Atour achieved a 47.5% year-over-year revenue growth in 2026Q1, while maintaining a resilient 41.5% gross margin through its unique retail-integrated lodging model.
| Sales/Revenue | 10.7B | 9.79B | 7.25B | 4.67B | 2.26B | 2.15B | 1.57B | 1.57B |
| Revenue Growth % | 39.17% | 35.08% | 55.34% | 106.19% | 5.37% | 37.09% | -0.03% | - |
| Cost of Goods Sold | 6.03B | 5.46B | 4.19B | 2.75B | 1.55B | 1.54B | 1.15B | 1.1B |
| COGS % of Revenue | - | 55.74% | 57.84% | 59.03% | 68.28% | 71.75% | 73.42% | 70.03% |
| Gross Profit | 4.67B | 4.33B | 3.06B | 1.91B | 717.86M | 606.63M | 416.45M | 469.65M |
| Gross Margin % | 43.64% | 44.26% | 42.16% | 40.97% | 31.72% | 28.25% | 26.58% | 29.97% |
| Gross Profit Growth % | - | 41.77% | 59.86% | 166.31% | 18.33% | 45.67% | -11.33% | - |
| Operating Expenses | 2.05B | 2.03B | 1.43B | 987.72M | 552.9M | 410.58M | 353.18M | 378.25M |
| OpEx % of Revenue | - | 20.69% | 19.78% | 21.17% | 24.43% | 19.12% | 22.55% | 24.14% |
| Selling, General & Admin | 2.1B | 2.01B | 1.33B | 921.07M | 489.94M | 321.27M | 202.34M | 213.99M |
| SG&A % of Revenue | - | 20.49% | 18.29% | 19.74% | 21.65% | 14.96% | 12.92% | 13.66% |
| Research & Development | 188.95M | 177.92M | 134.02M | 77.29M | 66.18M | 52.12M | 33.65M | 29.36M |
| R&D % of Revenue | - | 1.82% | 1.85% | 1.66% | 2.92% | 2.43% | 2.15% | 1.87% |
| Other Operating Expenses | -2M | -158.26M | -25.71M | -10.64M | -3.22M | 37.18M | 117.19M | 134.9M |
| Operating Income | 2.61B | 2.31B | 1.62B | 924.03M | 164.96M | 196.06M | 63.27M | 91.4M |
| Operating Margin % | 24.44% | 23.56% | 22.38% | 19.8% | 7.29% | 9.13% | 4.04% | 5.83% |
| Operating Income Growth % | - | 42.19% | 75.57% | 460.16% | -15.86% | 209.88% | -30.78% | - |
| EBITDA | 2.67B | 2.36B | 1.69B | 1.01B | 253.52M | 289.97M | 148.22M | 161.5M |
| EBITDA Margin % | 24.99% | 24.11% | 23.28% | 21.63% | 11.2% | 13.5% | 9.46% | 10.31% |
| EBITDA Growth % | 52.46% | 39.9% | 67.24% | 298.02% | -12.57% | 95.63% | -8.22% | - |
| D&A (Non-Cash Add-back) | 0 | 54.11M | 65.23M | 85.02M | 88.56M | 93.91M | 84.95M | 70.09M |
| EBIT | 2.67B | 2.37B | 1.72B | 987.1M | 187.06M | 211.82M | 76.91M | 112.62M |
| Net Interest Income | 56.66M | 67.92M | 45.3M | 24.56M | 7.96M | -1.22M | -774K | -4.05M |
| Interest Income | 62.01M | 72.17M | 48.41M | 29.57M | 14.46M | 6.72M | 707K | 240K |
| Interest Expense | 5.36M | 4.25M | 3.11M | 5M | 6.5M | 7.94M | 1.48M | 4.29M |
| Other Income/Expense | 53.05M | 56.23M | 96.71M | 58.06M | 15.6M | 7.83M | 12.15M | 16.92M |
| Pretax Income | 2.67B | 2.36B | 1.72B | 982.09M | 180.56M | 203.89M | 75.42M | 108.32M |
| Pretax Margin % | 24.94% | 24.14% | 23.72% | 21.05% | 7.98% | 9.49% | 4.81% | 6.91% |
| Income Tax | 826.24M | 741.65M | 446.03M | 243.04M | 84.47M | 64.22M | 37.6M | 47.49M |
| Effective Tax Rate % | 30.98% | 31.39% | 25.95% | 24.75% | 46.79% | 31.5% | 49.85% | 43.84% |
| Net Income | 1.84B | 1.62B | 1.28B | 737.14M | 98.1M | 145.05M | 42.05M | 64.96M |
| Net Margin % | 17.22% | 16.56% | 17.6% | 15.8% | 4.33% | 6.75% | 2.68% | 4.15% |
| Net Income Growth % | 46.06% | 27.1% | 73.01% | 651.42% | -32.37% | 244.95% | -35.27% | - |
| Net Income (Continuing) | 1.84B | 1.62B | 1.27B | 739.06M | 96.08M | 139.67M | 37.82M | 60.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -12.5M | -12.69M | -10.34M | -7.98M | -9.9M | -14.81M | -9.43M | -4.42M |
| EPS (Diluted) | 13.29 | 11.34 | 9.18 | 5.32 | 0.76 | 0.89 | 0.32 | 0.50 |
| EPS Growth % | 45.2% | 23.53% | 72.56% | 600% | -14.61% | 178.13% | -36% | - |
| EPS (Basic) | - | 11.40 | 9.24 | 5.33 | 0.78 | 0.89 | 0.32 | 0.50 |
| Diluted Shares Outstanding | 138.59M | 139.77M | 139.08M | 138.27M | 129.59M | 130.41M | 130.41M | 130.41M |
