HLTHilton Worldwide

Consumer discretionary · Hotels · NYSE

Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025. 10-K, Item 1

Headquarters: Mclean, VA
Next results: around Feb 10, 2027

Compare with peers → Embed

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	7.41	Sales (ttm)	12.7B	Net income (ttm)	1.7B	Sales growth	+7.7%	EPS growth	-0.3%	Sales Q/Q	+6.6%
Free cash flow	1.9B	Gross margin	-	Oper. margin	24.0%	Net margin	13.4%	FCF margin	15.2%	ROE	n/m
ROA	10.1%	R&D / sales	-	Dividend	0.60	Debt/Eq	n/m	Curr. ratio	0.59	Cash	774.0M
Op. cash flow (ttm)	2.0B	EBITDA	2.9B	EBITDA margin	23.8%	Net debt	12.6B	Quick ratio	0.49	Interest cover	4.34
Payout ratio	9.8%	Tax rate	29.5%	Stock pay / sales	1.4%	Shares out.	222.5M	Shares Y/Y	-4.8%	Book / share	-29.63
Cash / share	3.48	Sales / share	57.03	Asset turnover	0.76	Days sales out.	51	Sales 3Y CAGR	+11.1%	Sales 5Y CAGR	+22.8%
EPS 3Y CAGR	+10.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

HLT against Consumer discretionary peers

Ten years, side by side → · All 47 →

HLTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.7%17th of 47 · median +5.4%

Net margin

13.4%14th of 47 · median 10.8%

Free cash flow margin

15.2%13th of 45 · median 9.4%

HLT and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
HLT Hilton Worldwide	$12.7B	+7.7%	-	13.4%	-	15.2%	-
LVS Las Vegas Sands	$13.6B	+15.2%	-	11.8%	-	17.7%	-
DRI Darden Restaurants	$13.4B	+9.4%	20.3%	8.8%	57.2%	7.9%	1.26
ULTA Ulta Beauty	$13.0B	+9.7%	39.3%	9.3%	45.8%	8.9%	0.13
CMG Chipotle Mexican Grill	$12.7B	+5.4%	-	10.8%	56.1%	11.9%	0.00
EBAY eBay Inc.	$12.4B	+7.9%	72.2%	16.9%	47.6%	19.5%	1.53

Profitability

1 of 2

✓
Net margin above the peer median13.4% vs 10.8%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 5.1% → 12.1%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 4.3× interest expense
!
Equity below zeroDebt $13.4B, equity −$6.6B
!
Current ratio below 1Current ratio 0.59
!
Net debt over 3 years of free cash flow$12.6B net debt, 6.5 years

Debt / equity at each year end, FY2016 to FY2025: 1.12 → 13.22

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$2.0B last year
✓
Share count down over 5 years−14.1%
✓
Dividend per share up over 5 years$0.15 → $0.60
✓
Cash from operations above net income$2.1B vs $1.5B

Free cash flow, FY2016 to FY2025: 993.0M → 2.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $3.1B Not stated $9.3B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Senior secured term loan facility due 2030	Secured	5.48%	floating	$3.1B
3.625% Senior notes due 2032	Notes and bonds	3.62%	not stated	$1.5B
Senior notes due 2031	Notes and bonds	4.00%	not stated	$1.1B
5.500% Senior notes due 2034	Notes and bonds	5.50%	not stated	$1.0B
5.750% Senior notes due 2033	Notes and bonds	5.75%	not stated	$1.0B
5.875% Senior notes due 2033	Notes and bonds	5.88%	not stated	$1.0B
Senior notes due 2030	Notes and bonds	4.88%	not stated	$1.0B
3.750% Senior notes due 2029	Notes and bonds	3.75%	not stated	$800.0M
Senior notes due 2027	Notes and bonds	4.88%	not stated	$600.0M
5.875% Senior notes due 2029	Notes and bonds	5.88%	not stated	$550.0M
6.125% Senior notes due 2032	Notes and bonds	6.12%	not stated	$450.0M
Finance lease liabilities	–	–	not stated	$340.0M

