J D Wetherspoon (JDW) Trading update summary
Event summary combining transcript, slides, and related documents.
Trading update summary
22 Jul, 2026Trading performance
Like-for-like sales rose 4.0% in the 12 weeks to 19 July 2026 and 4.2% year-to-date.
Eight new pubs opened and nine sold in the year to date; 793 managed pubs now operated.
Fifteen franchised pubs opened year-to-date, bringing the total to 23.
Financial position
6,402,368 shares repurchased for cancellation at an average price of £6.52 per share.
Four pub freehold reversions acquired for £12.2 million, total spend since 2011 now £489 million.
Year-end net debt expected to be £720 million, consistent with last year.
Outlook and guidance
Full-year profits expected to be below market expectations due to slightly lower sales in the final quarter and higher costs in food, labour, repairs, energy, and business rates.
Preliminary results scheduled for release on 2 October 2026.
Latest events from J D Wetherspoon
- LFL sales rose 8.2%, while recent five-week growth eased to 7.5%.JDW
Q1 2027 TU - Revenue up 5.2% but profit before tax down 31.9%; strong LFL sales and investment continue.JDW
H2 2026 - Sales growth remains robust, but rising costs may pressure profits below expectations.JDW
Q3 2026 TU - Revenue grew 5.7%, but rising costs cut H1 profit and pressured FY expectations.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 - Revenue up 3.9% but profit margins pressured by rising costs; dividend reinstated.JDW
H1 2025