IHG Hotels & Resorts
IHG NYSE Hotels, Resorts & Cruise Lines Financials FY2016βFY2025
IHG Hotels & Resorts' revenue rose 5.4% to $5.2 billion in fiscal 2025. Its operating margin was 23.1%, up from 21.1% a year earlier. Free cash flow was $870 million, up 25.2%. It paid out $1.2 billion in dividends and buybacks, 134% of free cash flow. The diluted share count fell 4.4%.
Last close Β· Oct 23, 2026
$162.40
οΏ½οΏ½
Revenue
Total sales reported in the income statement.
$5.2B
5.4%
vs prior year
Operating margin
Operating income as a share of revenue.
23.1%
1.9 pts
Net income
Profit after all expenses, interest and tax.
$758M
20.7%
Free cash flow
Cash from operations minus capital spending.
$870M
25.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
β
Market cap
Last close times the latest diluted share count, so it is approximate.
$25.3B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
About these figures. IHG Hotels & Resorts is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
What IHG Hotels & Resorts does
No business description yet.
- Legal name
- InterContinental Hotels Group PLC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- β
- Accession Β· CIK
- 0000858446-26-000010
0000858446
Revenue and margins
IHG Hotels & Resorts had $5.2B of revenue in fiscal 2025, up 5.4% on the year before.
FY16
Revenue $1.7B
FY17
Revenue $1.8B
FY18
Revenue $4.3B
FY19
Revenue $4.6B
FY20
Revenue $2.4B
FY21
Revenue $2.9B
FY22
Revenue $3.9B
FY23
Revenue $4.6B
FY24
Revenue $4.9B
FY25
Revenue $5.2B
FY16
Gross 68.1%
Operating 41.5%
Net 26.6%
FCF 39.5%
FY17
Gross 69.0%
Operating 41.7%
Net 29.9%
FCF 32.1%
FY18
Gross 84.5%
Operating 13.4%
Net 8.1%
FCF 15.3%
FY19
Gross 83.1%
Operating 13.6%
Net 8.3%
FCF 12.5%
FY20
Gross 85.2%
Operating β6.4%
Net β10.9%
FCF 4.6%
FY21
Gross 83.3%
Operating 17.0%
Net 9.2%
FCF 21.3%
FY22
Gross 83.4%
Operating 16.1%
Net 9.6%
FCF 15.2%
FY23
Gross 84.0%
Operating 23.1%
Net 16.2%
FCF 18.7%
FY24
Gross 84.9%
Operating 21.2%
Net 12.8%
FCF 14.1%
FY25
Gross 85.3%
Operating 23.1%
Net 14.6%
FCF 16.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 9.6% a year. Loss periods are shown in red.
FY16
Net income $456M
FY17
Net income $534M
FY18
Net income $349M
FY19
Net income $385M
FY20
Net income β$260M
FY21
Net income $266M
FY22
Net income $375M
FY23
Net income $750M
FY24
Net income $628M
FY25
Net income $758M
FY16
Diluted EPS $2.13
FY17
Diluted EPS $2.75
FY18
Diluted EPS $1.82
FY19
Diluted EPS $2.09
FY20
Diluted EPS β$1.43
FY21
Diluted EPS $1.45
FY22
Diluted EPS $2.06
FY23
Diluted EPS $4.41
FY24
Diluted EPS $3.85
FY25
Diluted EPS $4.87
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital β
Return on equity β
Return on assets β
FY17
Return on capital β
Return on equity β
Return on assets 17.6%
FY18
Return on capital β
Return on equity β
Return on assets 9.2%
FY19
Return on capital β
Return on equity β
Return on assets 9.1%
FY20
Return on capital β
Return on equity β
Return on assets β5.6%
FY21
Return on capital β
Return on equity β
Return on assets 5.5%
FY22
Return on capital β
Return on equity β
Return on assets 8.4%
FY23
Return on capital β
Return on equity β
Return on assets 16.6%
FY24
Return on capital β
Return on equity β
Return on assets 13.1%
FY25
Return on capital β
Return on equity β
Return on assets 15.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $870M in fiscal 2025, 16.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $678M
FY17
Free cash flow $572M
FY18
Free cash flow $663M
FY19
Free cash flow $578M
FY20
Free cash flow $111M
FY21
Free cash flow $619M
FY22
Free cash flow $592M
FY23
Free cash flow $865M
FY24
Free cash flow $695M
FY25
Free cash flow $870M
FY16
Cash from operations $710M
Capital spending $32.0M
FY17
Cash from operations $616M
Capital spending $44.0M
FY18
Cash from operations $709M
Capital spending $46.0M
FY19
Cash from operations $653M
Capital spending $75.0M
FY20
Cash from operations $137M
Capital spending $26.0M
FY21
Cash from operations $636M
Capital spending $17.0M
FY22
Cash from operations $646M
Capital spending $54.0M
FY23
Cash from operations $893M
Capital spending $28.0M
FY24
Cash from operations $724M
Capital spending $29.0M
FY25
Cash from operations $898M
Capital spending $28.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
IHG Hotels & Resorts returned $1.2B to shareholders in fiscal 2025, 134% of free cash flow. The diluted share count fell 4.4%.
