Wetherspoon (J.D.)

JDW · Main Market · Travel and Leisure · mcap £906m · 993.0p

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Financials · balance sheet 26 Jul 26 · last twelve months · today’s market value

Source: results 02 Oct 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,047m
Owner’s net cash: −£732.7m
Net cash / market cap: -70%
EV ex leases: £1,780m
Revenue: £2,238m
Operating profit: £120.6m
Free cash flow after leases: £100.6m
EV / EBIT: 14.8×
FCF yield: 9.6%
Price / tangible book: 3.20×
ROCE: 9%
Net income (owners): £60.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Jul 26 (twelve months to 26 Jul 26), published 02 Oct 26 · read the results ↗

Source ↗

	items 52 weeks ended 26 July 2026 before separately disclosed £000	items 52 weeks ended 26 July 2026 separately disclosed items 1 £000	items 52 weeks ended 26 July 2026 after separately disclosed £000	items 52 weeks ended 27 July 2025 before separately disclosed £000	52 weeks ended 27 July 2025 separately disclosed items 1 £000	52 weeks ended 27 July 2025 after separately disclosed £000
Revenue	2,238,023	-	2,238,023	2,127,524	-	2,127,524
Operating costs	(2,117,829)	368	(2,117,461)	(1,981,115)	(4,249)	(1,985,364)
Operating profit/(loss)	120,194	368	120,562	146,409	(4,249)	142,160
Property gains/(losses)	310	(2,118)	(1,808)	(948)	2,736	1,788
Finance income	1,016	20,835	21,851	1,371	9,410	10,781
Finance costs	(62,911)	-	(62,911)	(65,387)	-	(65,387)
Profit before tax	58,609	19,085	77,694	81,445	7,897	89,342
Tax (charge)/income	(15,455)	(1,753)	(17,208)	(23,876)	2,525	(21,351)
Profit for the period	43,154	17,332	60,486	57,569	10,422	67,991
Profit per ordinary share (p)
- Basic	42.4	17.1	59.5	50.8	9.2	60.0
- Diluted	39.8	16.0	55.8	48.1	8.7	56.8

Source ↗

	26 July 2026 £000	27 July 2025 £000
Non-current assets
Property, plant and equipment	1,384,157	1,404,765
Intangible assets	9,861	7,876
Investment property	29,844	22,549
Right-of-use assets	361,695	363,562
Other loan receivable	–	325
Derivative financial instruments	5,057	–
Lease assets	7,173	8,799
Non-current receivables	2,412	–
Total non-current assets	1,800,199	1,807,876
Current assets
Lease assets	1,512	1,667
Assets held for sale	–	2,137
Inventories	32,742	31,058
Receivables	25,076	26,520
Current income tax receivables	3,301	–
Cash and cash equivalents	52,774	38,682
Total current assets	115,405	100,064
Total assets	1,915,604	1,907,940
Liabilities
Current liabilities
Borrowings	(115,047)	(18,619)
Trade and other payables	(325,487)	(289,204)
Current tax liabilities	–	(39)
Provisions	(2,073)	(1,503)
Lease liabilities	(57,005)	(52,042)
Total current liabilities	(499,612)	(361,407)
Non-current liabilities
Borrowings	(670,435)	(764,102)
Derivative financial instruments	(103)	(8,063)
Deferred tax liabilities	(61,994)	(57,211)
Lease liabilities	(346,632)	(355,161)
Total non-current liabilities	(1,079,164)	(1,184,537)
Total liabilities	(1,578,776)	(1,545,944)
Net assets	336,828	361,996
Shareholders’ equity
Share capital	2,122	2,260
Share premium account	143,170	143,170
Capital redemption reserve	2,790	2,652
Other reserves 1	49,505	108,836
Hedging reserve 1	3,898	11,716
Currency translation reserve	1,557	3,819
Retained earnings 1	133,786	89,543
Total shareholders’ equity	336,828	361,996

