REG - Tesco PLC - Preliminary Results 2025/26
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RNS Number : 6553A Tesco PLC 16 April 2026
Preliminary Results 2025/26
The full release of Tesco PLC's Preliminary Results 2025/26 is available at
http://www.rns-pdf.londonstockexchange.com/rns/6553A_1-2026-4-15.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6553A_1-2026-4-15.pdf) and on
the Tesco PLC corporate website tescoplc.com. Tesco PLC's preliminary results
for the 53 weeks ended 28 February 2026 have been submitted in full unedited
text to the Financial Conduct Authority's National Storage Mechanism and will
be available shortly for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
PUTTING CUSTOMERS FIRST, WELL-PLACED FOR LONG-TERM GROWTH
Performance highlights (52-week comparable basis)(1,2) FY 25/26 FY 24/25 Change at actual rates Change at constant rates
Sales (exc. VAT, exc. fuel)(2) £66,588m £63,636m 4.6% 4.3%
Adjusted operating profit(2) £3,152m £3,128m 0.8% 0.6%
Free cash flow(2) £1,957m £1,750m 11.8%
Net debt(2) (at the balance sheet date) £(10,563)m £(9,454)m (11.7)%
Adjusted diluted EPS(2) 29.0p 27.4p 6.0%
Dividend per share 14.5p 13.7p 5.8%
Statutory measures (53-week basis, continuing operations basis)(1)
Revenue (exc. VAT, inc. fuel) £73,712m £69,916m 5.4%
Operating profit £2,985m £2,711m 10.1%
Profit before tax £2,403m £2,215m 8.5%
Diluted EPS 27.1p 23.1p 16.9%
Statutory measures (53-week basis, inc. discontinued operations)(1)
Profit for the year (after tax) £1,787m £1,630m 9.6%
Diluted EPS 27.1p 23.5p 15.1%
The Group's statutory financial results for the year ended 28 February 2026
reflect a 53-week reporting period. Alternative Performance Measures (APMs)
are presented for the 52 weeks to 22 February 2026 to aid comparability,
except for net debt which is presented at the balance sheet date. There is
no impact from the additional week on Insurance & Money Services and
Central Europe, which report to the end of February every year.
Ken Murphy, Chief Executive:
"We are committed to doing whatever we can to help keep down the cost of the
weekly shop, and with the conflict in the Middle East creating further
uncertainty for consumers and the economy more broadly, that commitment
matters more than ever. Over the last year, despite cost pressures from new
regulation, we have increased our investments in keeping prices low, further
improving quality and offering even better service. Customers are choosing
to shop more with us as a result, leading to our highest market share for over
a decade. Our investments have been made possible by our Save to Invest
programme, which has delivered over £2.2bn of savings over the last four
years, funding lower prices for customers and higher pay for colleagues,
including our recent 5.1% increase in UK hourly pay. Recognising their
exceptional service over the last year, I am also pleased to announce a £65m
special performance award for colleagues in our stores, distribution centres
and customer engagement centres.
Our further investments in value included tripling the number of products on
Everyday Low Prices to 3,000, running alongside over 10,000 Clubcard Prices
and more than 600 Aldi Price Match lines. We have also continued to invest
in quality and innovation, with over 2,000 new and improved products across
the year, and Finest growing 15% to reach sales of £3bn. We continued to
meet customer needs wherever, whenever and however they chose to shop with us,
with overall online sales growing 11%, including Tesco Whoosh growth of 51%.
Since setting out our multi-year performance framework in 2021, we have
delivered meaningful progress for all our stakeholders. As new opportunities
and challenges have emerged, we have evolved our strategic ambitions,
positioning us well to deliver sustained long-term growth by providing even
better value for customers."
Sales growth across all markets with profit growth and strong cash delivery
(on a 52-week basis unless otherwise stated)
· UK customer satisfaction reaching record high; Group like-for-like(3) sales up
+3.5% with growth across all operating segments: UK +4.2%, ROI +4.6%, Booker
+0.2%, CE +2.2%
· Group adjusted operating profit(2) up +0.6% at constant exchange rates to
£3,152m:
· UK & ROI up +0.7% to £2,745m with further market share gains and progress
in Save to Invest offsetting significant investments into the customer offer
and operating cost inflation
· Booker up +0.7% to £292m with sales growth in the core retail and core
catering businesses and a record Save to Invest contribution more than
offsetting operating cost inflation
· Central Europe down (0.9)% to £115m, reflecting £(9)m YoY impact from sale
of five mall properties in H2 24/25
· Adjusted diluted EPS(2) increased +6.0% to 29.0p, driven by our ongoing share
buyback programme and profit growth
· Statutory operating profit £2,985m up +10.1% (on 53-week basis); includes
£(53)m impairment charge versus £(286)m LY
· Free cash flow(2) up +11.8% to £1,957m, reflecting the benefit of sales
growth and disciplined working capital management, offsetting increased cash
tax payments and increased capital investment in future growth opportunities
· Net debt(2) at £(10,563)m; prior year of £(9,454)m benefited from c.£700m
proceeds from the sale of our Banking operations which were subsequently
returned to shareholders during FY 25/26; Net debt/EBITDA ratio at 2.1 times
Footnotes can be found on page 6
EVOLVING OUR STRATEGIC AMBITIONS
Our goal is to create long-term sustainable value for all our stakeholders, by
consistently delivering for customers.
Over the last five years, we have made meaningful progress, with material
investments into price, quality and service, driving a significant increase in
customer satisfaction and leading to our highest market share for over a
decade.
The retail landscape continues to evolve. Households have had to adjust to
persistent cost of living pressures and competition remains intense, with new
entrants and technologies giving customers more choice than ever. Customer
expectations are increasing too - in addition to great tasting, high quality
food at the best possible price, they also want nutritious products that
support their health goals, from a brand they can trust to do the right thing.
To continue delivering for all our stakeholders, we have evolved our strategic
ambitions into five mutually reinforcing goals:
1) Winning in food
2) Meeting more everyday customer needs
3) Being the most strategic partner for suppliers
4) To be connected, personalised and loved by customers
5) All underpinned by long-term business sustainability
These build on our underlying strengths and allow us to deliver even more
value for our customers, creating a path for long-term sustainable growth.
