Core Insights - Hilton Worldwide Holdings Inc. reported strong fourth-quarter 2025 results, with earnings and revenues exceeding expectations and showing year-over-year growth [1][3][10] Financial Performance - Adjusted earnings per share (EPS) for Q4 2025 were $2.08, surpassing the Zacks Consensus Estimate of $2.00, and up from $1.76 in the same quarter last year [3] - Total revenues reached $3.09 billion, exceeding the consensus estimate of $2.99 billion by 3.3% and increasing by 10.9% year-over-year [3] - Adjusted EBITDA for the quarter was $946 million, reflecting a 10.3% increase year-over-year, and also beating the estimate of $928.8 million [6] Revenue Breakdown - Franchise and licensing fees improved to $671 million from $642 million year-over-year, although below the estimate of $718.9 million [4] - Base and other management fees rose to $98 million from $82 million year-over-year, while incentive management fees increased by 17.4% to $101 million [4] - Ownership revenues were $345 million, slightly below the expected $345.6 million [5] Operational Highlights - System-wide comparable RevPAR increased by 0.5% year-over-year on a currency-neutral basis [6] - The company added 190 hotels totaling approximately 26,000 rooms in Q4 2025, achieving a net room growth of about 21,300 rooms [11] - Hilton's development pipeline grew by 37,400 rooms, totaling 520,500 rooms across 3,703 hotels in 129 countries and territories as of December 31, 2025 [13] Future Outlook - For Q1 2026, Hilton anticipates net income between $436 million and $450 million, with adjusted EBITDA expected to be between $875 million and $995 million [15] - Full-year 2026 projections include net income of $1.98-$2.01 billion, adjusted EBITDA of $4 billion to $4.04 billion, and adjusted EPS in the range of $8.65-$8.77 [16] - Management expects system-wide RevPAR to increase by 1-2% year-over-year in 2026 [16] Strategic Developments - Hilton launched a new brand, Apartment Collection by Hilton, expected to add up to 3,000 units to its existing apartment-style accommodations [12] - The company continues to expand its luxury and lifestyle portfolio, with notable openings including the Waldorf Astoria Shanghai Qiantan and several Tapestry Collection properties [11]

Core Viewpoint - Hilton Worldwide Holdings Inc. has shown strong stock performance with a 9.25% increase over the past month and a 21.66% increase over the past year, leading to optimism among long-term shareholders [1] Group 1: Stock Performance - The current trading price of Hilton Worldwide Holdings Inc. is $322.00, reflecting a 1.30% increase [1] - Over the past month, the stock has increased by 9.25% [1] - In the past year, the stock has appreciated by 21.66% [1] Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for investors, comparing the current share price to the company's earnings per share (EPS) [2] - A higher P/E ratio may indicate that investors expect better future performance, but it could also suggest overvaluation [2] - Hilton Worldwide Holdings Inc. has a P/E ratio of 46.98, which is lower than the industry average of 56.82, potentially indicating that the stock may be undervalued or expected to perform worse than peers [3]

经济观察网希尔顿酒店(HLT.US)在2026年有以下值得关注的事件或趋势，可能对其股票表现产生影响。 以上内容基于公开资料整理，不构成投资建议。 机构观点 2026年1月，多家机构更新评级，摩根士丹利将目标价上调至306美元，富国集团上调至338美元，反映 市场对基本面改善的预期。当前机构平均目标价约299美元，超配评级占比46%。 2026年1月希尔顿宣布在华达成千店里程碑，并计划上半年开业多个重点项目，如广州大厦希尔顿启缤 精选、洛阳融阙希尔顿格芮精选等，以加速品牌矩阵深化。集团保持平均每两天开设一家新酒店的速 度，中国市场规模有望持续领跑。 业绩经营情况 行业政策与环境 公司2025年第三季度财报显示营收同比增长8.82%，归母净利润大幅增长22.09%。2025年全年业绩预计 于2026年初发布，投资者可关注净单位增长(2025年实现6.7%)及盈利指引是否延续强劲态势。 机构分析指出，2026年酒店行业供给增速预计放缓，高线城市入住率可能回升，推动RevPAR(平均每间 可出租客房收入)实现低个位数增长。这一趋势或对希尔顿的定价能力和营收构成支撑。 业务进展情况 ...

