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HLT

Hilton Worldwide Holdings Inc.

HLT

Hilton Worldwide Holdings Inc. • NYSE
$285.03 ▼ -0.26% (-0.74)
Market Cap $66.25 B
52w High $287.40
52w Low $196.04
Dividend Yield 0.60%
P/E 41.31
Volume 747.69K
Outstanding Shares 232.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.12B ▼ $164M ▼ $420M ▼ 13.462% ▼ $1.79 ▼ $809M ▼
Q2-2025 $3.137B ▲ $178M ▲ $440M ▲ 14.026% ▲ $1.85 ▲ $823M ▲
Q1-2025 $2.695B ▼ $161M ▼ $300M ▼ 11.132% ▼ $1.25 ▼ $596M ▲
Q4-2024 $2.783B ▼ $180M ▲ $505M ▲ 18.146% ▲ $2.08 ▲ $532M ▼
Q3-2024 $2.867B $166M $344M 11.999% $1.4 $668M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.057B ▲ $16.641B ▲ $21.532B ▲ $-4.932B ▼
Q2-2025 $371M ▼ $15.904B ▼ $20.453B ▲ $-4.59B ▼
Q1-2025 $731M ▼ $16.043B ▼ $20.382B ▲ $-4.378B ▼
Q4-2024 $1.301B ▼ $16.522B ▼ $20.211B ▲ $-3.727B ▼
Q3-2024 $1.58B $16.689B $20.119B $-3.47B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $421M ▼ $816M ▲ $-44M ▼ $-92M ▲ $678M ▲ $787M ▲
Q2-2025 $442M ▲ $658M ▲ $-36M ▲ $-986M ▼ $-359M ▲ $635M ▲
Q1-2025 $300M ▼ $452M ▼ $-50M ▲ $-974M ▼ $-569M ▼ $412M ▼
Q4-2024 $509M ▲ $582M ▼ $-79M ▼ $-771M ▼ $-279M ▼ $503M ▼
Q3-2024 $344M $664M $-49M $232M $853M $617M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Hotel Other
Hotel Other
 $120.00M ▲$50.00M ▼$80.00M ▲$60.00M ▼
Management and Franchise
Management and Franchise
 $1.33Bn ▲$630.00M ▼$740.00M ▲$740.00M ▲
Management Service Base
Management Service Base
 $170.00M ▲$90.00M ▼$100.00M ▲$90.00M ▼
Management Service Incentive
Management Service Incentive
 $150.00M ▲$70.00M ▼$70.00M ▲$70.00M ▲
Reimbursement Revenue
Reimbursement Revenue
 $3.28Bn ▲$1.63Bn ▼$1.81Bn ▲$1.84Bn ▲
Hotel Owned
Hotel Owned
 $670.00M ▲$230.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Hilton’s income statement shows a strong rebound from the early‑pandemic slump to healthy, growing profitability. Revenue has climbed steadily for several years, and profit margins have expanded as travel demand recovered and Hilton’s asset‑light, fee-based model kicked back in. Operating income and EBITDA are both comfortably positive and trending upward, indicating good cost discipline and strong pricing power. Net income and earnings per share have grown even faster than sales, suggesting operating leverage and likely ongoing share repurchases. Overall, the business looks very profitable and structurally efficient, but still linked to the broader travel cycle.

Balance Sheet

Balance Sheet The balance sheet is typical for a modern hotel operator with an asset‑light model: relatively stable total assets, a sizeable debt load, and negative reported equity. Debt clearly outweighs cash, reflecting a leveraged structure that relies on steady fee income and access to credit markets. Negative equity is largely an accounting outcome of buybacks and the franchise model rather than a sign the business is failing, but it does mean the company has less of an equity cushion if conditions worsen. In short, the balance sheet is efficient and shareholder‑friendly, but carries financial risk if there is a sharp or prolonged downturn.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has improved markedly from the pandemic period and remains robust in the most recent years. Because Hilton does not own many properties, its capital spending needs are relatively low, so free cash flow is close to operating cash flow. That leaves meaningful flexibility for debt service, shareholder returns, and strategic investments. The main caveat is that cash flow is still tied to travel volumes; in a severe slowdown, the model is efficient but not immune.

Competitive Edge

Competitive Edge Hilton holds a strong competitive position in global lodging. Its strengths include a very large and diversified brand portfolio, broad international presence, and a powerful loyalty program that helps drive repeat stays and direct bookings. The asset‑light, franchise and management model supports high margins and makes it attractive for hotel owners to partner with Hilton. Technology, brand recognition, and network scale all reinforce each other, creating a sizeable moat. At the same time, the company competes head‑to‑head with other global chains and alternative accommodations, so maintaining service quality, owner economics, and digital capabilities remains crucial.

Innovation and R&D

Innovation and R&D Innovation at Hilton is focused on guest experience, loyalty, and operational efficiency rather than traditional lab-style R&D. The Hilton Honors app, digital room keys, connected rooms, and AI‑driven personalization show a clear push to make stays more seamless and tailored. Hilton is also actively launching and scaling new brands across segments such as premium economy, extended stay, and lifestyle, as well as refining loyalty tiers to deepen engagement. Investments in cloud-based property systems and sustainability initiatives aim to improve efficiency and brand appeal. Overall, Hilton appears to be an early mover in guest‑facing technology and brand innovation within hospitality.

Summary

Hilton has emerged from the pandemic with stronger revenue, margin expansion, and very solid free cash flow, supported by an asset‑light, fee‑driven model. The trade‑off is a leveraged balance sheet with negative equity, which amplifies exposure to interest costs and to downturns in global travel. Competitively, Hilton benefits from scale, a highly regarded loyalty program, strong brands, and visible technology leadership, which together create a meaningful moat. Future performance will likely hinge on the health of business and leisure travel, Hilton’s ability to keep innovating digitally and across new brands, and its discipline in managing leverage through the cycle.

NEWS

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