Wetherspoon JD
Website:
Wetherspoon JD
Index:
FTSE 250
EPIC: JDW
Supersector:
Travel and Leisure
Sector:
Travel and Leisure
Subsector:
Restaurants and Bars
Market Cap:
£715M
Payout Frequency: Semi-Annual
Wetherspoon JD Dividend Analysis and Summary
Declared dividend and key dates
- Dividend: 4.0p interim (unchanged year-on-year)
- Ex-dividend date: 07/05/2026 (derived from the record date)
- Record date: 08/05/2026
- Payment date: 04/06/2026
- Cash cost: c.£4.4m (company disclosure)
- Dividend cover: 3.63x (H1 FY26 diluted EPS before separately disclosed items over DPS)
- Trailing 12-month DPS (indicative): 12.0p (FY25 final 8.0p + FY26 interim 4.0p)
- Indicative trailing yield: ~1.7% using the period’s average buyback price of 724p as a proxy
Recent dividend history and capital returns
- Interim maintained at 4.0p (flat vs H1 FY25).
- FY25 final paid: 8.0p (down from FY24 final 12.0p), indicating a reset of the final dividend last year.
- Share buybacks: 2.5% of starting share capital cancelled in the period for £20.1m (avg. 724p), reducing share count and supporting per-share metrics.
Sustainability and coverage
- Earnings support: H1 FY26 EPS before items 15.5p vs DPS 4.0p; stated cover 3.63x provides a healthy earnings cushion.
- Cash generation: H1 free cash flow was a small outflow (0.2p/share), reflecting higher maintenance capex and working-capital movements; cash cover is weaker than earnings cover on the half-year view.
- Margins and outlook: Operating margin fell to 4.86% (6.30% prior year). Management flags cost headwinds (c.£60m labour/NI, £7m non-commodity energy, higher packaging EPR), and profits may be “slightly below” market expectations.
- Balance sheet: Net debt ex-IFRS 16 at £772.9m (up from £724.3m); total IFRS-16 net liabilities remain high. Average debt cost 5.91%; swaps in place help rate visibility.
- Capital allocation: Cash returns skewed to buybacks (c.£20m in period) versus dividends (c.£9m final FY25 paid), suggesting continued prioritisation of repurchases when conditions allow. The interim dividend remains modest and appears maintainable on current earnings.
Structural or policy factors to watch
- Private placement maturity: £98m notes due August 2026 will need refinancing/repayment; near-term funding decisions could influence future cash returns.
- Franchise roll-out: 16 franchised pubs (target 15–20 more this FY). Capital-light growth could support cash generation longer term if performance holds.
- Estate actions: Ongoing selective openings/disposals; capex of £45.3m in H1 FY26 (lower YoY) indicates disciplined spend but still a call on cash.
- No M&A, demergers or share consolidations disclosed; continued share cancellations reduce the dividend cash cost per penny going forward.
- Next trading update on 06/05/2026 (day before ex-div) could influence near-term sentiment but not the declared interim.
Risks and flags for dividend stability
- Cost inflation (wages/NI, energy, EPR) compressing margins; management already guiding profits may be below expectations.
- High leverage and 2026 refinancing requirement for £98m notes raise funding-cost and liquidity considerations if conditions tighten.
- Cash cover weaker this half (FCF outflow), though earnings cover is strong; sustained capex and buybacks compete with dividends for cash.
- Like-for-like growth has slowed to +2.6% in recent weeks; any demand softness could pressure operating leverage.
Bottom line
- The 4.0p interim (ex-div 07/05/2026) looks well covered by earnings and modest in cash terms, aided by a shrinking share count.
- However, thin margins, elevated debt and near-term refinancing temper scope for rapid dividend growth. With buybacks absorbing more cash than dividends, policy appears focused on total shareholder returns rather than high cash yield.
Read more
Wetherspoon JD Annual Dividend Yield - 1.82%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 01/05/2025 |
30/05/2025 |
Interim |
4.00p |
GBX |
| 23/10/2025 |
27/11/2025 |
Final |
8.00p |
GBX |
Total (Annual Dividends Per Share):
12.00p
Dividend Yield =
Annual Dividends Per Share (12.00p)
÷ Share Price (658.5p)
= 1.82%
Wetherspoon JD Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 07/05/2026 |
04/06/2026 |
Interim |
4.0000p |
GBX |
| 23/10/2025 |
27/11/2025 |
Final |
8.00p |
GBX |
| 01/05/2025 |
30/05/2025 |
Interim |
4.00p |
GBX |
| 24/10/2024 |
28/11/2024 |
Final |
12.00p |
GBX |
| 24/10/2019 |
28/11/2019 |
Final |
8.00p |
GBX |
| 02/05/2019 |
30/05/2019 |
Interim |
4.00p |
GBX |
| 25/10/2018 |
29/11/2018 |
Final |
8.00p |
GBX |
| 03/05/2018 |
31/05/2018 |
Interim |
4.00p |
GBX |
| 26/10/2017 |
30/11/2017 |
Final |
8.00p |
GBX |
| 27/04/2017 |
25/05/2017 |
Interim |
4.00p |
GBX |
| 20/10/2016 |
24/11/2016 |
Final |
8.00p |
GBX |
| 28/04/2016 |
26/05/2016 |
Interim |
4.00p |
GBX |
| 22/10/2015 |
26/11/2015 |
Final |
8.00p |
GBX |
| 30/04/2015 |
28/05/2015 |
Interim |
4.00p |
GBX |
| 23/10/2014 |
27/11/2014 |
Final |
8.00p |
GBX |
| 30/04/2014 |
29/05/2014 |
Interim |
4.00p |
GBX |
| 23/10/2013 |
28/11/2013 |
Final |
8.00p |
GBX |
| 01/05/2013 |
30/05/2013 |
Interim |
4.00p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
| 2024 |
|
12.000 |
GBX |
12.000 |
| 2019 |
4.000 |
8.000 |
GBX |
12.000 |
| 2018 |
4.000 |
8.000 |
GBX |
12.000 |
| 2017 |
4.000 |
8.000 |
GBX |
12.000 |
| 2016 |
4.000 |
8.000 |
GBX |
12.000 |
| 2015 |
4.000 |
8.000 |
GBX |
12.000 |
| 2014 |
4.000 |
8.000 |
GBX |
12.000 |
| 2013 |
4.000 |
8.000 |
GBX |
12.000 |
Wetherspoon JD Dividend Calculator
Wetherspoon JD Dividend Growth
| Dividend Growth (1Y) |
-25%
|
| Dividend CAGR (5Y) |
–
|
| Years of Growth |
–
|
| Payout Ratio |
24.8%
|
| Buyback Yield |
6.17%
|
| Shareholder Yield |
7.91%
|
| P/E Ratio (TTM) | 13.91 |
|---|
| Forward P/E | 13.78 |
|---|
| P/FCF | 6.47 |
|---|
| Earnings Yield | 7.96% |
|---|
| FCF Yield | 15.46% |
|---|
| ROE | 15.15% |
|---|
| ROCE | 8.48% |
|---|
| Profit Margin | 2.52% |
|---|
| Operating Margin | 6.05% |
|---|
| Gross Margin | 11.19% |
|---|