Wyndham Hotels & Resorts (WH) Q3 2026 earnings summary

Executive summary

• Q3 net revenues rose 7% to $410M; comparable adjusted EBITDA increased 5% to $207M and adjusted diluted EPS rose 9% to $1.43.

• Global RevPAR increased 2% in constant currency, while U.S. RevPAR rose 6%; system rooms grew 4% excluding Revo.

• The record development pipeline reached ~264,000 rooms; full-year RevPAR and adjusted EBITDA outlooks were raised.

Financial highlights

• Q3 net income fell 6% to $99M; reported adjusted EBITDA declined 3% to $207M, while comparable adjusted EBITDA grew 5%.

• Q3 diluted EPS was $1.33 versus $1.36; adjusted diluted EPS was $1.43, up 9% on a comparable basis.

• Q3 free cash flow was $100M and operating cash flow was $93M; YTD free cash flow was $269M.

• Q3 revenue gains included $9M each from royalties/franchise fees and marketing, reservation and loyalty fees, plus $6M in management and other fees and $4M in ancillary revenue.

• 9M revenue rose 2% to $1.112B and net income increased 4% to $262M; 9M adjusted EBITDA rose 4% to $575M.

Outlook and guidance

• FY 2026 global RevPAR outlook rose to 0.5%-1.0%; net revenues are forecast at $1.480B-$1.495B and adjusted EBITDA at $740M-$745M.

• Adjusted net income is projected at $363M-$369M and adjusted diluted EPS at $4.84-$4.92; free cash flow conversion is expected at 55%-60% of adjusted EBITDA.

• FY net room growth outlook is ~4%, excluding Revo-related rooms; assumptions include Q4 domestic RevPAR in line with Q3.

• Core adjusted EBITDA growth is expected at ~6%-7%, excluding return of variable costs and Revo Hospitality Group fee deferral.

• Each 1% RevPAR change is estimated to affect net revenues by $10M and adjusted EBITDA by $4M; a sharper demand pullback could put results below estimates.