Hilton Worldwide Holdings Inc.
HLTFinancial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.9B
Q1 2026 · +8.9% YoY
TTM ROIC
2.9%
FY2025 · NOPAT / Invested Capital (EV-based: Net Debt + Market Cap) · WACC ~8.3% · Moat spread +-5.4pp
Financial Snapshot
ticker: HLT step: 04 generated: 2026-05-12 source: quick-research
Hilton Worldwide Holdings Inc. (HLT) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$8.77B | $10.24B | $11.17B | +9% |
| Adj. EBITDA | $2.60B | $3.09B | $3.43B | +11% |
| Adj. EBITDA Margin | ~30% | ~30% | ~31% | |
| Net Income | $1.26B | $1.15B | $1.54B | +34% |
| EPS (adj. diluted) | $4.89 | $6.21 | $7.12 | +15% |
Note: FY2025 was a record year — adj. EPS $8.11 (+14%), adj. EBITDA $3.73B (+9%). Operating margin at fee business level exceeds 54%.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.1B |
| Free Cash Flow | ~$1.9B |
| Cash & Equivalents | ~$1.3B |
| Total Debt | ~$12.5B |
Key Ratios (approximate)
- P/E (forward FY2026): ~40–44x | EV/EBITDA: ~22x | FCF Yield: ~2–3%
- System-wide RevPAR Growth (FY2024): +2.7% | Net Unit Growth: ~6–7% annually
Growth Profile
Hilton compounds through two engines: (1) RevPAR growth (pricing × occupancy) which flows almost entirely to fee income; and (2) net unit growth (~6–7%/year) which expands the royalty base permanently. Combined, these drivers generate ~12–15% annual adjusted EPS growth even in moderate demand environments, amplified by ~$3–3.5B in annual buybacks that shrink the share count. FY2025 record results (adj. EPS $8.11) extended a multi-year streak of double-digit EPS growth.
Forward Estimates
- FY2026: Adj. EPS guidance $8.28–$8.40 (below ~$9.05 consensus due to RevPAR softness and Middle East impacts); RevPAR growth guided flat to +2%; net unit growth 6–7%; $3.5B capital return authorization
- 2026 FIFA World Cup: Management estimates ~$900M in incremental sector revenue; Hilton positioned to benefit significantly in host city markets
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $HLT.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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