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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
J D Wetherspoon
J D Wetherspoon (JDW) investor relations material
J D Wetherspoon Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading update summary21 Jan, 2026
Trading performance
Like-for-like sales rose 4.7% in the first 25 weeks, with bar sales up 6.9%, food up 1.3%, and slot/fruit machines up 9.1%.
LFL sales in the last 12 weeks increased 6.1% year-on-year, and Christmas period LFL sales were up 8.8%.
Total sales year-to-date grew by 5.3%.
Financial position and outlook
Interest costs for FY26 are expected to be around £47 million (excluding IFRS 16), with total annual interest at about £60 million.
Year-end debt is projected between £740 million and £760 million.
Profits in the first half are likely to be lower than the previous year due to higher costs, including a £45 million increase in energy, wages, repairs, and business rates.
Full-year trading outcome is anticipated to be slightly below FY25 if current sales trends persist.
Property and expansion
Six new pubs opened and six sold year-to-date, resulting in a net cash inflow of £3.3 million.
15 new pub openings are expected for the year, with 794 pubs in the managed estate.
Eight franchised pubs opened, with 10-15 more planned, including the first in mainland Spain.
Explain profit outlook despite sales momentum
Detail franchised pub expansion strategy
Reconcile rising debt with share buybacks
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Next J D Wetherspoon earnings date
H1 202620 Mar, 2026
J D Wetherspoon
Next J D Wetherspoon earnings date
H1 202620 Mar, 2026
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Frequently asked questions
J D Wetherspoon plc is a pub and hotels operator. Its principal activities include the ownership and operation of pubs and hotels in the UK and Ireland. The company was founded in 1979 and is based in Watford, the United Kingdom.
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