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Atour Lifestyle Holdings Limited Reports Third Quarter 2026 Unaudited Financial Results

Hotel occupancy was 79.7%, below 80.2% a year earlier but above the previous quarter’s 76.2%.

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Rhea-AI Summary

Atour Lifestyle Holdings (NASDAQ: ATAT) reported third-quarter 2026 net revenues of RMB3,429 million, up 30.5% year over year.

Net income fell 5.5% to RMB448 million, while adjusted net income, excluding share-based compensation, rose 26.2% to RMB615 million. Share-based compensation expenses increased to RMB167 million from RMB13 million. Retail revenue grew 61.0% to RMB1,362 million; manachised hotel revenue rose 20.4% to RMB1,878 million. Leased hotel revenue declined 18.6% to RMB134 million.

The hotel network reached 2,288 hotels at September 30, with 778 manachised hotels under development. Revenue per available room was RMB373, versus RMB371 a year earlier. Operating cash inflow was RMB604 million, while investing cash outflow was RMB1,703 million. Atour expects full-year 2026 revenue growth of 33% to 35% versus 2025, based on preliminary estimates and current market conditions.

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Positive

  • Moderate pointQ3 2026 net revenues increased 30.5% year over year to RMB3,429 million.
  • Moderate pointQ3 retail revenue increased 61.0% year over year to RMB1,362 million.
  • Moderate pointQ3 manachised hotel revenue increased 20.4% year over year to RMB1,878 million.
  • Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 revenue growth is expected at 33% to 35% versus 2025.
  • Moderate pointOperating hotels and rooms increased 17.5% and 16.2% year over year, respectively, at September 30, 2026.
  • Moderate point778 manachised hotels were under development at September 30, 2026.
  • Moderate pointQ3 adjusted net income, excluding share-based compensation, rose 26.2% year over year to RMB615 million.
  • Moderate pointQ3 adjusted EBITDA, excluding share-based compensation, rose 28.8% year over year to RMB883 million.
  • Moderate pointQ3 EBITDA, earnings before interest, taxes, depreciation and amortization, rose 6.6% year over year to RMB716 million.
  • Moderate pointQ3 2026 operating cash inflow was RMB604 million.
5 minor points
  • Minor pointQ3 operating income increased to RMB664 million from RMB651 million a year earlier.
  • Minor pointQ3 average daily room rate reached RMB453, versus RMB447 a year earlier and RMB438 the previous quarter.
  • Minor pointQ3 revenue per available room reached RMB373, versus RMB371 a year earlier and RMB345 the previous quarter.
  • Minor pointHotel operating costs/revenue improved to 62.1% in Q3 2026 from 62.7% a year earlier.
  • Minor pointOther operating costs fell to RMB6 million in Q3 2026 from RMB8 million a year earlier.

Negative

  • Moderate pointQ3 net income decreased 5.5% year over year to RMB448 million.
  • Moderate pointQ3 hotel operating costs rose to RMB1,248 million from RMB1,082 million a year earlier.
  • Moderate pointQ3 selling and marketing expenses rose to RMB529 million; revenue share increased to 15.4% from 13.5% year over year.
  • Moderate pointQ3 general and administrative expenses rose to RMB263 million from RMB100 million, including RMB138 million in share-based compensation.
  • Moderate pointQ3 2026 investing cash outflow was RMB1,703 million.
9 minor points
  • Minor pointQ3 leased hotel revenue decreased 18.6% year over year to RMB134 million.
  • Minor pointQ3 other revenue decreased 3.3% year over year to RMB55 million.
  • Minor pointQ3 occupancy was 79.7%, versus 80.2% a year earlier and 76.2% the previous quarter.
  • Minor pointQ3 retail costs rose to RMB653 million; revenue share increased to 47.9% from 47.3% a year earlier.
  • Minor pointGeneral and administrative expenses excluding share-based compensation reached 3.7% of Q3 revenue, versus 3.4% a year earlier.
  • Minor pointQ3 technology and development expenses rose to RMB68 million; revenue share increased to 2.0% from 1.7% year over year.
  • Minor pointQ3 other operating income, net fell to RMB1.3 million from RMB13 million a year earlier.
  • Minor pointQ3 income tax expense increased to RMB264 million from RMB201 million a year earlier.
  • Minor pointOutstanding borrowings totaled RMB237 million at September 30, 2026.

