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HTHT

H World Group Limited

HTHT

H World Group Limited • NASDAQ
$46.10 ▼ -0.99% (-0.46)
Market Cap $14.17 B
52w High $46.77
52w Low $30.13
Dividend Yield 1.78%
P/E 27.44
Volume 452.26K
Outstanding Shares 307.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.961B ▲ $851M ▼ $1.469B ▼ 21.103% ▼ $4.8 ▼ $2.525B ▼
Q2-2025 $6.426B ▲ $887M ▲ $1.544B ▲ 24.027% ▲ $5 ▲ $2.536B ▲
Q1-2025 $5.395B ▼ $709M ▼ $894M ▲ 16.571% ▲ $2.9 ▲ $1.668B ▲
Q4-2024 $6.023B ▼ $1.236B ▲ $49M ▼ 0.814% ▼ $0.16 ▼ $1.088B ▼
Q3-2024 $6.442B $920M $1.273B 19.761% $4.1 $2.068B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.156B ▲ $63.552B ▼ $51.529B ▼ $11.88B ▼
Q2-2025 $12.45B ▲ $64.779B ▲ $52.486B ▲ $12.153B ▲
Q1-2025 $10.866B ▼ $61.559B ▼ $50.937B ▲ $10.495B ▼
Q4-2024 $11.077B ▲ $62.552B ▲ $50.281B ▲ $12.177B ▲
Q3-2024 $7.982B $62.039B $49.823B $12.132B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.472B ▼ $1.697B ▼ $-3.046B ▼ $-1.813B ▼ $-3.249B ▼ $1.493B ▼
Q2-2025 $1.559B ▲ $2.659B ▲ $239M ▼ $-709M ▼ $2.21B ▲ $2.47B ▲
Q1-2025 $899M ▲ $580M ▼ $757M ▲ $-628M ▼ $781M ▲ $340M ▼
Q4-2024 $49M ▼ $2.808B ▲ $-3.144B ▼ $-100.592M ▲ $-736.391M ▼ $2.606B ▲
Q3-2024 $1.245B $1.617B $156.202M $-2.013B $55.827M $1.418B

Revenue by Products

Product Q3-2022Q4-2022
Central Reservation System Usage Fees Other System Maintenance And Support Fees
Central Reservation System Usage Fees Other System Maintenance And Support Fees
 $940.00M ▲$320.00M ▼
Food and Beverage Revenues
Food and Beverage Revenues
 $750.00M ▲$300.00M ▼
Initial One Time Franchise Fee
Initial One Time Franchise Fee
 $80.00M ▲$30.00M ▼
Leased And Owned Hotels
Leased And Owned Hotels
 $6.70Bn ▲$2.45Bn ▼
Manachised And Franchised Hotels
Manachised And Franchised Hotels
 $3.25Bn ▲$1.16Bn ▼
On Going Management And Service Fees
On Going Management And Service Fees
 $1.00Bn ▲$370.00M ▼
Other Fees
Other Fees
 $420.00M ▲$140.00M ▼
Other Leased And Owned Hotels Revenues
Other Leased And Owned Hotels Revenues
 $330.00M ▲$190.00M ▼
Reimbursements For Hotel Manager Fees
Reimbursements For Hotel Manager Fees
 $810.00M ▲$300.00M ▼
Room Revenues
Room Revenues
 $5.61Bn ▲$1.96Bn ▼
Service Other
Service Other
 $210.00M ▲$100.00M ▼

Five-Year Company Overview

Income Statement

Income Statement H World’s income statement shows a clear recovery story turning into healthy profitability. Sales have grown steadily over the past five years, moving well above pre‑pandemic levels. Profitability swung from losses during the travel downturn to solid operating and net profits in the last three years. Margins have improved sharply as occupancy and pricing recovered, and as the asset‑light model scales. The only nuance is that earnings in the most recent year are a bit lower than the prior year, suggesting that some earlier profit strength may have included one‑off benefits or unusually strong rebound dynamics. Overall, the business looks structurally profitable again, but still exposed to normal travel cycles and China’s macro backdrop.

