Wetherspoon (J.D.) (JDW): Budget and cost pressures

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JDW Wetherspoon (J.D.)

£952m · £10.23 · +60% since the first step

5 Nov 2025 · Company slightly more cautious on outlook · +6% until the next step The company is pleased with the continued sales momentum but is mindful of the Chancellor's Budget statement later this month and, as a result, is slightly more cautious in its outlook for the remaind

21 Jan 2026 · Costs £45m higher; FY guided slightly below FY25 · −18% until the next step "Costs have been higher than anticipated, with energy, wages, repairs and business rates, for example, increasing by £45 million in the first 25 weeks.

20 Mar 2026 · Costs of about £67m confirmed; profit may miss expectations · +6% until the next step increases in national insurance and labour rates will result in cost increases of approximately £60 million per annum, and non-commodity energy costs will add £7 million.

6 May 2026 · Profit warning repeated: substantial cost increases · +22% until the next step As many hospitality operators, including Wetherspoon, have reported, there have been substantial increases in costs, which may result in profits slightly below market expectations.

22 Jul 2026 · Profit warning repeated; now 'below' expectations · +27% until the next step "Profits for the year are likely to be below market expectations, with marginally lower sales than anticipated in the final quarter, combined with higher costs in the areas of food, labour, repairs, e

22 Jul 2026 · Third guidance cut: profit below expectations · +27% until the next step Profits for the year are likely to be below market expectations, with marginally lower sales than anticipated in the final quarter, combined with higher costs in the areas of food, labour, repairs, en

2 Oct 2026 · FY26 profit fell 28%; FY27 guided in line · +12% since At this early stage, we continue to anticipate profit before tax and separately disclosed items in line with current market expectations1.

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Budget and cost pressures

FY26 profit fell 28%; FY27 guided in line

NOV4 Next: Next trading update; FY27 profit versus £74m consensus in 11 days

Every step · 7

5 Nov 2025 Company slightly more cautious on outlook – The company is pleased with the continued sales momentum but is mindful of the Chancellor's Budget statement later this month and, as a result, is slightly... ↗
21 Jan 2026 Costs £45m higher; FY guided slightly below FY25 – "Costs have been higher than anticipated, with energy, wages, repairs and business rates, for example, increasing by £45 million in the first 25 weeks. ↗
20 Mar 2026 Costs of about £67m confirmed; profit may miss expectations – increases in national insurance and labour rates will result in cost increases of approximately £60 million per annum, and non-commodity energy costs will... ↗
6 May 2026 Profit warning repeated: substantial cost increases – As many hospitality operators, including Wetherspoon, have reported, there have been substantial increases in costs, which may result in profits slightly... ↗
22 Jul 2026 Profit warning repeated; now 'below' expectations – "Profits for the year are likely to be below market expectations, with marginally lower sales than anticipated in the final quarter, combined with higher... ↗
22 Jul 2026 Third guidance cut: profit below expectations – Profits for the year are likely to be below market expectations, with marginally lower sales than anticipated in the final quarter, combined with higher... ↗
2 Oct 2026 FY26 profit fell 28%; FY27 guided in line – At this early stage, we continue to anticipate profit before tax and separately disclosed items in line with current market expectations1. ↗

What is happening

Wetherspoon (J.D.): Budget and cost pressures – FY26 profit fell 28%; FY27 guided in line. ['FY26 profit fell 28%; FY27 guided in line']

In short: Since January the company has flagged £45m of unexpected extra costs and cut its profit view several times. The 22 July pre-close update puts profit below market expectations, citing marginally lower final-quarter sales and higher food, labour, repairs, energy and rates costs. Sales growth is still not reaching profit.
Announced: 5 Nov 2025 · Company slightly more cautious on outlook
Latest: 2 Oct 2026 · FY26 profit fell 28%; FY27 guided in line
Guidance: Full-year profit likely below market expectations
Cost areas: Food, labour, repairs, energy and business rates
Q4 LFL sales: +4.0% in 12 weeks to 19 July 2026; year to date +4.2%
Net debt: £720 million expected at year end, in line with last year

What comes next

Next trading update; FY27 profit versus £74m consensus (4 Nov 2026).

From the company's own announcements. Not investment advice.

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