News Explained

At September 30, 2026, Atour reported a total balance of RMB2.8 billion in cash and cash equivalents and restricted cash, alongside RMB237 million in outstanding borrowings—a dated balance-sheet snapshot.

Key Figures

Net revenues: RMB3,429 million; up 30.5% year over year Net income: RMB448 million; down 5.5% year over year Adjusted net income: RMB615 million; up 26.2% year over year +5 more
Net revenues
RMB3,429 million; up 30.5% year over year
Q3 2026
Net income
RMB448 million; down 5.5% year over year
Q3 2026
Adjusted net income
RMB615 million; up 26.2% year over year
Q3 2026; non-GAAP
EBITDA
RMB716 million; up 6.6% year over year
Q3 2026; non-GAAP
Adjusted EBITDA
RMB883 million; up 28.8% year over year
Q3 2026; non-GAAP
Retail revenue
RMB1,362 million; up 61.0% year over year
Q3 2026
Net revenue outlook
Increase of 33% to 35%
Full year 2026 versus full year 2025; preliminary estimate
Hotels and rooms in operation
2,288 hotels; 254,800 rooms
As of September 30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 20
Same Type 2 events
  1. Aug 20

    Quarterly earnings

    24h Move
    -7.4%

    Reported year-over-year revenue and net income growth, with retail revenue also increasing.

  2. Nov 25

    Quarterly earnings

    24h Move
    -1.8%

    Reported Q3 revenue, net income, and adjusted EBITDA growth year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap financial measures, ebitda, adr, revpar, +1 more
5 terms
non-gaap financial measures financial
"uses the following non-GAAP financial measures defined as non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
ebitda financial
"EBITDA (non-GAAP) for the third quarter of 2026 was RMB716 million"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
View in glossary
adr technical
"The average daily room rate (“ADR”) was RMB453 for the third quarter of 2026"
An American Depositary Receipt (ADR) is a financial certificate that lets investors buy shares of a foreign company through U.S. stock markets, similar to buying a local wrapper that represents the underlying foreign shares. ADRs matter because they make investing in overseas companies easier and more liquid by trading in U.S. dollars and under U.S. market rules, while still carrying currency, regulatory, and country-specific risks that can affect share value.
View in glossary
revpar technical
"The revenue per available room (“RevPAR”) was RMB373 for the third quarter of 2026"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
american depositary share financial
"basic income per ADS was RMB3.33 (US$0.51), and diluted income per ADS was RMB3.30"
An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

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  • A total of 2,288 hotels, or 254,800 hotel rooms, in operation as of September 30, 2026.
  • Net revenues for the third quarter of 2026 increased by 30.5% year-over-year to RMB3,429 million (US$511 million).
  • Net income for the third quarter of 2026 decreased by 5.5% year-over-year to RMB448 million (US$67 million).
  • Adjusted net income (non-GAAP)1 for the third quarter of 2026 increased by 26.2% year-over-year to RMB615 million (US$92 million).
  • EBITDA (non-GAAP)2 for the third quarter of 2026 increased by 6.6% year-over-year to RMB716 million (US$107 million).
  • Adjusted EBITDA (non-GAAP)3 for the third quarter of 2026 increased by 28.8% year-over-year to RMB883 million (US$132 million).

SHANGHAI, China, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading lifestyle group in China, today announced its unaudited financial results for the third quarter ended September 30, 2026.

