J D Wetherspoon (LSE:JDW) reported a 5.2% increase in annual revenue to £2.24 billion for the year ended 26 July 2026, while profit before tax and separately disclosed items declined 28% to £58.6 million.
Like-for-like sales increased 4.2% during the financial year, although the company said increases in wage, energy and repair costs exceeded the rate of sales growth.
Earnings per share declined during the period, while free cash inflow per share nearly doubled. Wetherspoon maintained its full-year dividend at 12 pence per share.
Sales per pub were 36.6% above pre-pandemic levels, although profits remained below those reported in the 2019 financial year.
Trading accelerated at the beginning of the new financial year, with like-for-like sales increasing 8.6% during the first nine weeks.
Wetherspoon also said it has outperformed the NIQ RSM Hospitality Business Tracker for 48 consecutive months. The company cited its beer gardens and outdoor seating among factors affecting its trading performance.
Chairman Tim Martin reiterated his criticism of taxation and regulatory costs affecting the hospitality industry. He argued that the VAT treatment of pubs and restaurants relative to supermarkets places hospitality businesses at a disadvantage.
According to the company, pubs and restaurants pay approximately 40% of their receipts in taxes. Martin said continued cost and tax pressures could contribute to further closures and job losses across the sector. These comments represent the chairman’s assessment of the operating environment.
For the current financial year, Wetherspoon expects profit before tax to be in line with market consensus.
The group operated 792 pubs at the end of FY2026, compared with 794 a year earlier and 879 before the pandemic.
About J D Wetherspoon
J D Wetherspoon is a UK-listed pub operator founded in 1979, with an estate of nearly 800 pubs.
The company operates pubs serving food and drinks and has invested in outdoor trading areas, including beer gardens and other seating.
Wetherspoon has also campaigned for changes to the VAT treatment of pubs and restaurants compared with supermarkets.
Leave a Reply