Hilton(US:HLT) Jing Ji Guan Cha Wang·2026-02-12 20:28Core Viewpoint - Hilton's Q4 2025 and full-year performance exceeded market expectations in terms of revenue and profit, but the company's guidance for 2026 earnings fell short of market forecasts [1]. Group 1: Performance Overview - In Q4 2025, Hilton's revenue grew by 11% year-on-year to $3.09 billion, with adjusted earnings per share of $2.08, both surpassing market expectations [2]. - The total revenue and net profit for the full year also showed robust growth [2]. Group 2: Industry Conditions - The Middle East and Africa markets performed strongly, while the U.S. market was a major drag on overall performance due to a slowdown in business travel demand [3]. Group 3: Company Development Projects - As of Q2 2025, Hilton's global development pipeline reached 510,600 rooms, with half of these in the construction phase, and new projects started increased year-on-year, providing support for future growth [4]. Group 4: Future Outlook - Hilton's outlook for 2026 is cautious, with expected adjusted earnings per share and full-year RevPAR growth both below market expectations. Management cited the slowdown in U.S. travel demand as a primary influencing factor [5]. Group 5: Business Progress - The company is achieving low-capital expansion through a management franchise model while continuing to advance its luxury brand and property conversion strategy to optimize its brand matrix [6].