robust, but rising costs may pressure profits below expectations.JDW
Q3 2026 TU - Revenue up 5.7% year-over-year, but higher costs pressured margins and profit.JDW
H1 2026 - Strong sales growth offset by rising costs, leading to a cautious full-year outlook.JDW
Trading update - Sales growth and strong trading support profit expectations, with expansion planned.JDW
Q4 2025 TU - Profit before tax surged 73.5% on 5.7% revenue growth, but free cash flow fell sharply.JDW
H2 2024 - Sales growth continues, but rising labour costs and debt pose challenges for the year ahead.JDW
Q2 2025 TU - Sales rose 5.6% in the quarter, with continued investment and cautious outlook.JDW
Q3 2025 TU - Revenue up 3.9% but profit margins pressured by rising costs; dividend reinstated.JDW
H1 2025
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