Further detail on each ambition, and the progress we have made this year, is
set out below:
1) Winning in food
We want to deliver the very best value, quality, range, and innovation in
food. Delicious, affordable and nutritious food matters more than ever to
our customers and their families, and our ability to provide this at the very
best price underpins our whole business. Through our market-leading presence
across stores, online grocery and rapid delivery, combined with the reach of
Booker's wholesale business, we are better placed than anyone to serve
customers great value and great tasting food wherever, whenever and however
they want to be served.
· UK market share at 28.5%, up +24bps YoY, outperforming the market on both a
value and volume basis; across the last three years we have gained +122bps of
market share, and in December 2025 we reached our highest share in over a
decade
· ROI market share at 24.2%, up +32bps YoY; now into a fourth consecutive year
of share gains
· UK NPS growing ahead of the competition, with further gains across value and
reputation
· Continued our commitment to low prices with the tripling of Everyday Low
Prices to 3,000 lines, running alongside over 10,000 Clubcard Prices and Aldi
Price Match on more than 600 products
· Launched over 2,000 new and improved products, including over 750 in Finest;
overall Finest sales growth of +15%
· Achieved our goal of ensuring at least 65% (by volume) of products sold in UK
& ROI are classified as healthy
· UK online sales up +11% to over £7bn, with market share up +30bps to 35.7%;
ROI up +17% and CE up +17%
· Tesco Whoosh sales up +51% to over £400m, with growth in basket size and new
customers; further rollout of Whoosh in ROI, now in 31 stores; over 300
retailers using Scoot, Booker's rapid delivery service
· Opened 93 stores across the Group, including 65 Express stores in the UK;
Booker added 369 net new retail partners
2) Meeting more everyday customer needs
We want to help customers with more of their daily needs, and the frequency
and trust we earn through food allows us to serve a wider range of products
and services. In addition to further growth in existing offers such as
F&F clothing, Pharmacy, Insurance & Money Services and Tesco Mobile,
we are building emerging digital businesses such as Tesco Marketplace and
F&F Online. Meeting these additional needs helps deepen our customer
relationships, while generating capital-light revenue streams.
· F&F clothing sales up +5.1% to over £1.2bn with F&F Active and
F&F Edit ranges performing strongly; launch of F&F Online during the
year gives more customers access to an even wider range of clothing
· UK's leading supermarket pharmacy network with over 350 branches, fulfilling
over 17m prescriptions and delivering over 230,000 flu jabs for customers
across the last year; weight loss management service launched nationwide in
January
· Over 2.5m insurance policies in force through IMS, and c.4m banking customers
served through our Barclays partnership; first full-year of partnership income
contributing to IMS adjusted operating profit growth of +£12m to £167m
· Tesco Mobile won 'Best Network for Customer Service' for 5th year; extended
'no EU roaming fees' for all 5.5m customers
· Tesco Marketplace offering a range of over 450,000 SKUs; platform migrated to
Mirakl in October to improve seller onboarding process and enhance the
customer proposition
3) Being the most strategic partner for suppliers
By using our unique data and insights to build new revenue opportunities and
partnerships, we can work with our suppliers to become the most strategic
retail partner for innovation and brand-building. By leveraging our store
and digital footprint we will grow advertising income with Tesco Media and, as
we meet more everyday needs, we can further build our understanding of
customers, creating a more holistic data set. The additional insights,
innovations and financial benefits we generate can flow back into our core
customer offer, further enhancing the value we offer customers and reinforcing
our ability to win in food.
· Voted #1 in the Advantage supplier survey for the tenth consecutive year
· Entering the sixth iteration of our Accelerator Programme, designed to support
innovative start-ups and challenger brands
· Over 100 supplier partners engaged in Clubcard Challenges, inc. multi-step,
multi-channel Coca-Cola Christmas campaign
· Over 800 brands using Tesco Media as their media partner, including strong
growth in smaller brands; launched new tools including AI-powered audience
prediction, which identifies customers who are at risk of lapsing from a brand
· Tesco Media awarded 'Media Brand of the Year' at Media Week Awards for
'blending omnichannel reach with retail precision'
· Over 400 data scientists at dunnhumby developing our 'intelligence layer',
connecting customer and brand insight through science, AI and global retail
expertise; innovations include AI-powered tools that adapt ranges to local
tastes
4) Connected, personalised and loved by customers
We want shopping with us to be easier, more personalised and increasingly
rewarding. As the glue that holds the whole Tesco ecosystem together,
Clubcard and new AI tools can make every interaction more seamless and
relevant by anticipating needs, offering timely nudges and making smarter
recommendations. Our unrivalled store network will continue to meet local
needs better than anyone, with our colleagues continuing to provide the most
helpful service.
· Launching large-scale trial of new AI assistant with c.280,000 colleagues;
assistant offers inspiration, support with meal-planning and basket building,
and will be rolled out to customers later in the year
· 100% of active Clubcard customers' grocery home shopping journeys now
personalised on a one-to-one basis; launched Your Clubcard Prices to 1.5m
customers in March 2026
· Personalised digital coupons and rewards regularly offered to over 9m
customers; Clubcard Challenges offered to a total audience of up to 7m
customers; trialling thoughtful surprises such as free Easter treats
· Formed strategic partnerships with Adobe and WPP Open, further accelerating
our personalisation & marketing capabilities
· New Tesco x Adobe Innovation Lab bringing together Tesco's in-house technology
and expertise with Adobe's leading capabilities in AI to deliver personalised
content, offers and experiences to customers in real time
· New 'Scan as You Shop' shopping list functionality to help customers quickly
find what they want in store
· Even more rewards with Clubcard including triple‑value dining vouchers at
seven major restaurant chains and discounted cinema tickets through 'Tesco
Tuesdays' at Cineworld; over half a million households participating to date
5) Long-term business sustainability
We are always looking for ways to further strengthen our resilience,
efficiency and sustainability. From best-in-class store, transport and
distribution infrastructure, optimised through our ongoing Save to Invest
programme, to resilient and secure supply chains, we are constantly evolving
our business model to adapt to environmental and geopolitical change. As a
key enabler, we will continue to enhance our best-in-class retail technology
capability, harnessing the power of AI.
