InterContinental Hotels Group
IHGNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $180.93 Prior regular-session close from the quote source.
- $180.11–$181.77 Regular-session low and high so far today.
- 134.0K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $124.51–$181.77 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own IHG if IHG is an asset-light hotel platform whose value depends on hotel owners continuing to see its brands, reservation system and loyalty distribution as worth the fees, while shareholders must also underwrite a levered balance.
IHG price history
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Investment thesis
What must happen next
Hotel owners continue to choose IHG flags because the brand, reservation and loyalty platform delivers demand they cannot replicate as independents or through OTAs alone.StrengtheningMateriality: High
IFRS annual revenue increased from $4.624 billion in FY2023 to $4.923 billion in FY2024 and $5.189 billion in FY2025. If owner demand holds, system growth can expand fee revenue without IHG funding most hotel assets; if it breaks, the growth engine slows before reported revenue fully rolls over.
Watch: Marriott, Hilton, Hyatt or regional hotel groups win a sustained share of owner signings and conversions away from IHG brands.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue increased from $4.624 billion in FY2023 to $4.923 billion in FY2024 and $5.189 billion in FY2025.
Open source ↗IHG’s fee-oriented hotel model keeps incremental economics high because the company does not need to own most of the rooms that generate system demand.StrengtheningMateriality: High
IFRS annual operating income was $1.198 billion in FY2025 on $5.189 billion of revenue, implying a high reported operating margin for a hotel company. This is the core reason the business can turn modest revenue growth into attractive operating profit and cash; if IHG takes more property-level risk or gives back economics to owners, the quality of growth deteriorates.
Watch: IHG materially increases owned or leased hotel exposure to maintain growth, adding labor, rent and property-cycle risk.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating income was $1.198 billion in FY2025 on $5.189 billion of revenue, implying a high reported operating margin.
Open source ↗IHG’s global scale absorbs brand, loyalty and technology spending well enough that investments in distribution enhance rather than dilute operating leverage.StrengtheningMateriality: Medium
Estimated IFRS annual gross profit increased from $3.882 billion in FY2023 to $4.178 billion in FY2024 and $4.425 billion in FY2025. The owner should care whether IHG’s platform investments widen the moat or become a cost treadmill that eats the franchise economics.
Watch: OTAs, metasearch platforms or Google travel products raise customer-acquisition costs and make direct booking economics less valuable.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Estimated IFRS annual gross profit increased from $3.882 billion in FY2023 to $4.178 billion in FY2024 and $4.425 billion in.
Open source ↗IHG’s fee model continues to convert earnings into cash that can fund dividends, buybacks or debt service without starving brand growth.StrengtheningMateriality: Medium
IFRS annual operating cash flow was $898 million in FY2025 versus $759 million of IFRS annual net income. Per-share value depends not only on operating growth but on cash conversion and disciplined capital allocation; weak cash conversion would make EPS growth less valuable.
Watch: A lodging downturn reduces franchise and management fees faster than IHG can flex corporate costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating cash flow was $898 million in FY2025 versus $759 million of IFRS annual net income.
Open source ↗The equity case requires continued lender and bondholder confidence because IHG runs with material liabilities and negative book equity.HoldingMateriality: Medium
IFRS liabilities were $8.081 billion at FY2025 year-end, up from $7.056 billion at FY2024 year-end. A high-quality fee stream can still be a poor equity if leverage absorbs cash flow or forces capital allocation away from shareholders at the wrong point in the cycle.
Watch: Credit spreads widen or refinancing terms deteriorate, making IHG’s leverage more expensive to carry.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS liabilities were $8.081 billion at FY2025 year-end, up from $7.056 billion at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Hotel owners continue to choose IHG flags because the brand, reservation and loyalty platform delivers demand they cannot replicate as independents or through OTAs alone. If owner demand holds, system growth can expand fee revenue without IHG funding most hotel assets; if it breaks, the growth engine slows before reported revenue fully rolls over.
IHG’s fee-oriented hotel model keeps incremental economics high because the company does not need to own most of the rooms that generate system demand. This is the core reason the business can turn modest revenue growth into attractive operating profit and cash; if IHG takes more property-level risk or gives back economics to owners, the quality of growth deteriorates.
IHG’s global scale absorbs brand, loyalty and technology spending well enough that investments in distribution enhance rather than dilute operating leverage. The owner should care whether IHG’s platform investments widen the moat or become a cost treadmill that eats the franchise economics.
IHG’s fee model continues to convert earnings into cash that can fund dividends, buybacks or debt service without starving brand growth. Per-share value depends not only on operating growth but on cash conversion and disciplined capital allocation; weak cash conversion would make EPS growth less valuable.
The equity case requires continued lender and bondholder confidence because IHG runs with material liabilities and negative book equity. A high-quality fee stream can still be a poor equity if leverage absorbs cash flow or forces capital allocation away from shareholders at the wrong point in the cycle.
All standing thesis claims
Original report summary
IHG is an asset-light hotel platform whose value depends on hotel owners continuing to see its brands, reservation system and loyalty distribution as worth the fees, while shareholders must also underwrite a levered balance.
Bull case and bear case
Bull case and bear case for Intercontinental Hotels Group
Where the evidence on Intercontinental Hotels Group stands: Holding on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Hotel owners continue to choose IHG flags because the brand, reservation and loyalty platform delivers demand they cannot replicate as independents or through OTAs alone.
IHG’s fee-oriented hotel model keeps incremental economics high because the company does not need to own most of the rooms that generate system demand.
IHG’s global scale absorbs brand, loyalty and technology spending well enough that investments in distribution enhance rather than dilute operating leverage.
IHG’s fee model continues to convert earnings into cash that can fund dividends, buybacks or debt service without starving brand growth.
The equity case requires continued lender and bondholder confidence because IHG runs with material liabilities and negative book equity.
Bear case: what would count against it
Marriott, Hilton, Hyatt or regional hotel groups win a sustained share of owner signings and conversions away from IHG brands.
IHG materially increases owned or leased hotel exposure to maintain growth, adding labor, rent and property-cycle risk.
OTAs, metasearch platforms or Google travel products raise customer-acquisition costs and make direct booking economics less valuable.
Thesis-Break Engine
Thesis-break watch · Intercontinental Hotels Group
No break has crossed Intercontinental Hotels Group’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedTOTAL VOTING RIGHTS.
Intercontinental Hotels Group filed an SEC report on 2026-11-02: TOTAL VOTING RIGHTS. It is a dated development that tests the current thesis.
- MixedBATCH FILING.
Intercontinental Hotels Group filed an SEC report on 2026-10-30: BATCH FILING. It is a dated development that tests the current thesis.
- Mixed2026 THIRD QUARTER TRADING UPDATE.
Intercontinental Hotels Group filed an SEC report on 2026-10-22: 2026 THIRD QUARTER TRADING UPDATE. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Marriott, Hilton, Hyatt or regional hotel groups win a sustained share of owner signings and conversions away from IHG brands.
- IHG materially increases owned or leased hotel exposure to maintain growth, adding labor, rent and property-cycle risk.
- OTAs, metasearch platforms or Google travel products raise customer-acquisition costs and make direct booking economics less valuable.
- A lodging downturn reduces franchise and management fees faster than IHG can flex corporate costs.
- Credit spreads widen or refinancing terms deteriorate, making IHG’s leverage more expensive to carry.
IHG news
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Financial statements
IHG income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
IHG: quick answers
- What is IHG's short interest?
- As of October 30, 2026, 277,627 IHG shares were sold short, down 11.5% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. IHG short interest history
- Have members of Congress traded IHG?
- 6 trades in IHG have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed IHG trade