FY16
Dividends $1.7B
Buybacks $10.0M
FY17
Dividends $593M
Buybacks $3.0M
FY18
Dividends $199M
Buybacks $3.0M
FY19
Dividends $721M
Buybacks $5.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $233M
Buybacks $482M
FY23
Dividends $245M
Buybacks $790M
FY24
Dividends $259M
Buybacks $804M
FY25
Dividends $270M
Buybacks $897M
Dividends
Buybacks
FY16
Diluted shares 0.21B
FY17
Diluted shares 0.19B
FY18
Diluted shares 0.19B
FY19
Diluted shares 0.18B
FY20
Diluted shares 0.18B
FY21
Diluted shares 0.18B
FY22
Diluted shares 0.18B
FY23
Diluted shares 0.17B
FY24
Diluted shares 0.16B
FY25
Diluted shares 0.16B
Balance sheet
Cash, debt and the ratios that show how comfortably IHG Hotels & Resorts can carry it.
FY16
Cash $206M
Debt $1.7B
FY17
Cash $168M
Debt $1.8B
FY18
Cash $704M
Debt $2.0B
FY19
Cash $195M
Debt $2.2B
FY20
Cash $1.7B
Debt $3.8B
FY21
Cash $1.5B
Debt $2.8B
FY22
Cash $976M
Debt $2.4B
FY23
Cash $1.3B
Debt $3.2B
FY24
Cash $1.0B
Debt $3.3B
FY25
Cash $1.1B
Debt $4.2B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.5B | $976M | $1.3B | $1.0B | $1.1B |
| Debt incl. finance leases | $2.8B | $2.4B | $3.2B | $3.3B | $4.2B |
| Net debt / EBITDA | 2.4x | 2.0x | 1.6x | 2.1x | 2.4x |
| Interest coverage | 3.4x | 5.3x | 8.5x | 5.9x | 5.9x |
| Current ratio | 1.3x | 1.1x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 1.3x | 1.1x | 1.0x | 1.0x | 1.0x |
| Total assets | $4.7B | $4.2B | $4.8B | $4.7B | $5.3B |
| Total liabilities | $6.2B | $5.8B | $6.8B | $7.1B | $8.1B |
| Shareholders' equity | β$1.5B | β$1.6B | β$2.0B | β$2.3B | β$2.7B |
| Net debt (β = net cash) | $1.4B | $1.4B | $1.8B | $2.3B | $3.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 6 / 9 | 8 / 9 |
| Accruals ratio | β3.2% | β2.0% | β2.8% |
| Altman Z'' | β | β | β |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| IHG Hotels & Resorts IHG | $25.3B | 5.4% | 23.1% | 16.8% | β | β | 8 | |
| Hilton Grand Vacations HGV | $2.9B | 1.3% | β | 4.6% | 4.6% | 20.5x | β | Compare β |
| Marriott Vacations Worldwide VAC | $4.2B | 1.3% | β | β0.6% | β | β | β | Compare β |
| Travel + Leisure TNL | $4.1B | 4.1% | 13.8% | 13.0% | 8.5% | 17.6x | β | Compare β |
| Hyatt H | $16.7B | 6.8% | β | 2.2% | 3.0% | β | 4 | Compare β |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.7B | $1.8B | $4.3B | $4.6B | $2.4B | $2.9B | $3.9B | $4.6B | $4.9B | $5.2B |
| Gross profit | $1.2B | $1.2B | $3.7B | $3.8B | $2.0B | $2.4B | $3.2B | $3.9B | $4.2B | $4.4B |