· Save to Invest ahead of FY 25/26 target at c.£535m; committing to new £500m
target for FY 26/27
· Progress automating parts of our distribution network, such as the opening of
our new Aylesford fresh-food distribution centre; started construction of a
new distribution centre at DP World London Gateway, expected to open in 2029
· Further strengthened our technology capability, having doubled our team in the
last six years to over 6,000 technology experts based across the UK, Ireland,
Central Europe and our campus in Bengaluru
· Brought together c.250 separate AI-workstreams into a cohesive AI strategy
across four domains: customer, colleagues, supplier partners & operational
efficiency; in addition to our new AI customer assistant, progress in the last
year includes:
- Increasingly leveraging AI in our supply chain to identify external risks and
opportunities, helping our commercial teams to make earlier and smarter
decisions; developing tools to optimise markdown and waste routines
- New AI-led finance tools supporting faster decision making; implementing
integrated self-service business-wide data hub
- Agreement signed with Mistral AI, including establishing a joint 'AI lab' to
co-create generative AI solutions
· Proud to be the largest customer of British agriculture, driving innovation
through our six sustainable farming groups
· Delivered 68% reduction in Scope 1 and 2 emissions, ahead of 60% December 2025
target (versus FY 15/16 baseline); donated over 15m portions of fruit &
veg to date through our Stronger Starts Schools programme
CAPITAL ALLOCATION AND SHAREHOLDER RETURNS
Our strategy is underpinned by our unchanged capital allocation framework:
· Reinvestment into the business and customer offer
· Maintain a solid investment grade balance sheet: Net debt/EBITDA c.2.8-2.3x
· Paying a progressive dividend: pay-out ratio c.50% of earnings
· The consideration of inorganic growth opportunities
· The return of surplus cash to shareholders
Over the past five years we have prioritised capital spend on high-returning
areas which has helped drive growth and cash flow, in turn allowing us to
steadily increase annual capital expenditure to £1.5bn, whilst significantly
improving our return on capital employed (FY 25/26: 14.4%). We will continue
to prioritise disciplined reinvestment in the business, with a particular
emphasis on new growth opportunities including technology, and initiatives
which drive further productivity through our Save to Invest programme.
With further opportunities to invest into high-returning projects, including
warehouse automation and electronic shelf-edge labels, we expect capital
expenditure of c.£1.6bn in the year ahead.
We see our share buyback programme as a critical driver of shareholder
returns, reflecting the strength of our balance sheet and our confidence in
continuing to deliver strong future cash flows. In addition to £937m of
dividends paid during the year, we also completed the £1.45bn share buyback
programme we announced in April 2025. Since October 2021, we have returned
£4.3bn of capital through share buybacks, at an average price of 317p per
share.
We are announcing today a further share buyback of £750m to be completed by
April 2027. Consistent with our policy to pay a progressive dividend,
broadly targeting a 50% pay-out of adjusted earnings per share, we propose to
pay a final dividend of 9.7 pence per ordinary share, which combined with the
interim dividend of 4.8 pence per ordinary share paid in November 2025, takes
the full year dividend to 14.5 pence per ordinary share. See page 12 for
more details.
MULTI-YEAR PERFORMANCE FRAMEWORK
We are confident that disciplined capital management and progress against our
strategic ambitions will allow us to continue to deliver against the sales and
profit ambitions of the multi-year performance framework we set out in 2021.
Reflecting our confidence in future cash generation, we are upgrading our
medium-term free cash flow guidance range:
· Drive top-line growth, underpinned by:
- Increasing customer satisfaction relative to the market
- Growing or at least maintaining our core UK market share
· Grow our absolute profits whilst maintaining sector-leading margins through:
- Leveraging our assets efficiently across all channels
- Accessing new revenue streams across our digital platform
- Targeting productivity initiatives to at least offset inflation
· In doing so, generate between £1.5bn and £2.0bn free cash flow (previously
£1.4bn and £1.8bn)
OUTLOOK
Reflecting the increased uncertainty caused by the conflict in the Middle
East, we are providing a wider range of guidance than we were previously
planning.
Much will depend upon the duration of the conflict and in particular, the
potential implications for UK households and the economy more broadly. At
this stage, we are expecting to deliver adjusted operating profit of between
£3.0bn and £3.3bn for the 2026/27 financial year.
We will continue to do whatever we can to deliver the very best prices,
quality and service for our customers, and are targeting a further £500m
saving this year through our Save to Invest programme, to help fund
investments in our customer offer.
We expect free cash flow of between £1.5bn and £2.0bn, in line with the
upgraded medium-term guidance range set out above.
GROUP REVIEW OF PERFORMANCE
On a continuing operations basis(1)
FY 25/26 FY 25/26 FY 24/25 Change Change Change
at actual rates
at actual rates
at constant
rates
53 weeks 52 weeks 52 weeks 53 weeks 52 weeks 52 weeks
Sales (exc. VAT, exc. fuel)(2) £67,725m £66,588m £63,636m 6.4% 4.6% 4.3%
Fuel £5,987m £5,876m £6,280m (4.7)% (6.4)% (6.5)%
Revenue (exc. VAT, inc. fuel) £73,712m £72,464m £69,916m 5.4% 3.6% 3.3%
Statutory operating profit £2,985m £2,711m 10.1%
Adjusted operating profit(2) £3,194m £3,152m £3,128m 2.1% 0.8% 0.6%
Adjusted net finance costs(2) £(541)m £(531)m £(536)m (0.9)% 0.9%
Joint ventures and associates £(1)m £(1)m £(4)m
Tax on adjusted profit £(712)m £(703)m £(690)m (3.2)% (1.9)%
Adjusted profit after tax(2) £1,940m £1,917m £1,898m 2.2% 1.0%
Adjusting items after tax £(153)m £(294)m
Statutory profit after tax £1,787m £1,604m 11.4%
Adjusted diluted EPS(2) 29.0p 27.4p 6.0%
Statutory diluted EPS 27.1p 23.1p 16.9%
Dividend per share 14.5p 13.7p 5.8%
Net debt(2) ( ) £(10,563)m £(9,454)m (11.7)%
Free cash flow(2) £1,957m £1,750m 11.8%
Capex(4) £1,511m £1,457m 3.7%
The Group's statutory financial results for the year ended 28 February 2026
reflect a 53-week reporting period. Alternative Performance Measures (APMs)
are presented for the 52 weeks to 22 February 2026 to aid comparability,
except for net debt which is presented at the balance sheet date. There is
no impact from the additional week on Insurance & Money Services and
Central Europe, which report to the end of February every year. Unless
otherwise stated, commentary is on a 52-week basis.
