Filing Flows › Intercontinental Hotels Group (IHG) › H1 2026 › vs H2 2025
Intercontinental Hotels Group (IHG) H1 2026 vs H2 2025 (quarter over quarter)
Intercontinental Hotels Group's revenue fell $11.0M (-0.4%) from $2.7B in H2 2025 to $2.7B in H1 2026. Operating margin 25.2% against 21.5% (+3.7 pts).
Intercontinental Hotels Group, H1 2026: revenue $2.7B (+6% year over year), operating margin 25.2%, net earnings $425M, operating cash flow $355M. The chart draws each line against H2 2025, the increases inside each band.
Margins
| H1 2026 | H2 2025 | Change | |
|---|---|---|---|
| Operating margin | 25.2% | 21.5% | +3.7 pts |
| Net margin | 16.0% | 10.9% | +5.1 pts |
| Free cash flow margin | 13.0% | 21.3% | -8.3 pts |
Every line
| Line | H1 2026 | H2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $2.7B | $2.7B | −$11.0M | -0.4% |
| Operating profit | $671M | $575M | $96.0M | +17% |
| Costs & expenses | $2.0B | $2.1B | −$107M | -5% |
| Pre-tax earnings | $578M | $441M | $137M | +31% |
| Other expense, net | $93.0M | $134M | −$41.0M | -31% |
| Net earnings | $425M | $290M | $135M | +47% |
| Income tax | $153M | $151M | $2.0M | +1% |
| Working capital & other | $70.0M | −$296M | $366M | — |
| Operating cash flow | $355M | $586M | −$231M | -39% |
| Free cash flow (OCF − capex) | $345M | $569M | −$224M | -39% |
| Capital expenditures | $10.0M | $17.0M | −$7.0M | -41% |
Questions
How much did Intercontinental Hotels Group's revenue grow quarter over quarter in H1 2026?
Intercontinental Hotels Group's revenue fell $11.0M (-0.4%) from $2.7B in H2 2025 to $2.7B in H1 2026. Operating margin 25.2% against 21.5% (+3.7 pts).