Intercontinental Financials

ICHGF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Intercontinental (ICHGF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ICHGF FY2025 2026-04-22

Cash-rich, low-reinvestment operations let InterContinental Hotels Group turn a modest asset base into substantial distributable cash despite negative equity.

The latest year produced $898M of operating cash flow on only $28M of capex, so most cash from operations remained available after maintenance needs. That low capital intensity sits beside a current ratio just under 1.0 and negative equity, an unusual mix that points to a business financed more by ongoing cash generation and past shareholder distributions than by heavy long-term borrowing.

Free cash flow stayed close to net income, ending the latest year at $870M versus $759M of earnings. When cash and accounting profit move together this tightly, reported profit looks less dependent on accrual timing and more like cash the business can actually use.

Over the past three years, the company returned over $2.8B through buybacks and dividends while long-term debt stayed near $400M. That helps explain why shares outstanding fell as equity became more negative: capital was being pulled out of the balance sheet rather than built up on it.

Financial Health Signals

Financial Profile 21/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Intercontinental's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Intercontinental's revenue grew 5.4% year-over-year to $5.2B, a solid pace of expansion. This earns a growth score of 43/100.

Liquidity

Intercontinental's current ratio of 0.98 is below the typical benchmark, resulting in a score of 14/100. However, the company holds substantial cash reserves (54% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

Intercontinental converts 16.8% of revenue into free cash flow ($870.0M). This strong cash generation earns a score of 66/100.

Piotroski F-Score Strong

7/9

Intercontinental passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.18x

For every $1 of reported earnings, Intercontinental generates $1.18 in operating cash flow ($898.0M OCF vs $759.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.2B

YoY+5.4%

5Y CAGR+16.7%

10Y CAGR+11.1%

Intercontinental generated $5.2B in revenue in fiscal year 2025. This represents an increase of 5.4% from the prior year.

EBITDA

N/A

Net Income

$759.0M

YoY+20.9%

10Y CAGR-4.7%

Intercontinental reported $759.0M in net income in fiscal year 2025. This represents an increase of 20.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$870.0M

YoY+25.2%

5Y CAGR+51.0%

10Y CAGR+4.0%

Intercontinental generated $870.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 25.2% from the prior year.

Cash & Debt

$1.1B

YoY+12.0%

5Y CAGR-7.6%

Intercontinental held $1.1B in cash against $378.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

165M

YoY+0.0%

5Y CAGR-2.6%

Intercontinental had 165M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

14.6%

YoY+1.9pp

5Y CAGR+25.5pp

10Y CAGR-53.3pp

Intercontinental's net profit margin was 14.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$28.0M

YoY-3.4%

5Y CAGR+1.5%

10Y CAGR-4.0%

Intercontinental invested $28.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 3.4% from the prior year.

ICHGF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.2B+5.4%	$4.9B+6.5%	$4.6B+18.8%	$3.9B+33.9%	$2.9B+21.4%	$2.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$30.0M0.0%	$30.0M+3.4%	$29.0M0.0%	$29.0M0.0%	$29.0M-21.6%	$37.0M
Income Tax	$315.0M+17.1%	$269.0M+3.5%	$260.0M+58.5%	$164.0M+70.8%	$96.0M+580.0%	-$20.0M
Net Income	$759.0M+20.9%	$628.0M-16.3%	$750.0M+99.5%	$376.0M+41.9%	$265.0M+201.9%	-$260.0M
EPS (Diluted)	N/A	$3.85-12.7%	$4.41+114.2%	$2.06+42.5%	$1.45+201.2%	$-1.43