Sales(2) increased by 4.3% at constant rates with growth across all operating
segments. Group volumes continued to grow, supported by further investments
in the customer offer, made partially in response to an increased level of
competitive intensity in the UK. Revenue increased by 3.3%, which included a
(6.5)% decline in fuel sales, driven primarily by lower retail fuel prices
year-on-year.
Adjusted operating profit(2) increased by 0.6% at constant exchange rates or
0.8% at actual rates. We continued to invest in value, quality, and service,
driving strong sales growth. Combined with a further c.£535m delivered
through our Save to Invest programme, this sales growth more than offset our
investments into the customer offer and operating cost inflation.
Statutory operating profit for the 53 weeks to 28 February 2026 increased by
10.1%. The prior year was impacted by a £(286)m non-cash net impairment
charge versus £(53)m in the current year. The current year also benefited
from an additional week's trading.
Adjusted net finance costs(2) were slightly lower year-on-year, reflecting
lower effective borrowing rates on new debt issued, partially offset by higher
lease interest costs. In addition, FY 25/26 benefited from interest income
earned on the c.£700m proceeds from the disposal of our Banking operations,
which has now been returned to shareholders.
The increase in tax on adjusted profit was driven by higher adjusted profit,
with the Group's adjusted effective tax rate steady at 26.8% (FY 24/25:
26.7%).
Adjusted diluted EPS(2) grew by 6.0%, supported by £1.45bn of share buybacks
during the year and growth in adjusted profit after tax(2). Statutory
diluted EPS for the 53 weeks grew by 16.9%, higher than adjusted diluted
EPS(2) growth due to an additional week's trading and last year's non-cash
impairment charge. We propose to pay a final dividend of 9.7 pence per
ordinary share, taking the full year dividend to 14.5 pence, up 5.8%.
We generated free cash flow(2) of £1,957m, up 11.8% year-on-year. Strong
working capital management and solid sales performance drove a net working
capital inflow of £385m, which more than offset increased cash tax payments
and increased capex in technology and our distribution network.
Net debt(2) increased by £(1,109)m, with the prior year including c.£700m
of proceeds from the sale of our Banking operations, which have now been
returned to shareholders, and lease liabilities increasing by £(168)m driven
by lease renewals and extensions. This increased our Net debt/EBITDA ratio
to 2.1 times versus 2.0 times at the end of last year.
Further commentary on these metrics can be found below and a full income
statement can be found on page 16.
Operating segment presentation - UK & ROI and Booker
As communicated at the half year, following changes to the Group Executive
Committee, Booker, which was reported as part of the UK & ROI operating
segment in previous years, now meets the definition of an operating segment,
as set out in IFRS 8 'Operating Segments'. Our full year results are
therefore presented on this basis.
Footnotes:
1. In line with its treatment when presented last year, the
performance of the Banking operations in FY 24/25 is presented as a
discontinued operation. The Insurance & Money Services business (IMS) is
presented on a continuing operations basis and therefore within the headline
performance measures. There are no discontinued operations in the current
year.
2. The Group has defined and outlined the purpose of its
Alternative Performance Measures, including its performance highlights, in the
Glossary starting on page 42. The Group's statutory financial results for
the year ended 28 February 2026 reflect a 53-week reporting period, with the
prior year reflecting a 52-week period to 22 February 2025. Alternative
Performance Measures (APMs) for FY 25/26 are presented for the 52 weeks to 22
February 2026 to aid comparability, with net debt presented as at the balance
sheet date. There is no impact from the additional week on the IMS and Central
Europe businesses, which report to the end of February every year.
3. Like-for-like (LFL) sales growth is a measure of growth in
Group sales from stores that have been open for at least a year and online
sales (at constant exchange rates, excluding VAT and fuel). LFL excludes
revenue from dunnhumby, Insurance & Money Services and mall rental income
as this revenue is not directly linked to the sale of goods.
4. Capex excludes additions arising from business
combinations, property buybacks (typically stores) and other store purchases
and their associated refit costs. Refer to page 47 for further details.
Segmental review of performance:
Sales performance:
(exc. VAT, exc. fuel)(2,3)
52-week basis
On a continuing operations basis(1) Sales LFL sales Total sales Total sales
change(3)
(£m) change at change at
actual rates constant rates
- UK 49,819 4.2% 4.9% 4.9%
- ROI 3,239 4.6% 8.9% 6.6%
UK & ROI 53,058 4.2% 5.1% 5.0%
Booker 9,040 0.2% 0.6% 0.6%
Central Europe 4,490 2.2% 7.2% 3.7%
Group 66,588 3.5% 4.6% 4.3%
Further information on sales performance is included in the appendices
starting on page 51.
Adjusted operating profit(2) performance:
52-week basis
On a continuing operations basis(1) Profit Change at Change at constant rates Margin % Margin % change
(£m)
at actual rates
at actual rates
actual rates
UK & ROI 2,745 0.7% 0.7% 4.7% (15)bps
Booker 292 0.7% 0.7% 3.2% 0bps
Central Europe 115 2.7% (0.9)% 2.5% (10)bps
Group 3,152 0.8% 0.6% 4.3% (12)bps
Further information on operating profit performance is included in Note 2
starting on page 22.
UK & ROI OVERVIEW:
Like-for-like sales for the UK & ROI segment increased by 4.2%, with
market share gains and volume growth in both markets. The sales performance
in the UK reflects a strong customer reaction to our targeted investments in
price and the shopping experience, made partially in response to an increase
in competitive intensity in the UK, with both markets also benefiting from
warmer weather in the first half of the financial year.
UK & ROI adjusted operating profit was £2,745m, up 0.7% at constant
rates. The strong sales performance and a further contribution from our
ongoing Save to Invest programme more than offset our investments in the
customer offer and ongoing cost inflation, which included increased National
Insurance contributions and the new Extended Producer Responsibility (EPR)
levy.
