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INTERCONTINENTAL HOTELS GROUP PLC /NEW/

IHG Clue Score69
United States Fiscal year ends December CIK 0000858446
$160.68 +0.75% Close, 9 Oct 2026
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Price $160.68 +138.54% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,715.0Operating income712.0Net income456.0EPS, diluted2.13Fiscal year 2017Revenue1,784.0 +4.0%Operating income744.0Net income534.0 +17.1%EPS, diluted2.75 +29.2%Fiscal year 2018Revenue4,337.0 +143.1%Operating income582.0Net income349.0 −34.6%EPS, diluted1.82 −34.0%Fiscal year 2019Revenue4,627.0 +6.7%Operating income630.0Net income385.0 +10.3%EPS, diluted2.09 +15.1%Fiscal year 2020Revenue2,394.0 −48.3%Operating income−153.0Net income−260.0 −167.5%EPS, diluted−1.43 −168.3%Fiscal year 2021Revenue2,907.0 +21.4%Operating income494.0Net income266.0EPS, diluted1.45Fiscal year 2022Revenue3,892.0 +33.9%Operating income628.0Net income375.0 +41.0%EPS, diluted2.06 +42.5%Fiscal year 2023Revenue4,624.0 +18.8%Operating income1,066.0Net income750.0 +100.0%EPS, diluted4.41 +114.2%Fiscal year 2024Revenue4,923.0 +6.5%Operating income1,041.0Net income628.0 −16.3%EPS, diluted3.85 −12.7%Fiscal year 2025Revenue5,189.0 +5.4%Operating income1,198.0Net income758.0 +20.7%EPS, diluted4.87 +26.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,715.0 1,784.0 4,337.0 4,627.0 2,394.0 2,907.0 3,892.0 4,624.0 4,923.0 5,189.0
Growth +4.0% +143.1% +6.7% −48.3% +21.4% +33.9% +18.8% +6.5% +5.4%
Operating income 712.0 744.0 582.0 630.0 −153.0 494.0 628.0 1,066.0 1,041.0 1,198.0
Net income 456.0 534.0 349.0 385.0 −260.0 266.0 375.0 750.0 628.0 758.0
Growth +17.1% −34.6% +10.3% −167.5% +41.0% +100.0% −16.3% +20.7%
EPS, diluted 2.13 2.75 1.82 2.09 −1.43 1.45 2.06 4.41 3.85 4.87
Growth +29.2% −34.0% +15.1% −168.3% +42.5% +114.2% −12.7% +26.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin41.5%Net margin26.6%Free cash flow margin39.5%Fiscal year 2017Operating margin41.7%Net margin29.9%Free cash flow margin32.1%Fiscal year 2018Operating margin13.4%Net margin8.0%Free cash flow margin15.3%Fiscal year 2019Operating margin13.6%Net margin8.3%Free cash flow margin12.5%Fiscal year 2020Operating margin−6.4%Net margin−10.9%Free cash flow margin4.6%Fiscal year 2021Operating margin17.0%Net margin9.2%Free cash flow margin21.3%Fiscal year 2022Operating margin16.1%Net margin9.6%Free cash flow margin15.2%Fiscal year 2023Operating margin23.1%Net margin16.2%Free cash flow margin18.7%Fiscal year 2024Operating margin21.1%Net margin12.8%Free cash flow margin14.1%Fiscal year 2025Operating margin23.1%Net margin14.6%Free cash flow margin16.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 41.5% 41.7% 13.4% 13.6% −6.4% 17.0% 16.1% 23.1% 21.1% 23.1%
Net margin 26.6% 29.9% 8.0% 8.3% −10.9% 9.2% 9.6% 16.2% 12.8% 14.6%
Free cash flow margin 39.5% 32.1% 15.3% 12.5% 4.6% 21.3% 15.2% 18.7% 14.1% 16.