Hilton Worldwide (HLT) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted EBITDA of $3.7 billion for 2025, up 9% year-over-year, driven by strong EMEA performance, group and leisure transient growth, and cost discipline.

• Returned $3.3 billion to shareholders in 2025, the highest in company history, reflecting the strength of the capital-light model.

• Expanded global portfolio to over 9,000 hotels, with net unit growth of 6.7% and nearly 100,000 new rooms added in 2025.

• Launched new brands, including Apartment Collection and Outset Collection, and announced further brand launches for 2026.

• Hilton Honors loyalty program neared a quarter billion members, with new tiers and partnerships enhancing member value.

Financial highlights

• System-wide RevPAR grew 40 basis points year-over-year for 2025; Q4 RevPAR up 50 basis points year-over-year.

• Adjusted EBITDA for Q4 was $946 million, up 10% year-over-year, exceeding guidance.

• Management and franchise fees increased 7.4% year-over-year in Q4.

• Diluted EPS adjusted for special items was $2.08 for Q4; full year adjusted EPS was $8.11.

• Paid $143 million in dividends for 2025; board authorized a $0.15/share quarterly dividend.

Outlook and guidance

• 2026 system-wide RevPAR growth expected at 1%-2%, with international outpacing U.S. performance.

• 2026 Adjusted EBITDA guidance: $4.0-$4.04 billion; Diluted EPS (adjusted): $8.65-$8.77.

• Plan to return ~$3.5 billion to shareholders in 2026 via buybacks and dividends.

• Net unit growth expected to sustain at 6%-7% for 2026 and beyond.

• 2026 net income expected between $1,982 million and $2,011 million.