Third Quarter of 2026 Highlights

As of September 30, 2026, there were 2,288 hotels with a total of 254,800 hotel rooms in operation across Atour’s hotel network, representing increases of 17.5% and 16.2% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of September 30, 2026, there were 778 manachised hotels under development in our pipeline.

The average daily room rate4 (“ADR”) was RMB453 for the third quarter of 2026, compared with RMB447 for the same period of 2025 and RMB438 for the previous quarter.

The occupancy rate4 was 79.7% for the third quarter of 2026, compared with 80.2% for the same period of 2025 and 76.2% for the previous quarter.

The revenue per available room4 (“RevPAR”) was RMB373 for the third quarter of 2026, compared with RMB371 for the same period of 2025 and RMB345 for the previous quarter.

The revenue generated from our retail business was RMB1,362 million for the third quarter of 2026, representing an increase of 61.0% year-over-year.

_____________________
1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
2 EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
4 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
“ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
“Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period;
“RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.

“In the third quarter of 2026, both our hotel and retail businesses sustained strong momentum,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “For the hotel business, guided by our ‘quality-first’ principle, we steadily expanded our high-quality hotel network, reaching 2,288 hotels in operation by the end of the quarter. By further refining the positioning and product features of our diverse brands, we are able to offer hotel guests a richer and more varied accommodation experience. For the retail business, Atour Planet maintained rapid growth, generating approximately RMB1.36 billion in retail revenue in the quarter, up more than 60% year-over-year. Our core categories continued to strengthen, and strategic categories achieved further breakthroughs. The deepening of our systemic capabilities has laid a solid foundation for the healthy growth of our retail business.”

“Looking ahead, we will continue to advance our ‘Chinese Experience, Brand-Led Excellence’ strategy, further strengthening our experience advantage, connecting with users through our brands and embedding innovation into every aspect of our hotel and retail operations. We strive to be a warm and lasting companion to our users, driving the Group's long-term, high-quality and steady development,” concluded Mr. Wang.

Third Quarter of 2026 Unaudited Financial Results

(RMB in thousands) Q3 2025 Q3 2026
Revenues:    
Manachised hotels 1,560,266 1,878,117
Leased hotels 164,158 133,648
Retail 846,337 1,362,217
Others 57,209 55,339
Net revenues 2,627,970 3,429,321


Net revenues. Our net revenues for the third quarter of 2026 increased by 30.5% to RMB3,429 million (US$511 million) from RMB2,628 million for the same period of 2025. The increase was mainly driven by growth in the manachised hotel and retail businesses.

  • Manachised hotels. Revenues from our manachised hotels for the third quarter of 2026 increased by 20.4% to RMB1,878 million (US$280 million) from RMB1,560 million for the same period of 2025. The increase was primarily driven by our ongoing hotel network expansion and supply chain business development. The total number of our manachised hotels increased from 1,924 as of September 30, 2025 to 2,271 as of September 30, 2026.
  • Leased hotels. Revenues from our leased hotels for the third quarter of 2026 decreased by 18.6% to RMB134 million (US$20 million) from RMB164 million for the same period of 2025. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization and we mainly rely on the manachise model to drive a scalable, asset-light expansion of our hotel network. The total number of our leased hotels decreased from 24 as of September 30, 2025 to 17 as of September 30, 2026.
  • Retail. Revenues from retail for the third quarter of 2026 increased by 61.0% to RMB1,362 million (US$203 million) from RMB846 million for the same period of 2025. The increase was driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our product offerings.
  • Others. Revenues from others for the third quarter of 2026 decreased by 3.3% to RMB55 million (US$8 million) from RMB57 million for the same period of 2025.

