Leased & Owned Hotels was H World’s largest product and service line in fiscal 2025, bringing in $12.94B of $25.31B (51%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Leased & Owned Hotels | — | — | $13.84B | $12.94B | ||||||
| Franchise Or Manachise Agreements | — | — | $9.51B | $11.72B | ||||||
| Manachised & Franchised Hotels | — | — | — | — | ||||||
| Room Revenues | $7.57B | $11.79B | — | — | ||||||
| On-Going Management & Service/Royalty Fees | $1.38B | $2.79B | — | — | ||||||
| On-Going Management & Service Fees | — | — | — | — | ||||||
| Central Reservation System Usage Fees, Other System Maintenance & Support Fees | $1.26B | $2.63B | — | — | ||||||
| Reimbursements For Hotel Manager Fees | $1.10B | $1.40B | — | — | ||||||
| Food & Beverage Revenues | $1.05B | $1.33B | — | — | ||||||
| Other Fees | $559.00M | $767.00M | — | — | ||||||
| Other Leased & Owned Hotels Revenues | $528.00M | $674.00M | — | — | ||||||
| Others | — | — | $556.00M | $668.00M | ||||||
| Service Other | $309.00M | $392.00M | — | — | ||||||
| Other Revenues | — | — | — | — | ||||||
| Loyalty Program | — | — | — | — | ||||||
| Initial One-Time License/Franchise Fee | $106.00M | $114.00M | — | — | ||||||
| Initial One-Time Franchise Fee | — | — | — | — | ||||||
| Elimination | — | — | -$19.00M | -$22.00M | ||||||
| Total | $13.86B | $21.88B | $23.89B | $25.31B |
H World brought in $25.31B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 5.9% from $23.89B in fiscal 2024. Leased & Owned Hotels was the largest at $12.94B (51.1%), ahead of Franchise Or Manachise Agreements at $11.72B (46.3%) and Others at $668.00M (2.6%).
Compared with fiscal 2024, Franchise Or Manachise Agreements grew fastest, up 23.2% to $11.72B, while Leased & Owned Hotels fell the most, down 6.5% to $12.94B.
H World began breaking out Franchise Or Manachise Agreements in fiscal 2024 and Elimination in fiscal 2024. H World stopped reporting Room Revenues ($11.79B in fiscal 2023), On-Going Management & Service/Royalty Fees ($2.79B in fiscal 2023), Central Reservation System Usage Fees, Other System Maintenance & Support Fees ($2.63B in fiscal 2023) and six others as separate lines. The total is net of Elimination, which took $22.00M off revenue in fiscal 2025.
China was H World’s largest region in fiscal 2025, bringing in $20.50B of $25.31B (81%).
| Geography | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| China | $10.64B | $17.39B | $18.98B | $20.50B | |
| Germany | $2.46B | $3.32B | $3.54B | $3.40B | |
| All Others | $767.00M | $1.17B | $1.36B | $1.41B | |
| Other Than China & Germany | — | — | — | — | |
| Total | $13.86B | $21.88B | $23.89B | $25.31B |
H World brought in $25.31B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 5.9% from $23.89B in fiscal 2024. China was the largest at $20.50B (81.0%), ahead of Germany at $3.40B (13.4%) and All Others at $1.41B (5.6%).
Compared with fiscal 2024, China grew fastest, up 8.0% to $20.50B, while Germany fell the most, down 4.1% to $3.40B. From fiscal 2022 to 2025, combined revenue from these regions grew from $13.86B to $25.31B, a compound annual growth rate of 22.2%. China's share of the total rose from 76.7% to 81.0%.
Legacy Huazhu was H World’s largest segment in fiscal 2025, bringing in $20.54B of $25.31B (81%).
| Segment | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Legacy Huazhu | $10.66B | $17.44B | $19.03B | $20.54B | ||
| Legacy Dh | $3.21B | $4.47B | $4.88B | $4.79B | ||
| Elimination | -$11.00M | -$27.00M | -$19.00M | -$22.00M | ||
| Intersegment Eliminations | — | — | — | — | ||
| Total | $13.86B | $21.88B | $23.89B | $25.31B |
H World brought in $25.31B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 5.9% from $23.89B in fiscal 2024. Legacy Huazhu was the largest at $20.54B (81.1%), ahead of Legacy Dh at $4.79B (18.9%).
Compared with fiscal 2024, Legacy Huazhu grew 7.9% to $20.54B, while Legacy Dh fell 1.8% to $4.79B. From fiscal 2022 to 2025, combined revenue from these segments grew from $13.86B to $25.31B, a compound annual growth rate of 22.2%. Legacy Huazhu's share of the total rose from 76.9% to 81.1%.
The total is net of Elimination, which took $22.00M off revenue in fiscal 2025.
H World (HTHT) reports its revenue by product and service, by geography and by segment. In fiscal 2025, Leased & Owned Hotels was its largest product and service line, bringing in $12.94B (51.1% of the total), followed by Franchise Or Manachise Agreements at $11.72B (46.3%).
Leased & Owned Hotels was H World's largest product and service line in fiscal 2025, bringing in $12.94B, or 51.1% of the $25.31B total across its four product and service lines.
China was H World's largest region in fiscal 2025, bringing in $20.50B, or 81.0% of the $25.31B total across its three regions.
Legacy Huazhu was H World's largest segment in fiscal 2025, bringing in $20.54B, or 81.1% of the $25.31B total across its three segments.
Among H World's product and service lines that make up at least 2% of revenue, Franchise Or Manachise Agreements grew fastest in fiscal 2025, up 23.2% from $9.51B to $11.72B.
Every figure comes from H World's annual financial filings, as reported. Each line keeps the name H World gives it, and years follow its fiscal calendar.
H World's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.