H World Group Limited ADR (HTHT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$5.07	$5.29	+4.3%	—	$7.1B	—
Q1 26	$3.89	$3.36	-13.6%	—	$6B	—
Q4 25	$2.43	$4.06	+67.1%	—	$6.5B	—
Q3 25	$4.76	$4.76	0.0%	—	$7B	—
Q2 25	$4.12	$4.24	+2.9%	—	$6.4B	—
Q1 25	$3.02	$2.48	-17.9%	—	$5.4B	—
Q4 24	$2.03	$1.03	-49.3%	—	$6B	—
Q3 24	$4.79	$4.29	-10.4%	—	$907.5M	—
Q2 24	$3.03	$3.88	+28.1%	—	$857.2M	—
Q1 24	$2.97	$2.43	-18.2%	—	$5.3B	—
Q4 23	$2.58	$2.04	-20.9%	—	$5.6B	—
Q3 23	$2.25	$4.23	+88.0%	—	$6.3B	—
Q2 23	$2.25	$3.27	+45.3%	—	$5.5B	—
Q1 23	-$0.15	$3.05	+2133.3%	—	$4.5B	—
Q4 22	$0.53	-$0.4	-175.5%	—	$3.7B	—
Q3 22	-$1.29	-$2.31	-79.1%	—	$4.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$16.5	—	—	$25.3B	—
FY24	—	$9.8	—	—	$23.9B	—
FY23	—	$12.8	—	—	$21.9B	—
FY22	—	-$5.9	—	—	$13.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.6B	$8.2B	$10.1B	$11.2B	$10.2B	$12.8B	$13.9B	$21.9B	$23.9B	$25.3B
YoY change	+13.8%	+25.2%	+22.3%	+11.4%	-9.06%	+25.4%	+8.42%	+57.9%	+9.18%	+5.93%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.6B	8.2B	10.1B	11.2B	10.2B	12.8B	13.9B	21.9B	23.9B	25.3B
Cost of revenue	4.9B	5.7B	6.5B	7.2B	9.7B	11.3B	12.3B	14.3B	15.3B	15.3B
Gross profit	1.6B	2.6B	3.6B	4B	467M	1.5B	1.6B	7.5B	8.6B	10B
Gross margin	24.9%	31%	35.6%	35.9%	4.58%	11.8%	11.6%	34.5%	36%	39.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	770M	1.2B	1.4B	2B	2.1B	2.3B	2.4B	3.2B	3.7B	3.5B
Operating expenses	798M	1.1B	1.2B	1.9B	1.7B	1.3B	1.9B	2.8B	3.4B	3.1B
Operating income	841M	1.4B	2.3B	2.1B	-1.2B	164M	-294M	4.7B	5.2B	6.8B
Operating margin	12.8%	17.3%	23.3%	18.8%	-12.2%	1.28%	-2.12%	21.6%	21.8%	26.9%
Non-operating income, net	150M	145M	-855M	612M	-616M	-256M	-990M	768M	-287M	597M
Pretax income	1B	1.6B	1.4B	2.6B	-2.3B	-408M	-1.6B	5.3B	4.8B	7.3B
Income tax	279M	357M	569M	640M	-215M	12M	207M	1.2B	1.7B	2.2B
Net income	774M	1.2B	727M	1.8B	-2.2B	-480M	-1.8B	4.1B	3.1B	5.1B
Net margin	11.8%	14.9%	7.22%	15.7%	-21.6%	-3.75%	-13.3%	18.9%	13%	20.2%
EBITDA	1.7B	2.5B	3.6B	3.6B	143M	1.9B	1.3B	7B	6.8B	8.3B
EPS	2.92	4.43	2.54	6.22	-7.49	-1.5	-5.9	12.8	9.8	16.5
Diluted EPS	2.84	4.24	2.49	5.94	-7.49	-1.5	-5.9	12.5	9.6	16