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow710.0Capital expenditure−32.0Free cash flow678.0Buybacks−10.0Dividends paid−1,693.0Fiscal year 2017Operating cash flow616.0Capital expenditure−44.0Free cash flow572.0 −15.6%Buybacks−3.0Dividends paid−593.0Fiscal year 2018Operating cash flow709.0Capital expenditure−46.0Free cash flow663.0 +15.9%Buybacks−3.0Dividends paid−199.0Fiscal year 2019Operating cash flow653.0Capital expenditure−75.0Free cash flow578.0 −12.8%Buybacks−5.0Dividends paid−721.0Fiscal year 2020Operating cash flow137.0Capital expenditure−26.0Free cash flow111.0 −80.8%Fiscal year 2021Operating cash flow636.0Capital expenditure−17.0Free cash flow619.0 +457.7%Fiscal year 2022Operating cash flow646.0Capital expenditure−54.0Free cash flow592.0 −4.4%Buybacks−482.0Dividends paid−233.0Fiscal year 2023Operating cash flow893.0Capital expenditure−28.0Free cash flow865.0 +46.1%Buybacks−790.0Dividends paid−245.0Fiscal year 2024Operating cash flow724.0Capital expenditure−29.0Free cash flow695.0 −19.7%Buybacks−804.0Dividends paid−259.0Fiscal year 2025Operating cash flow898.0Capital expenditure−28.0Free cash flow870.0 +25.2%Buybacks−897.0Dividends paid−270.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 710.0 616.0 709.0 653.0 137.0 636.0 646.0 893.0 724.0 898.0
Capital expenditure −32.0 −44.0 −46.0 −75.0 −26.0 −17.0 −54.0 −28.0 −29.0 −28.0
Free cash flow 678.0 572.0 663.0 578.0 111.0 619.0 592.0 865.0 695.0 870.0
Growth −15.6% +15.9% −12.8% −80.8% +457.7% −4.4% +46.1% −19.7% +25.2%
Buybacks −10.0 −3.0 −3.0 −5.0 n/a n/a −482.0 −790.0 −804.0 −897.0
Dividends paid −1,693.0 −593.0 −199.0 −721.0 n/a n/a −233.0 −245.0 −259.0 −270.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash206.0Total debt1,606.0Net cash (debt)−1,400.0Shareholders’ equity−1,154.0Fiscal year 2017Cash168.0Total debt1,678.0Net cash (debt)−1,510.0Shareholders’ equity−1,361.0Fiscal year 2018Cash704.0Total debt1,910.0Net cash (debt)−1,206.0Shareholders’ equity−1,139.0Fiscal year 2019Cash195.0Total debt2,078.0Net cash (debt)−1,883.0Shareholders’ equity−1,473.0Fiscal year 2020Cash1,675.0Total debt2,898.0Net cash (debt)−1,223.0Shareholders’ equity−1,857.0Fiscal year 2021Cash1,450.0Total debt2,553.0Net cash (debt)−1,103.0Shareholders’ equity−1,481.0Fiscal year 2022Cash976.0Total debt2,341.0Net cash (debt)−1,365.0Shareholders’ equity−1,615.0Fiscal year 2023Cash1,322.0Total debt2,567.0Net cash (debt)−1,245.0Shareholders’ equity−1,950.0Fiscal year 2024Cash1,008.0Total debt2,876.0Net cash (debt)−1,868.0Shareholders’ equity−2,312.0Fiscal year 2025Cash1,129.0Total debt3,723.0Net cash (debt)−2,594.0Shareholders’ equity−2,741.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 206.0 168.0 704.0 195.0 1,675.0 1,450.0 976.0 1,322.0 1,008.0 1,129.0
Total debt 1,606.0 1,678.0 1,910.0 2,078.0 2,898.0 2,553.0 2,341.0 2,567.0 2,876.0 3,723.0
Net cash (debt) −1,400.0 −1,510.0 −1,206.0 −1,883.0 −1,223.0 −1,103.0 −1,365.0 −1,245.0 −1,868.0 −2,594.0
Shareholders’ equity −1,154.0 −1,361.0 −1,139.0 −1,473.0 −1,857.0 −1,481.0 −1,615.0 −1,950.0 −2,312.0 −2,741.0

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
41.5% 41.7% 13.4% 13.6% −6.4% 17.0% 16.1% 23.1% 21.1% 23.1%
36.9% 36.6% 11.1% 11.7% −11.7% 12.4% 13.9% 21.8% 18.2% 20.7%
26.6% 29.9% 8.0% 8.3% −10.9% 9.2% 9.6% 16.2% 12.8% 14.6%
39.5% 32.1% 15.3% 12.5% 4.6% 21.3% 15.2% 18.7% 14.1% 16.8%
Spending
1.9% 2.5% 1.1% 1.6% 1.1% 0.6% 1.4% 0.6% 0.6% 0.5%
27.4% 18.1% 27.4% 28.8% n/a 26.6% 30.4% 25.7% 30.0% 29.3%
Returns
16.5% 16.1% 8.1% 9.2% −5.2% 5.6% 8.9% 15.6% 13.2% 14.2%
Balance and payout
141.5% 140.8% 126.4% 134.9% 136.7% 131.3% 138.1% 140.4% 148.6% 151.2%
371.3% 111.0% 57.0% 187.3% n/a n/a 62.1% 32.7% 41.2% 35.6%
251.2% 104.2% 30.5% 125.6% n/a n/a 120.8% 119.7% 152.9% 134.1%