Hilton Worldwide (HLT) financials
NYSE · Consumer Cyclical · Travel Lodging · 182,000 employees · CEO Christopher J. Nassetta
- Price
- $357.03 +0.03%
- Market cap
- $79.4B
- Enterprise value
- $92.6B
- Last report
- Q3 '26 filed 2026-10-27
- Next report
- 2027-02-10 EPS est. $2.43
Revenue (TTM)$12.7B+8.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)24.0%+2.0 pp vs a year agoOperating income $3.05B
Net income (TTM)$1.7B+2.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.93B-17.8% vs a year agoCapex $84M
Diluted EPS (TTM)$7.41+7.5% vs a year agoSum of the last 4 quarters
Net cash-$13.2B-16.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $79.4B EV $92.6B
- Revenue
- $12.7B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- 13.4% Net income / revenue, TTM
- P/E
- 47.7× Forward 39.1× (FY2026)
- P/S
- 6.3× Price / sales, TTM
- EV / EBITDA
- 29.0× TTM
- Free cash flow
- $1.93B Trailing 12 months
- Net income
- $1.7B Trailing 12 months
- Revenue estimate
- $13B FY2026 consensus
- Earnings
- 2027-02-10 Revenue est. $3.35B
- Dividend
- $0.60 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-27): revenue missed by 1.4%, EPS beat by 3.4%Revenue $3.33B vs $3.37B expected (-1.4%); EPS $2.45 vs $2.37 (+3.4%).
- Revenue growth slowing: 6.6% year on yearQ3 '26 revenue $3.33B, against an average of 8.8% over the four quarters before.
- Operating margin 24.0% (TTM), +2.0 pp on a year agoOperating income grew 18.1% while revenue grew 8.1%.
- 29.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.35B vs operating income $3.05B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.7% of revenue (a year ago 1.4%)$84M invested in the last 4 quarters (-47.8% on a year earlier). Free cash flow $1.93B = 113.5% of net income.
- Returned $3.55B to shareholders = 183.9% of free cash flowBuybacks $3.41B (a year earlier $3.17B), dividends $138M, stock-based pay $200M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 5.8% in a year226M diluted shares in Q3 '26, 240M a year earlier.
- Net debt $13.2BCash + short-term investments $774M, debt incl. leases $14B; a year ago net debt $11.3B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.33B | $3.12B | +6.6% |
| Gross margin | 33.2% | 30.2% | +3.0 pp |
| Operating income | $909M | $777M | +17.0% |
| Operating margin | 27.3% | 24.9% | +2.4 pp |
| Net income | $536M | $420M | +27.6% |
| Diluted EPS | $2.37 | $1.77 | +33.9% |
| Operating cash flow | $721M | $816M | -11.6% |
| Capex | $32M | $50M | -36.0% |
| Free cash flow | $689M | $766M | -10.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $59M | $44M | +34.1% |
Reported vs consensus
2026-10-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.33B | $3.37B | -1.4% |
| EPS (as estimated) | $2.45 | $2.37 | +3.4% |
From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Reimbursement Revenue | $1.97B | +7.1% | 65.1% | $7.51B | -12.2% | |
| Management and Franchise | $815M | +10.3% | 27.0% | $2.99B | -13.1% | |
| Management Service, Base | $96M | +3.2% | 3.2% | $388M | -14.3% | |
| Management Service, Incentive | $71M | +9.2% | 2.4% | $317M | -13.4% | |
| Hotel, Other | $72M | +12.5% | 2.4% | $275M | -11.6% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '24
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Management And Franchise | – | – | $873M | – | – | – | – |
| Ownership | – | – | $33M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.01B
- Capex
- -$84M
- Buybacks
- -$3.41B
- Dividends
- -$138M
- Acquisitions
- -$3M
- Net debt issued
- $1.47B
- Stock-based compensation
- $200M
- Free cash flow
- $1.93B
- Returned to shareholders / FCF
- 183.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 47.7× | 52.4× | 27.7× – 106.1× |
| EV / EBITDA | 29.0× | 29.1× | 18.7× – 45.3× |
| EV / Sales | 7.3× | 6.5× | 4.9× – 9.0× |
| Price / FCF | 41.2× | 313.9× | 22.0× – 1,450.7× |
| Price / Book | -12.1× | – | – |
| FCF yield | 2.4% | 2.8% | 0.1% – 4.5% |
| Return on invested capital | 18.1% | 12.6% | 5.8% – 16.4% |
| Return on equity | -28.1% | -56.1% | -113.9% – -27.0% |
Analysts
Consensus target $371.40 (+4.0%)
range $316.00 – $421.00 · rating Buy
Strong buy0
Buy29
Hold20
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $13B | +7.8% | $9.12 | +49.0% | 39.1× | 14 |
| FY2027 | $14.1B | +8.8% | $10.39 | +13.9% | 34.4× | 18 |
| FY2028 | $15.3B | +8.4% | $11.99 | +15.4% | 29.8× | 10 |
| FY2029 | $16.4B | +7.2% | $14.05 | +17.2% | 25.4× | 4 |
| FY2030 | $17.3B | +5.6% | $16.23 | +15.4% | 22.0× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 251 figures Hilton Worldwide Holdings Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $2.45B | $2.6B | -5.7% | $2.34B | $2.12B | +10.0% |
| Accounts Payable, Current | $376M2025-12-31 | $409M | -8.1% | $376M | $409M | -8.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.8B | $1.65B | +9.0% | $1.69B | $1.58B | +6.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $175M | $160M | +9.4% | $163M | $145M | +12.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $486M2025-12-31 | $499M | -2.6% | $486M | $499M | -2.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$739M | -$713M | -3.6% | -$729M | -$782M | +6.8% |
