InterContinental Hotels Group Plc Financials

IHG

FY2025 annual

Revenue $5.2B +5.4% YoY

Net Income $759.0M +20.9% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow $870.0M +25.2% YoY

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

InterContinental Hotels Group Plc (IHG) reported $5.2B in revenue for fiscal year 2025, up 5.4% from the prior fiscal year. This page shows its 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 IHG FY2025 2026-08-15

IHG's low-capex cash engine converts profits to cash while capital returns leave book equity deeply negative.

In FY2025, operating cash flow of $898M exceeded net income of $759M. With capex at just $28M, free cash flow still reached $870M, showing the business needs little reinvestment to keep cash generation high.

The balance sheet looks more stretched in accounting terms than in financing terms: total liabilities were $8.1B against total assets of $5.3B, leaving negative equity. Yet long-term debt was only $378M and interest expense $30M, so the deficit is not mainly a story of large term borrowings.

Working capital is being run tightly: current liabilities of $2.1B slightly exceeded current assets of $2.0B. That is easier to sustain when cash remains above $1.0B and inventory is only $5M, which points to limited balance-sheet drag from stock on hand.

Financial Health Signals

Financial health score not available

InterContinental Hotels Group Plc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

7/8

InterContinental Hotels Group Plc passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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 Hotels Group Plc 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 Hotels Group Plc generated $5.2B in revenue in fiscal year 2025. This represents an increase of 5.4% from the prior year.

Net Income

$759.0M

YoY+20.9%

10Y CAGR-4.7%

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

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$870.0M

YoY+25.2%

5Y CAGR+51.0%

10Y CAGR+4.0%

InterContinental Hotels Group Plc 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 Hotels Group Plc held $1.1B in cash against $378.0M in long-term debt as of fiscal year 2025.

Shares Outstanding

165M

YoY0.0%

5Y CAGR-2.6%

InterContinental Hotels Group Plc had 165M shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

14.6%

YoY+1.9pp

5Y CAGR+25.5pp

10Y CAGR-53.3pp

InterContinental Hotels Group Plc'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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Return on Equity

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures

$28.0M

YoY-3.4%

5Y CAGR+1.5%

10Y CAGR-4.0%

InterContinental Hotels Group Plc 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.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

IHG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

IHG annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$5.2B+5.4%	$4.9B+6.5%	$4.6B+18.8%	$3.9B+33.9%	$2.9B+21.4%	$2.4B-48.3%	$4.6B+6.7%	$4.3B+143.1%	$1.8B+4.0%	$1.7B-4.9%	$1.8B
Interest Expense	$30.0M0.0%	$30.0M+3.4%	$29.0M0.0%	$29.0M0.0%	$29.0M-21.6%	$37.0M-9.8%	$41.0M+5.1%	$39.0M0.0%	$39.0M+148.8%	-$80.0M	N/A
Income Tax	$315.0M+17.1%	$269.0M+3.5%	$260.0M+58.5%	$164.0M+70.8%	$96.0M+580.0%	-$20.0M-112.8%	$156.0M+18.2%	$132.0M+11.9%	$118.0M-31.8%	$173.0M-8.0%	$188.0M
Net Income	$759.0M+20.9%	$628.0M-16.3%	$750.0M+99.5%	$376.0M+41.9%	$265.0M+201.9%	-$260.0M-167.4%	$386.0M+10.3%	$350.0M-34.6%	$535.0M+16.6%	$459.0M-62.5%	$1.2B
EPS (Diluted)	N/A	$3.85-12.7%	$4.41+114.2%	$2.06+42.5%	$1.45+201.2%	-$1.43-168.3%	$2.09+15.1%	$1.82-34.0%	$2.75+29.2%	$2.13-58.5%	$5.13

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income.

IHG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

IHG annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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+29.0%	$3.3B+20.3%	$2.8B	N/A
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+59.5%	$861.0M+8.2%	$796.0M	N/A
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+319.0%	$168.0M-18.4%	$206.0M	N/A
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+66.7%	$3.0M0.0%	$3.0M	N/A
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+11.1%	$549.0M+17.1%	$469.0M	N/A
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+32.1%	$237.0M+2.2%	$232.0M-81.1%	$1.2B
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+15.8%	$4.7B+19.7%	$3.9B	N/A
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+7.7%	$1.3B+13.6%	$1.1B	N/A
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+4.4%	$589.0M-65.6%	$1.7B	N/A
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+16.5%	-$1.4B-13.7%	-$1.2B-909.3%	-$118.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.2B+22.6%	$951.0M-3.9%	$990.0M	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

