TH International (THCH) Gross Margin (2021 - 2026)
TH International (THCH) posted quarterly Gross Margin of 87.13% for Q1 2026, down 239.0% year-over-year from 62.68% in Q1 2025, and up 0.68% quarter-over-quarter from 86.54% in Q4 2025.
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TH International (THCH) Gross Margin (2021 - 2026) Analysis & Trends
TH International (THCH) has reported Gross Margin for 6 consecutive years, with 87.13% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin fell 239.0% year-over-year to 87.13%; the TTM figure through Mar 2026 stood at 86.42% (down 180.0% YoY), while the FY2025 annual figure was 86.98%, down 197.0% from the prior year.
- Gross Margin improved to 87.13% in Q1 2026 per THCH's latest filing, from 86.54% in the prior quarter.
- Across five years, Gross Margin topped out at 96.91% in Q3 2022 and bottomed at 66.91% in Q1 2023.
- Historically, Gross Margin has averaged 88.69% across 5 years, with a median of 89.52% in 2025.
- Annual changes were most pronounced in 2023 — Gross Margin plunged 2918 bps — and 2024, when it jumped 2587 bps.
- TH International's Gross Margin stood at 92.67% in 2022, then fell by 6 bps to 86.99% in 2023, then fell by 2 bps to 85.41% in 2024, then advanced by 1 bps to 86.54% in 2025, then climbed by 1 bps to 87.13% in 2026.
- Business Quant data shows THCH's Gross Margin at 87.13% in Q1 2026, 86.54% in Q4 2025, and 85.54% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 182.22 Bn | 181.40 Bn | 6.42 Bn | 90.42% |
| 2 | Starbucks | 119.86 Bn | 116.25 Bn | 6.49 Bn | 69.66% |
| 3 | Chipotle Mexican Grill | 47.61 Bn | 46.93 Bn | 2.35 Bn | 70.33% |
| 4 | Yum Brands | 41.72 Bn | 41.05 Bn | 1.47 Bn | 67.73% |
| 5 | Restaurant Brands International | 28.17 Bn | 27.10 Bn | 1.89 Bn | 74.80% |
| 6 | Darden Restaurants | 25.17 Bn | 24.95 Bn | 3.68 Bn | 98.84% |
| 7 | Restaurant Brands International Limited Partnership | 17.24 Bn | 16.18 Bn | 1.89 Bn | 74.80% |
| 8 | Yum China Holdings | 15.21 Bn | 13.83 Bn | 2.22 Bn | 70.75% |
| 9 | Texas Roadhouse | 12.47 Bn | 12.27 Bn | 1.44 Bn | 85.89% |
| 10 | TH International | 43.90 Mn | 26.12 Mn | 37.59 Mn | 93.29% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 93.29% |
| Mar 31, 2026 | 92.53% |
| Dec 31, 2025 | 92.95% |
| Sep 30, 2025 | 92.76% |
| Jun 30, 2025 | 94.15% |
| Mar 31, 2025 | 94.01% |
| Dec 31, 2024 | 93.16% |
| Sep 30, 2024 | 93.42% |
| Jun 30, 2024 | 93.35% |
| Mar 31, 2024 | 92.70% |
| Dec 31, 2023 | 93.99% |
| Sep 30, 2023 | 92.12% |
| Jun 30, 2023 | 93.70% |
| Mar 31, 2023 | 92.90% |
| Dec 31, 2022 | 91.94% |
| Sep 30, 2022 | 91.87% |
| Jun 30, 2022 | 89.31% |
| Mar 31, 2022 | 94.35% |
| Dec 31, 2021 | 90.84% |
| Sep 30, 2021 | 92.00% |