Balance Sheet

Balance Sheet The balance sheet is relatively stable in size, with total assets holding broadly steady over the last several years. Cash levels have rebuilt nicely from earlier lows, giving the company more financial flexibility than it had during the pandemic. Debt remains significant, meaning leverage is still an important consideration, but total borrowing has started to edge down rather than up. Shareholders’ equity has been rebuilding after earlier pressure, reflecting the return to profitability. In plain terms: H World still carries a sizable debt load but appears to be gradually de‑risking, supported by stronger earnings and cash.

Cash Flow

Cash Flow Cash flow has become a clear strength. Operating cash generation has improved from very weak levels during the downturn to solid, consistent inflows in the most recent years. After funding investment in new and upgraded hotels, the company is now regularly producing healthy free cash flow instead of burning cash as it did at the height of the pandemic. Capital spending is meaningful but disciplined, fitting an asset‑light model where partners fund much of the physical expansion. The pattern suggests a business that can both grow and self‑fund a good portion of that growth, as long as trading conditions remain supportive.

Competitive Edge

Competitive Edge H World holds a powerful position in China’s lodging market, supported by scale, brand depth, and technology. Its large network of hotels across many city tiers gives it broad reach and strong brand recognition. The asset‑light “manachise” and franchise model allows rapid expansion with relatively low capital intensity, reinforcing margins and flexibility. The huge H Rewards loyalty program is a major moat: it channels a high share of bookings directly, lowers dependence on online travel agents, and encourages repeat stays. A wide portfolio of brands from economy to upscale and luxury lets the group serve many customer segments and travel occasions. Risks include intense competition, macro and regulatory uncertainty in China, and the challenge of managing both domestic and international brands at scale, but the current competitive footing is strong.

Innovation and R&D

Innovation and R&D Innovation is a core pillar for H World. The company has built its own end‑to‑end digital platform covering property management, reservations, procurement, and revenue optimization, which helps standardize operations and extract efficiencies across thousands of hotels. It is actively layering in AI tools, from guest‑facing assistants in its app and smart in‑room controls to back‑office systems that automate housekeeping and maintenance scheduling. This technology focus not only improves the guest experience but also helps franchisees run properties more efficiently. Looking ahead, the “Vision 2030” plan signals continued investment in digital capabilities, brand upgrades, and international growth, especially in Europe and parts of Asia. Execution risk is real—large expansion targets and cross‑border integration are complex—but the company is clearly acting as a technology‑driven hotel platform rather than a traditional brick‑and‑mortar owner.

Summary

Overall, H World has transitioned from a pandemic‑hit operator to a structurally profitable, cash‑generating hotel platform. Revenues and margins have recovered strongly, free cash flow is solid, and the balance sheet, while leveraged, is slowly improving. Its competitive edge comes from scale in China, an asset‑light model, a massive loyalty ecosystem, and strong technology infrastructure. Future upside potential is tied to executing its ambitious expansion goals and deepening its digital advantages, while key risks lie in travel cyclicality, China’s economic and regulatory environment, integration of international assets, and maintaining service quality across a rapidly growing network. The business today looks fundamentally healthier and more resilient than it did in the early 2020s, but still sensitive to external shocks in travel demand and policy.

NEWS

November 17, 2025 · 7:00 AM UTC

H World Group Reports Solid Q3 2025 Results with Enhanced Profitability and Continued Network Expansion

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November 17, 2025 · 6:15 AM UTC

H World Group Limited Reports Third Quarter of 2025 Unaudited Financial Results

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November 3, 2025 · 8:04 AM UTC

H World Group Marks 20th Anniversary and Unveils Quality-Driven Growth Strategy

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September 20, 2025 · 6:47 AM UTC

H World Takes JI Hotel Brand to Malaysia and Cambodia, Strengthening Southeast Asia Presence

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