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.3B	5.6B	5.3B	857.2M	907.5M	6B	5.4B	6.4B	7B	6.5B	6B	7.1B
Cost of revenue	3.6B	4B	3.6B	520.2M	535.2M	4.2B	3.6B	3.8B	4.1B	3.9B	3.7B	4B
Gross profit	2.7B	1.6B	1.7B	337M	372.3M	1.8B	1.8B	2.7B	2.9B	2.6B	2.3B	3.1B
Gross margin	42.5%	28.4%	32.5%	39.3%	41%	30.4%	33.2%	41.6%	41.6%	39.9%	39%	43.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	828M	1B	769M	128.1M	137.3M	1B	755M	969M	884M	924M	846M	1B
Operating expenses	766M	828M	710M	117.8M	129.6M	931M	709M	887M	851M	702M	853M	873M
Operating income	1.9B	760M	1B	219.2M	242.7M	902M	1.1B	1.8B	2B	1.9B	1.5B	2.2B
Operating margin	30.4%	13.6%	19%	25.6%	26.7%	15%	20.1%	27.8%	29.4%	29.1%	24.8%	31.1%
Non-operating income, net	-133M	262M	-14M	-7.1M	-4.8M	-188M	218M	380M	121M	-122M	-189M	34M
Pretax income	1.8B	1B	957M	208.2M	234.1M	693M	1.3B	2.1B	2.1B	1.8B	1.3B	2.2B
Income tax	421M	281M	279M	59M	53.8M	578M	377M	565M	648M	571M	481M	687M
Net income	1.4B	743M	667M	150.9M	182M	61M	899M	1.6B	1.5B	1.2B	819M	1.6B
Net margin	21.5%	13.3%	12.6%	17.6%	20.1%	1.01%	16.7%	24.3%	21.1%	18.2%	13.7%	22.2%
EBITDA	2.4B	1.2B	1.4B	277.3M	296.3M	1.3B	1.5B	2.2B	2.5B	2.2B	1.8B	2.6B
EPS	4.2	2.3	2.1	3.4	4.1	0.2	2.9	5	4.8	3.8	2.7	5
Diluted EPS	4.1	2.3	2.1	3.3	4	0.2	2.8	4.8	4.6	3.7	2.6	4.9

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	25.9B	73.1B	58.5B	82.6B	95.6B	84.3B	95.7B	77.6B	—	14.4B	13.7B
Enterprise value	22.9B	74.6B	63.9B	114.6B	129.6B	120.8B	134.2B	104.3B	—	35.2B	4.7B
Shares outstanding	2B	2B	2B	2.1B	2.1B	2.3B	2.3B	2.3B	311.5M	307.1M	307.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.4	59.5	80.4	46.9	—	—	—	18.8	—	2.82	30.8
P/S	3.93	8.88	5.81	7.37	9.37	6.59	6.9	3.54	—	0.57	0.51
P/B	4.77	11.7	9.25	11	8.36	7.63	10.9	6.33	—	1.12	6.32
EV/EBITDA	13.2	30.4	17.8	31.9	906.5	63.1	106.6	15	—	4.23	3.57
EV/Sales	3.49	9.06	6.35	10.2	12.7	9.45	9.68	4.77	—	1.39	1.19
Earnings yield	2.99%	1.68%	1.24%	2.13%	—	—	—	5.33%	—	35.4%	3.24%
FCF yield	5.99%	2.22%	3.17%	2.13%	-1.22%	-0.39%	0.53%	8.73%	—	52.2%	8.04%
PEG	—	—	—	—	—	—	—	—	—	—	13.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.9%	31%	35.6%	35.9%	4.58%	11.8%	11.6%	34.5%	36%	39.4%	43.4%
Operating margin	12.8%	17.3%	23.3%	18.8%	-12.2%	1.28%	-2.12%	21.6%	21.8%	26.9%	31.1%
Net margin	11.8%	14.9%	7.22%	15.7%	-21.6%	-3.75%	-13.3%	18.9%	13%	20.2%	18.9%
ROE	14.3%	19.7%	11.5%	23.5%	-19.3%	-4.35%	-21%	33.7%	25.3%	39.5%	38.1%
ROA	7.75%	7.01%	3.03%	3.32%	-3.38%	-0.76%	-3.01%	6.5%	4.96%	7.9%	7.45%
ROIC	24.9%	14.4%	11.8%	4%	-2.75%	0.35%	-0.62%	9.38%	9.28%	14.2%	15.8%
Return on tangible assets	8.63%	12.7%	4.97%	4.01%	-5.14%	-1.15%	-4.6%	9.84%	7.35%	11.7%	11.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.41	1.53	1.17	1.06	1.22	0.63	0.7	0.69	0.99	0.91	1.21
Quick ratio	1.4	1.52	1.16	1.05	1.22	0.62	0.69	0.69	0.99	0.91	1.2
Debt / equity	0.06	0.81	1.54	5.09	3.93	4	4.99	2.93	2.89	2.78	2.4
Debt / assets	0.03	0.29	0.41	0.72	0.69	0.7	0.71	0.56	0.57	0.56	0.54
Net debt / EBITDA	-1.69	0.59	1.51	8.92	238.1	19.1	30.6	3.85	3.59	2.49	2.05
Interest coverage	96.2	19.4	6.71	9.14	-3.28	-0.01	-2.93	14.9	16.1	22.7	24.9
Effective tax rate	26.6%	22.4%	40.8%	25%	0%	0%	0%	22.5%	34.6%	29.6%	32.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.3	4.06	4.93	5.44	4.8	5.66	6.15	9.44	76.7	82.4	86
EPS (basic)	2.92	4.43	2.54	6.22	-7.49	-1.5	-5.9	12.8	9.8	16.5	16.5
EPS (diluted)	2.84	4.24	2.49	5.94	-7.49	-1.5	-5.9	12.5	9.6	16	1.4
Book value per share	2.72	3.08	3.09	3.64	5.39	4.89	3.9	5.28	39.4	42.2	6.83
FCF per share	0.78	0.8	0.91	0.85	-0.55	-0.15	0.23	2.92	21.3	24.6	24.7
Cash per share	1.62	1.78	2.13	2.98	5.15	3.41	2.38	3.94	35.6	49.8	50.7
Capex per share	0.25	0.4	0.55	0.74	0.82	0.73	0.47	0.39	2.83	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	7.65%	9.95%	11.1%	13.6%	17.1%	13%	7.57%	4.09%	3.7%	—	—
Capex / operating cash flow	29.7%	38.1%	61.8%	48.2%	-187.2%	162.1%	-276.8%	14.1%	16%	—	—
Payout ratio	35.7%	24.9%	0%	37.4%	-30.8%	0%	-22.5%	0%	112.2%	76.4%	155.9%
Dividend yield	1.07%	0.42%	0%	0.8%	0.71%	0%	0.43%	0%	—	27%	8.04%