UK - Strong positive response to targeted investments driving further market
share gains:
Like-for-like sales grew by 4.2%, with growth delivered across all channels.
Overall market share increased by +24bps to 28.5%. Across the last three
years we have gained +122bps of market share and in December 2025 we reached
our highest share in a decade. Throughout the year we have continued to
prioritise investment in our customer offer. As a result, we have maintained
our strong price position against the market, helping support a further
year-on-year improvement in our net promoter score, including improvements
across Value and Reputation.
Food like-for-like sales grew by 5.2%, with a strong contribution from fresh
food which grew 6.9%. We launched over 2,000 new and improved products,
including a large-scale refresh of our frozen food offer. Dine-in ranges,
such as our Finest Valentine's and Finest Steakhouse ranges have performed
well, as customers looked to enjoy restaurant inspired meals at home. In the
first half of the year, good weather helped support our sales and, later in
the year, we were pleased with our continued market share gains and the
customer response to our new and improved Christmas ranges. Tesco Finest saw
sales growth of 14.5%, continuing to benefit from strong volume growth.
In January, we expanded our Everyday Low Prices commitment from 1,000 to 3,000
products, sitting alongside Aldi Price Match on over 600 lines and thousands
of Clubcard Prices every week. Over 10,000 products were cheaper at the end
of the year than at the start, with an average price reduction of 9.5%.
Clothing like-for-like sales grew 5.1% driven by a continued strong
performance in womenswear, with expanded ranges in activewear and our curated
'F&F Edit' ranges both performing well. Growth was also supported by the
launch of F&F online during the year, which offers customers access to a
much fuller range of clothing.
Home like-for-like sales declined (0.7)% but grew 1.8% on an underlying basis
when excluding the impact of the transition to a commission model with the
Entertainer for toys, which completed in the second half of FY 24/25. The
partnership, which offers customers an even better range of toys in our
stores, means we no longer recognise toy sales and instead earn commission
income. Underlying growth was primarily driven by the continued success of
our relaunched F&F Home range.
Like-for-like sales grew across both our large and convenience store
formats. Large store like-for-like sales grew 3.9% as we maintained our
market leading availability and saw a positive customer response to
investments made to the overall shopping experience, in particular in customer
service and at the checkout. Convenience like-for-like sales grew by 0.3%,
with convenience market share growing +71bps year-on-year, with strong food
performance offsetting the ongoing decline in the tobacco market.
Online sales grew by 11.2%, including a c.2ppts contribution from Tesco
Whoosh, our rapid delivery service, where we extended national coverage to 73%
of households. Average online orders per week for our grocery home shopping
business grew 6.0% year-on-year as we rolled out further improvements to our
website. The number of delivery saver subscribers increased by 7.6% to 834k,
while online market share (which excludes rapid grocery) grew +30bps to 35.7%.
Online performance (excluding Tesco Marketplace) FY 25/26 YoY change
52 weeks
Sales inc. VAT £7.5bn 11.2%
Online % of UK total sales 14.3% 0.8%
Grocery home shopping:
- Orders per week 1.22m 6.0%
- Basket size £112 2.7%
Average weekly traffic to Tesco Marketplace more than doubled during the year
and average basket spend grew by c.90%. As part of our work to further
enhance the seller experience and provide an even better proposition for
customers, we have now successfully migrated Tesco Marketplace to a new Mirakl
platform.
ROI - Ongoing volume growth driving further market share gains:
Our Ireland business delivered sales growth of 6.6% at constant rates, with
strong like-for-like sales growth of 4.6%. Our market share grew +32bps to
24.2%, the fourth consecutive year of share growth. New space also supported
sales growth, which included the opening of four new superstores and five
Express stores during the year.
Food like-for-like sales grew by 5.1%, with a strong contribution from our
core fresh food offer. Food growth was further supported by a strong Tesco
Finest performance where sales were up 11.8% year-on-year.
We delivered like-for-like sales growth across all channels, with Online
delivering 17.4% growth year-on-year. We launched Tesco Whoosh in Ireland
this year, which is now in 31 stores, and we expect the service to
meaningfully contribute to our online business moving forward. Large store
sales grew 3.1% as we continue to improve price competitiveness in the market,
with our price index improving year-on-year.
Non-food sales were broadly flat on an underlying basis when excluding the
impact from the transition to a commission model with the Entertainer for
toys.
BOOKER OVERVIEW - Robust growth across core retail and catering:
Sales LFL
£m
52 weeks
Core retail 3,307 2.2%
Core catering* 2,752 3.8%
Tobacco 1,532 (9.5)%
Best Food Logistics 1,449 0.6%
Total Booker 9,040 0.2%
*Includes sales to small businesses and sales from Venus Wine and Spirit
Merchants Limited, which was acquired in June 2024 and is included in like-for
like growth from June 2025.
Booker like-for-like sales grew 0.2%, with robust growth in core retail and
catering offset by the continuing decline in the tobacco market. Best Food
Logistics delivered like-for-like growth of 0.6% despite continued weakness in
parts of the fast-food market.
Core retail grew by 2.2%, including the impact from the ending of a
lower-margin national account in August 2025. We continue to see strong
growth in our core symbol brands with a further 369 net new retailer partners
across the year and we saw further improvements in customer satisfaction
scores across our retail customer base. Core catering performed well with
like-for-like sales growth of 3.8%, supported by a strong contribution from
Venus, our specialist wine and spirit merchant, and good weather over the
summer. Customer satisfaction scores also improved in catering, and we
continued to deliver great value and availability.
Booker operating profit grew 0.7% to £292m, with a strong contribution from
Save to Invest and sales growth helping to offset significant cost inflation.
CENTRAL EUROPE OVERVIEW - Strong delivery amidst increased competition and
ongoing regulatory pressure:
Like-for-like sales grew by 2.2%, with food growing by 2.6% across the region.
Fresh food grew by 4.1% as customers continued to value our competitive
price position and high-quality offer amid increased competition and ongoing
regulatory pressure. Tesco Finest sales also continued to perform well, up
33.5%.
