JD Sports Fashion

Website: JD Sports Fashion
Index: FTSE 100
EPIC: JD.
Supersector: Retail
Sector: General Retailers
Subsector: Apparel Retailers
Market Cap: £4.13B
Payout Frequency: Semi-Annual

Next JD Sports Fashion Dividend

JD Sports Fashion next goes ex-dividend on 02/07/2026. This will be the Final dividend for 2026.

The dividend per share amount is 0.8700p (GBP) and the payment date is 31/07/2026.

Key Dividend Details

Final dividend proposed: 0.87p per share
Ex-dividend date: 02/07/2026
Record date: 03/07/2026
Payment date: 31/07/2026 (subject to AGM approval on 21/07/2026)
Total FY26 dividend: 1.20p per share (up 20% vs FY25: 1.00p)
Interim dividend already paid: 0.33p; cash paid in FY26 for dividends: £52m
Cash cost of proposed final dividend: ~£44m
Share buybacks: £201m completed in FY26; new rolling £200m annual programme launched 23 Feb 2026 (first £100m tranche expected to complete by 31/07/2026)

Coverage and Sustainability

Earnings cover: DPS 1.20p vs adjusted EPS 11.71p ? payout c.10% (c.14% on statutory EPS 8.63p). Strong cover.
Cash cover: FY26 free cash flow £462m vs proposed final dividend cash cost ~£44m (total FY26 DPS cash requirement modest). FY27 FCF guidance £460–520m supports continuation.
Balance sheet and liquidity: Year-end net cash (pre-leases) £311m; IFRS 16 net leverage 1.4x (or 1.9x including Genesis put option). Ample liquidity following RCF and term loan refinancing.
Capex discipline: FY26 capex £401m; FY27 guidance ~£400m, underpinning sustained FCF after investment.
Capital returns balance: FY26 cash returns (dividends + buybacks) totalled £253m; buybacks add per-share accretion, enhancing dividend affordability.

Dividend Growth Trajectory and Policy

Board signals a progressive ordinary dividend with intent to move towards a “more attractive” yield versus FTSE 350 retail peers.
Medium-term cash generation target: >£1.4bn cumulative FCF over FY26–FY28 supports gradual DPS growth from a low payout base.
Near-term trading is “muted,” but FY27 FCF guidance suggests scope to maintain/edge up DPS while flexing buybacks if needed.

Support from Financial Performance and Capital Allocation

FY26 results: Sales +10.5% (reported), gross margin 47.0% (flat), PBTAI £852m (down), but free cash flow +36% to £462m on tighter capex and working capital.
FY27 outlook: PBTAI guidance £750–850m and controlled price investments weigh on profit/margin, but cash generation remains strong.
Updated framework prioritises:
- Progressive dividend
- Rolling £200m annual buyback
- Capex at ~3–3.5% of sales over the medium term
- Maintaining leverage headroom (investment-grade discipline)

Structural Changes and Notable Factors Affecting Future Dividends

Ongoing portfolio optimisation (store closures/restructuring in Germany/Eastern Europe; Hibbett footprint optimisation) aimed at productivity and margin over time.
Rolling buyback policy instituted; 236.8m shares (4.6%) repurchased in FY26 at ~£0.85 average price, enhancing per-share metrics.
Refinancing completed: £1bn RCF to 2030 and $700m term loan to 2028, bolstering liquidity to support returns and investment.
Future obligation: potential cash outlay for Genesis put/call option (~£787m) in FY29–FY30; Board explicitly maintains headroom for this within the framework.
Non-core disposals continue (e.g., Applied Nutrition stake exited post year-end), modestly adding to financial flexibility.

Risks and Flags to Dividend Stability

Trading headwinds: muted FY27 market growth, footwear product cycle transition, and planned price investments (weighted to H2) could pressure margins.
Execution risk in North America growth, Finish Line conversions, European restructuring, and global e-commerce re-platforming.
Macro/FX sensitivity across large international footprint; PBTAI guidance notes FX impacts.
Lease-adjusted leverage (IFRS 16) and Genesis put/call liability represent medium-term balance sheet claims on cash (albeit currently manageable).
Regulatory/litigation: £14m provision in the US (historic employment practices) highlights operational compliance risk.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
12/06/2025	11/07/2025	Final	0.67p	GBX
30/10/2025	28/11/2025	Interim	0.33p	GBX

Total (Annual Dividends Per Share): 1.00p

Dividend Yield = Annual Dividends Per Share (1.00p) ÷ Share Price (84.84p) = 1.18%

Ex Dividend Date	Payment Date	Type	Amount	Currency
02/07/2026	31/07/2026	Final	0.8700p	GBX
30/10/2025	28/11/2025	Interim	0.33p	GBX
12/06/2025	11/07/2025	Final	0.67p	GBX
07/11/2024	06/12/2024	Interim	0.33p	GBX
13/06/2024	12/07/2024	Final	0.60p	GBX
07/12/2023	05/01/2024	Interim	0.30p	GBX
06/07/2023	04/08/2023	Final	0.67p	GBX
08/12/2022	06/01/2023	Interim	0.13p	GBX
07/07/2022	05/08/2022	Final	0.35p	GBX
24/06/2021	02/08/2021	Final	1.44p	GBX
28/11/2019	03/01/2020	Interim	0.28p	GBX
27/06/2019	05/08/2019	Final	1.44p	GBX
29/11/2018	04/01/2019	Interim	0.27p	GBX
28/06/2018	06/08/2018	Final	1.37p	GBX
30/11/2017	05/01/2018	Interim	0.26p	GBX
22/06/2017	31/07/2017	Final	1.30p	GBX
01/12/2016	06/01/2017	Interim	1.25p	GBX
23/06/2016	01/08/2016	Final	6.20p	GBX
03/12/2015	08/01/2016	Interim	1.20p	GBX
25/06/2015	03/08/2015	Final	5.90p	GBX
04/12/2014	09/01/2015	Interim	1.15p	GBX
07/05/2014	04/08/2014	Final	22.65p	GBX
04/12/2013	10/01/2014	Interim	4.45p	GBX

Year	Interim	Final	Currency	Total	Change
2024	0.330	0.600	GBX	0.930	-4.120
2023	0.300	0.670	GBX	0.970	102.080
2022	0.130	0.350	GBX	0.480	-66.660
2021		1.440	GBX	1.440	-16.270
2019	0.280	1.440	GBX	1.720	4.870
2018	0.270	1.370	GBX	1.640	5.120
2017	0.260	1.300	GBX	1.560	-79.060
2016	1.250	6.200	GBX	7.450	4.920
2015	1.200	5.900	GBX	7.100	-70.160
2014	1.150	22.650	GBX	23.800	434.830
2013	4.450		GBX	4.450

Number of Shares:

Payment	Paid	Amount
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