(RMB in thousands) Q3 2025 Q3 2026
Operating costs and expenses:    
Hotel operating costs (1,081,694) (1,248,398)
Retail costs (400,144) (652,695)
Other operating costs (7,726) (5,657)
Selling and marketing expenses (354,722) (528,904)
General and administrative expenses (100,451) (263,214)
Technology and development expenses (44,447) (67,614)
Total operating costs and expenses (1,989,184) (2,766,482)


Operating costs and expenses for the third quarter of 2026 were RMB2,766 million (US$413 million), including RMB167 million share-based compensation expenses, compared with RMB1,989 million, including RMB13 million share-based compensation expenses for the same period of 2025.

  • Hotel operating costs for the third quarter of 2026 were RMB1,248 million (US$186 million), compared with RMB1,082 million for the same period of 2025. The increase was mainly due to the increase in variable costs, such as supply chain costs and hotel manager costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 62.1% of manachised and leased hotels’ revenues for the third quarter of 2026, compared with 62.7% for the same period of 2025.
  • Retail costs for the third quarter of 2026 were RMB653 million (US$97 million), compared with RMB400 million for the same period of 2025. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 47.9% of retail revenues for the third quarter of 2026, compared with 47.3% for the same period of 2025.
  • Other operating costs for the third quarter of 2026 were RMB6 million (US$0.8 million), compared with RMB8 million for the same period of 2025.
  • Selling and marketing expenses for the third quarter of 2026 were RMB529 million (US$79 million), compared with RMB355 million for the same period of 2025. The increase was mainly due to our enhanced investment in branding and the effective development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for 15.4% of net revenues for the third quarter of 2026, compared with 13.5% for the same period of 2025.
  • General and administrative expenses for the third quarter of 2026 were RMB263 million (US$39 million), including RMB138 million share-based compensation expenses, compared with RMB100 million, including RMB10 million share-based compensation expenses for the same period of 2025. Excluding the share-based compensation expenses, the increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for 3.7% of net revenues for the third quarter of 2026, compared with 3.4% for the same period of 2025.
  • Technology and development expenses for the third quarter of 2026 were RMB68 million (US$10 million), compared with RMB44 million for the same period of 2025. The increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business, and to improve customer experience. Technology and development expenses accounted for 2.0% of net revenues for the third quarter of 2026, compared with 1.7% for the same period of 2025.

Other operating income, net for the third quarter of 2026 was RMB1.3 million (US$0.2 million), compared with RMB13 million for the same period of 2025. The decrease was mainly due to a decrease in income from government subsidies.

Income from operations for the third quarter of 2026 was RMB664 million (US$99 million), compared with RMB651 million for the same period of 2025.

Income tax expense for the third quarter of 2026 was RMB264 million (US$39 million), compared with RMB201 million for the same period of 2025.

Net income for the third quarter of 2026 was RMB448 million (US$67 million), representing a decrease of 5.5% compared with RMB474 million for the same period of 2025.

Adjusted net income (non-GAAP) for the third quarter of 2026 was RMB615 million (US$92 million), representing an increase of 26.2% compared with RMB488 million for the same period of 2025.

Basic and diluted income per share/American depositary share (ADS). For the third quarter of 2026, basic income per share was RMB1.11 (US$0.17), and diluted income per share was RMB1.10 (US$0.16). For the third quarter of 2026, basic income per ADS was RMB3.33 (US$0.51), and diluted income per ADS was RMB3.30 (US$0.48).

EBITDA (non-GAAP) for the third quarter of 2026 was RMB716 million (US$107 million), representing an increase of 6.6% compared with RMB672 million for the same period of 2025.

Adjusted EBITDA (non-GAAP) for the third quarter of 2026 was RMB883 million (US$132 million), representing an increase of 28.8% compared with RMB685 million for the same period of 2025.

Cash flows. Operating cash inflow for the third quarter of 2026 was RMB604 million (US$90 million). Investing cash outflow for the third quarter of 2026 was RMB1,703 million (US$254 million). Financing cash outflow for the third quarter of 2026 was RMB72 million (US$11 million), which was mainly attributable to stock repurchases.

Cash and cash equivalents and restricted cash. As of September 30, 2026, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.8 billion (US$413 million).