Core Viewpoint - Hilton Worldwide Holdings Inc. reported stronger-than-expected quarterly results, with a focus on steady demand trends and pipeline growth, despite a more measured outlook for the upcoming year [1] Quarterly Analysis - The company reported fourth-quarter adjusted earnings per share of $2.08, exceeding the analyst consensus estimate of $2.02 [2] - Quarterly sales reached $3.087 billion, surpassing the expected $2.987 billion [2] - System-wide comparable RevPAR increased slightly year over year, driven by higher average daily rates, although occupancy saw modest declines [2] - Operating income for the quarter was $602 million, up from $489 million a year ago [3] - Adjusted EBITDA rose to $946 million from $858 million in the previous year [3] - Hilton opened 190 hotels, adding a total of 26,000 rooms, resulting in 21,300 net room additions [3] Development Pipeline - The company added 37,400 rooms to its development pipeline in the fourth quarter, totaling 3,703 hotels as of December 31, 2025 [4] - Nearly half of the rooms in the development pipeline were under construction, with more than half located outside the U.S. [4] - Total cash and equivalents stood at $970 million as of December 31, 2025, including $52 million of restricted cash [4] Outlook - Hilton expects first-quarter GAAP EPS to be in the range of $1.87-$1.93, compared to the $1.78 estimate [5] - The company anticipates first-quarter adjusted EPS of $1.91-$1.97, against an estimate of $1.84 [5] - For fiscal year 2026, GAAP earnings per share are projected to be between $8.49 and $8.61, compared to the $8.76 analyst estimate [5] - Fiscal year 2026 adjusted EPS is expected to be in the range of $8.65 to $8.77, lower than the $9.17 analyst estimate [5]

Company Overview - As of December 31, 2025, Hilton operates 9,158 properties with a total of 1,351,351 rooms across 143 countries and territories[19]. - The total number of hotels in the system includes 46 owned, 873 managed, and 8,239 franchised properties[28]. - The U.S. market accounts for 6,211 hotels with 851,582 rooms, representing a significant portion of Hilton's total[28]. - International operations accounted for approximately 36% of the company's system-wide hotel rooms in 2025, indicating significant reliance on global markets[123]. Hilton Honors Loyalty Program - The Hilton Honors loyalty program has 243 million members, reflecting a 15% increase from December 31, 2024[19]. - The Hilton Honors loyalty program is crucial for customer retention, and any changes to its benefits could adversely affect participation[122]. Financial Performance - Adjusted EBITDA for the year ended December 31, 2025, was $3,725 million, up from $3,420 million in 2024[218]. - Net income for 2025 was reported at $1,461 million, compared to $1,530 million in 2024[218]. - The company reported a loss on foreign currency transactions of $11 million for 2025[218]. - The company’s dividend policy may change at any time, and future dividends are at the discretion of the board of directors based on various factors[160]. Development and Growth - The net unit growth for the year ended December 31, 2025, was 6.7%[22]. - The development pipeline includes 1,073 room additions, with a total of 3,703 rooms counted as of period end, representing a significant expansion of the hotel network[197]. - The company is focused on expanding its global hotel network, with nearly half of the rooms under construction located outside the U.S.[22]. - The company evaluates the economic viability of new hotels based on geographic location and credit quality of third-party owners, aiming to increase revenues and free cash flow over time[195]. Employment and Workplace Recognition - Approximately 182,000 individuals were employed or managed at the company's leased and managed hotels and corporate offices as of December 31, 2025[44]. - The company achieved recognition as the 2025 1 World's Best Workplace by Fortune and Great Place to Work, marking the ninth consecutive year as the top hospitality company[45]. - Approximately 25% of employees globally and 45% of employees in the U.S. are covered by collective bargaining agreements as of December 31, 2025[128]. Risks and Challenges - The company faces risks related to substantial indebtedness and evolving corporate governance regulations, which could impact financial conditions[21]. - The hospitality industry is subject to significant competition from various providers, including major hotel chains and independent operators, impacting market positioning[65]. - Economic conditions significantly influence demand for hotel services, with potential declines in revenue during economic downturns due to fixed operational costs[81]. - The company faces risks related to changes in supply and demand for hotel services, which can affect pricing and revenue generation[79]. - The company is subject to ongoing tax audits, particularly for U.S. federal income tax returns from fiscal years 2011 to 2020, which may result in material increases to income tax liability[148]. Environmental and Compliance Issues - The company focuses on reducing emissions, water, and waste intensity at its hotels, implementing utility cost savings measures[55]. - Compliance with various laws and regulations, including those related to health and safety, can impact operational costs and profitability[72]. - Environmental laws and regulations may impose substantial compliance costs and potential liabilities on the company, affecting operations and financial condition[149]. - The company is subject to various laws and regulations regarding modern slavery and human trafficking, which could increase operational costs and reduce profits[127]. Market Trends and Performance Metrics - The hospitality industry experiences seasonality, with revenues typically lower in the first quarter compared to the subsequent three quarters[67]. - System-wide occupancy rate for the year ended December 31, 2025, was 71.5%, a decrease of 0.1 percentage points compared to 2024[216]. - Average Daily Rate (ADR) increased to $159.89, reflecting a 0.5% increase year-over-year[216]. - Revenue per Available Room (RevPAR) rose to $114.39, marking a 0.4% increase from the previous year[216]. - In the U.S., RevPAR decreased to $121.91, a decline of 0.8% year-over-year, influenced by reduced international travel and macroeconomic uncertainty[216]. Cybersecurity and Technology - The company has adopted a Cybersecurity Policy requiring all employees to report potential cybersecurity incidents immediately and certify their understanding of the policy annually[166]. - The Global Information Security team is responsible for managing cybersecurity risks and is organized into five functional areas, including incident response and governance, risk, and compliance[164]. - Cyber-attacks pose a risk to the company, potentially leading to loss of sensitive information and operational disruptions[107]. - The company relies on third parties for significant information technology functions, and disruptions in these services could adversely affect operations[104]. Financial Obligations and Debt - As of December 31, 2025, the company's total indebtedness was approximately $12.5 billion, with long-term debt maturities of $25 million, $619 million, and $12 million for the years ending December 31, 2026, 2027, and 2028, respectively[151]. - The company has a significant amount of indebtedness that could require a substantial portion of cash flow from operations to be dedicated to debt payments, limiting funds available for operations and capital expenditures[150]. - The company is required to maintain a consolidated secured net leverage ratio not to exceed 5.0 to 1.0 as of the last day of any four consecutive quarters[155].

