The strong earnings beat and raised guidance suggest continued momentum in the Chinese and European lodging markets. Traders should monitor the company's ability to maintain its M&F revenue growth guidance of 12%-16% for 2026, as this is a key driver of its asset-light expansion strategy.
Price Chart
Executive Summary
H World Group reported strong financial performance for 2025, with revenue and net income significantly exceeding guidance and prior year levels. The company's core Legacy-Huazhu segment showed robust growth, while the Legacy-DH segment also improved. The company declared a substantial $400 million dividend and provided optimistic guidance for 2026, signaling confidence in its continued expansion and profitability.
Key Facts
- Net income attributable to H World Group Limited was RMB1.2 billion (US$168 million) in Q4 2025, a 2,347% increase from Q4 2024 (RMB49 million) and up from RMB1.5 billion in Q3 2025.
- Full-year 2025 net income was RMB5.1 billion (US$726 million), a 69% increase from 2024 (RMB3.0 billion).
- Revenue for full-year 2025 was RMB25.3 billion (US$3.6 billion), up 5.9% from 2024, surpassing the guided 2-6% growth range.
- Adjusted EBITDA for full-year 2025 was RMB8.5 billion (US$1.2 billion), a 25% increase from 2024 (RMB6.8 billion).
- The company declared a $400 million cash dividend for the second half of 2025.
Financial Impact
The company's net income for 2025 increased by 69% to $726 million, and revenue grew 5.9% to $3.6 billion, both exceeding guidance. A $400 million dividend was declared.
Risk Factors
- The Legacy-DH segment's revenue declined 1.8% for the full year 2025, indicating ongoing challenges in the European market.
- The company's guidance for 2026 revenue growth (2%-6%) is lower than its 2025 performance, suggesting potential headwinds.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-048058 |
| Document: htht-20251231xex8d1.htm | 0001104659-26-048058 |
| Document: htht-20251231xex2d5.htm | 0001104659-26-048058 |
| Document: htht-20251231xex12d1.htm | 0001104659-26-048058 |
| Document: htht-20251231xex12d2.htm | 0001104659-26-048058 |
| Document: htht-20251231xex13d1.htm | 0001104659-26-048058 |
| Document: htht-20251231xex15d2.htm | 0001104659-26-048058 |
| Document: htht-20251231xex15d1.htm | 0001104659-26-048058 |
| Document: 0001104659-26-048058-index-headers.html | 0001104659-26-048058 |
| Document: 0001104659-26-048058-index.html | 0001104659-26-048058 |
| Document: 0001104659-26-048058.txt | 0001104659-26-048058 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 15, 2026 23w ago | 6-K | — | awaiting T+20 | — | — |
May 11, 2026 24w ago | 6-K | — | awaiting T+20 | — | — |
May 4, 2026 25w ago | 6-K | — | awaiting T+20 | — | — |
Apr 24, 2026 26w ago | 20-F | — | awaiting T+20 | — | — |
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