Debt financing. As of September 30, 2026, the Company had total outstanding borrowings of RMB237 million (US$35 million).

Outlook

For the full year of 2026, the Company currently expects total net revenues to increase by 33% to 35% compared with the full year of 2025.

This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.

Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Tuesday, November 10, 2026 (or 8:00 PM Beijing/Hong Kong time on the same day).

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.

For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.

Details for the conference call are as follows:

Event Title: Atour Third Quarter of 2026 Earnings Conference Call
Pre-registration Link: https://register-conf.media-server.com/register/BI09497037ec5f48ecae605c71dac1b26b

Use of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; adjusted net income per ordinary share - Diluted, which is defined as net income attributable to the Company excluding share-based compensation expenses divided by the number of weighted average ordinary shares used in calculating net income per ordinary share - Diluted; EBITDA, which is defined as earnings before interest income, interest expense, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.

The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income, adjusted net income per ordinary share – Diluted, and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does.

About Atour Lifestyle Holdings Limited

Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading lifestyle group in China that operates both hospitality and retail businesses. As a leader in quality living, Atour is dedicated to creating an intimate ambiance where people can warmly connect. Guided by its people-serving philosophy, Atour continuously refines its products and services to curate exceptional experiences for every user.

For more information, please visit https://ir.yaduo.com.

Investor Relations Contact

Atour Lifestyle Holdings Limited
Email: ir@yaduo.com

Christensen Advisory
Email: atour@christensencomms.com
Tel: +86-10-5900-1548

—Financial Tables and Operational Data Follow—
 
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data and per share data, or otherwise noted)
       
  As of As of
  December 31, September 30,
  2025 2026
  RMB RMB USD1
Assets      
Current assets      
Cash and cash equivalents 3,303,949 2,747,126 409,744
Short-term investments 2,562,745 3,509,560 523,463
Accounts receivable 341,446 348,742 52,016
Prepayments and other current assets 675,974 705,548 105,235
Amounts due from related parties 192,289 225,616 33,651
Inventories 278,802 265,042 39,532
Total current assets 7,355,205 7,801,634 1,163,641
Non-current assets      
Restricted cash 16,223 21,732 3,241
Contract costs 134,268 139,845 20,858
Property and equipment, net 225,603 187,748 28,003
Operating lease right-of-use assets 1,108,548 819,676 122,258
Intangible assets, net 4,712 3,802 567
Goodwill 17,446 17,446 2,602
Other assets 51,905 45,236 6,747
Deferred tax assets 253,596 236,160 35,224
Total non-current assets 1,812,301 1,471,645 219,500
Total assets 9,167,506 9,273,279 1,383,141
       
Liabilities and shareholders’ equity      
Current liabilities      
Operating lease liabilities, current 230,201 260,255 38,818
Accounts payable 821,997 1,043,977 155,713
Deferred revenue, current 701,147 501,953 74,868
Salary and welfare payable 316,562 347,711 51,862
Accrued expenses and other payables 1,090,394 1,094,235 163,209
Income taxes payable 312,302 306,585 45,728
Short-term borrowings 250,000 235,000 35,051
Amounts due to related parties 2,886 2,256 336
Total current liabilities 3,725,489 3,791,972 565,585
Non-current liabilities      
Operating lease liabilities, non-current 1,042,719 722,752 107,801
Deferred revenue, non-current 526,439 546,448 81,505
Long-term borrowings, non-current portion 2,000 2,000 298
Other non-current liabilities 290,058 310,212 46,269
Total non-current liabilities 1,861,216 1,581,412 235,873
Total liabilities 5,586,705 5,373,384 801,458


________________________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the third quarter of 2026 and as of September 30, 2026 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 6.7045, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2026.

