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% quarter-over-quarter from 85.08% in Q3 2025.
TH International (THCH) Gross Margin (2021 - 2025) Analysis & Trends
TH International (THCH) has 5 years of Gross Margin data on file, last reported at 86.54% in Q4 2025.
- Gross Margin for Q4 2025 came in at 86.54%, up 113.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 86.59% (down 248.0% YoY), and the FY2025 annual result was 86.98%, down 197.0% from the prior year.
- Gross Margin improved to 86.54% in Q4 2025 per THCH's latest filing, from 85.08% in the prior quarter.
- Over five years, Gross Margin peaked at 100.79% in Q3 2022 and troughed at 85.08% in Q3 2025.
- A 5-year average of 91.38% and a median of 90.67% in 2024 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2023: Gross Margin soared 384 bps in 2022, then plunged 1044 bps in 2023.
- A 5-year view of Gross Margin shows it stood at 97.08% in 2021, then retreated by 5 bps to 92.67% in 2022, then declined by 6 bps to 86.99% in 2023, then declined by 2 bps to 85.41% in 2024, then gained by 1 bps to 86.54% in 2025.
- Business Quant data shows THCH's Gross Margin at 86.54% in Q4 2025, 85.08% in Q3 2025, and 85.84% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Starbucks | 114.58 Bn | 112.88 Bn | 9.40 Bn | 98.63% |
| 2 | Chipotle Mexican Grill | 42.15 Bn | 41.28 Bn | 2.61 Bn | 84.44% |
| 3 | Yum Brands | 42.13 Bn | 41.44 Bn | 1.38 Bn | 67.12% |
| 4 | Restaurant Brands International | 25.46 Bn | 25.99 Bn | 2.14 Bn | 94.61% |
| 5 | Darden Restaurants | 24.75 Bn | 24.51 Bn | 3.31 Bn | 98.82% |
| 6 | Yum China Holdings | 15.17 Bn | 13.74 Bn | 3.24 Bn | 99.05% |
| 7 | Texas Roadhouse | 11.72 Bn | 11.53 Bn | 1.40 Bn | 86.00% |
| 8 | Dominos Pizza | 10.51 Bn | 10.28 Bn | 464.51 Mn | 40.37% |
| 9 | Cava | 10.34 Bn | 9.94 Bn | 797.57 Mn | 290.04% |
| 10 | TH International | 7.70 Mn | -11.48 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 | 87.39% |
| 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% |