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ICHGF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.3B+12.6%	$4.7B-1.4%	$4.8B+14.2%	$4.2B-10.6%	$4.7B-6.4%	$5.0B
Current Assets	$2.0B+9.6%	$1.9B-12.2%	$2.1B+26.9%	$1.7B-18.8%	$2.1B-7.9%	$2.2B
Cash & Equivalents	$1.1B+12.0%	$1.0B-23.8%	$1.3B+35.5%	$976.0M-32.7%	$1.4B-13.4%	$1.7B
Inventory	$5.0M+25.0%	$4.0M-20.0%	$5.0M+25.0%	$4.0M0.0%	$4.0M-20.0%	$5.0M
Accounts Receivable	$833.0M+6.1%	$785.0M+6.1%	$740.0M+14.6%	$646.0M+12.5%	$574.0M+11.7%	$514.0M
Goodwill	$335.0M+1.2%	$331.0M-1.5%	$336.0M+0.3%	$335.0M-1.8%	$341.0M-73.6%	$1.3B
Total Liabilities	$8.1B+14.5%	$7.1B+4.4%	$6.8B+16.1%	$5.8B-5.9%	$6.2B-10.1%	$6.9B
Current Liabilities	$2.1B+8.9%	$1.9B-12.0%	$2.2B+41.8%	$1.5B-4.9%	$1.6B-13.0%	$1.9B
Long-Term Debt	$378.0M-2.6%	$388.0M-2.0%	$396.0M-1.2%	$401.0M+4.4%	$384.0M-7.7%	$416.0M
Total Equity	-$2.7B-18.5%	-$2.3B-18.6%	-$1.9B-21.0%	-$1.6B-9.1%	-$1.5B+20.3%	-$1.8B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$5.3B+12.6%	$4.7B-1.4%	$4.8B+14.2%	$4.2B-10.6%	$4.7B-6.4%	$5.0B+20.1%	$4.2B-2.1%	$4.3B
Current Assets	$2.0B+9.6%	$1.9B-12.2%	$2.1B+26.9%	$1.7B-18.8%	$2.1B-7.9%	$2.2B+144.9%	$916.0M-33.3%	$1.4B
Cash & Equivalents	$1.1B+12.0%	$1.0B-23.8%	$1.3B+35.5%	$976.0M-32.7%	$1.4B-13.4%	$1.7B+759.0%	$195.0M-72.3%	$704.0M
Inventory	$5.0M+25.0%	$4.0M-20.0%	$5.0M+25.0%	$4.0M0.0%	$4.0M-20.0%	$5.0M-16.7%	$6.0M+20.0%	$5.0M
Accounts Receivable	$833.0M+6.1%	$785.0M+6.1%	$740.0M+14.6%	$646.0M+12.5%	$574.0M+11.7%	$514.0M-22.8%	$666.0M+9.2%	$610.0M
Goodwill	$335.0M+1.2%	$331.0M-1.5%	$336.0M+0.3%	$335.0M-1.8%	$341.0M-73.6%	$1.3B+281.4%	$339.0M+8.3%	$313.0M
Total Liabilities	$8.1B+14.5%	$7.1B+4.4%	$6.8B+16.1%	$5.8B-5.9%	$6.2B-10.1%	$6.9B+21.7%	$5.7B+4.5%	$5.4B
Current Liabilities	$2.1B+8.9%	$1.9B-12.0%	$2.2B+41.8%	$1.5B-4.9%	$1.6B-13.0%	$1.9B+36.8%	$1.4B-3.0%	$1.4B
Long-Term Debt	$378.0M-2.6%	$388.0M-2.0%	$396.0M-1.2%	$401.0M+4.4%	$384.0M-7.7%	$416.0M-30.1%	$595.0M-3.3%	$615.0M
Total Equity	-$2.7B-18.5%	-$2.3B-18.6%	-$1.9B-21.0%	-$1.6B-9.1%	-$1.5B+20.3%	-$1.8B-26.2%	-$1.5B-29.5%	-$1.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.2B