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share data and per share data, or otherwise noted)
       
  As of As of
  December 31, September 30,
  2025  2026 
  RMB RMB USD1
Shareholders’ equity      
Class A ordinary shares 246  238  35 
Class B ordinary shares 56  56  8 
Treasury shares (326,400) (108,232) (16,143)
Additional paid in capital 1,758,365  929,743  138,674 
Retained earnings 2,195,519  3,163,220  471,806 
Accumulated other comprehensive loss (34,307) (72,605) (10,829)
Total equity attributable to shareholders of the Company 3,593,479  3,912,420  583,551 
Non-controlling interests (12,678) (12,525) (1,868)
Total shareholders’ equity 3,580,801  3,899,895  581,683 
Commitments and contingencies -  -  - 
Total liabilities and shareholders’ equity 9,167,506  9,273,279  1,383,141 



ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except share data and per share data, or otherwise noted)
             
  Three Months Ended Nine Months Ended
  September 30, September 30, September 30, September 30,
  2025  2026  2025  2026 
  RMB RMB USD1 RMB RMB USD1
Revenues:            
Manachised hotels 1,560,266  1,878,117  280,128  3,891,643  5,171,534  771,353 
Leased hotels 164,158  133,648  19,934  442,318  383,855  57,253 
Retail 846,337  1,362,217  203,180  2,504,965  4,007,938  597,798 
Others 57,209  55,339  8,253  163,407  167,582  24,996 
Net revenues 2,627,970  3,429,321  511,495  7,002,333  9,730,909  1,451,400 
Operating costs and expenses:            
Hotel operating costs (1,081,694) (1,248,398) (186,203) (2,711,070) (3,582,814) (534,389)
Retail costs (400,144) (652,695) (97,352) (1,188,112) (1,925,090) (287,134)
Other operating costs (7,726) (5,657) (844) (21,947) (15,313) (2,285)
Selling and marketing expenses (354,722) (528,904) (78,888) (1,030,466) (1,536,013) (229,102)
General and administrative expenses (100,451) (263,214) (39,259) (351,810) (533,015) (79,501)
Technology and development expenses (44,447) (67,614) (10,085) (126,402) (174,863) (26,081)
Total operating costs and expenses (1,989,184) (2,766,482) (412,631) (5,429,807) (7,767,108) (1,158,492)
Other operating income, net 12,670  1,342  200  30,393  136,588  20,373 
Income from operations 651,456  664,181  99,064  1,602,919  2,100,389  313,281 
Interest income 18,595  9,972  1,487  60,312  27,857  4,155 
Gain from short-term investments 13,015  12,296  1,834  31,540  35,799  5,340 
Interest expense (477) (1,721) (257) (1,872) (4,981) (743)
Other (expenses) income, net (6,900) 27,449  4,096  (22,800) 38,341  5,718 
Income before income tax 675,689  712,177  106,224  1,670,099  2,197,405  327,751 
Income tax expense (201,299) (263,706) (39,333) (527,281) (737,523) (110,004)
Net income 474,390  448,471  66,891  1,142,818  1,459,882  217,747 
Less: net income (loss) attributable to non-controlling interests 670  (187) (28) 2,164  153  23 
Net income attributable to the Company 473,720  448,658  66,919  1,140,654  1,459,729  217,724 
             
Net income 474,390  448,471  66,891  1,142,818  1,459,882  217,747 
Other comprehensive loss            
Foreign currency translation adjustments, net of nil income taxes (5,018) (12,788) (1,907) (29,772) (38,298) (5,712)
Other comprehensive loss, net of nil income taxes (5,018) (12,788) (1,907) (29,772) (38,298) (5,712)
Total comprehensive income 469,372  435,683  64,984  1,113,046  1,421,584  212,035 
Less: Comprehensive income (loss) attributable to non-controlling interests 670  (187) (28) 2,164  153  23 
Comprehensive income attributable to the Company 468,702  435,870  65,012  1,110,882  1,421,431  212,012 
Net income per ordinary share            
—Basic 1.14  1.11  0.17  2.74  3.58  0.53 
—Diluted 1.13  1.10  0.16  2.72  3.54  0.53 
Weighted average ordinary shares used in calculating net income per ordinary share            
—Basic 416,249,869  405,244,407  405,244,407  415,735,035  407,772,546  407,772,546 
—Diluted 420,259,104  409,404,982  409,404,982  419,755,975  411,862,865  411,862,865 



ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands, except share data and per share data, or otherwise noted)
             
  Three Months Ended Nine Months Ended
  September 30, September 30, September 30, September 30,
  2025  2026  2025  2026 
  RMB RMB USD1 RMB RMB USD1
Cash flows from operating activities:            
Net cash generated from operating activities 630,839  604,046  90,098  1,399,310  1,731,598  258,274 
Cash flows from investing activities:            
Payment for purchases of property and equipment (25,828) (2,681) (400) (74,099) (12,988) (1,937)
Proceeds from disposal of property and equipment 255  783  117  4,995  783  117 
Payment for purchases of intangible assets (27) (560) (84) (254) (2,350) (351)
Payment for purchases of short-term investments (4,088,000) (6,413,000) (956,522) (10,905,000) (16,152,460) (2,409,197)
Proceeds from maturities of short-term investments 3,523,264  4,712,928  702,950  9,135,630  15,241,444  2,273,316 
Net cash used in investing activities (590,336) (1,702,530) (253,939) (1,838,728) (925,571) (138,052)
Cash flows from financing activities:            
Proceeds from borrowings -  -  -  35,000  15,000  2,237 
Repayment of borrowings -  -  -  (30,000) (30,000) (4,475)
Proceeds from stock option exercises 5,416  4,453  664  18,747  9,818  1,464 
Payment for dividends -  -  -  (418,188) (492,028) (73,388)
Payment for share repurchases (85,310) (67,398) (10,053) (85,310) (820,457) (122,374)
Others -  (9,368) (1,397) -  (14,751) (2,199)
Net cash used in financing activities (79,894) (72,313) (10,786) (479,751) (1,332,418) (198,735)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (5,760) (7,910) (1,181) (28,837) (24,923) (3,717)
Net decrease in cash and cash equivalents and restricted cash (45,151) (1,178,707) (175,808) (948,006) (551,314) (82,230)
Cash and cash equivalents and restricted cash at the beginning of the period 2,716,775  3,947,565  588,793  3,619,630  3,320,172  495,215 
Cash and cash equivalents and restricted cash at the end of the period 2,671,624  2,768,858  412,985  2,671,624  2,768,858  412,985 



ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share data and per share data, or otherwise noted)
             
  Three Months Ended Nine Months Ended
  September 30, September 30, September 30, September 30,
  2025  2026  2025  2026 
  RMB RMB USD1 RMB RMB USD1
Net income (GAAP) 474,390  448,471  66,891  1,142,818  1,459,882  217,747 
Share-based compensation expenses, net of tax effect of nil2 13,314  166,889  24,892  116,701  203,674  30,378 
Adjusted net income (non-GAAP) 487,704  615,360  91,783  1,259,519  1,663,556  248,125 
             
  Three Months Ended Nine Months Ended
  September 30, September 30, September 30, September 30,
  2025  2026  2025  2026 
  RMB RMB USD1 RMB RMB USD1
Net income per ordinary share - Diluted (GAAP) 1.13  1.10  0.16  2.72  3.54  0.53 
Share-based compensation expenses, net of tax effect of nil per ordinary share2 0.03  0.41  0.06  0.28  0.50  0.07 
Adjusted net income per ordinary share - Diluted (non-GAAP) 1.16  1.51  0.22  3.00  4.04  0.60 
             
