Financial Data and Key Metrics Changes - Adjusted EBITDA for the quarter exceeded $1,000,000,000, significantly beating expectations, despite a modestly negative system-wide RevPAR [5][19] - Adjusted EPS also exceeded expectations, with diluted earnings per share adjusted for special items at $2.20 [20] - Year-to-date, the company returned $1,700,000,000 to shareholders through buybacks and dividends, on track to return approximately $3,300,000,000 for the full year [6][25] Business Line Data and Key Metrics Changes - System-wide RevPAR decreased by 50 basis points year-over-year, driven by declines in occupancy and modest rate growth [19][20] - Leisure transient RevPAR grew by 1%, while business transient RevPAR decreased by 2% due to various factors including government spending declines and broader economic uncertainty [7][19] - Group RevPAR was roughly flat, with positive trends in company meetings offset by soft convention business [8][19] Market Data and Key Metrics Changes - U.S. RevPAR decreased by 1.5%, largely due to pressure across business transient and group segments [20] - In the Americas outside the U.S., RevPAR increased by 3.8%, driven by strength in the luxury and lifestyle portfolio [21] - The Middle East and Africa region saw a 10.3% increase in RevPAR, while Asia Pacific's RevPAR was up 0.3%, with a 5.2% increase in APAC ex China [22][23] Company Strategy and Development Direction - The company opened 221 hotels totaling over 26,000 rooms, representing a 52% year-over-year increase, achieving net unit growth of 7.5% [11][24] - Plans to welcome three new luxury and lifestyle hotels per week in 2025 were announced, with a focus on expanding in strategic markets [12][15] - The company aims for net unit growth solidly within the 6% to 7% range for the full year, supported by a robust development pipeline of over 510,000 rooms [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the intermediate-term outlook, citing a favorable regulatory environment and expected economic growth driven by significant investments across various industries [10][41] - The company anticipates RevPAR growth of flat to up 2% for the full year, with improving trends expected in the fourth quarter [9][25] - Management noted that the current operating environment is characterized by a thawing of the "wait and see" attitude among corporate clients, indicating potential for increased demand [32][106] Other Important Information - Hilton Honors membership grew to over 226 million, up 16% year-over-year, reflecting the strength of the company's global reach [16] - The company was named the most valuable hotel brand for the tenth consecutive year, highlighting its competitive positioning [17] - The company continues to focus on conversion-friendly brands, which accounted for over a third of openings in the quarter [13][75] Q&A Session Summary Question: Insights on different segments (leisure, business, group) - Management noted relative strength in leisure and weakness in business transient and group segments, with expectations for a more normalized fourth quarter [28][31] Question: Development trends in China amidst RevPAR declines - Management expects modest declines in China but remains optimistic about long-term growth due to undersupply in the market [46][50] Question: Confidence in net unit growth - Management reinforced confidence in achieving 6% to 7% net unit growth, driven by strong conversion activity and a robust development pipeline [57][60] Question: Momentum in luxury segment and its implications - Management emphasized the importance of luxury and lifestyle brands for overall network effect and customer loyalty, while not being the primary source of profitability [64][70] Question: Current environment for conversions and key money usage - Management reported that 33% of deals in the quarter were conversions, with a disciplined approach to key money usage [74][78] Question: Timing of non-RevPAR fees - Management clarified that the timing of non-RevPAR fees was largely built into guidance, with some fees coming in earlier than expected [80][82]

