# Hilton Worldwide Holdings Inc. (HLT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/HLT/thesis · /stocks/HLT/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/HLT/fundamental

## Navigation

- Overview: /stocks/HLT
- Financials (this page): /stocks/HLT/financials
- Thesis: /stocks/HLT/thesis
- Investment Memo: /stocks/HLT/memo
- Coverage universe: /stocks