  Three Months Ended Nine Months Ended
  September 30, September 30, September 30, September 30,
  2025  2026  2025  2026 
  RMB RMB USD1 RMB RMB USD1
Net income (GAAP) 474,390  448,471  66,891  1,142,818  1,459,882  217,747 
Interest income (18,595) (9,972) (1,487) (60,312) (27,857) (4,155)
Interest expense 477  1,721  257  1,872  4,981  743 
Income tax expense 201,299  263,706  39,333  527,281  737,523  110,004 
Depreciation and amortization 14,321  12,045  1,796  40,317  41,137  6,136 
EBITDA (non-GAAP) 671,892  715,971  106,790  1,651,976  2,215,666  330,475 
Share-based compensation expenses 13,314  166,889  24,892  116,701  203,674  30,378 
Adjusted EBITDA (non-GAAP) 685,206  882,860  131,682  1,768,677  2,419,340  360,853 


_________________________
2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.

Key Operating Data

 Number of Hotels Number of Rooms
 Opened in Q3 2026Closed in Q3 2026As of
September 30, 2026		 As of
September 30, 2026
Manachised hotels128132,271 251,963
Leased hotels-217 2,837
Total128152,288 254,800



Hotel BrandPositioningAs of September 30, 2026
PropertiesRooms
ManachisedLeased 
A.T. HouseLuxury-1214
SAVHEUpscale21487
Atour SUpscale97113,396
Atour OriginUpper midscale7118,492
AtourUpper midscale1,69612192,659
Atour XUpper midscale172118,316
Atour LightMidscale233-21,236
Total 2,27117254,800



 All Hotels in Operation
 Three Months Ended Three Months Ended Three Months Ended
 September 30, 2025 June 30, 2026 September 30, 2026
Occupancy rate3 (in percentage)     
Manachised hotels80.1% 76.2% 79.7%
Leased hotels85.0% 82.3% 83.7%
All hotels80.2% 76.2% 79.7%
      
ADR3 (in RMB)     
Manachised hotels444.2 435.6 450.7
Leased hotels602.3 597.4 607.3
All hotels447.2 437.9 452.9
      
RevPAR3 (in RMB)     
Manachised hotels368.2 343.1 370.8
Leased hotels541.9 518.1 534.5
All hotels371.3 345.4 373.0



 Hotels in Operation for More Than 18 Months in Q3 20264
 Number of hotels Same-hotel Occupancy3
(in percentage)		 Same-hotel ADR3
(in RMB)		 Same-hotel RevPAR3
(in RMB)
 Q3 2025Q3 2026 Q3 2025Q3 2026 Q3 2025Q3 2026 Q3 2025Q3 2026
Manachised hotels1,5211,521 81.1%79.4% 440.8431.2 369.7354.1
Leased hotels1717 85.3%83.7% 574.5568.0 518.7500.7
All hotels1,5381,538 81.1%79.5% 443.1433.7 372.2356.6


________________________
3 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
4 For any given period, we define “same-hotel” as a hotel that has operated for more than 18 calendar months as of the 15th day (inclusive) of any month within that period. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the given period, compared to the corresponding metrics generated by these “same hotels” during the same period in 2025.


FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Atour’s ATAT third-quarter 2026 earnings results?

Atour reported RMB3,429 million in net revenues, up 30.5% year over year, and net income of RMB448 million, down 5.5%. Adjusted net income, which excludes share-based compensation expenses, increased 26.2% to RMB615 million.

What is Atour’s ATAT full-year 2026 revenue outlook?

Atour expects full-year 2026 net revenue growth of 33% to 35% compared with 2025. The company bases this outlook on current market conditions and preliminary estimates, which are subject to change.

How much cash and debt did Atour have at September 30, 2026?

Atour had RMB2.8 billion in cash, cash equivalents and restricted cash and RMB237 million in outstanding borrowings at September 30, 2026.

What was Atour’s ATAT earnings per ADS in the third quarter of 2026?

Atour reported basic income per American depositary share of RMB3.33 and diluted income per American depositary share of RMB3.30 for the third quarter of 2026.

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