InterContinental Hotels Group PLC (IHG) Balance Sheet

NYSE: IHGAssets, liabilities, debt and equity over 10 years.

IHG balance sheet, 2025

December 31, 2025 · U.S. dollars

$5.34B assets = $8.08B liabilities + −$2.74B equity

Liabilities exceed assets: shareholders’ equity is negative (−$2.74B).

Both columns are drawn to the same scale: what IHG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

IHG financial health

Current ratio0.98

Tight · current assets cover current liabilities 0.98×

Equity / assets−51.3%

Thin equity · of assets funded by shareholders

Cash / debt24.5%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles21.6%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

IHG balance sheet trends, 2016–2025

InterContinental Hotels Group PLC balance sheet trends
Metric	Then	Latest	Change
Total assets	$2.93B2016	$5.34B2025	+6.9%/yr
Total liabilities	$3.69B2016	$8.08B2025	+9.1%/yr
Shareholders’ equity	−$767.0M2016	−$2.74B2025	—
Cash & short-term investments	$226.0M2016	$1.13B2025	+19.6%/yr
Total debt	$1.71B2016	$4.62B2025	+11.7%/yr
Net cash (debt)	−$1.49B2016	−$3.49B2025	−$2.0B
Working capital	−$356.0M2016	−$51.0M2025	+$305.0M
Book value per share	−$3.942016	−$17.592025	—
Current ratio	0.692016	0.982025	+0.29
Shares outstanding	194.6M2016	155.8M2025	−2.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

