Hilton Worldwide (HLT) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with net income of $1,539 million and adjusted EBITDA of $3,429 million, both exceeding guidance.

• Welcomed over 224 million guests, the highest in company history, with system-wide RevPAR up 2.7% year-over-year.

• Net unit growth of 7.3% in 2024, with a development pipeline of nearly 500,000 rooms, up 8% year-over-year.

• Strong performance driven by leisure, business transient, and group segments, with positive trends across all major regions.

• Continued expansion of luxury and lifestyle brands, with significant international growth and new market entries.

Financial highlights

• Record adjusted EBITDA of $3,429 million for 2024, up 11% year-over-year, and Q4 adjusted EBITDA of $858 million, up 7%.

• Q4 diluted EPS was $2.06 (adjusted: $1.76); full-year diluted EPS was $6.14 (adjusted: $7.12).

• System-wide RevPAR increased 3.5% in Q4 and 2.7% for the year, both above guidance.

• Management and franchise fee revenues grew 4.8% in Q4 and 9.1% for the year.

• Total revenues for 2024 were $11,174 million, up from $10,235 million in 2023.

Outlook and guidance

• 2025 system-wide RevPAR growth expected at 2%-3%.

• Adjusted EBITDA guidance for 2025 is $3,700–$3,740 million; diluted EPS (adjusted) expected between $7.71 and $7.82.

• Net unit growth projected at 6%-7% for 2025.

• Capital return for 2025 projected at approximately $3.3 billion.

• Q1 2025 guidance: RevPAR growth of 2.5%-3.5%, adjusted EBITDA of $770–$790 million, and diluted EPS (adjusted) of $1.57–$1.63.