INTERCONTINENTAL HOTELS GROUP PLC /NEW/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INTERCONTINENTAL HOTELS GROUP PLC /NEW/ 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,912	4,075	4,337	4,627	2,394	2,907	3,892	4,624	4,923	5,189
Cost of revenue	548	554	671	782	354	486	648	742	745	764
Gross profit	3,364	3,521	3,666	3,845	2,040	2,421	3,244	3,882	4,178	4,425
General and administrative	352	355	415	385	267	292	353	338	359	354
Operating income	712	744	582	630	-153	494	628	1,066	1,041	1,198
Interest expense	86	95	101	121	144	147	118	126	178	202
Interest income	6	4	5	6	4	8	22	39	63	49
Pre-tax income	632	653	482	542	-280	361	540	1,010	897	1,074
Income tax	173	118	132	156	-20	96	164	260	269	315
Net income to minority interests	3	1	1	1		-1	1	0	0	1
Net income	456	534	349	385	-260	266	375	750	628	758
EBITDA	787	856	697	746	-43	592	696	1,133	1,106	1,265
EPS, basic	2.15	2.77	1.84	2.10	-1.43	1.45	2.07	4.44	3.90	4.91
EPS, diluted	2.13	2.75	1.82	2.09	-1.43	1.45	2.06	4.41	3.85	4.87

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	206	168	704	195	1,675	1,450	976	1,322	1,008	1,129
Receivables	469	549	610	666	514	574	646	740	785	833
Inventory	3	3	5	6	5	4	4	5	4	5
Total current assets	796	861	1,373	916	2,243	2,066	1,678	2,129	1,869	2,049
Property, plant and equipment	419	250	273	309	201	137	157	153	146	148
Lease right-of-use assets		486	513	490	303	274	280	273	276	269
Goodwill	232	237	313	339		341	335	336	331	335
Total assets	2,762	3,322	4,285	4,194	5,039	4,716	4,216	4,813	4,748	5,345
Accounts payable	526	595	616	568	466	579	697	711	650	676
Short-term debt	106	110	104	87	869	292	55	599	398	478
Total current liabilities	1,150	1,306	1,407	1,365	1,867	1,624	1,544	2,190	1,928	2,100
Lease liabilities		589	615	595	416	384	401	396	388	378
Total liabilities	3,908	4,676	5,416	5,659	6,888	6,190	5,824	6,759	7,056	8,081
Total debt	1,712	2,019	2,014	2,165	3,767	2,845	2,396	3,166	3,274	4,201
Retained earnings	990	951	1,166
Shareholders' equity	-1,154	-1,361	-1,139	-1,473	-1,857	-1,481	-1,615	-1,950	-2,312	-2,741
Minority interests	8	7	8	8	8	7	7	4	4	5
Total equity	-1,191	-1,354	-1,131	-1,465	-1,849	-1,474	-1,608	-1,946	-2,308	-2,736
Total liabilities and equity	2,717	3,322	4,285	4,194	5,039	4,716	4,216	4,813	4,748	5,345

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	459	535	350	386	-260	265	376	750	628	759
Depreciation and amortization	75	112	115	116	110	98	68	67	65	67
Cash from operations	710	616	709	653	137	636	646	893	724	898
Capital expenditures	-32	-44	-46	-75	-26	-17	-54	-28	-29	-28
Cash from investing	-174	-220	-197	-493	-61	-12	-78	-137	-99	-190
Debt issued								0	0	75
Debt repaid								0	0	-75
Share buybacks	-10	-3	-3	-5			-482	-790	-804	-897
Dividends paid	-1,693	-593	-199	-721			-233	-245	-259	-270
Cash from financing	-1,456	-471	51	-660	1,354	-860	-961	-417	-894	-614
Exchange rate effect	-61	16	-21	8	86	3	-77	18	-18	41
Free cash flow	678	572	663	578	111	619	592	865	695	870
Interest paid	72	87	87	110	132	134	126	119	170	202
Income taxes paid	130	147	66	141	41	86	211	243	309	307

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $161.11 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	85.3%	Gross profit / revenue.
Operating margin	23.1%	Operating income / revenue.
EBITDA margin	24.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.7%	Pre-tax income / revenue.
Net margin	14.6%	Net income / revenue.
FCF margin	16.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.3%	Cash from operations / revenue.
Effective tax rate	29.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	15.0%	Net income / average total assets.
Return on invested capital (ROIC)	594.1%	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%.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	14.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	20.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	26.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	26.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	33.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.6%	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	45.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	25.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	51.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.2%	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	1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.98x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / assets	78.6%	Total debt / total assets.
Liabilities / assets	151.2%	Total liabilities / total assets.
Net debt	$3.07B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.93x	Operating income / interest expense.
Working capital	-$51.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.08B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	35.3x	Revenue / average property, plant and equipment.
Inventory turnover	170x	Cost of revenue / average inventory.
Days inventory	2 days	365 x average inventory / cost of revenue.
Receivables turnover	6.41x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	317 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-258 days	Days inventory + days sales outstanding - days payables.
FCF conversion	114.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.87	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	$4.91	Net income per basic share, as reported (split-adjusted).
Payout ratio	35.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	31.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	103.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$24.39B	Share price x shares outstanding.
Enterprise value	$27.46B	Market cap + total debt - cash - short-term investments.
P/E	32.2x	Market cap / net income. Only when net income is positive.
P/S	4.70x	Market cap / revenue.
P/FCF	28.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.2x	Market cap / cash from operations, when positive.
EV/Sales	5.29x	Enterprise value / revenue.
EV/EBIT	22.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	4.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.97x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was INTERCONTINENTAL HOTELS GROUP PLC /NEW/'s revenue in fiscal 2025?

INTERCONTINENTAL HOTELS GROUP PLC /NEW/ reported revenue of $5.19B for fiscal 2025, 5.4% higher than the year before.

Was INTERCONTINENTAL HOTELS GROUP PLC /NEW/ profitable in fiscal 2025?

Yes. Net income was $758.0M, a net margin of 14.6%.

How much free cash flow did INTERCONTINENTAL HOTELS GROUP PLC /NEW/ generate in fiscal 2025?

Cash from operations of $898.0M minus capital expenditures of $28.0M left free cash flow of $870.0M.

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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