Core Insights - Hilton Worldwide Holdings Inc. reported strong second-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate, showing year-over-year growth [1][3][8] Financial Performance - Adjusted earnings per share (EPS) for Q2 2025 were $2.20, surpassing the consensus estimate of $2.04, and up from $1.91 in the same quarter last year [3][8] - Total revenues reached $3.14 billion, beating the consensus mark of $3.08 billion, and reflecting a 6.3% increase year-over-year [3][8] - Adjusted EBITDA was reported at $1 billion, a 9.9% increase from the previous year, exceeding the estimate of $958.7 million [5][8] Revenue Streams - Franchise and licensing fees improved to $745 million from $689 million year-over-year, aligning with estimates [3] - Base and other management fees rose to $97 million from $93 million, while incentive management fees increased by 10.3% to $75 million [4] RevPAR and Occupancy - System-wide comparable RevPAR declined by 0.5% year-over-year on a currency-neutral basis, attributed to occupancy declines [5][8] - The company anticipates stronger RevPAR performance in the future due to improving travel demand and limited industry supply growth [2] Development and Expansion - Hilton added 221 hotels in Q2 2025, contributing 26,100 rooms and achieving net room growth of 22,600 [9][11] - The development pipeline includes 3,636 hotels representing 510,600 rooms across 128 countries, with expected net unit growth of 6-7% for 2025 [11] Future Outlook - For Q3 2025, Hilton projects net income between $453-$467 million and adjusted EBITDA between $935 million and $955 million, with adjusted EPS expected to be between $1.98 and $2.04 [12] - For the full year 2025, net income is estimated to be in the range of $1.64-$1.68 billion, with adjusted EBITDA between $3.65 billion and $3.71 billion [13][14]

Company Performance - Hilton Worldwide Holdings Inc. reported quarterly earnings of $2.2 per share, exceeding the Zacks Consensus Estimate of $2.04 per share, and up from $1.91 per share a year ago, representing an earnings surprise of +7.84% [1] - The company posted revenues of $3.14 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.99% and increasing from $2.95 billion year-over-year [2] - Over the last four quarters, Hilton has consistently surpassed consensus EPS estimates and revenue estimates [2] Stock Movement and Outlook - Hilton Worldwide shares have increased approximately 10.8% since the beginning of the year, outperforming the S&P 500's gain of 7.3% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.14 on revenues of $3.06 billion, and for the current fiscal year, it is $7.92 on revenues of $11.85 billion [7] Industry Context - The Hotels and Motels industry, to which Hilton belongs, is currently ranked in the bottom 20% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5][6]

[Hilton Second Quarter 2025 Results](index=1&type=section&id=Hilton%20Reports%20Second%20Quarter%20Results) Hilton reported strong Q2 2025 profit growth and record development, with a slight RevPAR decline [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Hilton reported strong Q2 2025 financial results and record development, with a slight RevPAR decline Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Diluted EPS | $1.84 | | Diluted EPS, adjusted | $2.20 | | Net Income | $442 million | | Adjusted EBITDA | $1,008 million | - System-wide comparable RevPAR declined by **0.5%** on a currency-neutral basis compared to Q2 2024[3](index=3&type=chunk) - The development pipeline reached a record **510,600 rooms** as of June 30, 2025, a **4% increase** year-over-year, with **36,200 new rooms** approved in the quarter[3](index=3&type=chunk) - Net unit growth was **7.5%** from June 30, 2024, with **22,600 net additional rooms** in Q2 2025[3](index=3&type=chunk) - Returned **$791 million** to shareholders in Q2, comprising **$755 million** in share repurchases (3.2 million shares) and **$36 million** in dividends[3](index=3&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk) [CEO Overview and Performance Summary](index=3&type=section&id=CEO%20Overview%20and%20Performance%20Summary) CEO Christopher J. Nassetta highlighted resilient bottom-line performance despite Q2 2025 RevPAR softness, anticipating future growth - The CEO