| Operating income | $712M | $744M | $582M | $630M | β$153M | $494M | $628M | $1.1B | $1.0B | $1.2B |
| Interest expense | $86.0M | $95.0M | $101M | $121M | $144M | $147M | $118M | $126M | $178M | $202M |
| Pretax income | $632M | $653M | $482M | $542M | β$280M | $361M | $540M | $1.0B | $897M | $1.1B |
| Income tax | $173M | $118M | $132M | $156M | β$20.0M | $96.0M | $164M | $260M | $269M | $315M |
| Net income | $456M | $534M | $349M | $385M | β$260M | $266M | $375M | $750M | $628M | $758M |
| Diluted EPS | $2.13 | $2.75 | $1.82 | $2.09 | β$1.43 | $1.45 | $2.06 | $4.41 | $3.85 | $4.87 |
| Diluted shares | 0.21B | 0.19B | 0.19B | 0.18B | 0.18B | 0.18B | 0.18B | 0.17B | 0.16B | 0.16B |
| Cash flow | ||||||||||
| Cash from operations | $710M | $616M | $709M | $653M | $137M | $636M | $646M | $893M | $724M | $898M |
| Capital expenditure | $32.0M | $44.0M | $46.0M | $75.0M | $26.0M | $17.0M | $54.0M | $28.0M | $29.0M | $28.0M |
| Free cash flow | $678M | $572M | $663M | $578M | $111M | $619M | $592M | $865M | $695M | $870M |
| Depreciation and amortization | $75.0M | $112M | $115M | $116M | $110M | $98.0M | $68.0M | $67.0M | $65.0M | $67.0M |
| Stock-based compensation | $23.0M | $27.0M | $38.0M | $30.0M | $21.0M | $28.0M | $30.0M | $36.0M | $44.0M | $47.0M |
| Acquisitions | $0.0M | $0.0M | $34.0M | $292M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $10.0M | $3.0M | $3.0M | $5.0M | $0.0M | $0.0M | $482M | $790M | $804M | $897M |
| Dividends paid | $1.7B | $593M | $199M | $721M | $0.0M | $0.0M | $233M | $245M | $259M | $270M |
| Dividends and buybacks | $1.7B | $596M | $202M | $726M | $0.0M | $0.0M | $715M | $1.0B | $1.1B | $1.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $206M | $168M | $704M | $195M | $1.7B | $1.5B | $976M | $1.3B | $1.0B | $1.1B |
| Total debt | $1.7B | $1.8B | $2.0B | $2.2B | $3.8B | $2.8B | $2.4B | $3.2B | $3.3B | $4.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $796M | $861M | $1.4B | $916M | $2.2B | $2.1B | $1.7B | $2.1B | $1.9B | $2.0B |
| Current liabilities | $1.2B | $1.3B | $1.4B | $1.4B | $1.9B | $1.6B | $1.5B | $2.2B | $1.9B | $2.1B |
| Inventory | $3.0M | $3.0M | $5.0M | $6.0M | $5.0M | $4.0M | $4.0M | $5.0M | $4.0M | $5.0M |
| Property and equipment, net | $419M | $250M | $273M | $309M | $201M | $137M | $157M | $153M | $146M | $148M |
| Total assets | $2.8B | $3.3B | $4.3B | $4.2B | $5.0B | $4.7B | $4.2B | $4.8B | $4.7B | $5.3B |
| Total liabilities | $3.9B | $4.7B | $5.4B | $5.7B | $6.9B | $6.2B | $5.8B | $6.8B | $7.1B | $8.1B |
