J D Wetherspoon (JDW) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 5.7% year-over-year to £1,087.8 million, with like-for-like sales up 4.8%.

• Profit before tax fell 31.9% to £22.4 million compared to H1 2025, with underlying earnings per share down 29.6%.

• Operating profit before separately disclosed items dropped to £52.9 million (from £64.8 million), with margin down to 4.86% from 6.30% due to higher costs.

• 14 new pubs opened in H1 (6 company-owned, 8 franchise), with 73% of the estate now freehold.

• Record staff retention, 99.2% of pubs achieving maximum food hygiene ratings, and recognition as a Top Employer.

Financial highlights

• Revenue increased 5.7% year-over-year to £1,087.8 million in H1 2026.

• Like-for-like sales up 4.8% year-over-year.

• Profit before tax (before separately disclosed items) dropped to £22.4 million, down from £32.9 million.

• Underlying earnings per share fell to 14.5p from 20.6p; EPS before separately disclosed items was 15.5p (2025: 21.5p).

• Free cash flow per share improved to -0.1p from -0.4p; free cash outflow was £0.2 million.

• Operating profit margin decreased to 4.9% from 6.3%.

Outlook and guidance

• Like-for-like sales in the last seven weeks up 2.6% versus the same period last year.

• Cost pressures from higher national insurance, labour, energy, and packaging taxes expected to increase annual costs by over £69 million.

• Profits may be slightly below current market expectations due to consumer and cost pressures.

• Year-end net debt forecast remains unchanged.