26 February 2026
If you are covering Ocado's latest results, please see the following comment from Lucy Rumbold, equity research analyst at Quilter Cheviot:
Ocado’s figures were mixed and the market has reacted sharply, with the shares down about 10% this morning. Revenues were slightly ahead at £1.36 billion and earnings beat expectations, but weaker guidance and delays across key fulfilment centres have overridden the positives.
The earnings beat has not masked the continued loss before tax, which came in 17% worse than expected. The cost base remains heavy and the business is still burning cash, which keeps sentiment cautious.
Investor focus remains firmly on Customer Fulfilment Centres. Delays in Phoenix for Kroger, and in Tokyo and Seoul, push out fee income and highlight the absence of new CFC wins. Those slippages are a material drag on confidence.
Guidance was the main disappointment. Management had previously suggested 2026 could be cash‑flow positive but now expects a £200 million outflow. Full-year positivity has been pushed to 2027, which explains the severity of today’s reaction.