IHG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

IHG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

IHG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

IHG balance sheet

InterContinental Hotels Group PLC annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.13B	$1.01B	$1.33B	$976.0M	$1.45B	$1.63B	$199.0M	$705.0M	$184.0M	$226.0M
Cash & equivalents	$1.13B	$1.01B	$1.27B	$976.0M	$1.45B	$1.63B	$195.0M	$704.0M	$168.0M	$206.0M
Short-term investments	$3.0M	$7.0M	$7.0M	−$346.0M	$2.0M	$1.0M	$4.0M	$1.0M	$16.0M	$20.0M
Receivables	$880.0M	$752.0M	$615.0M	$524.0M	$429.0M	$334.0M	$575.0M	$661.0M	$636.0M	$477.0M
Inventory	$5.0M	$4.0M	$5.0M	$4.0M	$4.0M	$5.0M	$6.0M	$5.0M	$3.0M	$3.0M
Other current assets	$32.0M	$98.0M	$180.0M	$174.0M	$181.0M	$277.0M	$155.0M	$5.0M	$40.0M	$72.0M
Total current assets	$2.05B	$1.87B	$2.13B	$1.68B	$2.07B	$2.24B	$935.0M	$1.38B	$863.0M	$778.0M
Property, plant & equipment (net)	$417.0M	$422.0M	$423.0M	$437.0M	$411.0M	$504.0M	$799.0M	$447.0M	$425.0M	$419.0M
Goodwill & intangible assets	$1.16B	$1.04B	$1.10B	$1.14B	$1.20B	$1.29B	$1.38B	$1.46B	$1.47B	$858.0M
Long-term investments	$0	$0	$0	$0	$0	$0	$394.0M	$364.0M	$369.0M	$359.0M
Other non-current assets	$1.72B	$1.42B	$1.16B	$957.0M	$1.04B	$999.0M	$472.0M	$110.0M	$0	$513.0M
Total assets	$5.34B	$4.75B	$4.81B	$4.22B	$4.72B	$5.04B	$3.98B	$3.75B	$3.01B	$2.93B
Liabilities
Accounts payable	$676.0M	$650.0M	$127.0M	$152.0M	$109.0M	$80.0M	$90.0M	$618.0M	$595.0M	$526.0M
Short-term debt	$506.0M	$424.0M	$654.0M	$81.0M	$327.0M	$903.0M	$152.0M	$120.0M	$154.0M	$106.0M
Deferred revenue	—	—	$752.0M	$3.0M	$617.0M	$485.0M	$666.0M	$94.0M	$67.0M	$56.0M
Total current liabilities	$2.10B	$1.93B	$2.19B	$1.54B	$1.62B	$1.87B	$1.39B	$1.37B	$1.28B	$1.13B
Long-term debt	$4.10B	$3.26B	$2.96B	$2.74B	$2.94B	$3.31B	$2.67B	$2.52B	$1.89B	$1.61B
Lease obligations	$406.0M	$414.0M	$426.0M	$427.0M	$419.0M	$450.0M	$660.0M	$235.0M	$231.0M	$227.0M
Other long-term liabilities	$1.88B	$1.86B	$1.61B	$1.54B	$1.63B	$1.71B	$1.38B	$935.0M	$1.14B	$946.0M
Total liabilities	$8.08B	$7.06B	$6.76B	$5.82B	$6.19B	$6.89B	$5.44B	$4.83B	$4.31B	$3.69B
Shareholders' equity
Common stock & paid-in capital	$145.0M	$137.0M	$141.0M	$137.0M	$53.0M	$53.0M	$52.0M	$146.0M	$154.0M	$141.0M
Retained earnings (deficit)	−$302.0M	$34.0M	$396.0M	$607.0M	$904.0M	$568.0M	$809.0M	$1.17B	$951.0M	$1.39B
Treasury stock	—	—	—	—	−$22.0M	—	−$5.0M	−$4.0M	−$5.0M	−$11.0M
Accumulated other comprehensive income	−$2.58B	−$2.42B	−$2.49B	−$2.36B	−$2.54B	−$2.58B	−$2.43B	−$2.39B	−$2.41B	−$2.29B
Minority interest	$5.0M	$4.0M	$4.0M	$7.0M	—	—	—	—	—	—
Total shareholders' equity	−$2.74B	−$2.31B	−$1.95B	−$1.61B	−$1.48B	−$1.86B	−$1.47B	−$1.08B	−$1.31B	−$767.0M
Key figures
Total debt	$4.62B	$3.69B	$3.59B	$2.82B	$3.26B	$4.22B	$2.83B	$2.65B	$2.02B	$1.71B
Net cash (debt)	−$3.49B	−$2.67B	−$2.26B	−$1.85B	−$1.81B	−$2.59B	−$2.63B	−$1.94B	−$1.83B	−$1.49B
Working capital	−$51.0M	−$59.0M	−$61.0M	$134.0M	$442.0M	$376.0M	−$452.0M	$6.0M	−$417.0M	−$356.0M
Tangible book value	−$3.90B	−$3.35B	−$3.05B	−$2.76B	−$2.68B	−$3.15B	−$2.85B	−$2.53B	−$2.77B	−$1.62B
Book value per share	−$17.59	−$14.17	−$11.47	−$8.78	−$8.05	−$10.20	−$8.01	−$5.61	−$7.10	−$3.94
Shares outstanding	155.8M	163.1M	170.0M	184.0M	184.0M	182.0M	184.0M	192.0M	184.3M	194.6M
Current ratio	0.98	0.97	0.97	1.09	1.27	1.20	0.67	1.00	0.67	0.69
Quick ratio	0.96	0.92	0.89	0.97	1.16	1.05	0.56	1.00	0.64	0.62
Equity / assets	−51.3%	−48.7%	−40.5%	−38.3%	−31.4%	−36.9%	−37.0%	−28.7%	−43.5%	−26.2%