All 12 lines

From the debt note in the 10-K's XBRL (0001585689-26-000007), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 12.0B Net income 1.5B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $12.0B of revenue came from

by product, year to Dec 31, 2025

Cost reimbursement revenues $7.1B · 59%
Franchise and licensing fees $2.8B · 23%
Ownership $1.2B · 10%
Base and other management fees $376.0M · 3%
Incentive management fees $313.0M · 3%
Other revenues $252.0M · 2%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

HLT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue12.0B

Net income1.5B

Free cash flow2.0B

EPS (diluted)6.12

Dividend per share0.60

Diluted shares238.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Managementand Franchise	3.6B	29.7%	+7.1%
Ownership	1.2B	10.2%	-1.8%

10-K 0001585689-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Cost reimbursement revenues	7.1B	58.9%	+10.2%
Franchise and licensing fees	2.8B	23.1%	+6.9%
Ownership	1.2B	10.2%	-1.8%
Base and other management fees	376.0M	3.1%	+1.9%
Incentive management fees	313.0M	2.6%	+7.9%
Other revenues	252.0M	2.1%	+8.6%

10-K 0001585689-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	9.5B	79.1%	+8.5%
All other	2.5B	20.9%	+5.1%

10-K 0001585689-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6.6B	8.1B	8.9B	9.5B	4.3B	5.8B	8.8B	10.2B	11.2B	12.0B
SG&A	409.0M	439.0M	443.0M	441.0M	311.0M	405.0M	382.0M	408.0M	415.0M	393.0M
Operating income	868.0M	1.1B	1.4B	1.7B	-418.0M	1.0B	2.1B	2.2B	2.4B	2.7B
Interest expense	334.0M	351.0M	371.0M	414.0M	429.0M	397.0M	415.0M	464.0M	569.0M	620.0M
Pretax income	540.0M	753.0M	1.1B	1.2B	-924.0M	560.0M	1.7B	1.7B	1.8B	2.1B
Income tax	-557.0M	336.0M	-309.0M	358.0M	-204.0M	153.0M	477.0M	541.0M	244.0M	611.0M
Net income	338.0M	1.1B	764.0M	881.0M	-715.0M	410.0M	1.3B	1.1B	1.5B	1.5B
EPS (diluted)	1.03	3.32	2.50	3.04	-2.58	1.46	4.53	4.33	6.14	6.12
Diluted shares	329.0M	327.0M	305.0M	290.0M	277.0M	281.0M	277.0M	264.0M	250.0M	238.0M
Depreciation & amortization	353.0M	336.0M	325.0M	346.0M	331.0M	188.0M	162.0M	147.0M	146.0M	177.0M
EBITDA	1.2B	1.5B	1.8B	2.0B	-87.0M	1.2B	2.3B	2.4B	2.5B	2.9B
Operating margin	13.2%	13.9%	16.1%	17.5%	-9.7%	17.4%	23.9%	21.7%	21.2%	22.4%
Net margin	5.1%	13.3%	8.6%	9.3%	-16.6%	7.1%	14.3%	11.1%	13.7%	12.1%
Revenue growth	-	+23.6%	+9.5%	+6.1%	-54.4%	+34.4%	+51.6%	+16.7%	+9.2%	+7.7%
EPS growth	-	+222%	-24.7%	+21.6%	-185%	-	+210%	-4.4%	+41.8%	-0.3%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.1B	570.0M	403.0M	538.0M	3.2B	1.4B	1.2B	800.0M	1.3B	918.0M
