希尔顿2025年财报:营收盈利双超预期,2026年展望谨慎

Core Insights - Hilton's Q4 revenue grew by 11% year-over-year to $3.09 billion, exceeding analyst expectations of $2.98 billion [2] - Adjusted EPS was $2.08, surpassing market expectations of $2.02 [3] - Full-year revenue reached $12.039 billion, a 7.74% increase year-over-year [4] Financial Performance - Full-year net income was $1.457 billion, with a net profit margin of 12.10% [4] - Operating cash flow was $2.129 billion, and free cash flow was $2.028 billion, indicating healthy cash flow [5] Operational Insights - RevPAR increased by 0.5% in Q4, reversing a two-quarter decline [3] - The Middle East and Africa saw a RevPAR increase of 9.9%, driving growth, while the U.S. market faced pressure due to slowing business travel [6] - The global development pipeline remains strong, supporting long-term growth potential [7] Future Outlook - Hilton projects adjusted EPS for 2026 to be between $8.65 and $8.77, below market expectations of $9.13 [8] - Full-year RevPAR growth guidance is set at 1% to 2%, primarily impacted by slowing travel demand in the U.S. [8] Stock Performance - As of February 13, 2026, Hilton's stock price was $320.91, reflecting an 11.72% increase year-to-date, with a total market capitalization of approximately $73.582 billion [9]