Intercontinental Hotels
IHG · NYSEHotels & Motels · Fiscal year ends Dec 31
Intercontinental Hotels reported revenue of $5.2B in the fiscal year ended Dec 2025, up 5.4% from the year before. Operating income was $1.2B, an operating margin of 23.1%, and net income was $759M. Operating cash flow of $898M less capital expenditure of $28M left free cash flow of $870M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | – | $4.6B | $4.9B | $5.2B |
| Cost of revenue | $486M | $648M | $742M | $745M | $764M |
| Gross profit | – | – | $3.9B | $4.2B | $4.4B |
| Operating income | $494M | $628M | $1.1B | $1B | $1.2B |
| Interest expense | $147M | $118M | $126M | $178M | $202M |
| Pre-tax income | $361M | $540M | $1B | $897M | $1.1B |
| Income tax | $96M | $164M | $260M | $269M | $315M |
| Net income | $265M | $376M | $750M | $628M | $759M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $976M | $1.3B | $1B | $1.1B |
| Receivables | $574M | $646M | $740M | $785M | $833M |
| Inventory | $4M | $4M | $5M | $4M | $5M |
| Current assets | $2.1B | $1.7B | $2.1B | $1.9B | $2B |
| Net PP&E | $137M | $157M | $153M | $146M | $148M |
| Goodwill | $341M | $335M | $336M | $331M | $335M |
| Total assets | $4.7B | $4.2B | $4.8B | $4.7B | $5.3B |
| Payables | $579M | $697M | $711M | $650M | $676M |
| Current liabilities | $1.6B | $1.5B | $2.2B | $1.9B | $2.1B |
| Total liabilities | $6.2B | $5.8B | $6.8B | $7.1B | $8.1B |
| Shareholders' equity | −$1.5B | −$1.6B | −$2B | −$2.3B | −$2.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $636M | $646M | $893M | $724M | $898M |
| Capital expenditure | $17M | $54M | $28M | $29M | $28M |
| Free cash flow | $619M | $592M | $865M | $695M | $870M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | – | 6.5% | 5.4% |
| Operating income growth (YoY) | – | 27.1% | 69.7% | −2.3% | 15.1% |
| Gross margin | – | – | 84.0% | 84.9% | 85.3% |
| Operating margin | – | – | 23.1% | 21.1% | 23.1% |
| Net margin | – | – | 16.2% | 12.8% | 14.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.0% | 23.5% | 40.6% | 36.9% | 36.9% |
| Free cash flow margin | – | – | 18.7% | 14.1% | 16.8% |
| Cash conversion (CFO ÷ net income) | 2.40x | 1.72x | 1.19x | 1.15x | 1.18x |
| Receivable days | – | – | 58 | 58 | 59 |
| Inventory days | 3 | 2 | 2 | 2 | 2 |
| Payable days | 435 | 393 | 350 | 318 | 323 |
| Interest cover | 3.36x | 5.32x | 8.46x | 5.85x | 5.93x |
| Current ratio | 1.27x | 1.09x | 0.97x | 0.97x | 0.98x |
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.