Yield

8.04%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.87

ex-dividend Sep 8, 2026

Payout ratio

156%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 8, 2026	$0.87
May 4, 2026	$1.30
Sep 9, 2025	$0.81
Apr 9, 2025	$0.97
Aug 14, 2024	$0.63
Dec 20, 2023	$0.93
Mar 23, 2022	$0.21
Jan 9, 2020	$0.34

Split history

Date	Ratio
May 25, 2018	4:1

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.3B	$5.6B	$5.3B	$857.2M	$907.5M	$6B	$5.4B	$6.4B	$7B	$6.5B	$6B	$7.1B
YoY change	+53.6%	+50.7%	+17.8%	-84.5%	-85.6%	+7.86%	+2.22%	+649.7%	+667.1%	+8.33%	+11.1%	+10.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.2B	3.6B	4.4B	6.1B	10.9B	7.7B	5.4B	9.1B	11.1B	15.3B
Receivables	141.6M	163M	195M	218M	404M	521M	1.1B	755M	817M	723M
Inventory	21.6M	24M	41M	57M	89M	88M	70M	59M	60M	57M
Total current assets	4.2B	5.8B	7B	18.3B	12.9B	9.6B	9.2B	12.1B	13.2B	17.4B
Property, plant & equipment	3.6B	4.4B	5B	26.7B	37.5B	38.9B	37B	33.1B	32.2B	31.8B
Goodwill & intangibles	1B	7.8B	9.4B	9.1B	22.3B	21.4B	21.3B	21.6B	20.3B	21.2B
Total assets	10B	17.5B	24B	53B	65.2B	63.3B	61.5B	63.5B	62.6B	64.8B
Accounts payable	584.7M	766M	890M	1.2B	1.2B	968M	1.2B	1B	983M	1B
Short-term debt	298.3M	131M	948M	11.6B	4.6B	9.9B	7.1B	7.7B	4.4B	8.9B
Total current liabilities	3B	3.8B	6B	17.3B	10.5B	15.3B	13.1B	17.4B	13.3B	19.1B
Long-term debt	—	4.9B	8.8B	26.6B	40.4B	34.3B	36.8B	28.2B	31B	27.2B
Total liabilities	4.6B	11.3B	17.7B	45.5B	53.7B	52.2B	52.7B	51.3B	50.3B	51.8B
Shareholders' equity	5.4B	6.2B	6.3B	7.5B	11.4B	11B	8.8B	12.2B	12.3B	13B
Total debt	298.3M	5.1B	9.8B	38.2B	45B	44.2B	43.9B	35.9B	35.4B	36.1B
Net debt	-2.9B	1.6B	5.5B	34.9B	38B	39B	40.3B	28.9B	28B	25.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.9B	9.1B	7.6B	1.2B	1.1B	11.1B	10.9B	12.4B	13.2B	15.3B	15.7B	15.6B
Receivables	1.1B	755M	812M	117.1M	121.6M	817M	854M	846M	972M	723M	787M	839M
Inventory	65M	59M	56M	8.5M	8.9M	60M	58M	62M	61M	57M	52M	52M
Total current assets	10.8B	12.1B	10.5B	1.6B	1.5B	13.2B	13.1B	15.7B	15.5B	17.4B	17.8B	17.8B
Property, plant & equipment	36.5B	33.1B	33.6B	4.6B	4.8B	32.2B	32.8B	32.3B	33B	31.8B	31.9B	32.2B
Goodwill & intangibles	21.5B	21.6B	21.3B	3B	3B	20.3B	20.7B	21.5B	21.4B	21.2B	20.8B	20.5B
Total assets	62.8B	63.5B	61.4B	8.7B	8.7B	62.6B	61.6B	64.8B	63.6B	64.8B	64.2B	63.6B
Accounts payable	937M	1B	900M	120.6M	144.5M	983M	838M	841M	915M	1B	962M	1B
Short-term debt	8B	7.7B	7.7B	542.5M	623.4M	4.4B	4.3B	10.1B	9.4B	8.9B	7.3B	4.5B
