Q3 25 EPS
$4.76
BEAT +0.10%
Est. $4.76
Q3 25 Revenue
$6.96B
BEAT +3.13%
Est. $6.75B
vs S&P Since Q3 25
-14.7%
TRAILING MARKET
HTHT -4.5% vs S&P +10.2%
Market Reaction
Did HTHT Beat Earnings? Q3 2025 Results
H World Group closed out Q3 2025 with a decisive beat on both the top and bottom lines, reporting revenue of $6.96 billion, up 8.1% year-over-year and ahead of the $6.75 billion consensus by 3.13%, while adjusted diluted EPS of $4.76 per ADS edged pa… Read more H World Group closed out Q3 2025 with a decisive beat on both the top and bottom lines, reporting revenue of $6.96 billion, up 8.1% year-over-year and ahead of the $6.75 billion consensus by 3.13%, while adjusted diluted EPS of $4.76 per ADS edged past the $4.76 estimate. The headline driver was the company's accelerating shift toward an asset-light model, with manachised and franchised revenue surging 27.2% year-over-year to $3.31 billion, well above the company's own guided range of 20%-24% growth, and helping lift operating margin to 29.4% from 26.7% a year ago. That structural pivot is drawing attention from analysts watching growth stocks closely, with Benchmark raising its price target to $52 post-results. Some softness persisted in China's domestic lodging market, where same-hotel RevPAR for mature Legacy-Huazhu properties slipped 4.7% year-over-year, though aggressive network expansion, 749 new hotel openings in the quarter alone, more than offset that pressure. For Q4 2025, management guided total revenue growth of 2%-6%, with M&F revenue growth of 17%-21%.
Key Takeaways
- • Continued M&F hotel network expansion driving 27.2% M&F revenue growth
- • Asset-light strategy shifting revenue mix toward higher-margin franchise fees
- • Operating margin improved to 29.4% from 26.7% YoY
- • 749 new hotel openings in Q3 2025, over 2,000 YTD
- • Legacy-DH RevPAR increased 6.4% YoY driven by 4.6 percentage-point occupancy gain
- • SG&A expenses decreased 9.3% YoY
HTHT YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
HTHT Revenue by Segment
With YoY comparisons, source: SEC Filings
HTHT Revenue by Geography
Regional revenue distribution
“In the third quarter, our robust network expansion under our asset-light strategy, combined with a largely stable year-over-year RevPAR, drove our revenue above the high end of our guidance and supported a strong operating profit growth. The addition of 749 new hotels in the third quarter has brought our total new hotels openings to over 2,000 year-to-date, maintaining a clear path to achieve our target of 2,300 gross new openings for the full year of 2025. Moving forward, we will continue to focus building on our core competencies, pursuing high-quality network growth and market share gain, and strengthening our brand positioning and service excellence. Our confidence in China's hospitality future remains unwavering.”
— Jin Hui, Q3 2025 Earnings Press Release
HTHT Earnings Trends
HTHT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HTHT EPS Trend
Earnings per share: estimate vs actual
HTHT Revenue Trend
Quarterly revenue: estimate vs actual
HTHT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $3.89 | $0.34 | -91.27% | $869.0M | -85.29% |
| Q4 25 MISS FY | $2.43 | $0.05 | -97.94% | $6.53B | +2.06% |
| FY Full Year | — | $0.96 | — | $25.31B | — |
| Q3 25 BEAT | $4.76 | $4.76 | +0.10% | $6.96B | +3.13% |
| Q2 25 BEAT | $4.12 | $4.85 | +17.76% | $897.0M | -85.72% |
| Q1 25 MISS | $3.02 | $2.85 | -5.53% | $5.40B | -2.53% |