Hyatt(H) - 2025 Q4 - Annual Results

Financial Performance - Net income attributable to Hyatt Hotels Corporation was $(20) million in Q4 2025 and $(52) million for the full year 2025, while Adjusted Net Income was $126 million in Q4 2025 and $209 million for the full year 2025[4]. - Total revenues for the year ended December 31, 2025, were $7,101 million, an increase from $6,648 million in 2024, representing a growth of 6.8%[25]. - Net income attributable to Hyatt Hotels Corporation for the year ended December 31, 2025, was $1,296 million, compared to a loss of $52 million in 2024[25]. - Adjusted EBITDA for the year ended December 31, 2025, was $1,159 million, an increase from $1,096 million in 2024[38]. - The company reported a net loss attributable to Hyatt Hotels Corporation of $20 million for Q4 2025, compared to a net loss of $56 million in Q4 2024[37]. - The diluted earnings per share for the year ended December 31, 2025, was $(0.55), compared to $12.65 in 2024[47]. Revenue and Fees - Gross fees were $307 million in Q4 2025, an increase of 4.5% compared to Q4 2024, and $1,198 million for the full year 2025, an increase of 9.0% compared to 2024[4]. - Gross fees for 2026 are expected to be between $1,295 million and $1,335 million, an increase of 8% to 11% compared to $1,198 million in 2025[10]. - Hyatt's total revenues for reimbursed costs were $3,629 million for the year ended December 31, 2025[37]. Operational Metrics - Comparable system-wide hotels RevPAR growth was 4.0% in Q4 2025 and 2.9% for the full year 2025 compared to the same periods in 2024[4]. - System-wide RevPAR for 2025 reached $146.01, a 4.0% increase compared to 2024[26]. - Occupancy rate for system-wide hotels in 2025 was 69.4%, up 0.5 percentage points from 2024[26]. - Average Daily Rate (ADR) for system-wide hotels in 2025 was $210.47, reflecting a 3.4% increase from 2024[26]. - In Greater China, RevPAR increased by 6.7% to $94.14, with an occupancy rate of 73.7%, up 2.7 percentage points[26]. - The Americas (excluding U.S.) saw a RevPAR increase of 5.0% to $176.93, with occupancy at 68.5%, up 1.6 percentage points[26]. Future Outlook - The company expects 2026 system-wide hotels RevPAR growth of 1.0% to 3.0% and net rooms growth of 6.0% to 7.0%[10]. - Projected net income attributable to Hyatt Hotels Corporation for 2026 is between $235 million and $320 million, representing a 552% to 715% increase compared to $(52) million in 2025[10]. - The 2026 outlook for Adjusted EBITDA ranges from $1,155 million to $1,205 million, with net income attributable to Hyatt Hotels Corporation projected between $235 million and $320 million[70]. Costs and Expenses - General and administrative expenses for the year ended December 31, 2025, totaled $555 million, slightly up from $548 million in 2024[25]. - The company incurred transaction and integration costs of $173 million for the year ended December 31, 2025, compared to $42 million in 2024, reflecting increased activity in acquisitions or integrations[25]. - Adjusted G&A Expenses for the year ended December 31, 2025, were $445 million, slightly up from $444 million in 2024[40]. Capital and Liquidity - Total liquidity as of December 31, 2025, was $2.3 billion, including $813 million in cash and cash equivalents[7]. - The company recognized $173 million in transaction and integration costs for the year ended December 31, 2025, primarily related to the Playa Hotels Acquisition[47]. - Free Cash Flow for the year ended December 31, 2025, was $159 million, down from $463 million in 2024[38]. Property and Portfolio - The company opened 8,253 rooms in Q4 2025, including significant new properties like Park Hyatt Cabo del Sol and Andaz One Bangkok[7]. - As of December 31, 2025, Hyatt Hotels Corporation operates a total of 1,528 properties with 372,763 rooms globally, including 726 managed properties with 223,823 rooms[31][35]. - The pipeline as of December 31, 2025, includes approximately 830 hotels and 148,000 rooms globally, with 250 hotels in the United States alone[66]. Special Items and Adjustments - Adjusted Net Income (Loss) excludes special items and is considered an indicator of operating performance, allowing for period-over-period comparisons[82]. - Total adjustment to segment revenues from sold assets for Fiscal Year 2024 was $(267) million, with quarterly adjustments of $(119) million in Q1, $(82) million in Q2, $(42) million in Q3, and $(24) million in Q4[57]. - Total adjustment to segment Adjusted EBITDA from sold assets for Fiscal Year 2024 was $(81) million, with quarterly adjustments of $(38) million in Q1, $(29) million in Q2, $(12) million in Q3, and $(2) million in Q4[57].