Large, Convenience and Online all delivered like-for-like growth across the
region, with Online growing by 17.5%. Convenience like-for-like sales grew
3.1% and Large store like-for-like sales grew 1.4%, with the channel weighed
by softer non-food sales, impacted by challenging consumer confidence and poor
weather during key trading periods.
Central Europe delivered adjusted operating profit of £115m, up 2.7% at
actual exchange rates but down by (0.9)% at constant rates. The decline in
constant rate profitability includes the impact from the disposal of certain
mall properties in the prior year. Excluding this impact, adjusted operating
profit grew 8.1% year-on-year at constant rates, supported by a strong
contribution from our Save to Invest initiatives, helping to offset the impact
of increased competition, particularly in Slovakia, and ongoing regulatory
pressure.
Adjusting items:
FY 25/26 FY 24/25
£m £m
53 weeks 52 weeks
Net impairment charge on non-current assets (53) (286)
Amortisation of acquired intangible assets (78) (76)
Separation costs related to disposal of Banking operations (28) (14)
Restructuring and adjusting property transactions (50) (41)
Total adjusting items included within operating profit (209) (417)
Net finance (costs) / income (40) 44
Taxation 96 79
Total adjusting items included within profit after tax from continuing (153) (294)
operations
Adjusting items included within discontinued operations - (65)
Total adjusting items (153) (359)
Adjusting items are excluded from our adjusted profit performance by virtue of
their size and nature, to provide a helpful perspective of the year-on-year
performance of our ongoing business.
Total adjusting items in statutory operating profit from continuing operations
resulted in a net charge of £(209)m, compared to a net charge of £(417)m in
the prior period.
Whilst overall performance was strong across our operating segments, we
recognised a non-cash net impairment charge of £(53)m in the current year,
principally reflecting an increase in the competitive intensity in the
Slovakian market. In the prior year there was a £(286)m non-cash net
impairment charge, mainly reflecting an increase in discount rates across the
Group.
We continue to present amortisation of acquired intangible assets, principally
relating to the merger with Booker, as an adjusting item. The amortisation
of acquired intangible assets was £(78)m (FY 24/25: £(76)m).
We incurred £(28)m of separation costs relating to the disposal of our
Banking operations (FY 24/25: £(14)m), with the transition activities
expected to complete in FY 26/27.
Restructuring and adjusting property transactions in the current year mainly
relates to our Save to Invest programme and costs associated with our
multi-year programme to optimise our distribution network in the UK. The
prior year costs primarily related to our Save to Invest programme.
Adjusting items in net finance (costs) / income and tax are explained in the
relevant sections below.
Adjusting items included within discontinued operations in the prior year
primarily related to fair value remeasurement of assets of the disposal group
associated with the sale of our Banking operations to Barclays in November
2024.
Further detail on adjusting items can be found in Note 4, starting on page
24.
Net finance costs:
On a continuing operations basis(1) FY 25/26 FY 25/26 FY 24/25
£m £m £m
53 weeks 52 weeks 52 weeks
Net interest costs (140) (137) (157)
Net finance expenses from insurance contracts (11) (11) (9)
Finance charges payable on lease liabilities (390) (383) (370)
Adjusted net finance costs (541) (531) (536)
Fair value remeasurements of financial instruments (26) 76
Net pension finance costs (14) (32)
Adjusting items included in net finance costs (40) 44
Statutory net finance costs (581) (492)
Adjusted net finance costs of £(531)m on a 52-week basis were slightly lower
than last year (FY 24/25: £(536)m), reflecting lower effective borrowing
rates on new debt issued, partially offset by higher lease interest costs.
In addition, FY 25/26 benefited from interest income earned on the cash
received from the disposal of our Banking operations in the second half of FY
24/25. Now that these proceeds have been returned to shareholders, we expect
adjusted net finance costs to normalise to levels similar to FY 23/24
(£(558)m).
Within adjusting items, fair value remeasurements of financial instruments led
to a charge of £(26)m, compared to income of £76m in the prior year. The
charge mainly relates to non-cash mark-to-market movements on certain
derivative financial instruments which hedge inflation on some of our lease
arrangements. The movement principally reflects changes in long term UK
inflation expectations since the start of the year.
Net pension finance costs decreased by £18m, driven by a reduction in the
opening net deficit position of the defined benefit pension plans.
Statutory net finance costs of £(581)m were £(89)m higher than last year,
largely due to the impact of adjusting items explained above.
Further detail on finance income and costs can be found in Note 5 on page 25,
as well as further detail on the adjusting items in Note 4, starting on page
24.
Group tax:
On a continuing operations basis(1) FY 25/26 FY 25/26 FY 24/25
£m £m £m
53 weeks 52 weeks 52 weeks
Tax on adjusted profit (712) (703) (690)
Tax on adjusting items 96 79
Statutory tax on profit (616) (611)
Tax on adjusted profit on a 52-week basis was £(703)m, slightly higher than
last year primarily reflecting an increase in adjusted profit, with the
adjusted effective tax rate steady at 26.8% (FY 24/25: 26.7%). The adjusted
effective tax rate is higher than the UK statutory rate of 25%, primarily due
to the depreciation of assets which do not qualify for tax relief. We expect
our FY 26/27 adjusted effective tax rate to remain around 27%.
Adjusting tax credits in both years primarily relate to deferred tax on
impairment charges on qualifying assets and the amortisation of acquired
intangible assets.
Statutory tax on profit of £(616)m was £(5)m higher than last year,
primarily due to an increase in adjusted profit, partially offset by higher
tax credits on adjusting items.
Earnings per share:
On a continuing operations basis(1) FY 25/26 FY 25/26 FY 24/25 YoY change
£m £m £m
53 weeks 52 weeks 52 weeks
Adjusted diluted EPS 29.0p 27.4p 6.0%
Statutory diluted EPS 27.1p 23.1p 16.9%
Statutory basic EPS 27.5p 23.4p 17.3%
On a total basis, including discontinued operations
Statutory diluted EPS 27.1p 23.5p 15.1%
Statutory basic EPS 27.5p 23.8p 15.4%
Adjusted diluted EPS was 29.0p, 6.0% higher year-on-year, driven by a
reduction in the number of shares in issue from our ongoing share buyback
programme and growth in adjusted operating profit.