| Basic Shares Outstanding | 137.23M | 138.54M | 137.89M | 138.04M | 126.44M | 130.41M | 130.41M | 130.41M |
| Dividend Payout Ratio | - | 46.33% | 34.19% | 20.43% | - | 14.23% | - | - |
Franchise Pipeline Execution Risk
As reported in recent financial statements, Atour achieved a 47.5% year-over-year revenue growth in 2026Q1, signaling that the company's hybrid lifestyle-lodging model continues to capture significant market share despite the broader cooling of the Chinese travel sector and potential saturation in Tier 1 urban markets.
The consistent double-digit revenue growth suggests that the company's manachised expansion strategy is successfully converting its pipeline into operational units. Investors should monitor whether this growth trajectory remains durable as the company penetrates lower-tier cities where the premium lifestyle brand positioning may face greater price sensitivity.
Based on the provided income statement data, Atour maintained a gross margin of 41.5% in 2026Q1, which appears to be structurally supported by the high-margin retail integration that differentiates the company from traditional lodging peers who rely exclusively on room-night revenue and food and beverage services.
The ability to sustain gross margins above 40% suggests that the retail showroom model provides a meaningful buffer against the cyclical volatility inherent in the hospitality industry. This margin profile warrants further investigation into the specific contribution of retail sales versus management fees to ensure that the profitability is not overly reliant on one-time franchise initiation fees.
According to the latest quarterly figures, Atour's operating margin reached 23.6% in 2026Q1, indicating that the company is effectively managing its overhead costs while scaling its footprint, as operating income continues to track closely with the expansion of the broader manachised hotel network.
The efficiency in SG&A management suggests that the company is successfully leveraging its centralized loyalty program and digital marketing engine to drive bookings without proportional increases in customer acquisition costs. This operating leverage appears to be a key driver of the company's ability to scale profitably compared to more capital-intensive competitors.
While the company reports strong growth, the 299-hotel pipeline represents a significant concentration risk, as noted in recent filings, which may lead to potential delays or margin compression if the Chinese real estate market continues to cool and impacts the ability of franchisees to secure sites.
Short-term investors should be wary of the potential for revenue deceleration if the pace of new hotel openings fails to meet the aggressive targets implied by the current valuation. Furthermore, the reliance on a large loyalty member base introduces regulatory risks regarding data privacy that could disrupt the personalized marketing engine driving the company's retail sales.
Quick answers to the most common questions about buying ATAT stock.
For fiscal year 2025, Atour Lifestyle Holdings Limited (ATAT) reported total revenue of $9.79B. This represents a 524.7% increase compared to $1.57B in 2019.
Atour Lifestyle Holdings Limited (ATAT) is profitable, generating $1.62B in net income for the fiscal year ending 2025 with a net profit margin of 16.6%.
Atour Lifestyle Holdings Limited (ATAT) reported an operating income of $2.31B, resulting in an operating profit margin of 23.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Atour Lifestyle Holdings Limited (ATAT) generated $4.33B in gross profit for the year, representing a gross profit margin of 44.3%. This demonstrates the company's core pricing power and production efficiency.