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InterContinental Hotels Group PLC (IHG)

IHG Hotels & Resorts franchises and manages hotels under 20 brands, with over 6,900 open hotels in more than 100 countries and almost 2,300 hotels in its development pipeline. It reports three regions: Americas, EMEAA and Greater China. Figures are stated in US dollars.

InterContinental Hotels Group PLC

IHG Hotels & Resorts franchises and manages hotels under 20 brands, with over 6,900 open hotels in more than 100 countries and almost 2,300 hotels in its development pipeline. It reports three regions: Americas, EMEAA and Greater China. Figures are stated in US dollars.

The model

The business is asset-light, fee-based and predominantly franchised, so IHG collects fees rather than owning the buildings. Hotels in the Essentials category tend to be franchised, while Luxury & Lifestyle hotels are predominantly managed. The portfolio is grouped into Luxury & Lifestyle, now six brands, Premium, Essentials, Suites and Exclusive Partners, and 10 of the brands were launched or acquired in the past decade. The fee margin was 64.8%, up 3.6 percentage points, which the filing attributes to operating leverage and step-ups in ancillary fee streams.

Scale in 2025

The estate reached 6,963 open hotels and passed one million open rooms for the first time. Net system size grew 4.7% after adjusting for the removal of 7,092 rooms previously affiliated with The Venetian Resort Las Vegas in January 2025, or 4.0% on a reported basis, and the pipeline grew 4%. Signings came to 102,054 rooms. There were 32 country debuts for individual brands during the year, among them Garner in Mexico, Atwell Suites in Greater China, and Kimpton Hotels & Restaurants reaching Germany and Portugal. The Holiday Inn Brand Family generated 35% of openings and signings globally, avid hotels reached its 80th opening, and the Atwell Suites pipeline grew to 56 properties. During the year IHG acquired the urban lifestyle brand Ruby and developed Noted Collection, a new premium collection brand.

Trading

Global revenue per available room rose 1.5%. By region it was up 0.3% in the Americas and 4.6% in EMEAA, and down 1.6% in Greater China. The filing separates total gross revenue in IHG's system, meaning what guests spend across the hotels, from what IHG itself books. That system figure was $35.2bn, up 5.3% and 4.7% at constant currency. By brand, Holiday Inn Express accounted for $9.7bn of it, Holiday Inn $6.1bn, InterContinental $5.6bn, Crowne Plaza $3.7bn, Kimpton $1.5bn, Staybridge Suites $1.4bn, Hotel Indigo $1.1bn and Candlewood Suites $1.0bn, with $5.1bn across the rest. By ownership type, franchised hotels accounted for $22.2bn and managed hotels $12.5bn, neither attributable to IHG, while owned and leased hotels were $0.5bn, the only part recognised in the group income statement. IHG's own reported income was $5,189m, of which $2,468m came from the reportable segments. Profit from operations was $1,198m, and $1,265m on a reportable segments basis. Basic earnings came to 490.9 cents a share and adjusted earnings to 501.3 cents.

Loyalty and channels

The IHG One Rewards loyalty programme passed 160 million members after a 25% rise in enrolments, and members booked 66% of all room nights globally. Across the system, 83% of room revenue was booked through IHG-managed channels and sources, which the filing presents as delivering owners higher value customers at a lower cost of acquisition.

Returns

The total dividend for the year was 184.5 cents a share, with dividend payments of $270m, and a $900m share buyback programme was completed, taking combined returns past $1.1bn. A new $950m buyback programme was approved for 2026.

From IHG's annual report on Form 20-F for the year ended 31 December 2025. That filing carries no Item 4 or Item 5 heading in its body, using a cross-reference index at the back instead, so the annual report is read as one whole document rather than from separately located sections. The filing

Compare with another name

InterContinental Hotels Group PLC files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 5,189 million, up 5.4% on the year before. Its profit attributable to shareholders was USD 758 million, up 20.7%, and diluted earnings per share USD 4.87.

InterContinental Hotels Group (IHG) in brief

InterContinental Hotels Group (IHG) reported revenue of USD 5.2 billion for the year to 31 December 2025, up 5.4% on the year before.
Read moreProfit attributable to shareholders was USD 758 million and diluted earnings per share USD 4.87. Revenue was USD 4.9 billion in 2024, USD 4.6 billion in 2023, USD 3.9 billion in 2022 and USD 2.9 billion in 2021. Profit attributable to shareholders in the same years was USD 628 million, USD 750 million, USD 375 million and USD 266 million. Revenue grew 16.7% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of InterContinental Hotels Group was $27.4 billion, 37.2 times its earnings for 2025.

