Next plc

Name: Next plc financial statements and ratios
Creator: Annalist

NXT · LSE · Consumer retail, clothing and home retail · United Kingdom · IFRS · Fiscal year ends January

Latest report: FY2026, the fiscal year ended 31 January 2026. Snapshot FY2026_86664174.

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Overview

Revenue, fiscal year

+12.8% year on year

Operating profit, fiscal year

+18.9% year on year

Net income, fiscal year

+20.7% year on year

Diluted EPS, fiscal year

+23.1% year on year

Operating margin, fiscal year

+1.0pp year on year

Return on invested capital, fiscal year

n/a

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 January 2026 was £6.9 billion, 12.8% higher than in the previous fiscal year.
Strengthenedin FY2026 · stated since FY2024
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-01
History of this finding, 3 records
1. FY2026 StrengthenedRevenue for the fiscal year ended 31 January 2026 was £6.9 billion, 12.8% higher than in the previous fiscal year.Recorded from FY2026_86664174 · data update
2. FY2025 StrengthenedRevenue for the fiscal year ended 25 January 2025 was £6.1 billion, 11.4% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 NewRevenue for the fiscal year ended 27 January 2024 was £5.5 billion, 9.1% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2026 was £888 million, 20.7% higher than in the previous fiscal year.
Newin FY2026 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2026-01
History of this finding, 5 records
1. FY2026 NewNet income attributable to the company for fiscal 2026 was £888 million, 20.7% higher than in the previous fiscal year.Recorded from FY2026_86664174 · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_86664174 · data update
3. FY2025 NewNet income attributable to the company for fiscal 2025 was £736 million, 8.3% lower than in the previous fiscal year.Reconstructed · data update
4. FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2024 NewNet income attributable to the company for fiscal 2024 was £802 million, 12.7% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 18.5%, 1.0 percentage points higher than a year earlier.
Newin FY2026 · first stated
Rule: Operating margin against a year earlier · Sources Annual financial report 2026-01
History of this finding, 4 records
1. FY2026 NewThe operating margin for fiscal 2026 was 18.5%, 1.0 percentage points higher than a year earlier.Recorded from FY2026_86664174 · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_86664174 · data update
3. FY2025 WeakenedThe operating margin for fiscal 2025 was 17.6%, 0.4 percentage points lower than a year earlier.Reconstructed · data update
4. FY2024 NewThe operating margin for fiscal 2024 was 18.0%, 0.7 percentage points lower than a year earlier.Reconstructed · initial
Free cash flow for fiscal 2026 was £1.1 billion, and operating cash flow was 1.4 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin FY2026 · stated since FY2024
Rule: Free cash flow · Sources Annual financial report 2026-01
History of this finding, 3 records
1. FY2026 StrengthenedFree cash flow for fiscal 2026 was £1.1 billion, and operating cash flow was 1.4 times net income attributable to the company.Recorded from FY2026_86664174 · data update
2. FY2025 ConfirmedFree cash flow for fiscal 2025 was £1.0 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
3. FY2024 NewFree cash flow for fiscal 2024 was £983 million, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · initial
Net debt was £1.0 billion at 31 January 2026.
Newin FY2026 · first stated
Rule: Net debt or net cash · Sources Annual financial report 2026-01
History of this finding, 3 records
1. FY2026 NewNet debt was £1.0 billion at 31 January 2026.Recorded from FY2026_86664174 · data update
2. FY2025 RetiredThe rule did not apply to the figures as at FY2025.Reconstructed · data update
3. FY2024 NewNet debt was £1.0 billion at 27 January 2024.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Findings No Longer Stated

Rules whose findings applied in earlier fiscal years but not in the latest one.

Return on invested capital against a year earlier · retired in FY2025
1. FY2025 RetiredThe rule did not apply to the figures as at FY2025.Reconstructed · data update
2. FY2024 NewReturn on invested capital for fiscal 2024 was 30.8%, against 33.5% a year earlier.Reconstructed · initial

Data

Source documents5 documents, latest Annual financial report for the year to 31 January 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026_86664174

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, pounds sterling

Operating Profit

By fiscal year, pounds sterling

Profit Attributable to Owners of the Parent

By fiscal year, pounds sterling

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, pounds sterling

Net Debt

Total debt less cash and short-term investments, at fiscal year end, pounds sterling