expressed confidence in future RevPAR growth, citing expectations for better economic growth in the U.S. and low industry supply growth[5](index=5&type=chunk) RevPAR and Fee Revenue Growth | Period | System-wide Comparable RevPAR (vs. 2024) | Management & Franchise Fee Revenue (vs. 2024) | | :--- | :--- | :--- | | Q2 2025 | -0.5% | +7.9% | | YTD Q2 2025 | +1.0% | +6.6% | YTD 2025 Financial Performance vs. YTD 2024 | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Diluted EPS | $3.07 | $2.71 | | Diluted EPS, adjusted | $3.92 | $3.44 | | Net Income | $742 million | $690 million | | Adjusted EBITDA | $1,803 million | $1,667 million | [Development and Pipeline Growth](index=3&type=section&id=Development) Hilton maintained strong Q2 2025 development, opening 26,100 rooms and expanding its record pipeline to 510,600 rooms - Notable Q2 openings include the Sax Paris (LXR), The Marcus Portrush (Tapestry Collection), and Hotel Astoria Vienna (Curio Collection) and the first LivSmart Studios by Hilton and the Waldorf Astoria New York opened in July[9](index=9&type=chunk) - The development pipeline reached a record **510,600 rooms** across **3,636 hotels**[10](index=10&type=chunk) - The pipeline includes expansion into **29 new countries and territories**, with over half of the pipeline rooms located outside the U.S.[10](index=10&type=chunk) [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) Hilton maintained a strong balance sheet with $11.0 billion debt and robust liquidity, returning significant capital to shareholders - Total debt outstanding was **$11.0 billion** as of June 30, 2025, with no material maturities before April 2027[12](index=12&type=chunk) - In July 2025, issued **$1.0 billion** of 5.750% Senior Notes due 2033 and used proceeds to repay all **$515 million** outstanding on the Revolving Credit Facility[3](index=3&type=chunk)[12](index=12&type=chunk) - Paid a quarterly cash dividend of **$0.15 per share** in June 2025, totaling **$36 million**, with another **$0.15 dividend** authorized for September 2025[13](index=13&type=chunk) - Repurchased **6.9 million shares** for **$1,718 million** in the first six months of 2025, with total capital return year-to-date through July at **$1,881 million**[14](index=14&type=chunk) [Company Outlook](index=4&type=section&id=Outlook) Hilton provides forward-looking guidance for Q3 and full year 2025, projecting RevPAR growth and financial performance [Full Year 2025 Outlook](index=4&type=section&id=Full%20Year%202025) Hilton projects full-year 2025 RevPAR growth of flat to 2.0%, with net income between $1,640 million and $1,682 million Full Year 2025 Guidance | Metric | Projected Range / Value | | :--- | :--- | | System-wide comparable RevPAR growth (currency neutral) | 0.0% to 2.0% | | Diluted EPS | $6.82 to $6.99 | | Diluted EPS, adjusted | $7.83 to $8.00 | | Net Income | $1,640 million to $1,682 million | | Adjusted EBITDA | $3,650 million to $3,710 million | | Capital Return | ~$3.3 billion | | Net Unit Growth | 6.0% to 7.0% | [Third Quarter 2025 Outlook](index=4&type=section&id=Third%20Quarter%202025) Hilton projects Q3 2025 RevPAR to be flat to modestly down, with net income between $453 million and $467 million Q3 2025 Guidance | Metric | Projected Range | | :--- | :--- | | System-wide comparable RevPAR growth (currency neutral) | Flat to modestly down | | Diluted EPS | $1.89 to $1.95 | | Diluted EPS, adjusted | $1.98 to $2.04 | | Net Income | $453 million to $467 million | | Adjusted EBITDA | $935 million to $955 million | [Financial Statements and Schedules](index=7&type=section&id=EARNINGS%20RELEASE%20SCHEDULES) This section presents Hilton's condensed consolidated financial statements and key operating statistics for the period [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Hilton reported increased total revenues and net income for Q2 and the first six months of 2025 compared to the prior year Condensed Consolidated Statements of Operations (in millions, except per share amounts) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Total revenues** | **$3,137** | **$2,951** | **$5,832** | **$5,524** | | Franchise and licensing fees | $745 | $689 | $1,370 | $1,260 | | Operating income | $778 | $725 | $1,314 | $1,258 | | **Net income attributable to Hilton stockholders** | **$440** | **$421** | **$740** | **$686** | | **Diluted EPS** | **$1.84** | **$1.67** | **$3.07** | **$2.71** | [Hotel Operating Statistics](index=9&type=section&id=Comparable%20and%20Currency%20Neutral%20System-Wide%20Hotel%20Operating%20Statistics) Q2 2025 system-wide RevPAR declined 0.5% due to U.S. softness, offset by strong growth in Middle East & Africa and luxury brands Q2 2025 System-Wide Hotel Operating Statistics vs. Q2 2024 | Region / Brand | Occupancy Change | ADR Change | RevPAR Change | | :--- | :--- | :--- | :--- | | **System-wide** | **(0.5) pts** | **+0.2%** | **(0.5)%** | | U.S. | (1.0) pts | (0.2)% | (1.5)% | | Europe | +0.8 pts | +0.9% | +2.0% | | Middle East & Africa | +7.2 pts | (0.9)% | +10.3% | | Asia Pacific | (0.3) pts | +0.8% | +0.3% | | Waldorf Astoria | +4.5 pts | +1.3% | +8.8% | YTD 2025 System-Wide Hotel Operating Statistics vs. YTD 2024 | Region / Brand | Occupancy Change | ADR Change | RevPAR Change | | :--- | :--- | :--- | :--- | | **System-wide** | **— pts** | **+1.0%** | **+1.0%** | | U.S. | (0.3) pts | +0.7% | +0.2% | | Europe | +0.8 pts | +1.4% | +2.5% | | Middle East & Africa | +4.8 pts | +2.1% | +9.5% | | Asia Pacific | +0.3 pts | —% | +0.4% | | Waldorf Astoria | +4.6 pts | +4.3% | +12.3% | [Property Summary](index=11&type=section&id=Property%20Summary) As of June 30, 2025, Hilton's system comprised 8,807 properties and over 1.3 million rooms, primarily franchised in the U.S Total System Properties and Rooms as of June 30, 2025 | Category | Properties | Rooms | | :--- | :--- | :--- | | Managed | 850 | 258,183 | | Franchised / Licensed | 7,911 | 1,031,409 | | Ownership | 46 | 15,287 | | **Total System** | **8,807** | **1,304,879** | - The largest brands by room count are **Hampton by Hilton** (**352,203 rooms**), **Hilton Hotels & Resorts** (**224,838 rooms**), and **Hilton Garden Inn** (**160,527 rooms**)[36](index=36&type=chunk) [Capital Expenditures and Contract Acquisition Costs](index=12&type=section&id=Capital%20Expenditures%20and%20Contract%20Acquisition%20Costs) Total capital expenditures increased in Q2 and the first six months of 2025, while contract acquisition costs remained stable Capital Expenditures and Contract Acquisition Costs (in millions) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Total capital expenditures | $43 | $38 | $83 | $72 | | Contract acquisition costs, net | $42 | $40 | $72 | $77 | | **Total** | **$85** | **$78** | **$155** | **$149** | [Reconciliations of Non-GAAP Financial Measures](index=13&type=section&id=Reconciliations%20of%20Non-GAAP%20Financial%20Measures) This section provides reconciliations of non-GAAP financial measures, including Adjusted EBITDA and adjusted EPS, to their GAAP equivalents [Reconciliation: Net Income and Diluted EPS, Adjusted for Special Items](index=13&type=section&id=Net%20Income%20and%20Diluted%20EPS%2C%20Adjusted%20for%20Special%20Items) This section reconciles Q2 2025 GAAP net income and diluted EPS to adjusted non-GAAP figures by excluding special items Q2 2025 Reconciliation of Net Income and Diluted EPS (in millions, except per share) | Metric | As Reported (GAAP) | Adjustments | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Net income attributable to Hilton stockholders | $440 | $87 | $527 | | Diluted EPS | $1.84 | $0.36 | $2.20 | [Reconciliation: Adjusted EBITDA and Adjusted EBITDA Margin](index=14&type=section&id=Net%20Income%20Margin%20and%20Adjusted%20EBITDA%20and%20Adjusted%20EBITDA%20Margin) This schedule reconciles Q2 2025 net income to Adjusted EBITDA, which increased to $1,008 million with an improved margin Reconciliation of Net Income to Adjusted EBITDA (in millions) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net income** | **$442** | **$422** | **$742** | **$690** | | Interest expense | $151 | $141 | $296 | $272 | | Income tax expense | $187 | $169 | $297 | $266 | | Depreciation and amortization | $43 | $34 | $84 | $70 | | Other adjustments | $185 | $151 | $364 | $369 | | **Adjusted EBITDA** | **$1,008** | **$917** | **$1,803** | **$1,667** | | **Adjusted EBITDA