The share in the US

Last close$180.98 on 10 November 2026
52-week range$124.66 (20 November 2025) to $180.98 (10 November 2026)
Over one yearup 37.3%
Market cap$27.4 billion: 151,644,808 shares outstanding at 31 December 2025 (20-F, excluding 5,481,782 treasury shares), each US share standing for one ordinary share
P/E, latest fiscal year37.2: the last close over diluted EPS for the year to Dec 2025, USD 4.87 per ordinary share. The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROEn/a
ROCEn/a
Operating margin23.1%
Net margin14.6%
FCF margin16.8%
Interest cover5.93
Debt to equityn/a
Cash conversion1.18
Share count, last 12 months-4.2%
Sales CAGR, 3 years10.1%
Profit CAGR, 3 years26.4%
EPS$4.87

At the close of 10 November 2026

Price$180.98
Market cap$27.4 billion
Stock P/E37.20
Price to bookn/a
EV / EBITDAn/a
Dividend yield1.0%
Market cap / sales5.29
52-week high$180.98
52-week low$124.66
Price, 1 year37.3%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total InterContinental Hotels Group PLC states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
IHGgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed. Sales and margin are each year's revenue and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet and its share count per US share. The dashed line is the median over the range shown. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on IHG

Dividends$1.73 a share in FY2025
Filings62 in twelve months: 61 reports on Form 6-K, most often batch filing (25); total voting rights (10); holding(s) in company (7); director/PDMR shareholding (4); 2026 third quarter trading update (1)
Planned insider salesno Form 144 notice in twelve months
Options tapeno listed options
13F holders323 funds reported a position for the quarter to 30 June 2026; largest FMR LLC
Congress1 House trade disclosed in six months
Short interest277,627 shares short, 1.00 days to cover at 30 October 2026

Income statement (profit and loss), 11 fiscal years

Year toDec 2015 †Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022Dec 2023 †Dec 2024 †Dec 2025
Revenue1,8031,7151,7844,3374,6272,3942,9073,8924,6244,9235,189
Cost of sales640548554671782354486648742745764
Operating profit1,499712744582630-1534946281,0661,0411,198
Finance costs92.086.095.0101121144147118126178202
Profit before tax1,412632653482542-2803615401,0108971,074
Income tax188173118132156-20.096.0164260269315
Profit for the year1,224459535350386-260265376750628759
Profit attributable to shareholders1,222456534349385-260266375750628758
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
USD million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2015, Dec 2016, Dec 2017, Dec 2018, Dec 2019, Dec 2020, Dec 2023, Dec 2024); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2015 †Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022Dec 2023 †Dec 2024 †Dec 2025
Diluted EPS5.132.132.751.822.09-1.431.452.064.413.854.87
Basic EPS5.202.152.771.842.10-1.431.452.074.443.904.91
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

USD per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Cash flow statement

Year toDec 2015 †Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022Dec 2023 †Dec 2024 †Dec 2025
Cash from operations628710616709653137636646893724898
Purchase of property, plant and equipment42.032.044.046.075.026.017.054.028.029.028.0
Free cash flow586678572663578111619592865695870
Cash from investing589-174-220-197-493-61.0-12.0-78.0-137-99.0-190
Cash from financing-110-1,456-47151.0-6601,354-860-961-417-894-614
Depreciation and amortisation96.075.011211511611098.068.067.065.067.0
Buybacks47.010.03.03.05.0n/an/a482790804897
Dividends paid1881,693593199721n/an/a233245259270
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
USD million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2015 †Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022Dec 2023 †Dec 2024 †Dec 2025
Funded by
Equity attributable to shareholders-118-1,154-1,361-1,139-1,473-1,857-1,481-1,615-1,950-2,312-2,741
Non-controlling interestsn/a8.07.08.08.08.07.07.04.04.05.0
Borrowings, as filedn/a1,7121,7882,0142,1653,7672,8452,3963,1663,2744,201
Lease liabilitiesn/an/an/a670660450419427426414406
Other liabilitiesn/a2,1962,8882,7322,8342,6712,9263,0013,1673,3683,474
Total equity and liabilitiesn/a2,7623,3224,2854,1945,0394,7164,2164,8134,7485,345
Owned
Property, plant and equipment428419250273309201137157153146148
Goodwilln/a232237313339n/a341335336331335
Cash and cash equivalentsn/a2061687041951,6751,4509761,3221,0081,129
Trade and other receivablesn/a469549610666514574646740785833
Inventoriesn/a3.03.05.06.05.04.04.05.04.05.0
Other assetsn/a1,4332,1152,3802,6792,6442,2102,0982,2572,4742,895
Total assetsn/a2,7623,3224,2854,1945,0394,7164,2164,8134,7485,345
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
USD million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2015 †Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022Dec 2023 †Dec 2024 †Dec 2025
Operating margin83.1%41.5%41.7%13.4%13.6%-6.4%17.0%16.1%23.1%21.1%23.1%
Net margin67.8%26.6%29.9%8.0%8.3%-10.9%9.2%9.6%16.2%12.8%14.6%
Free cash flow margin32.5%39.5%32.1%15.3%12.5%4.6%21.3%15.2%18.7%14.1%16.8%
Effective tax rate13.3%27.4%18.1%27.4%28.8%n/a26.6%30.4%25.7%30.0%29.3%
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was InterContinental Hotels Group's revenue in 2025?