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2026

Annual financial report for the year to 31 January 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202130 Jan 2021	FY202229 Jan 2022	FY202328 Jan 2023	FY202427 Jan 2024	FY202631 Jan 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202130 Jan 2021	FY202229 Jan 2022	FY202328 Jan 2023	FY202427 Jan 2024	FY202631 Jan 2026
Borrowings	£93.4m	£233m	£102m	£88.2m	£96.0m
Lease liabilities	£1.2bn	£1.1bn	£1.0bn	£1.0bn	£1,000m
Borrowings and lease liabilities presented as one line	£0	£0	£0	£0	£0
Lease-adjusted debt	£1.3bn	£1.3bn	£1.1bn	£1.1bn	£1.1bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.89x, Debt due within 12 months £264m · FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2026 equalled 1.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin FY2026 · stated since FY2024
Rule: Liquidity cover · Sources Annual financial report 2026-01
History of this finding, 2 records
1. FY2026 ConfirmedCash, short-term investments and operating cash flow for fiscal 2026 equalled 1.9 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026_86664174 · data update
2. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 2.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2026

Sources	Amount
Cash and short-term investments	£60.2m
Operating cash flow	£1.2bn
Sources	£1.3bn

Uses	Amount
Debt due within 12 months	£264m
Capital expenditure	£135m
Dividends paid	£286m
Uses	£686m

Liquidity cover 1.89x

By Fiscal Year

Ratio	FY202130 Jan 2021	FY202229 Jan 2022	FY202328 Jan 2023	FY202427 Jan 2024	FY202631 Jan 2026
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −7.1% · FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2026 · stated since FY2024
Rule: Cash backing of earnings · Sources Annual financial report 2026-01
History of this finding, 3 records
1. FY2026 WeakenedOperating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.Recorded from FY2026_86664174 · data update
2. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 8.3% of average total assets.Reconstructed · data update
3. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 7.3% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202525 Jan 2025	FY202631 Jan 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a	n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresBeneish −2.66

Published distress and misstatement models, with their original coefficients and thresholds.

The Beneish M-score for fiscal 2024 was minus 2.66, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Newin FY2024 · first stated
Rule: Beneish M-score against its threshold · Sources Annual financial report 2024-01, Annual financial report 2025-01
History of this finding, 1 record
1. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.66, below the model threshold of minus 1.78.Reconstructed · initial

By Fiscal Year

Ratio	FY202229 Jan 2022	FY202328 Jan 2023	FY202427 Jan 2024
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a

Beneish M-score

fiscal 2024

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.66Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.66 is below the model threshold of minus 1.78. Of the 8 measures, costs recorded as assets raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.934	0.920	0.860
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.213	0.404	0.490
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.091	0.892	0.973
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.000	0.115	0.115
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.067	4.679	−0.315
Leverage indexDebt against total assets, against a year earlier.	0.918	−0.327	−0.300
Score			−2.661

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2024

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.59 means a probability of a misstatement 0.59 times the average rate in the Dechow sample: 0.22% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.081	0.790	0.064
Change in receivables / average total assetsThe growth of receivables against average assets.	0.006	2.518	0.016
Change in inventories / average total assetsThe growth of stock against average assets.	0.025	1.191	0.029
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.828	1.979	1.639
Change in cash salesThe growth of sales collected in cash.	0.117	0.171	0.020
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.006	−0.932	−0.005
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.130
Probability of a misstatement			0.22%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 January 2026 Search page of the FCA National Storage Mechanism	21 Apr 2026, added to the index	AFR:213800WQD8ECPZP9PH98-2026-01-31-0
Annual financial report for the year to 25 January 2025 Search page of the FCA National Storage Mechanism	15 Apr 2025, added to the index	AFR:213800WQD8ECPZP9PH98-2025-01-25-0
Annual financial report for the year to 27 January 2024 Search page of the FCA National Storage Mechanism	16 Apr 2024, added to the index	AFR:213800WQD8ECPZP9PH98-2024-01-27-0
Annual financial report for the year to 28 January 2023 Search page of the FCA National Storage Mechanism	18 Apr 2023, added to the index	AFR:213800WQD8ECPZP9PH98-2023-01-28-0
Annual financial report for the year to 29 January 2022 Search page of the FCA National Storage Mechanism	14 Apr 2022, added to the index	AFR:213800WQD8ECPZP9PH98-2022-01-29-0

Checks

3725 of 37 checks passed, 12 warnings

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit0 of 6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Gross profit, FY2021: £1,052m against £1,248m

Gross profit, FY2022: £2,001m against £1,972m

Gross profit, FY2023: £2,206m against £2,175m

Gross profit, FY2024: £2,456m against £2,420m

Gross profit, FY2025: £2,662m against £2,642m

Gross profit, FY2026: £3,054m against £3,047m

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Withheld values6 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Gross profit, FY2021: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2022: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2023: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2024: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2025: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Gross profit, FY2026: withheld, revenue less cost of sales does not give it, since the company presents other lines between them

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	231
Proven by a check	7.8%, 18 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	6
Restated figures tracked	3
Changes compared on one basis	1
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Next plc, snapshot next/FY2026_86664174 (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_86664174 · dataset SHA-256 866641742a40770d599e10b6f3c1fccd91402ecda37906235f9b7f4dee23d869 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json