J D Wetherspoon (JDW) H2 2026 earnings summary

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.