InterContinental Hotels Group (IHG) reported revenue of USD 5.2 billion for the year to 31 December 2025, up 5.4% on the year before.

How much did InterContinental Hotels Group earn in 2025?

Profit attributable to shareholders was USD 758 million for the year to 31 December 2025, and diluted earnings per share USD 4.87.

What is InterContinental Hotels Group's P/E ratio?

At the close of 10 November 2026, InterContinental Hotels Group traded at 37.2 times its earnings for 2025.

What is InterContinental Hotels Group's market cap?

The market cap of InterContinental Hotels Group was $27.4 billion at the close of 10 November 2026.

Peers: Restaurants, Hotels, Motels

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Marriott International Inc. MAR$110.3 billion42.75n/a15.8%5.8%n/a0.7%
Hilton Worldwide Holdings Inc. HLT$84.7 billion51.32n/a24.0%8.1%n/a0.2%
InterContinental Hotels Group PLC IHG *$27.4 billion37.20n/a23.1%5.4%n/a1.0%
Las Vegas Sands Corp. LVS$25.6 billion16.73n/a20.9%10.9%n/a2.8%
Hyatt Hotels Corp. H$17.9 billion99.225.8%n/a2.8%1.390.3%
Wynn Resorts Ltd. WYNN$9.0 billion26.06n/a14.2%2.2%n/a1.1%
MGM Resorts International MGM$8.3 billion12.5727.7%7.0%2.6%2.26n/a
Caesars Entertainment, Inc. CZR$6.0 billionn/a-16.3%15.4%3.1%3.56n/a
Wyndham Hotels & Resorts, Inc. WH$5.9 billion30.1542.5%29.2%0.8%5.742.1%
Boyd Gaming Corp. BYD$5.6 billion11.8320.5%17.8%0.3%1.091.0%
Choice Hotels International Inc. CHH$5.4 billion26.72156.5%22.8%2.1%16.521.0%
Red Rock Resorts, Inc. RRR$5.2 billion24.9670.9%22.3%1.1%22.612.1%
All 56 in Restaurants, Hotels, Motels
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
McDonald's Corp. MCD$199.1 billion22.31n/a46.9%5.8%n/a2.6%
Starbucks Corp. SBUX$125.3 billion63.19n/a7.8%4.5%n/a2.3%
Marriott International Inc. MAR$110.3 billion42.75n/a15.8%5.8%n/a0.7%
Hilton Worldwide Holdings Inc. HLT$84.7 billion51.32n/a24.0%8.1%n/a0.2%
Chipotle Mexican Grill Inc. CMG$45.5 billion33.6056.1%14.1%7.9%0.00n/a
Yum! Brands, Inc. YUM$43.0 billion12.85n/a49.5%9.1%n/a1.8%
InterContinental Hotels Group PLC IHG *$27.4 billion37.20n/a23.1%5.4%n/a1.0%
Restaurant Brands International Inc. QSR$27.1 billion18.0938.1%27.0%5.5%3.363.3%
Darden Restaurants Inc. DRI$25.9 billion22.3457.2%11.7%8.1%1.262.7%
Las Vegas Sands Corp. LVS$25.6 billion16.73n/a20.9%10.9%n/a2.8%
Hyatt Hotels Corp. H$17.9 billion99.225.8%n/a2.8%1.390.3%
Yum China Holdings, Inc. YUMC$16.9 billion17.2718.7%11.3%9.9%0.292.2%
Aramark ARMK$14.3 billion37.9211.3%4.4%11.0%1.810.9%
Texas Roadhouse, Inc. TXRH$12.4 billion29.5926.4%7.7%9.2%0.031.6%
Wynn Resorts Ltd. WYNN$9.0 billion26.06n/a14.2%2.2%n/a1.1%
MGM Resorts International MGM$8.3 billion12.5727.7%7.0%2.6%2.26n/a
Brinker International, Inc. EAT$8.2 billion17.18125.2%11.0%6.1%1.13n/a
Cava Group, Inc. CAVA$7.1 billion111.857.5%4.9%27.0%0.00n/a
Dutch Bros Inc. BROS$6.2 billion45.2712.3%9.5%30.7%0.24n/a
Caesars Entertainment, Inc. CZR$6.0 billionn/a-16.3%15.4%3.1%3.56n/a
Wyndham Hotels & Resorts, Inc. WH$5.9 billion30.1542.5%29.2%0.8%5.742.1%
