Next annual net debt
2021
2022
2023
2024
2025
2026
Next Net Debt Growth & History (NXT)
Next's net debt was £1.04B for fiscal 2026.
View full Next company overviewNext annual net debt history
| Fiscal year | Period ended | Net debt | Change | Growth |
|---|---|---|---|---|
| 2026 | 2026-01-31 | £1.04B | £131.9M | +14.60% |
| 2025 | 2025-01-25 | £903.7M | −£97.9M | −9.77% |
| 2024 | 2024-01-27 | £1.00B | −£121.3M | −10.80% |
| 2023 | 2023-01-28 | £1.12B | £32.2M | +2.95% |
| 2022 | 2022-01-29 | £1.09B | £326.2M | +42.67% |
| 2021 | 2021-01-30 | £764.5M | — | — |
Next quarterly net debt
Q4.25
Q2.26
Q4.26
| Fiscal quarter | Period ended | Net debt | Change | YoY change |
|---|---|---|---|---|
| Q4 2026 | 2026-01-31 | £1.71B | £44.1M | +2.64% |
| Q2 2026 | 2025-07-31 | £1.55B | — | — |
| Q4 2025 | 2025-01-31 | £1.67B | — | — |
Next net debt trends
Over the last five fiscal years, Next's net debt increased from £764.5M to £1.04B, a change of £271.1M. The latest reported quarter, Q4 2026, shows £1.71B.
About the metric
What net debt means
Net debt compares a company’s interest-bearing debt with its cash and cash equivalents. Positive net debt means debt exceeds cash, while a negative value indicates the company has more cash than debt on this measure.
Calculation and source
How net debt is calculated
TickerStat calculates net debt as total interest-bearing debt minus cash and cash equivalents at the same reporting-period end. Short-term investments are not subtracted because they are not included in the standardized cash series. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Next source filings ↗Community posts
Next wins a major equal-pay appeal, while some employment claims remain unresolved
Next reported on 7 September 2026 that the Employment Appeal Tribunal upheld its appeal concerning differences in basic pay between retail and warehouse employees. What the company says the ruling covers According to Next's announcement, th ...