IHG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

IHG annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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-79.0%	$653.0M-7.9%	$709.0M+15.1%	$616.0M-13.2%	$710.0M+13.1%	$628.0M
Capital Expenditures	$28.0M-3.4%	$29.0M+3.6%	$28.0M-48.1%	$54.0M+217.6%	$17.0M-34.6%	$26.0M-65.3%	$75.0M+63.0%	$46.0M+4.5%	$44.0M+37.5%	$32.0M-23.8%	$42.0M
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-80.8%	$578.0M-12.8%	$663.0M+15.9%	$572.0M-15.6%	$678.0M+15.7%	$586.0M
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+87.6%	-$493.0M-150.3%	-$197.0M+10.5%	-$220.0M-26.4%	-$174.0M-129.5%	$589.0M
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+305.2%	-$660.0M-1394.1%	$51.0M+110.8%	-$471.0M+67.7%	-$1.5B-1223.6%	-$110.0M
Dividends Paid	$270.0M+4.2%	$259.0M+5.7%	$245.0M+5.2%	$233.0M	N/A	N/A	$721.0M+262.3%	$199.0M-66.4%	$593.0M-65.0%	$1.7B+800.5%	$188.0M
Share Buybacks	N/A	$812.0M+6.1%	$765.0M+49.1%	$513.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IHG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

IHG annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Net Margin	14.6%+1.9pp	12.8%-3.5pp	16.2%+6.6pp	9.7%+0.5pp	9.1%+20.0pp	-10.9%-19.2pp	8.3%+0.3pp	8.1%-21.9pp	30.0%+3.2pp	26.8%-41.1pp	67.9%
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%-14.4pp	9.2%+1.0pp	8.2%-7.9pp	16.1%-0.5pp	16.6%	N/A
Current Ratio	0.980.0x	0.970.0x	0.97-0.1x	1.09-0.2x	1.27+0.1x	1.20+0.5x	0.67-0.3x	0.98+0.3x	0.660.0x	0.69	N/A
FCF Margin	16.8%+2.6pp	14.1%-4.6pp	18.7%+3.5pp	15.2%-6.1pp	21.3%+16.7pp	4.6%-7.8pp	12.5%-2.8pp	15.3%-16.8pp	32.1%-7.5pp	39.5%+7.0pp	32.5%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Current Ratio	0.980.0x	0.970.0x	0.97-0.1x	1.09-0.2x	1.27+0.1x	1.20+0.5x	0.67-0.3x	0.98

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Return on Equity, Debt-to-Equity.

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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Where InterContinental Hotels Group Plc Ranks

Frequently Asked Questions

What is InterContinental Hotels Group Plc's annual revenue?

InterContinental Hotels Group Plc (IHG) 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 Hotels Group Plc's revenue growing?

InterContinental Hotels Group Plc (IHG) revenue grew by 5.4% year-over-year, from $4.9B to $5.2B in fiscal year 2025.

Is InterContinental Hotels Group Plc profitable?

Yes, InterContinental Hotels Group Plc (IHG) reported a net income of $759.0M in fiscal year 2025, with a net profit margin of 14.6%.

How much debt does InterContinental Hotels Group Plc have?

As of fiscal year 2025, InterContinental Hotels Group Plc (IHG) had $1.1B in cash and equivalents against $378.0M in long-term debt.

What is InterContinental Hotels Group Plc's net profit margin?

InterContinental Hotels Group Plc (IHG) 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 Hotels Group Plc's free cash flow?

InterContinental Hotels Group Plc (IHG) 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 Hotels Group Plc's operating cash flow?

InterContinental Hotels Group Plc (IHG) generated $898.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are InterContinental Hotels Group Plc's total assets?

InterContinental Hotels Group Plc (IHG) had $5.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are InterContinental Hotels Group Plc's capital expenditures?

InterContinental Hotels Group Plc (IHG) invested $28.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does InterContinental Hotels Group Plc have outstanding?

InterContinental Hotels Group Plc (IHG) had 165M shares outstanding as of fiscal year 2025.

What is InterContinental Hotels Group Plc's current ratio?

InterContinental Hotels Group Plc (IHG) 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 Hotels Group Plc's return on assets (ROA)?

InterContinental Hotels Group Plc (IHG) 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 Hotels Group Plc's debt-to-equity ratio negative or not reported?

InterContinental Hotels Group Plc (IHG) has negative shareholder equity of -$2.7B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Hotels Group Plc's Piotroski F-Score?

InterContinental Hotels Group Plc (IHG) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Hotels Group Plc's earnings high quality?

InterContinental Hotels Group Plc (IHG) 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.