Source ↗

	Free cash flow1 52 weeks ended 26 July 2026 £000	Free cash flow1 52 weeks ended 26 July 2026 £000	flow1 52 weeks ended 27 July 2025 £000	flow1 52 weeks ended 27 July 2025 £000
Cash flows from operating activities
Cash generated from operations	284,290	284,290	254,440	254,440
Interest received	717	717	1,064	1,064
Interest paid	(48,243)	(48,243)	(29,819)	(29,819)
Corporation tax paid	(16,160)	(16,160)	(17,198)	(17,198)
Lease interest	(15,099)	(15,099)	(15,260)	(15,260)
Net cash flow from operating activities	205,505	205,505	193,226	193,226
Cash flows from investing activities
Reinvestment in pubs	(26,338)	(26,338)	(62,470)	(62,470)
Reinvestment in business and IT projects	(5,565)	(5,565)	(11,631)	(11,631)
Investment in new pubs and pub extensions	(28,734)	–	(24,141)	–
Freehold reversions and investment properties	(13,599)	–	(18,726)	–
Proceeds of sale of property, plant and equipment	10,067	–	8,129	–
Net cash flow from investing activities	(64,169)	(31,903)	(108,839)	(74,101)
Cash flows from financing activities
Equity dividends paid	(13,340)	–	(19,460)	–
Purchase of own shares for cancellation	(45,991)	–	(66,778)	–
Purchase of own shares for share-based payments	(28,463)	(28,463)	(22,762)	(22,762)
Loan issue cost	(1,282)	(1,282)	(1,414)	(1,414)
Advances of bank loans	3,000	–	45,000	–
Other loan receivables	794	–	783	–
Lease principal payments	(43,711)	(43,711)	(38,308)	(38,308)
Asset-financing principal payments	1,749	–	–	–
Net cash flow from financing activities	(127,244)	(73,456)	(102,939)	(62,484)
Net change in cash and cash equivalents	–	14,092	–	(18,551)
Opening cash and cash equivalents	–	38,682	–	57,233
Closing cash and cash equivalents	–	52,774	–	38,682
Free cash flow 1	–	100,146	–	56,642

Source ↗

	items Unaudited 26 weeks ended 25 January 2026 before separately disclosed £000	items Unaudited 26 weeks ended 25 January 2026 separately disclosed items £000	items Unaudited 26 weeks ended 25 January 2026 after separately disclosed £000	items Unaudited 26 weeks ended 26 January 2025 before separately disclosed £000	Unaudited 26 weeks ended 26 January 2025 separately disclosed items £000	Unaudited 26 weeks ended 26 January 2025 after separately disclosed £000
Revenue	1,087,792	-	1,087,792	1,029,518	-	1,029,518
Operating costs	(1,034,880)	112	(1,034,768)	(964,691)	(1,806)	(966,497)
Operating profit	52,912	112	53,024	64,827	(1,806)	63,021
Property losses	-	(1,304)	(1,304)	-	(825)	(825)
Finance income	293	4,774	5,067	1,256	11,107	12,363
Finance costs	(30,835)	-	(30,835)	(33,214)	-	(33,214)
Profit before tax	22,370	3,582	25,952	32,869	8,476	41,345
Income tax charge	(6,275)	(292)	(6,567)	(7,988)	(1,131)	(9,119)
Profit for the period	16,095	3,290	19,385	24,881	7,345	32,226
Profit per ordinary share (p)
- Basic	15.5	3.2	18.7	21.5	6.3	27.8
- Diluted	14.5	3.0	17.5	20.6	6.1	26.7

Source ↗

	Unaudited 25 January 2026 £000	Unaudited 26 January 2025 £000	Audited 27 July 2025 £000
Non-current assets
Property, plant and equipment	1,399,745	1,397,306	1,404,765
Intangible assets	8,500	6,902	7,876
Investment property	28,610	18,202	22,549
Right-of-use assets	348,369	367,864	363,562
Other loan receivable	-	803	325
Derivative financial instruments	-	314	-
Receivables	2,725	-	-
Lease assets	7,685	9,374	8,799
Total non-current assets	1,795,634	1,800,765	1,807,876
Current assets
Lease assets	1,513	1,066	1,667
Assets held for sale	133	1,500	2,137
Inventories	31,493	31,460	31,058
Receivables	23,494	27,276	26,520
Current income tax receivables	6,871	4,837	-
Cash and cash equivalents	40,072	75,158	38,682
Total current assets	103,576	141,297	100,064
Total assets	1,899,210	1,942,062	1,907,940
Current liabilities
Borrowings	(17,343)	-	(18,619)
Derivative financial instruments	-	(78)	-
Trade and other payables	(274,612)	(300,364)	(289,204)
Current tax liabilities	-	-	(39)
Provisions	(2,280)	(1,382)	(1,503)
Lease liabilities	(47,059)	(47,629)	(52,042)
Total current liabilities	(341,294)	(349,453)	(361,407)
Non-current liabilities
Borrowings	(813,788)	(779,540)	(764,102)
Derivative financial instruments	(7,999)	(889)	(8,063)
Deferred tax liabilities	(58,531)	(56,660)	(57,211)
Lease liabilities	(342,052)	(363,183)	(355,161)
Total non-current liabilities	(1,222,370)	(1,200,272)	(1,184,537)
Total liabilities	(1,563,664)	(1,549,725)	(1,545,944)
Net assets	335,546	392,337	361,996
Shareholders' equity
Share capital	2,206	2,435	2,260
Share premium account	143,170	143,170	143,170
Capital redemption reserve	2,706	2,477	2,652
Other reserves 1	94,459	183,571	123,644
Hedging reserve	(3,616)	6,808	1,094
Currency translation reserve	2,975	(378)	3,819
Retained earnings 1	93,646	54,254	85,357
Total shareholders' equity	335,546	392,337	361,996