InterContinental Hotels Group PLC quarterly balance sheet
	Jun '26	Dec '25	Jun '25	Dec '24	Jun '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22	Jun '22
Assets
Cash & short-term investments	$831.0M	$1.13B	$619.0M	$1.01B	$858.0M	$1.27B	$1.33B	$713.0M	$713.0M	$976.0M	$976.0M	$1.36B
Cash & equivalents	$825.0M	$1.13B	$611.0M	$1.01B	$851.0M	$1.27B	$1.32B	$710.0M	$710.0M	$976.0M	$976.0M	$1.36B
Short-term investments	$6.0M	$3.0M	$8.0M	$7.0M	$7.0M	$7.0M	$7.0M	$3.0M	$3.0M	−$346.0M	—	−$328.0M
Receivables	$993.0M	$880.0M	$1.03B	$752.0M	$918.0M	$615.0M	$615.0M	$827.0M	$809.0M	$524.0M	$524.0M	$732.0M
Inventory	$4.0M	$5.0M	$4.0M	$4.0M	$4.0M	$5.0M	$5.0M	$4.0M	$4.0M	$4.0M	$4.0M	$4.0M
Other current assets	$48.0M	$32.0M	$0	$98.0M	$19.0M	$236.0M	$180.0M	$5.0M	$23.0M	$174.0M	$174.0M	$5.0M
Total current assets	$1.88B	$2.05B	$1.66B	$1.87B	$1.80B	$2.13B	$2.13B	$1.55B	$1.55B	$1.68B	$1.68B	$2.10B
Property, plant & equipment (net)	$394.0M	$417.0M	$417.0M	$422.0M	$430.0M	$423.0M	$426.0M	$428.0M	$428.0M	$437.0M	$437.0M	$408.0M
Goodwill & intangible assets	$1.14B	$1.16B	$1.17B	$1.04B	$1.07B	$1.10B	$1.10B	$1.45B	$1.12B	$1.14B	$1.14B	$1.16B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.82B	$1.72B	$1.69B	$1.42B	$1.28B	$1.16B	$1.16B	$723.0M	$1.06B	$957.0M	$957.0M	$991.0M
Total assets	$5.23B	$5.34B	$4.94B	$4.75B	$4.58B	$4.81B	$4.81B	$4.15B	$4.15B	$4.22B	$4.22B	$4.66B
Liabilities
Accounts payable	$769.0M	$676.0M	$715.0M	$650.0M	$625.0M	$127.0M	$127.0M	$605.0M	$605.0M	$152.0M	$152.0M	$518.0M
Short-term debt	$1.08B	$506.0M	$474.0M	$424.0M	$624.0M	$654.0M	$624.0M	$96.0M	$69.0M	$81.0M	$55.0M	$303.0M
Deferred revenue	—	—	$841.0M	—	$773.0M	$1.41B	—	$778.0M	—	$681.0M	—	$658.0M
Total current liabilities	$2.82B	$2.10B	$2.10B	$1.93B	$2.12B	$2.19B	$2.19B	$1.49B	$1.49B	$1.54B	$1.54B	$1.56B
Long-term debt	$3.10B	$4.10B	$3.63B	$3.26B	$2.95B	$2.96B	$0	$2.84B	$0	$2.74B	$0	$2.74B
Lease obligations	$394.0M	$406.0M	$406.0M	$414.0M	$435.0M	$426.0M	—	$428.0M	—	$427.0M	—	$427.0M
Other long-term liabilities	$2.28B	$1.88B	$1.85B	$1.86B	$1.70B	$1.61B	$4.57B	$1.64B	$4.48B	$1.54B	$4.28B	$1.54B
Total liabilities	$8.20B	$8.08B	$7.58B	$7.06B	$6.78B	$6.76B	$6.76B	$5.97B	$5.97B	$5.82B	$5.82B	$5.84B
Shareholders' equity
Common stock & paid-in capital	$142.0M	$145.0M	$149.0M	$137.0M	$139.0M	$141.0M	$46.0M	$142.0M	$142.0M	$137.0M	$46.0M	$138.0M
Retained earnings (deficit)	−$620.0M	−$302.0M	−$224.0M	$34.0M	$130.0M	$396.0M	$396.0M	$477.0M	$477.0M	$607.0M	$607.0M	$989.0M
Accumulated other comprehensive income	−$2.50B	−$2.58B	−$2.57B	−$2.42B	−$2.47B	−$2.49B	−$2.49B	−$2.44B	−$2.44B	−$2.36B	−$2.36B	−$2.31B
Minority interest	$4.0M	$5.0M	—	$4.0M	—	—	—	—	—	—	—	—
Total shareholders' equity	−$2.98B	−$2.74B	−$2.64B	−$2.31B	−$2.20B	−$1.95B	−$1.95B	−$1.82B	−$1.82B	−$1.61B	−$1.61B	−$1.18B
Key figures
Total debt	$4.55B	$4.62B	$4.10B	$3.69B	$3.58B	$3.59B	$3.59B	$2.94B	$2.93B	$2.82B	$2.81B	$3.04B
Net cash (debt)	−$3.72B	−$3.49B	−$3.48B	−$2.67B	−$2.72B	−$2.32B	−$2.26B	−$2.23B	−$2.22B	−$1.85B	−$1.83B	−$1.68B
Working capital	−$948.0M	−$51.0M	−$441.0M	−$59.0M	−$324.0M	−$61.0M	−$61.0M	$60.0M	$60.0M	$134.0M	$134.0M	$546.0M
Tangible book value	−$4.11B	−$3.90B	−$3.82B	−$3.35B	−$3.27B	−$3.05B	−$3.05B	−$3.28B	−$2.94B	−$2.76B	−$2.76B	−$2.34B
Book value per share	−$19.71	−$17.82	−$16.76	−$14.35	−$13.37	−$11.75	−$11.75	−$10.48	−$10.48	−$9.02	−$9.02	−$6.38
Shares outstanding	151.1M	153.8M	157.8M	161.1M	164.9M	166.0M	166.0M	174.0M	174.0M	179.0M	179.0M	185.0M
Current ratio	0.66	0.98	0.79	0.97	0.85	0.97	0.97	1.04	1.04	1.09	1.09	1.35
Quick ratio	0.65	0.96	0.79	0.92	0.84	0.86	0.89	1.03	1.02	0.97	0.97	1.35
Equity / assets	−57.0%	−51.3%	−53.5%	−48.7%	−48.2%	−40.5%	−40.5%	−43.9%	−43.9%	−38.3%	−38.3%	−25.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

