Hyatt Hotels (H) investor relations material

Executive summary

• Q3 system-wide hotel RevPAR rose 7.2% YoY; gross fees increased 15.2% to $327M, and Adjusted EBITDA reached $295M, up 6.2% reported or 19% after adjusting for 2025 asset sales.

• Net income was $58M versus a $49M loss in Q3 2025; diluted EPS was $0.60.

• Record development pipeline reached ~158,000 rooms, up 12.1% YoY; World of Hyatt membership reached ~72M, up 19%.

Financial highlights

• Q3 net fees rose 23.6% to $309M; gross fees increased to $327M from $283M, while reimbursed-cost revenue rose $92M to $995M.

• Q3 revenue was $1.743B, down 2.5% YoY; interest expense declined $25M to $65M, while asset impairments increased to $64M from $9M.

• Nine-month revenue was $5.320B versus $5.312B; net income was $206M versus a $32M loss, and Adjusted EBITDA was $858M versus $825M on a recast basis.

• Nine-month operating cash flow was $15M versus $66M; investing cash outflow narrowed to $97M from $1.187B, and financing cash outflow was $250M versus $867M inflow.

Outlook and guidance

• FY26 system-wide RevPAR growth guidance is 5.0%-5.5%, including U.S. growth of 5%-6%; net rooms growth remains ~6%.

• FY26 gross fees are forecast at $1.320B-$1.335B, up 10%-11%; Adjusted EBITDA at $1.170B-$1.200B, up 14%-17%; net income at $240M-$310M.

• Adjusted Free Cash Flow is projected at $580M-$630M; expected shareholder returns are $375M-$425M.

• Adjusted EBITDA-to-Adjusted Free Cash Flow conversion is expected to exceed 50%; capital expenditures are projected at ~$130M, down ~41%.

• More than half of expected annual openings are anticipated in Q4; Net Package RevPAR is expected to return to growth in Q4.