Statutory diluted EPS was 27.1p, a year-on-year increase of 16.9%. The
higher statutory growth rate in diluted EPS is due to a lower level of
adjusting items in the current year and the effect of an additional week's
trading profits.
Dividend:
We propose to pay a final dividend of 9.7 pence per ordinary share, which
combined with the interim dividend of 4.8 pence per ordinary share paid in
November 2025, takes the full year dividend to 14.5 pence per ordinary share.
The full year dividend is based on our dividend policy to pay a progressive
dividend, broadly targeting a 50% pay-out of adjusted earnings per share.
The proposed final dividend was approved by the Board of Directors on 15 April
2026 and is subject to the approval of shareholders at this year's Annual
General Meeting. The final dividend will be paid on 26 June 2026 to
shareholders who are on the register of members at close of business on 15 May
2026 (the Record Date). Shareholders may elect to reinvest their dividend in
the dividend reinvestment plan (DRIP). The last date for receipt of DRIP
elections and revocations will be 5 June 2026.
Summary of Net debt (at the balance sheet date):
Feb-26 Feb-25 Movement
£m £m £m
Net debt before lease liabilities (2,679) (1,738) (941)
Lease liabilities (7,884) (7,716) (168)
Net debt (10,563) (9,454) (1,109)
Net debt / EBITDA* 2.1x 2.0x
*Net debt to EBITDA is calculated using EBITDA on a 52-week basis.
Net debt was £(10,563)m, an increase of £(1,109)m year-on-year. The
increase in net debt is mainly due to the prior year including c.£700m of
proceeds from the sale of our Banking operations which were returned to
shareholders via additional share buybacks during the year. Lease
liabilities increased by £(168)m driven by lease renewals and extensions,
partially offset by the buyback of seven leasehold sites across the UK and
Booker.
We generated free cash flow on a 52-week basis of £1,957m, which more than
covered cash outflows relating to our ongoing share buyback programme of
£(750)m and dividend payments of £(937)m.
Our Net debt to EBITDA ratio was 2.1 times at the end of the year, up from 2.0
times at the end of last year.
We continue to hold strong levels of liquidity totalling £2.9bn including
cash, highly liquid short-term deposits and money market investments. In
addition, we have an undrawn £2.5bn committed revolving credit facility which
is in place until at least November 2027.
Fixed charge cover remained broadly in line with last year at 4.1 times
(FY24/25: 4.2 times).
Defined benefit pension schemes (at the balance sheet date):
Feb-26 Feb-25 Movement
£m £m £m
Defined benefit schemes in surplus 324 56 268
Defined benefit schemes in deficit (127) (307) 180
Deferred tax asset 23 71 (48)
Surplus / (deficit) in schemes at the end of the year (net of deferred tax) 220 (180) 400
Net of tax, the net IAS 19 pension position improved from a deficit of
£(180)m to a surplus of £220m, principally reflecting asset performance.
The principal defined benefit pension plan within the Group is the Tesco PLC
Pension Scheme (the "Scheme"), a UK scheme that has been closed to future
accrual since 2015.
During the year, we completed the 31 March 2025 triennial funding valuation
for the Scheme together with the Scheme trustee. This showed that the
actuarial position of the Scheme for funding purposes was in surplus, with a
funding level of 106% (31 March 2022: 104%). As a result, it was agreed with
the Scheme trustee that no pension deficit contributions would be required
from the Group.
Further detail on post-employment benefits can be found in Note 18, starting
on page 35.
Summary free cash flow:
The following table reconciles Group adjusted operating profit to free cash
flow (on a 52-week basis). Further details are included in the Glossary
starting on page 42.
On a continuing operations basis(1) FY 25/26 FY 24/25 Movement
£m
£m
£m
Adjusted operating profit (53-week basis) 3,194
Less: Adjusted operating profit (for week 53) (42)
Adjusted operating profit (52-week basis) 3,152 3,128 24
Less: IMS adjusted operating profit (167) (155) (12)
Retail adjusted operating profit 2,985 2,973 12
Add back: Depreciation and amortisation 1,764 1,680 84
Share based payments and other items 66 69 (3)
Pensions (31) (30) (1)
Decrease / (increase) in working capital 385 (45) 430
Cash generated from operations before adjusting items 5,169 4,647 522
Cash capex (1,515) (1,392) (123)
Net interest paid (518) (503) (15)
Tax paid (497) (355) (142)
Dividends received 52 2 50
Repayment of capital element of obligations under leases (634) (595) (39)
Own shares purchased for share schemes (100) (54) (46)
Free cash flow (52-week basis) 1,957 1,750 207
Memo (not included in free cash flow definition):
- Net acquisitions and disposals (18) (61)
- Property buybacks, store purchases and disposal proceeds (144) (93)
- Restructuring and property transactions in adjusting items (54) (55)
We delivered free cash flow of £1,957m, with cash generated from operations
improving by £522m year-on-year, driven by working capital inflows and growth
in adjusted operating profit. Free cash flow was £207m higher than last
year, with the increase in cash generated from operations partly offset by
higher cash capex, tax payments and own shares purchased for employee share
schemes.
The net working capital inflow of £385m is mainly driven by our solid sales
performance, which led to higher trade payables, strong working capital
management, and a payable relating to the new EPR levy.
Cash capex was £(123)m higher than last year reflecting incremental
investments to optimise our distribution network, refresh and enhance our
store estate, and deliver a more personalised and connected experience for our
customers.
Net interest paid was £(15)m higher year-on-year, principally due to the
timing of coupon payments.
Tax payments increased by £(142)m year-on-year mainly driven by the end of
historical tax deductions and the prior year benefiting from a tax deduction
arising on the disposal of our Banking operations.
Dividends received were £50m higher, reflecting dividends received from
Insurance and Money Services.
Within the memo lines shown, the net £(18)m acquisitions and disposals
outflow includes the settlement of deferred consideration on Booker's
acquisition of Venus Wine and Spirit Merchants PLC. The £(144)m net outflow
relating to property transactions primarily relates to the buyback of seven
stores in the UK and Booker. Restructuring and property transactions in
adjusting items of £(54)m primarily relates to operational restructuring
changes as part of our Save to Invest programme.