Financial Data and Key Metrics Changes - For the full year 2025, system-wide RevPAR growth was up 40 basis points year over year, with record adjusted EBITDA of $3.7 billion, up 9% year over year [5][6] - In the Fourth Quarter, system-wide RevPAR increased 50 basis points year-over-year, with adjusted EBITDA at $946 million, up 10% year-over-year [6][15] - The company returned $3.3 billion to shareholders in 2025, the highest total capital return in its history [6] Business Line Data and Key Metrics Changes - Leisure transient RevPAR was up 2.3%, while business transient RevPAR was down 2.1% due to U.S. government shutdown impacts [6][15] - Group RevPAR increased by 2.6%, driven by strong international group growth [6][15] - The company opened nearly 200 hotels in the Fourth Quarter, totaling nearly 26,000 rooms, contributing to a full-year net unit growth of 6.7% [7][8] Market Data and Key Metrics Changes - In the Americas outside the U.S., Fourth Quarter RevPAR increased 3.8% year-over-year, while Europe saw a 5.3% increase, and the Middle East and Africa region experienced a 15.9% increase [16][17] - Asia-Pacific region's Fourth Quarter RevPAR was up 9.2% excluding China, while China saw a decline of 1.4% [17] Company Strategy and Development Direction - The company is focused on expanding its brand portfolio, including the launch of the Apartment Collection by Hilton and Outset Collection, targeting the apartment-style lodging segment [10][12] - The pipeline reached over 520,000 rooms, with expectations for sustained net unit growth of 6%-7% for 2026 and beyond [11][17] - The company aims to enhance its Hilton Honors program, making loyalty more accessible and rewarding [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting stronger economic conditions and improved performance in EMEA and APAC regions [7][30] - The CEO highlighted macroeconomic factors such as decreasing inflation and increased investment in technology as positive indicators for future growth [21][25] - Management noted that early 2026 showed positive trends in group bookings and leisure demand, with expectations for RevPAR growth of 1%-2% year-over-year [7][18] Other Important Information - The company was named the number one world's best workplace by Fortune and Great Place to Work for 2025 [13] - The company continues to see strong performance in its luxury and lifestyle brands, with nearly 30% of total openings in the quarter coming from these segments [8][9] Q&A Session Summary Question: Overview of the broader economy and lodging industry - Management expressed optimism about the economy, citing macro and micro forces that are converging positively, including decreasing inflation and a favorable investment environment [21][30] Question: AI and technology partnerships - The company is actively exploring AI applications across its operations and is engaged with major tech players to enhance efficiencies and customer experience [34][41] Question: Growth of lifestyle and luxury brands - Management indicated that as the lifestyle and luxury brands gain scale, they will benefit from network effects, leading to increased market share and profitability [46][49] Question: Development environment and key money usage - The company remains disciplined regarding key money, with a focus on maintaining a competitive edge while managing development costs [53][56] Question: RevPAR guidance and quarterly cadence - Management acknowledged the complexity of the upcoming year but expressed confidence in the guidance range, citing potential upside from events like the World Cup [60][62] Question: EPS growth rate compared to EBITDA growth - Management clarified that EPS growth is impacted by share count and interest expenses, with adjusted EPS growth expected in the low double digits [67][68]

