UK supermarket Asda has published its results for the full year ended 31st December 2025, reporting a fall in earnings while debt was reduced.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) was £764 million in 2025, down 33.1% from £1.14 billion in 2024.

Sales at the retailer fell from £21.7 billion in 2024 to £21 billion in 2025, a decrease of 3.3% on the year. Like-for-like sales were down 3.1% in 2025, an improvement on the 3.4% reduction in 2024.

However, 2025 saw Asda’s net debt reduced by £500 million from £3.6 billion in 2024 to £3.1 billion in 2025 as Asda chairman Allan Leighton highlighted the company’s “strengthened balance sheet”. He said the retailer has strengthened liquidity through “disciplined cash management”, ending the year with £1.3 billion in cash on the balance sheet and £2.1 billion in total liquidity.

“Our operational performance continues to stabilise, and we have seen sales momentum build through the first quarter.”

Allan Leighton, Asda’s executive chairman, said: “As we enter the second year of our turnaround, we have an improved customer offer, stable core systems, a strengthened balance sheet and a strong leadership team to deliver our Formula for Growth. Our progress in key areas like price, availability, and customer satisfaction is edging forwards, reflected in positive like-for-like sales growth in our stores for the last two months.

“At the same time Asda is far more than just a supermarket, with almost half of our total revenues last year coming from the wider group, which includes George, Express, pharmacy, optical, online and fuel. George and pharmacy outperformed their respective markets last year, demonstrating the breadth of our offer.

“I want to thank all our colleagues for their hard work and commitment. Their determination to make Asda better every day is what drives our progress.”

Michael Gleeson, Asda’s chief financial officer, said: “As we continued to make progress against our strategy, disciplined cash management meant we closed the year in a solid financial position, with more than £1.3 billion of cash on the balance sheet and total liquidity of £2.1 billion. Our operational performance continues to stabilise, and we have seen sales momentum build through the first quarter.”