margin** | **75.2%** | **72.2%** | **74.6%** | **71.4%** | [Reconciliation: Net Debt and Leverage Ratios](index=15&type=section&id=Net%20Debt%20and%20Net%20Debt%20to%20Adjusted%20EBITDA%20Ratio) This section calculates Net Debt, which increased to $10,574 million as of June 30, 2025, with a 3.0x TTM Net Debt to Adjusted EBITDA ratio Net Debt Calculation (in millions) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Long-term debt, including current maturities | $10,944 | $11,151 | | Less: Cash and cash equivalents | ($448) | ($1,376) | | **Net debt** | **$10,574** | **$9,860** | - The TTM Adjusted EBITDA as of June 30, 2025 was **$3,565 million**[49](index=49&type=chunk) - The Net Debt to TTM Adjusted EBITDA ratio was **3.0x** as of June 30, 2025[49](index=49&type=chunk) [Reconciliation: Outlook](index=16&type=section&id=Outlook%20Reconciliations) This section reconciles projected net income to Adjusted EBITDA and GAAP EPS to adjusted EPS for Q3 and full year 2025 outlook Full Year 2025 Outlook Reconciliation (Low Case, in millions) | Metric | Value | | :--- | :--- | | Net income | $1,640 | | Interest, Taxes, D&A, and other adjustments | $2,010 | | **Adjusted EBITDA** | **$3,650** | Q3 2025 Outlook Reconciliation (Low Case, in millions) | Metric | Value | | :--- | :--- | | Net income | $453 | | Interest, Taxes, D&A, and other adjustments | $482 | | **Adjusted EBITDA** | **$935** | [Definitions](index=18&type=section&id=Definitions) This section provides definitions for key non-GAAP financial measures and operational metrics used in the report [Definitions of Key Metrics](index=18&type=section&id=Definitions%20of%20Key%20Metrics) This section defines key non-GAAP financial measures and operational metrics, including Adjusted EBITDA, Net Debt, and RevPAR - **Adjusted EBITDA**: Calculated as net income excluding interest, taxes, depreciation, amortization, and other specified items like asset disposition gains/losses, share-based compensation, and cost reimbursement effects[61](index=61&type=chunk) - **Net Debt**: Calculated as total long-term debt (including current maturities) less cash, cash equivalents, and restricted cash[66](index=66&type=chunk) - **Comparable Hotels**: Defined as hotels active for at least one full calendar year that have not undergone major changes (brand, ownership, large-scale projects) and as of June 30, 2025, 6,425 of the 8,702 hotels were classified as comparable[68](index=68&type=chunk) - **RevPAR (Revenue per Available Room)**: A key performance indicator calculated by dividing hotel room revenue by the total number of room nights available and is considered a meaningful indicator correlated to both occupancy and ADR[71](index=71&type=chunk)

Core Viewpoint - Hilton Worldwide Holdings Inc. is expected to report second-quarter 2025 results on July 23, with projected earnings per share (EPS) of $2.03, reflecting a 6.3% increase from the previous year [1][8]. Revenue and Earnings Estimates - The consensus estimate for second-quarter revenues is approximately $3.06 billion, indicating a 3.6% rise from the same quarter last year [2]. - The expected growth in management and franchise hotel revenues is 6.5% year over year, reaching $905.6 million, while franchise and licensing fees are projected to increase by 8.1% to $745 million [5]. Factors Influencing Performance - Hilton's second-quarter performance is anticipated to benefit from strong group travel, international development, and growth in non-RevPAR fees [3]. - High-margin management and franchise fees are expected to significantly contribute to revenue, supported by hotel openings and brand conversions [4]. - Growth in Hilton Honors membership and stable performance from small and mid-sized business travel are also likely to enhance results [6]. Challenges and Projections - Despite positive factors, macroeconomic challenges such as cost inflation, foreign currency impacts, and uncertainty in corporate travel may pressure Hilton's bottom line [7]. - The company projects adjusted diluted EPS for the second quarter to be between $1.97 and $2.02 [7]. Earnings Prediction - The model predicts an earnings beat for Hilton, with an Earnings ESP of +2.70% and a Zacks Rank of 3 (Hold) [8][9].

