Currys full-year results, published on 2 July 2026, showed adjusted profit before tax of £191m for the year ending 2 May 2026, up 18% year-on-year and ahead of the company’s own guided range of £180–190m.
Shares in the electronics retailer (LON: CURY) were trading at 159p, valuing the group at approximately £1.65bn, as chief executive Alex Baldock presented his final set of numbers before handing over to his successor.
Currys Full-Year Results Show Profit Beat and Cash Generation
Group free cash flow reached £157m for FY2025/26, up 5% year-on-year, according to the full-year results announcement.
The balance sheet ended the period with net cash of more than £170m, and the company returned £74m of cash to shareholders during the year, according to the FY2025/26 trading update.
Group like-for-like sales rose 4% for the full year, with the UK and Ireland up 3% and the Nordics up 6%.
The business operates across £8.7bn in annual sales with approximately 24,000 colleagues and 11.9 million total active protection plans.
Buyback and Balance Sheet Strengthen the Case
On the same day as the results, Currys launched a new £50m share buyback programme covering ordinary shares of 0.1p each, following the conclusion of a prior £50m programme on 2 April 2026.
The new programme covers a maximum of 77,712,214 ordinary shares. Two consecutive £50m buybacks signals management’s confidence in cash generation at the current share price.
Within the results, Currys reported that its iD Mobile subscriber base grew 19% year-on-year to 2.5 million subscribers for the 10 weeks ended 10 January 2026, adding close to one million subscribers over two years. The mobile business adds a recurring-revenue dimension that pure-play electricals retailers lack.
Baldock spent eight years restructuring the group: cutting costs, rebuilding the balance sheet, and defending market leadership in consumer electronics across the UK and Nordics. The FY2025/26 numbers represent his clearest vindication yet, with the profit outturn above the top of the range the company itself set out.
His successor, Fredrik Tønnesen, takes effect as group chief executive on 3 August 2026. Tønnesen joined Currys as a sales assistant more than 20 years ago and most recently served as Nordics chief operating officer, giving him direct responsibility for the segment that delivered the strongest like-for-like growth this year.
On the Currys full-year results day, the question for investors is what multiple the market is prepared to award a retailer posting double-digit profit growth, strong free cash flow, and a sustained buyback. At 159p, the shares remain well below the 300p-plus levels seen before the broader consumer electronics downturn of 2022 and 2023.
The next test is whether Tønnesen can hold the Nordics momentum and accelerate iD Mobile to three million subscribers, which would mark a meaningful shift in the revenue mix towards services.