Source ↗

	free cash Unaudited flow 1 26 weeks ended 25 January 2026 £000	free cash Unaudited flow 1 26 weeks ended 25 January 2026 £000	free cash Unaudited flow 1 26 weeks ended 26 January 2025 £000	Unaudited flow 1 26 weeks ended 26 January 2025 £000	Audited flow 1 52 weeks ended 27 July 2025 £000	Audited flow 1 52 weeks ended 27 July 2025 £000
Cash flows from operating activities
Cash generated from operations	102,142	102,142	115,230	115,230	254,440	254,440
Interest received	228	228	1,107	1,107	1,064	1,064
Interest paid	(24,321)	(24,321)	(25,100)	(25,100)	(29,819)	(29,819)
Corporation tax paid	(12,430)	(12,430)	(10,858)	(10,858)	(17,198)	(17,198)
Lease interest	(6,978)	(6,978)	(7,254)	(7,254)	(15,260)	(15,260)
Net cash flow from operating activities	58,641	58,641	73,125	73,125	193,227	193,227
Cash flows from investing activities
Reinvestment in pubs	(18,276)	(18,276)	(34,664)	(34,664)	(62,470)	(62,470)
Reinvestment in business and IT projects	(2,696)	(2,696)	(5,988)	(5,988)	(11,631)	(11,631)
Investment in new pubs and pub extensions	(12,327)	-	(10,375)	-	(24,141)	-
Freehold reversions and investment properties	(12,020)	-	(13,580)	-	(18,726)	-
Proceeds of sale of property, plant and equipment	5,690	-	5,686	-	8,129	-
Net cash flow used in investing activities	(39,629)	(20,972)	(58,921)	(40,652)	(108,839)	(74,101)
Cash flows from financing activities
Equity dividends paid	(9,024)	-	(14,807)	-	(19,460)	-
Purchase of own shares for cancellation	(20,161)	-	(8,891)	-	(66,778)	-
Purchase of own shares for share-based payments	(15,561)	(15,561)	(11,763)	(11,763)	(22,762)	(22,762)
Loan issue cost	-	-	(294)	(294)	(1,414)	(1,414)
Advances under bank loans	49,000	-	60,000	-	45,000	-
Other loan receivables	396	-	391	-	783	-
Lease principal payments	(22,271)	(22,271)	(20,915)	(20,915)	(38,308)	(38,308)
Net cash flow from (used in) financing activities	(17,621)	(37,832)	3,721	(32,972)	(102,939)	(62,484)
Net change in cash and cash equivalents	–	1,390	–	17,925	–	(18,551)
Opening cash and cash equivalents	–	38,682	–	57,233	–	57,233
Closing cash and cash equivalents	–	40,072	–	75,158	–	38,682
Free cash flow 1	–	(163)	–	(499)	–	56,642

	FY Jul 26	FY Jul 25
Revenue to operating profit
Revenue	2,238.0	2,127.5
Adjusted operating profit	120.2	146.4
Operating profit	120.6	142.2
Operating profit to net income
Finance costs	(62.9)	(65.4)
Profit before tax	77.7	89.3
Tax	(17.2)	(21.4)
Net income (owners)	60.5	68.0
Per share
EPS basic	59.5p	60.0p
EPS diluted	55.8p	56.8p
Dividend per share	12.0p	12.0p