Group 1: Economic Overview - The U.S. economy is experiencing a broader structural shift characterized by persistent deflationary pressures, declining energy demand, and a deteriorating labor market [1][7][11] - Consumer discretionary spending is slowing down, indicating a significant impact on industries such as travel, hospitality, and leisure [1][5][11] Group 2: Consumer Spending and Price Trends - The Consumer Price Index (CPI) report for June shows a notable weakness in discretionary spending categories, with hotel and motel prices decreasing by 3.7% [2][3] - The Producer Price Index (PPI) data indicates a rare deflationary trend, with a net change of -0.1% over four months, and core PPI showing a decline for the first time since June 2020 [2][3] Group 3: Energy Demand Insights - Energy usage data confirms a decline in consumer activity, with gasoline consumption dropping to an average of 8.49 million barrels per day, significantly lower than previous years [4] - Overall oil demand is also reflecting this weakness, with total oil supply averaging around 20.1 million barrels per day, slightly above 2022 levels but below 2023 and 2024 [4] Group 4: Corporate Responses and Market Sentiment - Major hotel chains like Hilton and Wyndham have adjusted their revenue growth forecasts due to slowing consumer travel spending, attributing this to economic uncertainty [5][6] - Airlines such as Delta and Southwest have retracted their financial forecasts for 2025, reflecting a cautious outlook on consumer behavior [5][6] Group 5: Labor Market Challenges - The labor market is showing signs of deterioration, with the unemployment rate rising to 4.2% and non-farm employment growth slowing to an average of 120,000 per month [7][8] - Real disposable income growth is stagnating, with a reported annualized growth rate of 0.8% in Q2 2025, impacting consumer spending on non-essential items [7][8] Group 6: Market Discrepancies - The U.S. stock market has reached historical highs despite the underlying economic data indicating persistent consumer weakness, suggesting a disconnect between market sentiment and economic reality [9] - The optimism surrounding a potential rebound in consumer spending post-trade uncertainty may be misplaced, as structural issues in the economy are likely to persist [9][10] Group 7: Implications for Policy and Business Strategy - Policymakers may need to reconsider their stance on interest rates in light of the deflationary trends in discretionary sectors, potentially requiring more accommodative measures to stimulate demand [10] - Companies in the hospitality and airline sectors may need to adapt to prolonged periods of weak demand, possibly implementing cost-cutting measures that could further impact consumer confidence [10][11]

Core Viewpoint - Hilton Worldwide Holdings Inc. (HLT) has a strong history of beating earnings estimates and is well-positioned for future earnings surprises, particularly in its upcoming quarterly report [1]. Earnings Performance - For the most recent quarter, Hilton Worldwide reported earnings of $1.61 per share, missing the expected $1.72 per share, resulting in a surprise of 6.83% [2]. - In the previous quarter, Hilton exceeded expectations by reporting $1.76 per share against a consensus estimate of $1.68 per share, achieving a surprise of 4.76% [2]. Earnings Estimates and Predictions - Estimates for Hilton Worldwide have been trending higher, influenced by its history of earnings surprises [5]. - The stock currently has a positive Zacks Earnings ESP (Expected Surprise Prediction) of +2.70%, indicating increased analyst optimism regarding its near-term earnings potential [8]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high likelihood of another earnings beat [8]. Statistical Insights - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [6]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [7].

