**Summary**
J D Wetherspoon PLCs interim results for the 26 weeks ended 25 January 2026 show a mixed financial performance. Revenue increased by 5.7% to ยฃ1,087.8 million, driven by a 4.8% rise in like-for-like sales. However, profit before tax declined by 31.9% to ยฃ22.4 million, and operating profit fell by 18.4% to ยฃ52.9 million, primarily due to higher costs, including wages, repairs, and business rates. Basic earnings per share decreased by 27.9% to 15.5p. The company maintained its interim dividend at 4.0p per share.
Chairman Tim Martin highlighted the challenges faced by the hospitality industry, including increased costs from national insurance, labor rates, and non-commodity energy. Despite these pressures, Wetherspoon continued to outperform the industry, with like-for-like sales growth of 3.2% in February 2026, compared to a 0.2% decline in the industry.
The company opened six managed pubs and sold or closed six, with a focus on expanding its franchised pub model. Capital investment totaled ยฃ45.3 million, with a significant portion allocated to existing pubs and new pub extensions. Net debt increased to ยฃ772.9 million, and the company has available finance facilities of ยฃ938.0 million.
Wetherspoon also emphasized its commitment to employee welfare, with ยฃ24.0 million in bonuses and free shares awarded, and its sustainability efforts, including waste recycling and energy efficiency initiatives. The company remains concerned about potential lockdowns and the impact of government policies on the hospitality sector.
Here is the comparison of financials and debt year on year in an HTML table format:
**Notes:** * The table compares key financial metrics and debt levels between 2025 and 2026.
* Revenue increased by 5.7%, while profit before tax and operating profit decreased significantly.
* Basic earnings per share decreased by 27.9%, and free cash outflow per share improved by 75.0%.
* Net debt increased by 6.7% on a non-IFRS-16 basis and 2.7% on an IFRS-16 basis.