Whitbread (FRA:WHF4) Operating Income: €735 Mil (TTM As of Feb. 2026)

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FRA:WHF4 Whitbread PLC FRA:WHF4
75 GF Score
Price €27.88
GF Value €38.14
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Whitbread Operating Income?

Whitbread FRA:WHF4 +1.09% 75 Operating Income is €735 Mil as of Feb. 2026. GuruFocus rates FRA:WHF4 with a GF Score™ of 75/100 and a GF Value™ of €38.14 (Modestly Undervalued). The stock has 4 warning signs investors should review.

Whitbread's Operating Income for the six months ended in Feb. 2026 was €283 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was €735 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Whitbread's Operating Income for the six months ended in Feb. 2026 was €283 Mil. Whitbread's Revenue for the six months ended in Feb. 2026 was €1,585 Mil. Therefore, Whitbread's Operating Margin % for the quarter that ended in Feb. 2026 was 17.86%.

Whitbread's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Whitbread's annualized ROC % for the quarter that ended in Feb. 2026 was 0.00%. Whitbread's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 2.57%.


Whitbread  (FRA:WHF4) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Whitbread's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=566.222 * ( 1 - 100% )/( (11330.361 + 10656.038)/ 2 )
=0/10993.1995
=0.00 %

where

Invested Capital(Q: Aug. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=11590.373 - 759.805 - ( 960.276 - max(0, 1701.699 - 1201.906+960.276))
=11330.361

Invested Capital(Q: Feb. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=10998.69 - 794.734 - ( 268.628 - max(0, 1022.327 - 570.245+268.628))
=10656.038

Note: The Operating Income data used here is two times the semi-annual (Feb. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Whitbread's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=257.018/( ( (9992.494 + max(-738.417, 0)) + (10026.135 + max(-626.225, 0)) )/ 2 )
=257.018/( ( 9992.494 + 10026.135 )/ 2 )
=257.018/10009.3145
=2.57 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(146.365 + 19.423 + 75.842) - (759.805 + 0 + 220.242)
=-738.417

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(49.771 + 12.644 + 131.842) - (794.734 + 0 + 25.748)
=-626.225

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Feb. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Whitbread's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=283.111/1585.33
=17.86 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Whitbread Operating Income Related Terms


Whitbread Operating Income Historical Data

* Premium members only.

The historical data trend for Whitbread's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Whitbread Operating Income Chart

Whitbread Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 41.37 600.78 776.95 745.48 732.32

Whitbread Semi-Annual Data
Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 260.08 480.87 252.47 451.81 283.11
FRA:WHF4
75GF Score
Whitbread PLC FRA:WHF4
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Whitbread Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was €735 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of €735 Mil mean?
Whitbread (FRA:WHF4) has a Operating Income of €735 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Whitbread and its competitors.
Is Whitbread's Operating Income too high?
Whitbread's current Operating Income is €735 Mil. Overall, Whitbread has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Whitbread's Operating Income compare to MAR and HLT?
Whitbread's Operating Income of €735 Mil can be compared against companies in the Travel & Leisure industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Travel & Leisure company?
A good Operating Income depends on the Travel & Leisure industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Whitbread and its competitors. Whitbread's current Operating Income is €735 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Whitbread stock overvalued right now?
Based on GuruFocus' analysis, Whitbread (FRA:WHF4) is currently considered Modestly Undervalued. The stock's GF Value™ is €38.14, compared to a current price of €27.88 — trading 26.9% below its estimated fair value. The current Operating Income is €735 Mil. Whitbread's overall GF Score™ is 75/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Whitbread (FRA:WHF4), the current Operating Income is €735 Mil as of Feb. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Whitbread (FRA:WHF4) Overvalued in 2026?

Based on GuruFocus' analysis, Whitbread stock appears to be undervalued. The current stock price of €27.88 is trading 26.9% below its estimated GF Value™ of €38.14. GuruFocus considers Whitbread to be Modestly Undervalued.

Key valuation signals for FRA:WHF4:

  • Operating Income: €735 Mil
  • GF Value™: €38.14 vs. price of €27.88 (26.9% below fair value)
  • GF Score™: 75/100 with 4 warning signs

No single metric tells the full story. See the FRA:WHF4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Whitbread Business Description

Other Exchanges WTBDY:USAWTBl:UKWTB:UK
Address Porz Avenue, Whitbread Court, Houghton Hall Business Park, Dunstable, Bedfordshire, GBR, LU5 5XE
Whitbread PLC owns hotels and restaurants that operate in the United Kingdom. It operates more than 800 hotels under the Premier Inn brand and provides services in relation to accommodation and food both in the UK and internationally. Restaurant brands include Beefeater, Brewers Fayre, Cookhouse & Pub, Bar Block and Others. Geographically the company derives majority of revenue from UK division.
75GF Score

Get the complete analysis for FRA:WHF4

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€27.88
Price
€38.14
GF Value