Core Insights - Hilton Worldwide Holdings Inc. (HLT) entered 2025 with steady momentum, driven by a diversified travel demand base, with system-wide RevPAR growing 2.5% year over year in Q1 2025 [2][9] - Group travel led RevPAR growth, increasing more than 6% year over year, while Business Transient and Leisure Transient also contributed positively [2][3] Company Performance - Business Transient's RevPAR rose 2% year over year, primarily from stable travel patterns of small and mid-sized companies, which constitute around 85% of the segment [3][9] - Leisure Transient's RevPAR increased by 1% year over year, showing robust activity early in the quarter but some slowdown later due to broader sentiment trends [3] - Hilton expects Group travel to remain the strongest segment for the remainder of 2025, supported by strong bookings and a healthy pipeline into 2026 [4][9] Industry Context - Peers such as Marriott International, Inc. (MAR) and Hyatt Hotels Corporation (H) are also experiencing RevPAR growth, benefiting from strong booking trends and recovery in group and business travel [5] - Marriott reported a 5.2% rise in global RevPAR in Q1 2025, while Hyatt's RevPAR increased by 5.7%, with luxury brands driving notable gains [6][7] Financial Outlook - Hilton reaffirmed its full-year system-wide RevPAR guidance of flat to up 2% for 2025, with expectations for Group and Business Transient to lead [4] - Earnings estimates for Hilton have increased to $7.91 and $9.04 per share for 2025 and 2026, respectively, indicating year-over-year growth of 11.1% for 2025 and 14.3% for 2026 [11] - Hilton's shares have risen 29.9% in the past three months, outperforming the Zacks Hotels and Motels industry, which grew by 9% [8]

Core Insights - The latest annual ranking of the "Top 205 Global Hotel Groups" has been published, reflecting the development trajectory of the global hotel industry based on data from the end of 2024 [2] Group 1: Rankings and Performance - Marriott International retains the top position with 1,667,331 rooms across 9,131 hotels, an increase from 1,560,687 rooms and 8,566 hotels in 2023 [3] - Jin Jiang International Holdings Co., Ltd. ranks second with 1,454,335 rooms and 14,377 hotels, up from 1,342,161 rooms and 13,250 hotels in the previous year [3] - Hilton ranks third with 1,268,206 rooms and 8,447 hotels, compared to 1,182,937 rooms and 7,530 hotels in 2023 [3] - H World Group moves up to fourth place with 1,088,218 rooms and 11,147 hotels, an increase from 912,444 rooms [3][4] - IHG Hotels & Resorts ranks fifth with 987,125 rooms and 6,629 hotels, up from 946,203 rooms [3] Group 2: Trends and Changes - The number of hotel groups on the list has decreased by over one-third from 2019 to 2024, indicating a trend of consolidation in the industry [6][10] - The top 50 list includes 21 Chinese companies, an increase from 19 the previous year, highlighting the growing influence of Chinese hotel groups [5] - The industry is entering a new phase characterized by stronger brands and increased concentration, with many rising companies demonstrating strong capital, technology, or brand capabilities [8] Group 3: Brand Performance - HanTing Hotel from H World Group tops the single brand ranking with 359,475 rooms, followed by Holiday Inn Express from IHG with 343,957 rooms [11][13] - Jin Jiang International Holdings has seven brands listed, the highest number among the groups, reflecting its extensive portfolio [13] - The ranking of brands shows a competitive landscape where mid-range and economy segments are undergoing significant restructuring [13]

智通财经记者 | 张瑶 智通财经编辑 | 汤威 1. 首旅酒店集团"精彩长安街•宝藏酒店奇遇记"启幕 7月8日，首旅酒店集团"精彩长安街·宝藏酒店奇遇记"在位于长安街心脏地带的北京饭店诺金启幕。这 场文化盛宴集结了首旅集团及首旅酒店集团旗下13个品牌、82家高端奢华酒店，通过线上线下联动，开 启为期两个月的"宝藏酒店"巡展与体验之旅。 活动现场，集团旗下宝藏酒店矩阵亮相，展现出历史底蕴与时代创新的双面魅力。建国饭店是中国首家 中外合资酒店，其砖瓦间镌刻着中国酒店业从萌芽到繁荣的发展轨迹；贵宾楼饭店与西苑饭店，分别珍 藏着历史文物，以及 2000余幅齐白石等名家真迹的"艺术长廊"；北京饭店诺金的百年作家酒吧，至今 回响着泰戈尔、萧伯纳的诗韵；香山饭店作为贝聿铭的国内首作，彰显大师对园林美学与自然哲思的融 合表达。即将于今年揭幕的诺岚品牌，将以充满未来感的先锋艺术语言，重新解构高端酒店的定义。 2. 钓鱼台美高梅重磅推出儿童计划MGMKids 钓鱼台美高梅酒店集团推出全新儿童IP——MGMKids小狮子俱乐部，该计划于7月在旗下全品牌酒店启 动系列活动。 4. 文华东方推出纪录片《梦中之境》，以电影艺术礼赞奢华待 ...