- IHG reported full-year 2025 revenue of $35.2 billion, up 5 percent YOY.
- Global RevPAR rose 1.5 percent, with the Americas up 0.3 percent.
- The company opened 65,100 rooms across 443 hotels, up 10 percent YOY.
IHG HOTELS & RESORTS reported full-year 2025 revenue of $35.2 billion, up 5 percent year over year. Global RevPAR increased 1.5 percent in 2025, with the Americas up 0.3 percent, while ADR rose 0.8 percent and occupancy increased 0.5 percentage points.
Adjusted EPS increased 16 percent to 501.3 cents, IHG said in a statement, reflecting a 4.2 percent reduction in weighted average shares, $200 million in adjusted interest expense and a 27 percent tax rate.
“Thanks to the hard work of our teams, we delivered excellent financial performance in 2025 and in the face of some turbulent trading conditions,” said Elie Maalouf, IHG’s CEO. “There was also further progress on our clear strategy to unlock IHG’s full potential for all stakeholders. We accelerated the growth of our brands, expanded in key markets, strengthened hotel owner returns, drove ancillary fee streams, delivered cost efficiencies and returned surplus capital to shareholders. Collectively, this powered adjusted EPS growth of 16 percent.”
The company opened 65,100 rooms across 443 hotels, up 10 percent from 2024, bringing its global estate to 1,026,000 rooms across 6,963 hotels, the statement said. Gross system growth rose 6.6 percent and net growth was 4.7 percent, adjusted for the removal of rooms previously affiliated with The Venetian Resort Las Vegas.
Meanwhile, it signed 102,100 rooms across 694 hotels in 2025, up 9 percent excluding Ruby and NOVUM acquisitions. The global pipeline also reached 340,000 rooms across 2,292 hotels, equal to 33 percent of the current system size.
Maalouf said the company opened 443 hotels and added 694 to its pipeline, including record openings and signings in Greater China, driven by owner demand.
“With over 6,900 open hotels around the world, as we look to the future, our pipeline of a further 2,300 properties is equivalent to system growth of 33 percent,” he said.
Margins and capital returns
Fee margin rose to 64.8 percent, up 3.6 percentage points, driven by operating leverage and higher ancillary fees, the statement said. Operating profit from reportable segments increased 13 percent to $1.26 billion, including a $1 million favorable currency impact. IFRS operating profit was $1.19 billion, including a $46 million System Fund loss and $21 million in exceptional costs.
“We constantly invest in our powerful enterprise to make sure IHG delivers for guests and owners, including improving and growing our brands and overall portfolio, driving increased loyalty contribution and rolling out leading technology,” Maalouf said. “Our cash generation and strong balance sheet support our investments to drive growth and we continue to sustainably increase our ordinary dividend as well as regularly return surplus capital through share buybacks.”
Net cash from operations rose to $898 million from $724 million in 2024 and adjusted free cash flow totaled $893 million, IHG said. Net debt increased $551 million, reflecting $1.1 billion in shareholder returns, $120 million in acquisitions and a $69 million foreign exchange impact. Adjusted EBITDA rose 12 percent to $1.33 billion, with a net debt-to-EBITDA ratio of 2.5x.
IHG also returned $900 million through share buybacks and $270 million in dividends in 2025. The board proposed a final dividend of 125.9 cents, up 10 percent, bringing the annual total to 184.5 cents. The company launched a $950 million buyback program and expects to return more than $1.2 billion in 2026, with cumulative five-year returns exceeding $5 billion.
Additionally, the company launched its premium brand, Noted Collection, following its 2025 acquisition of Ruby.
“The launch of Noted Collection follows the acquisition in 2025 of the Ruby brand, which further enriches our Premium portfolio with an exciting, distinct and high-quality offer for both guests and owners in popular city destinations,” Maalouf said. “Ruby signings are growing and this year we have already successfully taken the brand into the U.S. market.”
In January, IHG appointed Mark Sergot as chief development officer for the Americas. The company plans to have more than 400 operating and pipeline hotels in India within five years. It currently has more than 50 operating hotels and more than 80 in development, totaling about 12,000 rooms.
