Canonical URL: https://giftcard.news/research-trends/next-deferred-gift-card-revenue-half-year-financial-results/ --- description: The September 17 interim report records a larger gift-card obligation than a year earlier, while distinguishing that balance from mixed revenue adjustments and breakage. title: NEXT reports GBP104.3 million deferred gift-card revenue image: https://giftcard.news/images/social/v1/next-reports-gbp104-3-million-deferred-gift-card-revenue-6a40b5d946055d95e3d00771f543f898.jpg --- 1. [Home](https://giftcard.news/) 2. [Research & Trends](https://giftcard.news/research-trends/) # NEXT reports GBP104.3 million deferred gift-card revenue The September 17 interim report records a larger gift-card obligation than a year earlier, while distinguishing that balance from mixed revenue adjustments and breakage. By [Maya Bennett](https://giftcard.news/author/maya-bennett/) September 17, 2026 2 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fnext-deferred-gift-card-revenue-half-year-financial-results%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=NEXT+reports+GBP104.3+million+deferred+gift-card+revenue&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fnext-deferred-gift-card-revenue-half-year-financial-results%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=NEXT+reports+GBP104.3+million+deferred+gift-card+revenue+https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fnext-deferred-gift-card-revenue-half-year-financial-results%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Customer hands holding a blue card at a retail payment terminal](https://giftcard.news/images/variants/v1/next-reports-gbp104-3-million-deferred-gift-card-revenue-customer-hands-holding-w1280.webp) Illustrative retail card photograph. It does not depict a card, merchant or provider involved in this report. Photo: SpotOn / Unsplash [NEXT](https://giftcard.news/company/next/) reported GBP104.3 million of deferred revenue from gift-card sales at August 1, compared with GBP96.2 million at July 26, 2025\. The figure appears in the retailer's September 17 interim report. The outstanding balance was below GBP114.6 million at January 31, despite exceeding the corresponding prior-year amount. Those comparisons use different reporting points and should not be combined into a claim of continuous growth. The data behind the story ### NEXT deferred gift-card revenue Outstanding group gift-card obligation at three reporting dates. Deferred revenue from gift cards GBP million Tap or hover for details. All values are also available in the data table. Source NEXT interim report, note11 Balances are not new card sales, cash collected or total redemptions. Different seasonal reporting dates do not establish continuous growth; aggregate revenue adjustments do not isolate gift-card breakage. Show data tableHide data table Scroll left or right to see all columns __NEXT deferred gift-card revenue (GBP million)__ | Category | Deferred revenue from gift cards | | ---------------- | -------------------------------- | | July 26, 2025 | 96.2 GBP million | | January 31, 2026 | 114.6 GBP million | | August 1, 2026 | 104.3 GBP million | Deferred gift-card revenue represents value the group has received ahead of fulfilling the associated obligation. It does not by itself measure current-period card sales, cash newly collected or the total customers redeemed. The report separately discusses revenue adjustments that include delivery, promotional activity, credit and gift-card breakage. Their aggregate amount is not a standalone breakage disclosure and cannot be substituted for the gift-card deferred balance. The new financial report supplies a defined measure of the retailer's outstanding gift value. It does not disclose a physical-versus-digital card split, an issuance count or a newly announced change to validity and redemption terms. ## In this article ### Companies * [NEXT](https://giftcard.news/company/next/) ### Sources and documents * [Original official procurement or company disclosure](https://www.nextplc.co.uk/~/media/Files/N/next-plc-v4/documents/2026/half-year-results-july2026.pdf?