Total current liabilities	14.8B	17.4B	15B	1.7B	1.7B	13.3B	14.9B	19.4B	18.3B	19.1B	19.1B	14.7B
Long-term debt	30.4B	28.2B	28.4B	4.5B	4.5B	31B	30.8B	27.7B	27.8B	27.2B	28.5B	29.7B
Total liabilities	48.3B	51.3B	49B	6.9B	7B	50.3B	50.9B	52.5B	51.5B	51.8B	53.1B	49.4B
Shareholders' equity	14.5B	12.2B	12.4B	1.8B	1.7B	12.3B	10.6B	12.3B	12B	13B	11.1B	14.2B
Total debt	38.4B	35.9B	36.1B	5B	5.1B	35.4B	35.1B	37.8B	37.2B	36.1B	35.8B	34.2B
Net debt	32.6B	28.9B	30.2B	3.9B	4.1B	28B	26.9B	27.6B	30.1B	25.7B	23.4B	20B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	774M	1.2B	727M	1.8B	-2.2B	-480M	-1.8B	4.1B	3.1B	5.1B
Depreciation & amortization	695M	789M	891M	991M	1.4B	1.5B	1.5B	1.4B	1.3B	1.3B
Stock-based compensation	55M	66M	83M	110M	122M	109M	87M	143M	322M	420M
Change in working capital	40M	-69M	26M	-1.9B	-1.8B	-1.9B	-2.1B	-1.6B	-1.7B	-1.6B
Operating cash flow	1.7B	2.1B	1.8B	3.2B	-932M	1B	-379M	6.3B	5.5B	8.4B
Capital expenditure	-503M	-819M	-1.1B	-1.5B	-1.7B	-1.7B	-1B	-894M	-883M	—
Investing cash flow	-162M	-6.2B	-6.3B	-277M	-8.1B	-1.4B	-518M	-1.5B	-2.2B	-204M
Dividends paid	-276M	-306M	0	-658M	-678M	0	-416M	0	-3.5B	-3.9B
Share repurchases	0	0	—	0	0	0	-334M	-848M	-1.2B	-783M
Financing cash flow	-611M	4.2B	4.1B	4.1B	-1.1B	-4.3B	-3.4B	-7.2B	-5.9B	-6.6B
Net change in cash	920M	152M	-355M	7B	-10.1B	-4.6B	-4.3B	-2.3B	-2.6B	1.6B
Free cash flow	1.5B	1.6B	1.9B	1.8B	-1.2B	-333M	511M	6.8B	6.6B	7.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.4B	743M	667M	150.9M	182M	61M	899M	1.6B	1.5B	1.2B	819M	1.6B
Depreciation & amortization	358M	312M	345M	47M	46.3M	321M	319M	317M	319M	302M	292M	318M
Stock-based compensation	44M	38M	58M	15.6M	11.1M	73M	77M	170M	92M	81M	86M	179M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	1.6B	3.5B	1.1B	379.9M	231.3M	1.6B	1.1B	2.7B	1.7B	3.4B	233M	3.4B
Capital expenditure	—	—	—	—	—	—	—	-189M	-204M	—	-182M	-167M
Investing cash flow	-1.9B	35M	629M	76.5M	52.8M	-2.9B	997M	239M	-3B	1.2B	1.4B	1.8B
Dividends paid	0	—	-2.1B	0	-195.7M	0	0	-2.1B	-1.8B	0	—	-2.8B
Share repurchases	0	—	-544M	-18.4M	-69.9M	0	-430M	-13M	-3M	-337M	0	-1.9B
Financing cash flow	-613M	-642M	-2.3B	-154.1M	-296.4M	-114M	-628M	-709M	-1.8B	-4.8B	416M	-3.2B
Net change in cash	-856M	2.9B	-553M	302.4M	-12.3M	-1.4B	1.5B	2.2B	-3.2B	-133M	2.1B	2B
Free cash flow	985M	2.1B	605M	283.3M	209.1M	2.5B	340M	2.5B	1.5B	3.2B	51M	3.2B

H World Group Limited ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement