# Wetherspoon reveals profit blow amid surging costs

By Dan Coatsworth — 2026-01-21

Dan Coatsworth, head of markets at AJ Bell, said: “Value has always been a key part of Wetherspoon’s appeal, and the business has always had a focus on volumes rather than margins.

“While this has been a successful approach over the long term it does leave the company exposed when costs go up.

“Despite robust sales growth over Christmas, the company warns profit will be lower in 2026 than in 2025.

“As a large-scale employer of people on relatively lower wages, Wetherspoon is exposed to increases in the national living wage and employer national insurance contributions.

“Maintenance and energy costs continue to tick higher.

“While Wetherspoon can probably pass some extra costs to customers, it must walk a tightrope as it looks to keep prices keen enough to keep its clientele coming through the doors.

“Wetherspoon is looking to expand after a period of retrenchment, but investors will be keeping a close eye on the debt pile – which has nudged higher – to see if this has any impact on its roll-out plans.”

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