Financial Data and Key Metrics Changes - For the full year 2025, system-wide RevPAR growth was up 40 basis points year over year, with record adjusted EBITDA of $3.7 billion, up 9% year over year [5][6] - In the fourth quarter, system-wide RevPAR increased 50 basis points year-over-year, with adjusted EBITDA at $946 million, up 10% year-over-year [6][15] - The company returned $3.3 billion to shareholders in 2025, the highest total capital return in its history [6] Business Line Data and Key Metrics Changes - Leisure transient RevPAR was up 2.3%, while business transient RevPAR was down 2.1% due to U.S. government shutdown impacts [6][15] - Group RevPAR increased by 2.6%, driven by strong international group growth [6][15] - The company opened nearly 200 hotels in the fourth quarter, totaling nearly 26,000 rooms, and added nearly 100,000 new rooms for the full year, representing a net unit growth of 6.7% [7][8] Market Data and Key Metrics Changes - In the Americas outside the U.S., fourth quarter RevPAR increased 3.8% year-over-year, while Europe saw a 5.3% increase, and the Middle East and Africa region experienced a 15.9% increase [16][17] - Asia-Pacific's fourth quarter RevPAR was up 9.2% excluding China, while RevPAR in China declined 1.4% [17] Company Strategy and Development Direction - The company is focused on expanding its brand portfolio, including the launch of the Apartment Collection by Hilton and the Outset Collection, to capture new market segments [10][12] - The development pipeline reached over 520,000 rooms, with expectations for sustained net unit growth of 6%-7% for 2026 and beyond [11][18] - The company aims to enhance its Hilton Honors program to drive loyalty and engagement, with nearly a quarter billion members [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting stronger economic conditions and improved performance in EMEA and APAC regions [7][30] - The CEO highlighted macroeconomic factors such as decreasing inflation and increased investment in technology as positive indicators for future growth [21][25] - Management noted that early 2026 trends are positive, with strong group bookings and leisure demand [7][30] Other Important Information - The company has been recognized as the number one world's best workplace by Fortune and Great Place to Work for 2025 [13] - The company continues to focus on non-RevPAR-driven fees, which are expected to grow above the algorithm due to strong credit card and timeshare performance [73][74] Q&A Session Summary Question: Overview of the broader economy and lodging industry - Management remains optimistic about 2026, citing macroeconomic improvements and a potential trend towards middle-class real wage growth, which could increase disposable income and spending on travel [21][30] Question: AI and technology partnerships - The company is actively exploring AI applications across its operations, focusing on efficiency and customer experience improvements [34][41] Question: Growth of lifestyle and luxury brands - Management believes that as lifestyle and luxury brands gain scale, they will create a network effect that enhances market share and profitability [46][49] Question: Development environment and key money usage - The company maintains discipline in key money usage, with a focus on upper upscale and luxury segments, while expecting conversions to play a larger role in future growth [55][56] Question: RevPAR guidance and quarterly cadence - Management anticipates a balanced performance throughout the year, with potential upside from events like the World Cup [60][62] Question: EPS growth rate - Management explained that EPS growth is impacted by share count and interest expenses, with adjusted EPS growth expected in the low double digits [67][68]

