H World exceeded expectations in Q3 2025, driven by strong growth in its manachised and franchised segment, improved operating margin, and a year-over-year increase in net income. Revenue surpassed the high-end of guidance while the asset-light strategy continued to show operational leverage.
Total revenue reached $978 million, up from $904 million last year.
Net income increased to $206 million, supported by stronger performance in the Legacy-Huazhu segment.
Adjusted EBITDA rose to $354 million from $296 million in Q3 2024.
Manachised and franchised revenue saw a 27.2% year-over-year jump.
H World expects Q4 2025 revenue to grow between 2% and 6% YoY, with strong growth continuing in the M&F segment.
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