IHG NYSE Hotels, Resorts & Cruise Lines Financials FY2016βFY2025
IHG Hotels & Resorts had $5.2B of revenue in fiscal 2025, up 5.4% on the year before. Over five years, revenue changed +16.7% a year on average.
Last close Β· Oct 26, 2026
$167.32
+$42.93 (+34.51%) past year
Hi! I read IHG Hotels & Resortsβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+5.4%
Yes. Sales grew 5.4% last year.
Does it make a profit?
14.6%
Yes. It keeps 14.6% of every sale as profit.
Does profit turn into cash?
16.8%
Yes. 16.8% of sales ends up as free cash.
Is debt under control?
2.4x
Keep an eye on it. Repaying its debt would take 2.4 years of operating profit.
How healthy are the accounts?
8 / 9
Solid. It passes 8 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
IHG Hotels & Resorts had $5.2B of revenue in fiscal 2025, up 5.4% on the year before.
Over five years, revenue changed +16.7% a year on average.
Its operating margin was 23.1%, up 1.9Β pts: of every 100 in sales, about 23 is left after running the business.
Revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
IHG Hotels & Resorts made $758M of net profit in fiscal 2025.
From fiscal 2016 to 2025, diluted EPS grew 9.6% a year.
Net income
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was $870M in fiscal 2025, 16.8% of revenue.
Free cash flow
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
IHG Hotels & Resorts returned $1.2B to shareholders in fiscal 2025, 134% of free cash flow.
The diluted share count fell 4.4%.
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
No open-market insider trades in the last 12 months.
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.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably IHG Hotels & Resorts can carry it.
KIRA summarises the numbers
IHG Hotels & Resorts owes $3.1B more than it holds in cash, about 2.4 years of operating profit.
Cash vs debt (incl. leases)
| 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 |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
IHG Hotels & Resorts passes 8 of 9 financial health tests (Piotroski F-score).
| 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 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
What does the share cost, and how does it compare?
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
KIRA summarises the numbers
IHG Hotels & Resorts grew sales faster than 3 of its 4 similar companies.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| IHG Hotels & Resorts IHG | $26.1B | 5.4% | 23.1% | 16.8% | β | β | 8 | |
| Hilton Grand Vacations HGV | $2.9B | 1.3% | β | 4.6% | 4.6% | 20.4x | β | Compare β |
| Marriott Vacations Worldwide VAC | $4.2B | 1.3% | β | β0.6% | β | β | β | Compare β |
| Travel + Leisure TNL | $4.2B | 4.1% | 13.8% | 13.0% | 8.5% | 17.7x | β | Compare β |
| Hyatt H | $16.6B | 6.8% | β | 2.2% | 3.0% | β | 4 | Compare β |
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
Every number, year by year.
Amounts in USD. Hover a ratioβs 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% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
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.