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — NEXT Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fnext-deferred-gift-card-revenue-half-year-financial-results%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=NEXT+reports+GBP104.3+million+deferred+gift-card+revenue&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fnext-deferred-gift-card-revenue-half-year-financial-results%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=NEXT+reports+GBP104.3+million+deferred+gift-card+revenue+https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fnext-deferred-gift-card-revenue-half-year-financial-results%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Portrait of Maya Bennett](https://giftcard.news/images/variants/v1/maya-bennett-editorial-portrait-w320.webp) About the author ## [Maya Bennett](https://giftcard.news/author/maya-bennett/) Journalist — Rewards & Loyalty Maya Bennett covers customer loyalty, employee rewards and incentive programmes for Gift Card News. From reading to building ## Your next move in gift cards. Tell us what you’re building. We’ll help you explore suitable providers. [Find a provider ](https://giftcard.news/find-a-provider/) ## Related articles [Research & Trends](https://giftcard.news/research-trends/) News ### [InComm’s holiday survey puts gift cards first in U.S. purchase plans](https://giftcard.news/research-trends/incomm-2026-holiday-gift-card-purchase-plans/) [Emma Carter](https://giftcard.news/author/emma-carter/) October 21, 2026 5 min [Research & Trends](https://giftcard.news/research-trends/) News ### [Gift cards lead NRF’s 2026 holiday wish list at 47%](https://giftcard.news/research-trends/nrf-2026-holiday-gift-card-wish-list/) [Emma Carter](https://giftcard.news/author/emma-carter/) October 20, 2026 3 min [Research & Trends](https://giftcard.news/research-trends/) News ### [iGift’s three-brand index records a lower Roblox discount in week 42](https://giftcard.news/research-trends/igift-week42-2026-gift-card-discount-index/) [Oliver Reed](https://giftcard.news/author/oliver-reed/) October 19, 2026 4 min ```json {"@context":"https://schema.org","@graph":[{"@type":"NewsMediaOrganization","@id":"https://giftcard.news/#publisher","name":"Gift Card News","url":"https://giftcard.news/","description":"News and analysis covering gift cards, retail, loyalty, rewards and payments worldwide.","logo":{"@type":"ImageObject","url":"https://giftcard.news/icon-512.png","contentUrl":"https://giftcard.news/icon-512.png","width":512,"height":512,"@id":"https://giftcard.news/#logo"},"publishingPrinciples":"https://giftcard.news/editorial-policy/","correctionsPolicy":"https://giftcard.news/editorial-policy/"},{"@type":"WebSite","@id":"https://giftcard.news/#website","url":"https://giftcard.news/","name":"Gift Card News","description":"News and analysis covering gift cards, retail, loyalty, rewards and payments worldwide.","inLanguage":"en","publisher":{"@id":"https://giftcard.news/#publisher"},"potentialAction":{"@type":"SearchAction","target":"https://giftcard.news/search/?q={search_term_string}","query-input":"required name=search_term_string"}},{"@type":"Person","@id":"https://giftcard.news/author/maya-bennett/#person","name":"Maya Bennett","url":"https://giftcard.news/author/maya-bennett/","description":"Maya Bennett covers customer loyalty, employee rewards and incentive programmes for Gift Card News.","jobTitle":"Journalist — Rewards & Loyalty","image":{"@type":"ImageObject","url":"https://giftcard.news/images/maya-bennett-editorial-portrait.webp","contentUrl":"https://giftcard.news/images/maya-bennett-editorial-portrait.webp","width":1254,"height":1254,"caption":"Illustrated portrait representing the Maya Bennett editorial profile.","@id":"https://giftcard.news/images/maya-bennett-editorial-portrait.webp#image","encodingFormat":"image/webp","description":"Illustrated portrait for Maya Bennett, a Gift Card News editorial pen name","creditText":"Gift Card News / AI-generated illustration"}},{"@type":"ImageObject","url":"https://giftcard.news/images/next-reports-gbp104-3-million-deferred-gift-card-revenue-customer-hands-holding.webp","contentUrl":"https://giftcard.news/images/next-reports-gbp104-3-million-deferred-gift-card-revenue-customer-hands-holding.webp","width":1920,"height":1440,"caption":"Illustrative retail card photograph. 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