IHG financial position

At the end of fiscal 2025 (December 31, 2025), InterContinental Hotels had total assets of $5.3 billion (up 12.6% from a year earlier), total liabilities of $8.1 billion and shareholders' equity of -$2.7 billion. It held $1.1 billion in cash and short-term investments against $4.6 billion of debt, net debt of $3.5 billion. Its current ratio was 0.98. In the latest quarter (ended June 30, 2026) total assets were $5.2 billion and equity -$3.0 billion.

Related: IHG income statement, IHG cash flow statement, IHG key metrics. See the IHG stock overview for the latest quote and news.

IHG balance sheet FAQ

What are InterContinental Hotels's total assets?

InterContinental Hotels reported total assets of $5.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.7 billion a year earlier.

How much debt does InterContinental Hotels have?

InterContinental Hotels had $4.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does InterContinental Hotels have?

InterContinental Hotels held $1.1 billion in cash and short-term investments at the end of fiscal 2025; with $4.6 billion of debt that is net debt of $3.5 billion.

What is InterContinental Hotels's book value?

InterContinental Hotels's shareholders' equity (book value) was -$2.7 billion at the end of fiscal 2025, or −$17.59 per share.

What is InterContinental Hotels's current ratio?

InterContinental Hotels had current assets of $2.0 billion and current liabilities of $2.1 billion, a current ratio of 0.98 (current liabilities exceed current assets).

How much goodwill does InterContinental Hotels have?

InterContinental Hotels carried $1.2 billion of goodwill and intangible assets, 21.6% of total assets, at the end of fiscal 2025.