Wetherspoon JD

Website: Wetherspoon JD
Index: FTSE 250
EPIC: JDW
Supersector: Travel and Leisure
Sector: Travel and Leisure
Subsector: Restaurants and Bars
Market Cap: £692.31M
Payout Frequency: Semi-Annual

Next Wetherspoon JD Dividend

Wetherspoon JD next goes ex-dividend on 07/05/2026. This will be the Interim dividend for 2026.

The dividend per share amount is 4.0000p (GBP) and the payment date is 04/06/2026.

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.

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 (619.5p) = 1.94%

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

Number of Shares:

Payment	Paid	Amount
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