Financial Data and Key Metrics Changes - For the full year 2025, system-wide RevPAR growth was up 40 basis points year-over-year, with record adjusted EBITDA of $3.7 billion, an increase of 9% year-over-year [4][5] - In Q4 2025, system-wide RevPAR increased by 50 basis points year-over-year, with adjusted EBITDA reaching $946 million, up 10% year-over-year [5][14] - The company returned $3.3 billion to shareholders in 2025, marking the highest total capital return in its history [5] Business Line Data and Key Metrics Changes - Leisure transient RevPAR was up 2.3% in Q4, while business transient RevPAR decreased by 2.1% due to U.S. government shutdown impacts [5][14] - Group RevPAR increased by 2.6% in Q4, driven by strong international group growth [5][14] - For the full year, net unit growth was 6.7%, with nearly 100,000 new rooms added to the global portfolio [7][10] Market Data and Key Metrics Changes - In the Americas outside the U.S., Q4 RevPAR increased by 3.8% year-over-year, while in Europe, it grew by 5.3% due to strong leisure activity [15] - The Middle East and Africa region saw a 15.9% increase in RevPAR, driven by leisure and group demand [15] - In Asia-Pacific, Q4 RevPAR was up 9.2% excluding China, while RevPAR in China declined by 1.4% [15][16] Company Strategy and Development Direction - The company is focused on expanding its brand portfolio, including the launch of the Apartment Collection by Hilton, targeting the apartment-style lodging segment [9] - The development pipeline reached over 520,000 rooms, with expectations for sustained net unit growth of 6%-7% for 2026 and beyond [10] - The company aims to enhance loyalty and guest satisfaction through initiatives like the Hilton Honors program, which now has nearly a quarter billion members [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting stronger economic conditions and improved performance in EMEA and APAC [6][29] - The company anticipates RevPAR growth of 1%-2% for the full year 2026, with positive trends in group bookings and leisure demand [6][17] - Management highlighted macroeconomic factors such as decreasing inflation and increased investment in technology as supportive of future growth [21][25] Other Important Information - The company opened nearly 200 hotels in Q4, totaling nearly 26,000 rooms, and celebrated several milestones in brand expansion [6][7] - The company was named the number one world's best workplace by Fortune for 2025, marking a significant achievement in employee satisfaction [11] Q&A Session Summary Question: Overview of the broader economy and lodging industry - Management noted optimism for 2026, citing macroeconomic improvements and potential for middle-class wage growth, which could increase disposable income and spending [19][26] Question: AI and technology partnerships - Management discussed ongoing efforts in AI, emphasizing a modern tech stack that allows for greater flexibility and efficiency in operations and customer experience [32][34] Question: Growth of lifestyle and luxury brands - Management confirmed that as the network of lifestyle and luxury brands expands, market share and economic performance are expected to improve, creating a positive feedback loop [41][46] Question: Development environment and key money usage - Management indicated a disciplined approach to key money, with a focus on maintaining competitive advantages while navigating market dynamics [51][55] Question: RevPAR guidance and quarterly cadence - Management acknowledged the complexity of the upcoming year but expressed confidence in achieving the guidance range, supported by events like the World Cup [59][60]

来源：观点地产网 观点网讯：2月11日，美国希尔顿酒店公布2025年第四季度业绩，多项核心指标超出市场预期，但2026 年盈利指引逊于预期，原因系美国旅游需求放缓。 财报显示，希尔顿Q4营收同比增长11%至30.9亿美元，超过分析师预期的29.8亿美元；调整后每股收益 为2.08美元，亦超过预期的2.02美元。 展望2026年，希尔顿预计调整后每股收益将在8.65至8.77美元之间，低于分析师预期的9.13美元；预计 可比每间客房收入将增长1%至2%，低于预期的2.05%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 期内每间可用客房的可比收入(RevPar)小幅上涨0.5%。 ...

格隆汇2月11日｜希尔顿酒店公布去年第四季度业绩，营收同比增长11%至30.9亿美元，超过分析师预 期的29.8亿美元；调整后每股收益为2.08美元亦超过预期的2.02美元。期内每间可用客房的可比收入 (RevPar)小幅上涨0.5%，主要是因为平均每日房价上涨0.9%，但部分被入住率的小幅下降0.3%所抵消。 展望2026年，该公司预计调整后每股收益将在8.65至8.77美元之间，低于分析师预期的9.13美元；预计 可比每间客房收入将增长1%至2%，反映美国旅游需求放缓，低于预期的2.05%。 ...