ICHGF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$898.0M+24.0%	$724.0M-18.9%	$893.0M+38.2%	$646.0M+1.6%	$636.0M+364.2%	$137.0M
Capital Expenditures	$28.0M-3.4%	$29.0M+3.6%	$28.0M-48.1%	$54.0M+217.6%	$17.0M-34.6%	$26.0M
Free Cash Flow	$870.0M+25.2%	$695.0M-19.7%	$865.0M+46.1%	$592.0M-4.4%	$619.0M+457.7%	$111.0M
Investing Cash Flow	-$190.0M-91.9%	-$99.0M+27.7%	-$137.0M-75.6%	-$78.0M-550.0%	-$12.0M+80.3%	-$61.0M
Financing Cash Flow	-$614.0M+31.3%	-$894.0M-114.4%	-$417.0M+56.6%	-$961.0M-11.7%	-$860.0M-163.5%	$1.4B
Dividends Paid	$270.0M+4.2%	$259.0M+5.7%	$245.0M+5.2%	$233.0M	N/A	N/A
Share Buybacks	N/A	$812.0M+6.1%	$765.0M+49.1%	$513.0M	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ICHGF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	14.6%+1.9pp	12.8%-3.5pp	16.2%+6.6pp	9.7%+0.5pp	9.1%+20.0pp	-10.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	14.2%+1.0pp	13.2%-2.3pp	15.6%+6.7pp	8.9%+3.3pp	5.6%+10.8pp	-5.2%
Current Ratio	0.980.0	0.970.0	0.97-0.1	1.09-0.2	1.27+0.1	1.20
Debt-to-Equity	-0.14+0.0	-0.17+0.0	-0.20+0.0	-0.25+0.0	-0.26-0.0	-0.23
FCF Margin	16.8%+2.6pp	14.1%-4.6pp	18.7%+3.5pp	15.2%-6.1pp	21.3%+16.7pp	4.6%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.980.0	0.970.0	0.97-0.1	1.09-0.2	1.27+0.1	1.20+0.5	0.67-0.3	0.98
Debt-to-Equity	-0.14+0.0	-0.17+0.0	-0.20+0.0	-0.25+0.0	-0.26-0.0	-0.23+0.2	-0.41+0.1	-0.54
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$2.7B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Intercontinental's annual revenue?

Intercontinental (ICHGF) reported $5.2B in total revenue for fiscal year 2025. This represents a 5.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Intercontinental's revenue growing?

Intercontinental (ICHGF) revenue grew by 5.4% year-over-year, from $4.9B to $5.2B in fiscal year 2025.

Is Intercontinental profitable?

Yes, Intercontinental (ICHGF) reported a net income of $759.0M in fiscal year 2025, with a net profit margin of 14.6%.

How much debt does Intercontinental have?

As of fiscal year 2025, Intercontinental (ICHGF) had $1.1B in cash and equivalents against $378.0M in long-term debt.

What is Intercontinental's net profit margin?

Intercontinental (ICHGF) had a net profit margin of 14.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Intercontinental's free cash flow?

Intercontinental (ICHGF) generated $870.0M in free cash flow during fiscal year 2025. This represents a 25.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Intercontinental's operating cash flow?

Intercontinental (ICHGF) generated $898.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Intercontinental's total assets?

Intercontinental (ICHGF) had $5.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Intercontinental's capital expenditures?

Intercontinental (ICHGF) invested $28.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Intercontinental have outstanding?

Intercontinental (ICHGF) had 165M shares outstanding as of fiscal year 2025.

What is Intercontinental's current ratio?

Intercontinental (ICHGF) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Intercontinental's debt-to-equity ratio?

Intercontinental (ICHGF) had a debt-to-equity ratio of -0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Intercontinental's return on assets (ROA)?

Intercontinental (ICHGF) had a return on assets of 14.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Intercontinental's debt-to-equity ratio negative or unusual?

Intercontinental (ICHGF) has negative shareholder equity of -$2.7B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Intercontinental's Piotroski F-Score?

Intercontinental (ICHGF) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Intercontinental's earnings high quality?

Intercontinental (ICHGF) has an earnings quality ratio of 1.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Intercontinental?

Intercontinental (ICHGF) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.