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Hilton
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Latest analysis
Updated Jul 28, 2026
Hilton Q2 2026: RevPAR +3.9%, record pipeline of 541,300 rooms, and FY2026 guidance reaffirmed at 3.0-3.5% RevPAR growth.
Hilton delivered system-wide comparable RevPAR growth of 3.9% in Q2 2026 on a currency-neutral basis, driven by both occupancy (+1.0 percentage points) and ADR (+2.5%), with U.S. outperforming at +5.4%. Adjusted EBITDA reached $1,054 million, up from $1,008 million in Q2 2025, and the development pipeline hit a record 541,300 rooms across 132 countries, with room openings up 50% sequentially from Q1. Full-year 2026 guidance is maintained at 3.0-3.5% RevPAR growth with Adjusted EBITDA of $4,040-$4,080 million, while Q3 is expected to benefit from World Cup tailwinds.
Tone: bullishRevenue
$12B
HLT 10-K · FY 2025
Employees
182,000
Revenue FY2024
$11.2B
Founded
1919
Profile
HLT 10-K Item 1 · Feb 11, 2026Hilton is one of the largest global hospitality companies, operating 9,158 properties with 1,351,351 rooms across 143 countries and territories as of December 31, 2025. The company operates through two segments: a capital-light management and franchise segment that earns fees from third-party hotel owners and licensees, and a smaller ownership segment comprising 46 consolidated hotels. Hilton's 243-million-member Hilton Honors loyalty program anchors its commercial platform.
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Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025. Founded in 1919, Hilton has been an innovator in the industry for over 105 years, driven by the vision of founder Conrad Hilton 'to fill the earth with the light and warmth of hospitality.' Our premier brand portfolio includes luxury, lifestyle, full service, focused service and all-suites hotel brands, as well as timeshare brands. As of December 31, 2025, we had 243 million members in our award-winning guest loyalty program, Hilton Honors, an increase of 15 percent from December 31, 2024. We operate our business through: (i) a management and franchise segment and (ii) an ownership segment. The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all properties that license our intellectual property and/or use our booking channels and related programs. Revenues from this segment include management and franchise fees charged to third-party hotel owners, licensing fees from strategic partners including co-branded credit card providers and HGV, and fees for managing hotels in our ownership segment. The ownership segment primarily derives revenues from nightly hotel room sales, food and beverage sales and other services at our consolidated hotels. In addition to our current hotel portfolio, we are focused on the growth of our business by expanding our global hotel network through our development pipeline, which had 3,703 hotels and 520,500 rooms as of December 31, 2025.
Primary products
- Waldorf Astoria Hotels & Resorts
- Conrad Hotels & Resorts
- LXR Hotels & Resorts
- NoMad
- Signia by Hilton
- Canopy by Hilton
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe that our capabilities as a multi-branded manager, franchisor and lessee of hotels with an associated global, system-wide guest loyalty program and commercial platform help us continue to maintain our position as one of the largest and most geographically diverse hospitality companies in the world.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $11,174 million in 2024 to $12,039 million in 2025, driven primarily by higher franchise and licensing fees and increased cost reimbursement revenues.
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