Boyd Gaming Corp. BYD$5.6 billion11.8320.5%17.8%0.3%1.091.0%
Cheesecake Factory Inc. CAKE$5.4 billion25.7836.2%6.0%7.9%0.981.1%
Choice Hotels International Inc. CHH$5.4 billion26.72156.5%22.8%2.1%16.521.0%
Red Rock Resorts, Inc. RRR$5.2 billion24.9670.9%22.3%1.1%22.612.1%
Travel & Leisure Co. TNL$4.8 billion21.60n/a13.0%4.6%n/a2.9%
Wingstop Inc. WING$4.6 billion39.85n/a27.7%6.9%n/a0.7%
Hilton Grand Vacations Inc. HGV$3.5 billion8.7731.9%15.0%18.8%5.95n/a
Park Hotels & Resorts Inc. PK$3.3 billionn/a-5.5%1.2%-0.2%1.316.1%
Shake Shack Inc. SHAK$3.2 billion73.697.7%3.6%17.1%0.44n/a
Penn Entertainment, Inc. PENN$2.5 billionn/a-0.5%4.6%6.7%1.47n/a
Sunstone Hotel Investors, Inc. SHO$2.3 billion28.404.7%9.7%7.4%0.532.8%
Xenia Hotels & Resorts, Inc. XHR$2.1 billion555.880.3%7.6%4.2%1.242.5%
Monarch Casino & Resort Inc. MCRI$1.9 billion17.4620.2%25.5%4.8%0.001.1%
Wendy's Co. WEN$1.6 billion16.3377.9%12.0%-0.3%22.045.9%
Cracker Barrel Old Country Store, Inc. CBRL$1.5 billion46.506.6%-0.4%-4.7%0.711.5%
Sweetgreen, Inc. SG$1.3 billion88.174.3%-20.7%0.0%0.00n/a
BJs Restaurants Inc. BJRI$1.2 billion26.6011.2%3.1%5.3%0.04n/a
Jack IN THE Box Inc. JACK$1.2 billion8.44n/a13.4%-20.2%n/a6.0%
Target Hospitality Corp. TH$1.0 billionn/a-13.9%-9.5%19.9%0.68n/a
Bloomin' Brands, Inc. BLMN$850 million12.0916.5%2.6%1.1%1.784.5%
First Watch Restaurant Group, Inc. FWRG$830 million42.003.0%2.2%15.6%0.45n/a
Cannae Holdings, Inc. CNNE$687 millionn/a-12.2%-35.0%-14.0%0.073.5%
Papa John's International, Inc. PZZA$657 million26.64n/a4.3%-8.3%n/a9.2%
Bally's Corp. BALY$589 millionn/a-118.5%-7.3%20.4%6.99n/a
Black Rock Coffee Bar, Inc. BRCB$530 million62.124.5%4.8%n/a0.59n/a
El Pollo Loco Holdings, Inc. LOCO$468 million13.4310.6%10.2%5.1%0.07n/a
Dine Brands Global, Inc. DIN$456 millionn/an/an/an/an/a2.1%
Portillo's Inc. PTLO$431 million31.703.5%5.3%4.2%0.67n/a
Civeo Corp. CVEO$365 millionn/a-5.3%3.0%12.6%1.48n/a
Kura Sushi Usa, Inc. KRUS$340 millionn/a-2.0%-2.0%16.1%0.00n/a
Dave & Buster's Entertainment, Inc. PLAY$281 millionn/a-100.8%1.7%-1.5%17.45n/a
RCI Hospitality Holdings, Inc. RICK$216 millionn/a-1.8%9.6%1.0%1.031.1%
RED Robin Gourmet Burgers Inc. RRGB$160 millionn/an/a-0.4%-3.7%n/an/a
Noodles & Co. NDLS$83 millionn/an/a-2.6%0.2%n/an/a
BT Brands, Inc. BTBD$10 millionn/a-9.3%-0.9%-11.4%0.31n/a
18 companies share its SEC industry code (Hotels & Motels); the rest are the names nearest in size in its wider industry, Restaurants, Hotels, Motels, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202526 February 2026EDGAR
20-F31 December 202427 February 2025EDGAR
20-F31 December 202329 February 2024EDGAR
20-F31 December 20222 March 2023EDGAR
20-F31 December 20213 March 2022EDGAR
20-F31 December 20204 March 2021EDGAR
20-F31 December 201927 February 2020EDGAR
20-F31 December 201828 February 2019EDGAR
20-F/A31 December 20178 March 2018EDGAR
20-F31 December 20171 March 2018EDGAR
20-F31 December 20162 March 2017EDGAR
20-F31 December 20153 March 2016EDGAR