Companies /Consumer Cyclical

H World Group Ltd

NASDAQ: HTHT Lodging
$47.78
▼ $1.25 (−2.55%) today
Markets open · 4:08pm ET

Q4 2025 Earnings

Reported Mar 18, 2026, 7:30am ET · SEC source
$0.05
Miss −97.94%
EPS · est. $2.43
$6.5B
Beat +2.06%
Revenue · est. $6.4B
+4.6%
Beating market
HTHT vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Mar 18Mar 19report 7:30am ETearnings−2.5%−5.3%
−8%−4%0Mar 18Mar 19earnings−2.5%−5.3%
HTHT −5.3%S&P 500 −2.5%
−8%−4%0Mar 18Mar 19report 7:30am ETearnings−2.8%−5.3%
−8%−4%0Mar 18Mar 19earnings−2.8%−5.3%
HTHT −5.3%NASDAQ −2.8%
−9%−6%−3%0Mar 17Mar 26report 7:30am ETearnings−3.2%−8.8%
−9%−6%−3%0Mar 17Mar 26earnings−3.2%−8.8%
HTHT −8.8%S&P 500 −3.2%
−9%−6%−3%0Mar 17Mar 26report 7:30am ETearnings−4.0%−8.8%
−9%−6%−3%0Mar 17Mar 26earnings−4.0%−8.8%
HTHT −8.8%NASDAQ −4.0%
−3.78%
Day of report
+0.70%
Next session
−1.93%
One week
+11.70%
30 days

S&P 500 over the same 30 days: +7.15%.

Did HTHT Beat Earnings? Q4 2025 Results

H World Group delivered a standout fourth quarter for fiscal 2025, posting revenue of $6.53 billion, up 8.3% year-over-year, and earnings per share of $0.05, with results clearing the company's own guidance range of 2%-6% growth across key metrics. The headline driver was a dramatic margin expansion story: Q4 operating margin surged to 29.1% from just 15.0% a year earlier, fueled by the ongoing asset-light transformation that pushed management and franchise revenue to 56.2% of Legacy-Huazhu segment sales, up from 49.3% in fiscal 2024. Net income attributable to the company rocketed to $1.17 billion in the quarter, compared to just $49.00 million in the prior-year period, with Legacy-DH swinging to an Adjusted EBITDA of $329.00 million from a loss of $247.00 million. <a href="https://247wallst.com/investing/2026/03/09/h-world-netflix-and-jd-com-are-getting-fresh-analyst-coverage-across-global-consumer-markets/">Analysts covering H World</a> will now parse guidance calling for 2%-6% total revenue growth in fiscal 2026, with M&F revenue expected to climb 12%-16% as the company targets 2,200-2,300 new hotel openings.

Key Takeaways
  • Asset-light M&F model transformation driving operating margin expansion from 15.0% to 29.1% YoY in Q4
  • M&F revenue grew 21.0% YoY in Q4, now 56.2% of Legacy-Huazhu revenue vs 49.3% prior year
  • Rapid network expansion with 2,444 new hotels opened in FY2025
  • RevPAR returned to positive YoY growth in Q4 for Legacy-Huazhu at 2.0%
  • Legacy-DH turnaround with Adjusted EBITDA swinging from -RMB247M to +RMB329M in Q4
  • Hotel operating costs as percentage of revenue declined in both segments
  • SG&A expenses declined 9.5% YoY in Q4

“2025 marked our 20th anniversary. I am pleased to see that we opened a total of 2,444 new hotels throughout the year, representing another year of rapid network expansion. More importantly, driven by our ongoing product upgrades and a series of revenue management optimization initiatives, our RevPAR year-on-year performance started to improve from the third quarter and returned to positive growth in the fourth quarter. Looking ahead, we will continue to pursue high-quality hotel network expansion, strengthen our brand positioning and 'service excellence', enhance member-centric sales capabilities underpinned by the H Rewards membership program, and further deepen technology and AI empowerment.”

H World Group CEO, on the earnings call

Forward Guidance & Outlook

For FY2026, H World expects total revenue growth of 2%-6% compared to FY2025, or 5%-9% excluding DH. M&F revenue growth is expected in the range of 12%-16%. The company expects to open 2,200-2,300 hotels and close 600-700 hotels during FY2026.

HTHT YoY Financials

Revenue$6.5B
Operating Income$1.9B
Net Income$1.2B

HTHT Revenue by Segment

Legacy-Huazhu$5.2B+9.1%
Leased and owned hotels$3.3B−3.2%
Manachised and franchised hotels$3.0B+21.0%
Legacy-DH$1.3B+5.3%
Legacy-DH (Steigenberger Hotels GmbH)
Legacy-DH (Steigenberger Hotels)

HTHT Revenue by Geography

China

Figures from SEC filings and company reports. Not investment advice.