	H2 Jul 26	H1 Jan 26	H2 Jul 25	H1 Jan 25
Revenue to operating profit
Revenue	1,150.2	1,087.8	1,098.0	1,029.5
Adjusted operating profit	67.3	52.9	81.6	64.8
Operating profit	67.5	53.0	79.1	63.0
Operating profit to net income
Finance costs	(32.1)	(30.8)	(32.2)	(33.2)
Profit before tax	51.7	26.0	48.0	41.3
Tax	(10.6)	(6.6)	(12.2)	(9.1)
Net income (owners)	41.1	19.4	35.8	32.2
Per share
EPS basic	40.8p	18.7p	32.2p	27.8p
EPS diluted	38.3p	17.5p	30.1p	26.7p

	FY Jul 26	FY Jul 25
Operating activities
Cash from operations	205.5	193.2
Interest paid	(48.2)	(29.8)
Tax paid	(16.2)	(17.2)
Investing activities
Capex (PP&E)	–	(62.5)
Financing activities
Lease principal paid	(43.7)	(38.3)
Lease interest paid	(15.1)	(15.3)
Dividends paid	(13.3)	(19.5)
Share buybacks	(46.0)	(66.8)

	H2 Jul 26	H1 Jan 26	H2 Jul 25	H1 Jan 25
Operating activities
Cash from operations	146.9	58.6	120.1	73.1
Interest paid	(23.9)	(24.3)	(4.7)	(25.1)
Tax paid	(3.7)	(12.4)	(6.3)	(10.9)
Investing activities
Capex (PP&E)	–	(18.3)	(27.8)	(34.7)
Financing activities
Lease principal paid	(21.4)	(22.3)	(17.4)	(20.9)
Lease interest paid	(8.1)	(7.0)	(8.0)	(7.3)
Dividends paid	(4.3)	(9.0)	(4.7)	(14.8)
Share buybacks	(25.8)	(20.2)	(57.9)	(8.9)

	26 Jul 26	27 Jul 25
Non-current assets
Other intangibles	9.9	7.9
Property, plant & equipment	1,384.2	1,404.8
Investment property	29.8	22.5
Non-current assets	1,800.2	1,807.9
Current assets
Inventories	32.7	31.1
Trade receivables	25.1	26.5
Cash	52.8	38.7
Current assets	115.4	100.1
Total assets	1,915.6	1,907.9
Current liabilities
Trade payables	325.5	289.2
Borrowings, current	115.0	18.6
Lease liabilities, current	57.0	52.0
Current liabilities	499.6	361.4
Non-current liabilities
Borrowings, non-current	670.4	764.1
Lease liabilities, non-current	346.6	355.2
Non-current liabilities	1,079.2	1,184.5
Total liabilities	1,578.8	1,545.9
Equity
Total equity	336.8	362.0
Net cash and other figures
Net cash / (debt) ex leases	(715.8)	(724.3)

	26 Jul 26	25 Jan 26	27 Jul 25	26 Jan 25
Non-current assets
Other intangibles	9.9	8.5	7.9	6.9
Property, plant & equipment	1,384.2	1,399.7	1,404.8	1,397.3
Investment property	29.8	28.6	22.5	18.2
Non-current assets	1,800.2	1,795.6	1,807.9	1,800.8
Current assets
Inventories	32.7	31.5	31.1	31.5
Trade receivables	25.1	23.5	26.5	27.3
Cash	52.8	40.1	38.7	75.2
Current assets	115.4	103.6	100.1	141.3
Total assets	1,915.6	1,899.2	1,907.9	1,942.1
Current liabilities
Trade payables	325.5	274.6	289.2	300.4
Borrowings, current	115.0	17.3	18.6	0.0
Lease liabilities, current	57.0	47.1	52.0	47.6
Current liabilities	499.6	341.3	361.4	349.5
Non-current liabilities
Borrowings, non-current	670.4	813.8	764.1	779.5
Lease liabilities, non-current	346.6	342.1	355.2	363.2
Non-current liabilities	1,079.2	1,222.4	1,184.5	1,200.3
Total liabilities	1,578.8	1,563.7	1,545.9	1,549.7
Equity
Total equity	336.8	335.5	362.0	392.3
Net cash and other figures
Net cash / (debt) ex leases	(715.8)	(772.9)	(724.3)	–
Undrawn facilities	–	938.0	–	–

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