InterContinental Hotels Group (IHG) Q3 2026 TU earnings summary

Executive summary

• Q3 global RevPAR grew 5.3%; YTD growth was 4.6% at CER and 5.7% at AER, with rate and occupancy contributing.

• Net system growth reached 4.9% YoY; 2026 is expected to be the fifth consecutive year of accelerating net growth.

• FY26 consensus expectations remain achievable; stronger Q3 trading may lift consensus modestly, with RevPAR gains expected to flow through to EBIT and EPS.

Financial highlights

• Q3 ADR rose 3.9% and occupancy increased 0.9 percentage points; comparable rooms revenue grew 10% for Groups, 5% for Leisure and 4% for Business.

• Current FY26 consensus: global RevPAR growth 3.5%, net system growth 4.8% and EPS of $5.79; Q3 outperformance may lift earnings modestly.

• Medium-to-long-term targets average high-single-digit annual fee revenue growth, ~10% EBIT growth and 12%-15% adjusted EPS growth; FY26 adjusted EPS growth expected at the upper end of the range.

Outlook and guidance

• FY26 consensus expectations are considered achievable; Q4 is expected to be a seasonally strong openings quarter, and no ceiling was placed on net system growth.

• FY26 adjusted interest expense is expected at $230m-$240m; 2027 adjusted interest expense is expected to increase $40m-$60m pre-tax, without changing the EPS growth algorithm.

• China Q4 is expected to be better than Q3, with positive FY26 RevPAR; no specific Q4 or 2027 guidance was given.