| Shareholders' equity | β$1.2B | β$1.4B | β$1.1B | β$1.5B | β$1.9B | β$1.5B | β$1.6B | β$2.0B | β$2.3B | β$2.7B |
| Margins | ||||||||||
| Gross margin | 68.1% | 69.0% | 84.5% | 83.1% | 85.2% | 83.3% | 83.4% | 84.0% | 84.9% | 85.3% |
| Operating margin | 41.5% | 41.7% | 13.4% | 13.6% | β6.4% | 17.0% | 16.1% | 23.1% | 21.2% | 23.1% |
| EBITDA margin | 45.9% | 48.0% | 16.1% | 16.1% | β1.8% | 20.4% | 17.9% | 24.5% | 22.5% | 24.4% |
| Net margin | 26.6% | 29.9% | 8.1% | 8.3% | β10.9% | 9.2% | 9.6% | 16.2% | 12.8% | 14.6% |
| FCF margin | 39.5% | 32.1% | 15.3% | 12.5% | 4.6% | 21.3% | 15.2% | 18.7% | 14.1% | 16.8% |
| Returns | ||||||||||
| Return on capital employed | β | 41.0% | 23.8% | 22.1% | β5.1% | 15.8% | 21.8% | 40.3% | 38.3% | 39.5% |
| Return on assets | β | 17.6% | 9.2% | 9.1% | β5.6% | 5.5% | 8.4% | 16.6% | 13.1% | 15.0% |
| Growth | ||||||||||
| Revenue growth | β4.9% | 4.0% | 143.1% | 6.7% | β48.3% | 21.4% | 33.9% | 18.8% | 6.5% | 5.4% |
| Net income growth | β62.7% | 17.1% | β34.6% | 10.3% | β167.5% | β | 41.0% | 100.0% | β16.3% | 20.7% |
| EPS growth | β99.6% | 29.2% | β34.0% | 15.1% | β168.3% | β | 42.5% | 114.2% | β12.7% | 26.3% |
| FCF growth | 15.7% | β15.6% | 15.9% | β12.8% | β80.8% | 457.7% | β4.4% | 46.1% | β19.7% | 25.2% |
| Share count change | β10.1% | β9.4% | β1.0% | β4.2% | β1.1% | 1.1% | β1.1% | β6.6% | β4.1% | β4.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.9x | 1.9x | 1.9x | 2.6x | β | 2.4x | 2.0x | 1.6x | 2.1x | 2.4x |
| Interest coverage | 8.3x | 7.8x | 5.8x | 5.2x | β1.1x | 3.4x | 5.3x | 8.5x | 5.9x | 5.9x |
| Current ratio | 0.7x | 0.7x | 1.0x | 0.7x | 1.2x | 1.3x | 1.1x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.7x | 0.7x | 1.0x | 0.7x | 1.2x | 1.3x | 1.1x | 1.0x | 1.0x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 2.5% | 1.1% | 1.6% | 1.1% | 0.6% | 1.4% | 0.6% | 0.6% | 0.5% |
| Stock comp / revenue | 1.3% | 1.5% | 0.9% | 0.7% | 0.9% | 1.0% | 0.8% | 0.8% | 0.9% | 0.9% |
| Payouts / FCF | 251.2% | 104.2% | 30.5% | 125.6% | 0.0% | 0.0% | 120.8% | 119.7% | 153.0% | 134.1% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 8.0 | 5.0 | 5.0 | 7.0 | 8.0 | 7.0 | 6.0 | 8.0 |
| Altman Z'' | 1.7 | 1.3 | 1.5 | β | β | β | β | β | β | β |
| Accruals ratio | β | β2.7% | β9.5% | β6.3% | β8.6% | β7.6% | β6.1% | β3.2% | β2.0% | β2.8% |
Source: SEC EDGAR XBRL filings (CIK 0000858446). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.