Hilton Worldwide Holdings Inc. (HLT)

Hilton reported third-quarter 2026 net income of $536 million on 27 October, up from $421 million a year earlier 3.

System-wide revenue per available room, the hotel trade's measure of room income, rose 5.8 percent, which the company tied to higher occupancy and higher room rates 3.

The company said the World Cup and calendar shifts helped the quarter, and it expects the fourth quarter to be affected by midterm elections and the Middle East 3.

Hilton had 9,620 properties with 1,408,417 rooms in 144 countries and territories on 30 September 2026 2.

On 20 October it announced a move of its stock listing from the New York Stock Exchange to Nasdaq, with trading there starting on 5 November under the same ticker, HLT 4.

The open question is how the year ends: the company projects full-year 2026 net income between $1,909 million and $1,923 million 3.

Hilton says it was founded in 1919, driven by the vision of founder Conrad Hilton "to fill the earth with the light and warmth of hospitality" 1.

It became the first hotel company listed on the New York Stock Exchange in 1946, and it returned to the exchange in 2013 4. In October 2007 it became a wholly owned subsidiary of affiliates of Blackstone 7.

Hilton says it has grown since 2013 from 10 brands and about 4,100 hotels to 28 brands and more than 9,400 properties 4.

On January 3, 2017, Hilton completed spin-offs of a portfolio of hotels and resorts, Park Hotels & Resorts, and of its timeshare business, Hilton Grand Vacations 6. Each Hilton stockholder received one Park share for every five Hilton shares and one Grand Vacations share for every 10 6.

In March 2017, HNA Tourism Group and certain affiliates acquired 82.5 million Hilton shares from affiliates of Blackstone 10.

Its ownership segment shrank from 141 hotels with 57,716 rooms at the end of 2016 to 46 hotels with 15,287 rooms at the end of 2025 61.

The pandemic cut revenue from $9,452 million in 2019 to $4,307 million in 2020, then revenue recovered to $5,788 million in 2021 57.

Owned and leased hotel revenue fell from $1,422 million to $421 million, which Hilton blamed on the pandemic and the drop in global travel 7.

Revenue reached $10,235 million in 2023, $11,174 million in 2024 and $12,039 million in 2025 1.

In 2025, 796 hotels with 97,000 rooms opened, and net unit growth was 6.7 percent 1.

System-wide RevPAR rose only 0.4 percent in 2025 because U.S. RevPAR fell 0.8 percent, which Hilton tied to fewer international visitors and weaker business travel 1.

Fees, not buildings

Hilton reports two segments, management and franchise, and ownership 1. In the first it manages hotels for outside owners and licenses its brands to others, for fees 1.

At the end of 2025 it managed 873 hotels with 264,760 rooms, and 8,239 properties with 1,071,304 rooms were franchised or licensed 1.

Base management fees are generally a percentage of a hotel's gross operating revenue, and incentive fees a percentage of its operating profits 1.

In 2025 franchise and licensing fees were $2,780 million, base and other management fees $376 million and incentive management fees $313 million 1.

Cost reimbursement revenue of $7,085 million is money owners pay Hilton for programs run on their behalf, matched by reimbursed expenses of $7,550 million 1.

Brands

The range runs from luxury names such as Waldorf Astoria and Conrad to mid-priced DoubleTree and Hilton Garden Inn, focused-service Hampton and extended-stay Homewood Suites 1.

Hampton by Hilton is the largest brand, with 3,195 properties and 359,886 rooms, or 26.6 percent of rooms 1.

Hilton names Comfort Suites, Courtyard, Fairfield, Holiday Inn Express and Springhill Suites as selected competitors for it 1.

DoubleTree by Hilton has 715 properties with 160,138 rooms, and Hilton Garden Inn has 1,124 properties with 165,782 rooms 1.

Waldorf Astoria has 39 properties and Conrad has 50 1.

In the third quarter Hilton opened its first hotels under Select by Hilton, launched earlier this year, and the Den Bengaluru, which brought LXR to India 3.

For its full-service Hilton Hotels & Resorts brand, Hilton names Hyatt Regency, Marriott, Omni, Sheraton and Westin as selected competitors 1.

Loyalty and people

The Hilton Honors guest loyalty program had 243 million members at the end of 2025, up 15 percent 1.

Hilton employed or managed about 182,000 people at leased and managed hotels and corporate offices, and third-party owners employed about 328,000 more at franchised properties 1.

Christopher Nassetta is president and chief executive officer, and Hilton named Jeff Moore its chief technology officer 3.

Problems and risks

Hilton lists geopolitical conflicts, including Iran, and tariffs among the risks that could change its results 2.

Reuters reported that Hilton's room revenue from its Middle East and Africa region fell 29.5 percent from a year earlier as war dampened travel to the region 9.

Hilton had $13.5 billion of debt outstanding on 30 September 2026, including $600 million of senior notes due April 2027 3.

The umbrella, in words

Hilton's brands span luxury, lifestyle, full-service, focused-service and all-suites hotels, plus timeshare 1.

Hilton Grand Vacations was spun off in 2017 as an independent, publicly traded company 6. It has the exclusive right to use Hilton's timeshare brands under a long-term license agreement with Hilton 1.

The annual report's Exhibit 21.1 lists the subsidiaries by name and place of organization, for example Conrad International (Thailand) Limited in Thailand 11.

Hilton owns minority stakes in the entities that own or lease four hotels it manages 1. These are 24 percent each of Hilton Tokyo Bay and Hilton Nagoya in Japan, 20 percent of Hilton Mauritius Resort & Spa and 18 percent of Hilton Imperial Dubrovnik 1.

At the end of 2025 Hilton leased 42 hotels with 13,657 rooms, including the Waldorf Astoria Rome Cavalieri in Italy 1.

The annual report leaves its table of large holders to the proxy statement, which is due within 120 days after year end 1.

Hilton projects full-year 2026 system-wide RevPAR growth of 4.0 to 4.5 percent, net income of $1,909 million to $1,923 million and adjusted EBITDA of $4,060 million to $4,080 million 3.

Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, further adjusted to exclude certain items 6.

For the fourth quarter it projects RevPAR growth of 3.0 to 3.5 percent and net income of $508 million to $522 million 3.

The company expects net unit growth around the midpoint of its 6.0 to 7.0 percent full-year range 3.

Hilton projects full-year capital return, which includes dividends, of about $3.5 billion 3.

Its board authorized a quarterly dividend of $0.15 per share, payable on 29 December 2026 to holders of record on 1 December 2026 3.

Its development pipeline stood at 3,869 hotels with 543,100 rooms in 135 countries and territories on 30 September 2026, with nearly half of the rooms under construction 3.

NYSE trading is expected to end at the close on 4 November 2026, with Nasdaq trading starting on 5 November 4.

Hilton says it believes it has sufficient liquidity and access to debt financing to address its senior notes at or before maturity 3.