Receivables	755.0M	1.0B	1.1B	1.3B	771.0M	1.1B	1.3B	1.5B	1.6B	1.7B
Inventory	541.0M	-	-	-	-	-	-	-	-	-
Current assets	3.6B	2.0B	2.0B	2.1B	4.2B	2.9B	2.9B	2.6B	3.3B	3.0B
Property & equipment	341.0M	353.0M	367.0M	380.0M	346.0M	305.0M	280.0M	382.0M	411.0M	684.0M
Goodwill	5.2B	5.2B	5.2B	5.2B	5.1B	5.1B	5.0B	5.1B	5.0B	5.1B
Total assets	26.2B	14.2B	14.0B	15.0B	16.8B	15.4B	15.5B	15.4B	16.5B	16.8B
Accounts payable	314.0M	282.0M	283.0M	303.0M	224.0M	274.0M	368.0M	457.0M	409.0M	376.0M
Current liabilities	2.7B	2.5B	2.6B	2.9B	2.4B	3.0B	3.4B	3.7B	4.7B	4.5B
Total debt	6.6B	6.6B	7.3B	8.0B	10.5B	8.8B	8.7B	9.2B	11.2B	12.4B
Total liabilities	20.4B	12.5B	13.4B	15.4B	18.2B	16.3B	16.6B	17.7B	20.2B	22.1B
Shareholders' equity	5.9B	1.7B	551.0M	-482.0M	-1.5B	-821.0M	-1.1B	-2.4B	-3.7B	-5.4B
Retained earnings	-3.3B	-7.0B	-6.4B	-6.0B	-6.7B	-6.3B	-5.2B	-4.2B	-2.8B	-1.5B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.3B	849.0M	1.3B	1.4B	708.0M	109.0M	1.7B	1.9B	2.0B	2.1B
Capital spending	317.0M	58.0M	72.0M	81.0M	46.0M	35.0M	39.0M	151.0M	96.0M	101.0M
Free cash flow	993.0M	791.0M	1.2B	1.3B	662.0M	74.0M	1.6B	1.8B	1.9B	2.0B
Stock-based pay (added back)	91.0M	121.0M	127.0M	154.0M	97.0M	193.0M	162.0M	169.0M	176.0M	170.0M
Dividends paid	277.0M	195.0M	181.0M	172.0M	42.0M	0	123.0M	158.0M	150.0M	143.0M
Buybacks	0	891.0M	1.7B	1.5B	296.0M	0	1.6B	2.3B	2.9B	3.2B
Acquisitions	0	0	-	-	-	-	0	0	236.0M	4.0M
Investing cash flow	-423.0M	-147.0M	-131.0M	-123.0M	-107.0M	-57.0M	-123.0M	-305.0M	-446.0M	-190.0M
Financing cash flow	-44.0M	-1.7B	-1.3B	-1.1B	2.0B	-1.8B	-1.8B	-2.0B	-1.0B	-2.3B
Dividend per share	0.84	0.60	0.60	0.60	0.15	0.00	0.45	0.60	0.60	0.60

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	91.0M	121.0M	127.0M	154.0M	97.0M	193.0M	162.0M	169.0M	176.0M	170.0M
Stock-based pay / revenue	1.4%	1.5%	1.4%	1.6%	2.3%	3.3%	1.8%	1.7%	1.6%	1.4%
Operating lease cost	-	-	-	144.0M	129.0M	125.0M	113.0M	118.0M	109.0M	106.0M
Operating lease cash paid	-	-	-	187.0M	149.0M	187.0M	157.0M	137.0M	138.0M	145.0M
Finance lease principal paid	-	-	-	42.0M	26.0M	40.0M	42.0M	40.0M	38.0M	41.0M
Right-of-use assets	-	-	0	867.0M	772.0M	694.0M	662.0M	618.0M	567.0M	577.0M
Operating lease liabilities	-	-	0	1.2B	1.1B	1.0B	944.0M	924.0M	852.0M	851.0M
Finance lease liabilities	-	-	-	245.0M	252.0M	208.0M	164.0M	139.0M	117.0M	340.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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