TH International (THCH) Gross Margin (2021 - 2025)
TH International (THCH) reported Gross Margin of 86.54% for Q4 2025, up 113.0% year-over-year from 40.63% in Q4 2024, and up 1.71% on a QoQ basis from 85.08% in Q3 2025.
TH International (THCH) has 5 years of Gross Margin data on file, last reported at 86.54% in Q4 2025.
- Quarterly Gross Margin rose 113.0% year-over-year to 86.54% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 86.59% (down 198.0% YoY) and the FY2025 annual result came in at 86.98%, down 197.0% from the prior year.
- Gross Margin rose to 86.54% in Q4 2025 per THCH's latest filing, from 85.08% in the prior quarter.
- Across five years, Gross Margin topped out at 100.79% in Q3 2022 and bottomed at 85.08% in Q3 2025.
- The 5-year median for Gross Margin is 90.67% (2024), against an average of 91.27%.
- The widest annual swing landed in 2022, when Gross Margin jumped 384 bps; it then slumped 1044 bps in 2023.
- Tracing THCH's Gross Margin over 5 years: stood at 97.08% in 2021, then declined by 5 bps to 92.67% in 2022, then slipped by 6 bps to 86.99% in 2023, then slipped by 2 bps to 85.41% in 2024, then increased by 1 bps to 86.54% in 2025.
- Per Business Quant, the three latest THCH Gross Margin figures stand at 86.54% (Q4 2025), 85.08% (Q3 2025), and 85.84% (Q2 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Starbucks | 117.41 Bn | 115.72 Bn | 9.40 Bn | 98.63% |
| 2 | Yum Brands | 42.98 Bn | 42.29 Bn | 1.38 Bn | 67.12% |
| 3 | Chipotle Mexican Grill | 42.70 Bn | 41.83 Bn | 2.61 Bn | 84.44% |
| 4 | Restaurant Brands International | 26.16 Bn | 26.69 Bn | 2.14 Bn | 94.61% |
| 5 | Darden Restaurants | 23.59 Bn | 23.35 Bn | 3.31 Bn | 98.82% |
| 6 | Yum China Holdings | 15.73 Bn | 14.30 Bn | 3.24 Bn | 99.05% |
| 7 | Texas Roadhouse | 11.71 Bn | 11.51 Bn | 1.40 Bn | 86.00% |
| 8 | Dominos Pizza | 10.64 Bn | 10.41 Bn | 464.51 Mn | 40.37% |
| 9 | Cava | 9.31 Bn | 8.92 Bn | 797.57 Mn | 290.04% |
| 10 | TH International | 9.10 Mn | -10.08 Mn | 38.17 Mn | 86.54% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 86.54% |
| Sep 30, 2025 | 85.08% |
| Jun 30, 2025 | 85.84% |
| Mar 31, 2025 | 89.36% |
| Dec 31, 2024 | 85.41% |
| Sep 30, 2024 | 85.49% |
| Jun 30, 2024 | 90.53% |
| Mar 31, 2024 | 92.78% |
| Dec 31, 2023 | 86.99% |
| Sep 30, 2023 | 90.35% |
| Jun 30, 2023 | 90.81% |
| Mar 31, 2023 | 94.76% |
| Dec 31, 2022 | 92.67% |
| Sep 30, 2022 | 100.79% |
| Jun 30, 2022 | 95.42% |
| Mar 31, 2022 | 96.09% |
| Dec 31, 2021 | 97.08% |
| Sep 30, 2021 | 96.95% |