IHG Has Spent $3.9 Billion Buying Back Its Own Stock Since 2022. That's Not Confidence. That's a Capital Allocation Bet.
IHG's $950 million buyback for 2026 pushes cumulative repurchases past $3.9 billion in five years, all while running negative equity on the balance sheet. The per-share math looks great until you ask what that capital could have built instead.