| Additional Paid in Capital | $11.4B | $11.2B | +1.6% | $11.3B | $11.1B | +1.3% |
| Amortization of Acquisition Costs | $16M | $15M | +6.7% | $57M | $50M | +14.0% |
| Amortization of Debt Issuance Costs and Discounts | – | – | – | $19M | $17M | +11.8% |
| Amortization of Intangible Assets | $16M | $15M | +6.7% | $288M2017-12-31 | $312M | -7.7% |
| Asset Impairment Charges | – | – | – | $0 | $0 | – |
| Assets | $16.8B | $16.6B | +1.0% | $16.8B | $16.5B | +1.5% |
| Assets, Current | $3.11B | $3.12B | -0.2% | $3B | $3.27B | -8.4% |
| Assets, Noncurrent | $13.7B | $13.5B | +1.2% | $13.8B | $13.3B | +4.0% |
| Buildings and Improvements, Gross | $394M2025-12-31 | $368M | +7.1% | $394M | $368M | +7.1% |
| Cash and Cash Equivalents, at Carrying Value | $774M | $1.06B | -26.8% | $918M | $1.3B | -29.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $830M | $1.13B | -26.3% | $970M | $1.38B | -29.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$234M | $678M | -134.5% | -$406M | $501M | -181.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 9.1M2025-12-31 | 9.7M | -6.2% | 9.1M | 9.7M | -6.2% |
| Common Stock, Dividends, Per Share, Declared | $0.15 | $0.15 | 0.0% | $0.60 | $0.60 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 10B | 10B | 0.0% | 10B | 10B | 0.0% |
| Common Stock, Shares, Outstanding | 223M | 233M | -4.3% | 230M | 242M | -4.7% |
| Common Stock, Value, Outstanding | $3M | $3M | 0.0% | $3M | $3M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1M | $0 | – | $4M | $3M | +33.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $544M | $412M | +32.0% | $1.51B | $1.48B | +1.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $545M | $412M | +32.3% | $1.51B | $1.49B | +1.8% |
| Construction in Progress, Gross | $57M2025-12-31 | $65M | -12.3% | $57M | $65M | -12.3% |
| Contract with Customer, Liability | $2.45B | $1.98B | +24.1% | $2.35B | $1.83B | +28.7% |
| Contract with Customer, Liability, Revenue Recognized | $237M | $180M | +31.7% | -$570M | -$418M | -36.4% |
| Costs and Expenses | $2.42B | $2.34B | +3.1% | $9.35B | $8.81B | +6.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $329M | $357M | -7.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $119M | $52M | +128.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $547M | $491M | +11.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $99M | $82M | +20.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | -$96M | -$88M | -9.1% | -$96M | -$85M | -12.9% |
| Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense | $59M | $44M | +34.1% | $170M | $176M | -3.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$8M | -$51M | +84.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $74M | -$181M | +140.9% |
| Deferred Income Tax Expense (Benefit) | -$2M | $48M | -104.2% | $64M | -$247M | +125.9% |
| Deferred Income Taxes and Other Assets, Noncurrent | $202M | $318M | -36.5% | $252M | $318M | -20.8% |
| Deferred Revenue, Current | $828M | $637M | +30.0% | $858M | $664M | +29.2% |
| Deferred Revenue, Noncurrent | $1.72B | $1.42B | +21.4% | $1.65B | $1.3B | +26.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$2M | -$15M | +86.7% |
| Deferred Tax Assets, Deferred Income | $753M2025-12-31 | $659M | +14.3% | $753M | $659M | +14.3% |
| Deferred Tax Assets, Gross | $2.71B2025-12-31 | $2.6B | +4.2% | $2.71B | $2.6B | +4.2% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.48B2025-12-31 | $1.4B | +5.6% | $1.48B | $1.4B | +5.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $493M2025-12-31 | $525M | -6.1% | $493M | $525M | -6.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $461M2025-12-31 | $498M | -7.4% | $461M | $498M | -7.4% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $493M2025-12-31 | $525M | -6.1% | $493M | $525M | -6.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $32M2025-12-31 | $27M | +18.5% | $32M | $27M | +18.5% |
| Deferred Tax Assets, Other | $140M2025-12-31 | $127M | +10.2% | $140M | $127M | +10.2% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $79M2025-12-31 | $70M | +12.9% | $79M | $70M | +12.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $115M2025-12-31 | $118M | -2.5% | $115M | $118M | -2.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | $337M2025-12-31 | $282M | +19.5% | $337M | $282M | +19.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $51M2025-12-31 | $57M | -10.5% | $51M | $57M | -10.5% |
| Deferred Tax Assets, Valuation Allowance | $1.23B2025-12-31 | $1.2B | +2.5% | $1.23B | $1.2B | +2.5% |
| Deferred Tax Liabilities, Deferred Expense | $244M | $335M | -27.2% | $322M | $322M | 0.0% |
| Deferred Tax Liabilities, Gross | $1.55B2025-12-31 | $1.41B | +10.3% | $1.55B | $1.41B | +10.3% |
| Deferred Tax Liabilities, Net | $70M2025-12-31 | $4M | +1,650.0% | $70M | $4M | +1,650.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01