Capital expenditure and space:
UK & ROI Booker Central Europe Group
FY 25/26 FY 24/25 FY 25/26 FY 24/25 FY 25/26 FY 24/25 FY 25/26 FY 24/25
Capex (52-week basis) £1,347m £1,284m £57m £63m £107m £110m £1,511m £1,457m
Openings (k sq ft) 361 311 - - 48 84 409 395
Closures (k sq ft) (94) (98) (11) - (6) (45) (111) (143)
Repurposed (k sq ft) 2 (235) - - (57) (145) (55) (380)
Net space change (k sq ft) 269 (22) (11) - (15) (106) 243 (128)
Space in the above table is defined as net space in store adjusted to exclude
checkouts, space behind checkouts, customer service desks and customer
toilets. The data reflects space changes over the 53-week statutory
financial year and excludes space relating to franchise stores.
Capital expenditure shown in the table above reflects expenditure on ongoing
business activities across the Group, excluding property buybacks.
Our capital expenditure for the full year was £1,511m, an increase of £54m
compared to last year. We continue to invest in opportunities to grow our
store estate and further enhance the in-store experience for our customers.
Over the course of the year, we opened a total of 77 stores in the UK, 9 in
ROI and 7 in Central Europe. Additionally, we refreshed 300 stores across
the Group.
In addition to continuing to invest in our core assets, we have stepped up our
investment in delivering efficiencies across our operations, including the
opening of our Aylesford distribution centre and a first phase investment in
our new distribution centre at DP World London Gateway. The London site is
expected to open in 2029 and will leverage the latest technology to enhance
our supply chain and support future growth.
Statutory capital expenditure for the financial year was £1.7bn, including
property buybacks and store purchases.
We expect around £1.6bn on capital expenditure in FY 26/27, as we continue to
invest in attractive opportunities to optimise our existing operations,
improve our technology and digital capability, whilst continuing to enhance
our existing store estate.
Further details of current space can be found in the appendices starting on
page 51.
Property value (at the balance sheet date):
UK & ROI Booker Central Europe Group
Feb-26 Feb-25 Feb-26 Feb-25 Feb-26 Feb-25 Feb-26 Feb-25
Property(1) - fully owned
Estimated market value £15.5bn £15.0bn £0.4bn £0.4bn £1.8bn £1.6bn £17.7bn £17.0bn
NBV £15.2bn £14.9bn £0.4bn £0.4bn £1.4bn £1.3bn £17.0bn £16.6bn
% store selling space owned 58% 58% 29% 29% 65% 64% 60% 59%
% property owned by value(2) 61% 61% 27% 26% 62% 55% 60% 60%
1. Stores, malls, investment property, offices, distribution centres,
fixtures and fittings, work-in-progress. Excludes joint ventures.
2. Excludes fixtures and fittings.
The estimated market value of our fully owned property as at the year-end
increased by £0.7bn to £17.7bn. The increase was largely driven by a
modest increase in rental values, with yields remaining fairly stable across
the Group. The UK & ROI increase in market value also reflects the
buyback of seven stores in the UK. The market value represents a surplus of
£0.7bn over the net book value.
Group store selling space ownership percentage was 60%, marginally higher
year-on-year, driven by store buybacks in the UK.
Contacts
Investor Relations: Chris Griffith 01707 940 900
Andrew Gwynn 01707 942 409
Media Christine Heffernan 0330 6780 639
Teneo 0207 4203 143
This document is available at www.tescoplc.com/prelims2526.
A webcast including a Q&A will be held today at 9.00am for investors and
analysts and will be available on our website at www.tescoplc.com/prelims2526.
This will be available for playback after the event. All presentation
materials, including a transcript, will be made available on our website.
We will release our Q1 Trading Statement on 18 June 2026.
LEI: 2138002P5RNKC5W2JZ46
Sources
· UK market share based on Worldpanel by Numerator Total Grocers Total Till Roll
for 12 weeks ended 22 February 2026.
· UK channels market share based on Worldpanel by Numerator Total Grocery for 12
weeks ended 22 February 2026.
· ROI market share based on Worldpanel by Numerator Total Take Home Grocery on
12-week rolling basis to 22 February 2026.
· Relative price positioning is based on our UK Price index, an internal measure
calculated using the retail selling price of each item on a per unit or unit
of measure basis. Competitor retail selling prices are collected weekly by a
third party. The price index includes price cut promotions and is weighted by
sales to reflect customer importance.
· Customer satisfaction and Brand NPS is based on BASIS Global Brand Tracker for
13 weeks ended 28 February 2026. Responses to the
question: "How likely is it that you would recommend the following company to
a friend or colleague as a place to shop?"
· Availability based on Multi channel tracker for 13 weeks ended 28 February
2026. Responses to: "I Can Get What I Want".
· Number of new Booker retail partners is net of openings and closures,
including national accounts.
· Tesco Mobile 'Best Network for Customer Service' refers to 2026 Uswitch
Telecoms Awards.
· As part of the Multi-year Performance Framework, 'Core UK Market share' refers
to our market share across Tesco stores and online in the UK.
Disclaimer
Certain statements made in this document are forward-looking statements. For
example, statements regarding future financial performance, market trends and
our product pipeline are forward-looking statements. Phrases such as "aim",
"plan", "intend", "should", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions are
generally intended to identify forward-looking statements. Forward-looking
statements are based on current expectations and assumptions and are subject
to a number of known and unknown risks, uncertainties and other important
factors that could cause actual results or events to differ materially from
what is expressed or implied by those statements. Many factors may cause
actual results, performance or achievements of Tesco to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. Important factors that could cause
actual results, performance or achievements of Tesco to differ materially from
the expectations of Tesco include, among other things, general business and
economic conditions globally, industry trends, the outcome of any litigation,
competition, changes in government and other regulation and policy, including
in relation to the environment, health and safety and taxation, labour
relations and work stoppages, interest rates and currency fluctuations,
changes in its business strategy, political and economic uncertainty,
including as a result of global pandemics. As such, undue reliance should not
be placed on forward-looking statements. Any forward-looking statement is
based on information available to Tesco as of the date of the statement. All
written or oral forward-looking statements attributable to Tesco are qualified
by this caution. Other than in accordance with legal and regulatory
obligations, Tesco undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.
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