**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 £1,087.8 million, driven by a 4.8% rise in like-for-like sales. However, profit before tax declined by 31.9% to £22.4 million, and operating profit fell by 18.4% to £52.9 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 £45.3 million, with a significant portion allocated to existing pubs and new pub extensions. Net debt increased to £772.9 million, and the company has available finance facilities of £938.0 million.
Wetherspoon also emphasized its commitment to employee welfare, with £24.0 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.