H World Group Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data H World Group Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	942	1,256	1,464	1,611	1,563	2,006	2,010	3,082	3,274	3,618
Selling and marketing	21.1	33	50	61	91	101	89	151	161	182
General and administrative	70.9	106	124	152	193	242	243	294	344	321
Operating income	125	221	341	304	-257	26	-43	662	713	975
Interest expense	1.59	13.4	35	45	82	64	59	54	44	48
Interest income	9.7	17.3	21
Other non-operating income	19.3	25.2	30	48	-14	25	1	81	7	5
Pre-tax income	155	247	203	369	-350	-64	-233	752	659	1,044
Income tax	41.4	55.3	83	92	-33	2	30	168	228	309
Net income to minority interests	-1.17	-0.09	2	-1	-2	-2	-4	7	7	5
Net income	116	190	104	254	-336	-73	-264	575	418	726
EBITDA	226	342	471	446	-49	262	168	861	896	1,155
EPS, basic	0.42	0.68	0.37	0.89	-1.15	-0.02	-0.08	0.18	0.13	0.24
EPS, diluted	0.41	0.65	0.36	0.85	-1.15	-0.02	-0.08	0.18	0.13	0.23
Shares, basic (weighted)	275	279	282	2,843	2,927	3,114	3,111	3,183	3,115	3,071
Shares, diluted (weighted)	283	293	304	3,043	2,927	3,114	3,111	3,351	3,278	3,247

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	466	534	620	465	1,077	803	520	978	1,024	1,485
Short-term investments		20						308	494	700
Receivables	20.4	25	28	31	62	82	161	106	112	104
Inventory	3.11	3.69	6	8	14	14	10	8	8	8
Other current assets	30.1	50.6	78	100	140	133	117	134	108	124
Total current assets	601	885	1,014	2,622	1,975	1,499	1,330	1,698	1,810	2,493
Property, plant and equipment	534	695	730	841	1,024	1,107	984	859	778	748
Lease right-of-use assets				2,998	4,441	4,698	4,200	3,614	3,424	3,573
Goodwill	24.7	348	383	382	764	805	753	749	715	776
Intangible assets	49.4	253	267	239	911	845	765	744	654	719
Long-term investments	153	363	895	277	295	308	282	361	317	196
Other non-current assets	28.9	56	69	102	114	131	101	93	94	108
Total assets	1,439	2,679	3,490	7,611	9,985	9,927	8,918	8,948	8,570	9,263
Accounts payable	84.2	118	129	169	190	152	170	143	135	146
Accrued liabilities	39.5	65.6	76	71	81	93	95	150	165	170
Deferred revenue	108	128	146	169	195	214	190	231	250	261
Short-term debt	43	20.1	138	1,220	175	978	477	570	120	763
Total current liabilities	427	565	868	2,483	1,614	2,397	1,906	2,450	1,825	2,735
Long-term debt		756	1,282	1,161	1,664	559	962	179	623	68
Lease liabilities				2,657	4,145	4,396	4,007	3,411	3,238	3,382
Other non-current liabilities	46.7	58.5	66	81	118	142	142	157	201	276
Total liabilities	659	1,683	2,571	6,533	8,233	8,195	7,641	7,223	6,889	7,410
Total debt		756	1,282	1,161	1,664	559	962	179	623	68
Paid-in capital	533	557	540	551	1,503	1,563	1,470	1,671	1,318	1,381
Retained earnings	261	423	380	532	230	163	-174	112	336	517
Treasury stock	-15.5	-16.5	-16	-15	-16	-17	-64	-128	-38	-95
Other comprehensive income	-0.65	25.8	-6	-7	19	6	34	54	52	28
Shareholders' equity	778	990	898	1,061	1,736	1,715	1,266	1,709	1,668	1,831
Minority interests	2.39	5.47	21	17	16	17	11	16	13	22
Total equity	780	995	919	1,078	1,752	1,732	1,277	1,725	1,681	1,853
Total liabilities and equity	1,439	2,679	3,490	7,611	9,985	9,927	8,918	8,948	8,570	9,263
Shares outstanding	278	281	283	2,859	3,108	3,121	3,112	3,159	3,084	3,072

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	115	190	106	253	-338	-75	-268	582	425	731
Depreciation and amortization	100	121	130	142	208	236	211	199	183	180
Stock-based compensation	7.98	10.2	12	15	19	17	13	20	44	60
Deferred income tax	4.82	-11.7	-13	-5	-84	-85	-39	4	15	21
Change in receivables	-6.66	0.65	-5	-5	5	-18	-90	42	-13	17
Change in inventory	0.57	0.43	-2	-2	0	0	3
Change in payables	8.52	1.25	2
Cash from operations	295	377	444	473	93	210	227	1,080	1,030	1,198
Acquisitions	18.9	-576	-72	-35	-775	-116	-8	0
Purchases of investments		-14.7
Cash from investing	26.5	-1,032	-923	-41	-1,240	-219	-76	-207	-307	-149
Debt issued		558	622	1,893	253	8	407	49	67
Debt repaid					-1,405	-259
Stock issued	1.76	1.39	2	2	922	0				5
Share buybacks						0	-48	-119	-161	-112
Dividends paid	-39.8	-47.1		-95	-104		-60		-477	-559
Cash from financing	-35.7	697	618	868	134	-283	-201	-523	-754	-616
Exchange rate effect		-5.03	-3	9	-45	-14
Net change in cash	288	36.8	136	1,309	-1,058	-306	-7	372	-27	429
Interest paid	1.36	28.7	35	59	73	47	37	37	23	24
Income taxes paid	26.6	58.4	89	102	36	75	56	159	179	233

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $43.29 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	26.9%	Operating income / revenue.
EBITDA margin	31.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.9%	Pre-tax income / revenue.
Net margin	20.1%	Net income / revenue.
Operating cash flow margin	33.1%	Cash from operations / revenue.
Effective tax rate	29.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	41.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.1%	Net income / average total assets.
Return on invested capital (ROIC)	81.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	21.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	36.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	28.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	90.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	73.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	76.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	16.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	74.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	66.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.80x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.7%	Total debt / total assets.
Liabilities / assets	80.0%	Total liabilities / total assets.
Net debt	-$2.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	20.3x	Operating income / interest expense.
Working capital	-$242.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$336.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	4.74x	Revenue / average property, plant and equipment.
Receivables turnover	33.5x	Revenue / average receivables.
Days sales outstanding	11 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.24	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.11	Revenue / diluted weighted shares.
Operating cash flow per share	$0.37	Cash from operations / diluted weighted shares.
Book value per share	$0.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.11	Tangible book value / shares outstanding.
Cash per share	$0.71	(Cash + short-term investments) / shares outstanding.
Payout ratio	77.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.31B	Share price x shares outstanding.
Enterprise value	$11.20B	Market cap + total debt - cash - short-term investments.
P/E	18.3x	Market cap / net income. Only when net income is positive.
P/S	3.68x	Market cap / revenue.
P/B	7.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	39.6x	Market cap / tangible book value, when positive.
P/OCF	11.1x	Market cap / cash from operations, when positive.
EV/Sales	3.09x	Enterprise value / revenue.
EV/EBIT	11.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.69x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Dividend yield	4.2%	Dividends paid over the period / market cap.
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.

What was H World Group Ltd's revenue in fiscal 2025?

H World Group Ltd reported revenue of $3.62B for fiscal 2025, 10.5% higher than the year before.

Was H World Group Ltd profitable in fiscal 2025?

Yes. Net income was $726.0M, a net margin of 20.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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