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J D Wetherspoon (JDW) investor relations material
J D Wetherspoon Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Like-for-like sales rose 3.4% in the 13 weeks to 26 April 2026 compared to the same period last year.
Year-to-date like-for-like sales increased by 4.3%, with total sales up 4.9% YTD.
Eight pubs opened and eight sold YTD; 13 new franchised pubs opened.
Financial highlights
Total sales increased by 4.1% in the quarter and 4.9% YTD.
3,845,754 shares repurchased for cancellation at an average price of £6.80 per share.
Purchased freehold reversions of four pubs for £12.2 million.
Year-end net debt expected between £740 million and £760 million.
Interest costs for the year estimated at £47 million, consistent with FY25.
Outlook and guidance
Sales growth outperformed the NIQ RSM Hospitality Business Tracker for the 43rd consecutive month in March 2026.
Pipeline includes major new openings at key UK transport hubs.
Substantial cost increases may result in profits slightly below market expectations.
- Revenue up 5.7% year-over-year, but higher costs pressured margins and profit.JDW
H1 202620 Mar 2026 - Strong sales growth offset by rising costs, leading to a cautious full-year outlook.JDW
Trading update21 Jan 2026 - Profit before tax surged 73.5% on 5.7% revenue growth, but free cash flow fell sharply.JDW
H2 202413 Jan 2026 - Sales growth and strong trading support profit expectations, with expansion planned.JDW
Q4 2025 TU13 Jan 2026 - Revenue up 3.9% but profit margins pressured by rising costs; dividend reinstated.JDW
H1 202513 Jan 2026 - Sales growth continues, but rising labour costs and debt pose challenges for the year ahead.JDW
Q2 2025 TU13 Jan 2026 - Sales rose 5.6% in the quarter, with continued investment and cautious outlook.JDW
Q3 2025 TU13 Jan 2026 - Sales up 3.7% year-over-year, with continued outperformance but cautious outlook.JDW
Q1 2026 TU5 Nov 2025 - Revenue and profit rose year-over-year, with record pub sales and strong outlook.JDW
H2 20253 Oct 2025
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