Hyatt

H · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

H · Last close · October 26, 2026

$171.96

Hyatt's revenue rose 6.8% to $7.1 billion in fiscal 2025. Its net margin was −0.7%, down from 19.5% a year earlier. Free cash flow was $159 million, down 65.7%. It paid out $350 million in dividends and buybacks, 220% of free cash flow. The diluted share count fell 6.8%.

Hyatt Hotels Corp Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001468174-26-000007 Updated October 9, 2026

Revenue

$7.1B

6.8%

Net margin

−0.7%

20.2 pts

Net income

−$52M

$1.3B a year earlier

Free cash flow

$159M

65.7%

Return on capital

3.0%

21.2 pts

Market cap

$16.6B

Oct 26 close

P/E

—

Over 200x

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Hyatt does

Hyatt runs a global hotel business with brands such as Park Hyatt, Grand Hyatt, Hyatt Regency, Andaz, Hyatt Place and a range of all-inclusive beach resorts. At December 31, 2025, its system had 1,528 hotels and all-inclusive resorts with 372,763 rooms. It also sells vacation packages through ALG Vacations and offers stays at unaffiliated boutique and luxury hotels through its Mr & Mrs Smith travel platform.

Hyatt reports three segments. Management and franchising earns fees for running hotels that other people own, or for letting them use a Hyatt brand, and for licensing its name to co-branded credit cards and a vacation club. Owned and leased covers the hotels Hyatt owns or rents itself. Distribution covers ALG Vacations and Mr & Mrs Smith. Revenue in 2025 was $7,101 million, and about 30% came from outside the U.S. Hyatt says it competes with other major hotel chains, smaller chains and independent hotels, cruise lines, online travel sites, and home rental sites such as Airbnb and Vrbo.

About 242,000 people worked across Hyatt's offices and hotels at the end of 2025, but Hyatt directly employed about 50,000 of them; the rest work for hotel owners and franchisees. In June 2025 Hyatt bought Playa Hotels & Resorts, which owned 15 all-inclusive resorts in Mexico, the Dominican Republic and Jamaica. It then sold the resorts and signed long-term agreements to manage 13 of them.

Its biggest risks, as it describes them

Hotel demand falls in downturns, and disasters, disease, war or terrorism can keep travelers away.
Bookings shifting to online travel agents and other outside sites, which could weaken loyalty to its brands.
Its reliance on good relationships with the owners and franchisees of hotels it does not own.
Management and franchise agreements ending early, or guarantees it gave owners on hotel profits coming due.
Hotels in its development pipeline may not open, or may open later than planned.

From Hyatt's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 30.2% a year and net income 25.8% a year, as buybacks cut the share count by 24%. Hyatt then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Hyatt yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Hyatt's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Hyatt's fiscal 2025 free cash flow of $159M, net cash of −$3.5B at December 31, 2025 and 96 million diluted shares, from its filings. The scenarios are fitted to Hyatt: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Hotels, Resorts & Cruise Lines), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Hyatt's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Hyatt's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 13% discount rate. Base: growth of 6.5% then 4.5% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 9.5% then 6% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $171.96
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Hyatt's earnings per share of $0.82 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 16.4×, the average of its peers' median and the Consumer Discretionary median for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Norwegian Cruise Line, Hilton Grand Vacations.

Earnings growth in the years ahead (% a year) Starts at Hyatt's revenue growth over the last 3 years, 6.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $171.96
Value at this multiple, against the last close: —

Company	Last close	Earnings per share	P/E today
Hilton Grand VacationsHGV	$35.72	$1.75	20.4×
Norwegian Cruise LineNCLH	$15.25	$1.62	9.4×
HyattH	$171.96	$0.82	—

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,187	1,149	896	1,383	813
Debt incl. finance leases	4,007	3,128	3,069	3,782	4,278
Net debt (negative means net cash)	2,820	1,979	2,173	2,399	3,465
Net debt to EBITDA	5.5x	2.1x	2.5x	1.2x	4.8x
Debt to equity	1.1x	0.8x	0.9x	1.1x	1.3x
Interest coverage	1.3x	3.4x	3.1x	9.7x	1.3x
Current ratio	0.9x	0.7x	0.6x	0.8x	0.8x
Quick ratio	0.9x	0.7x	0.6x	0.8x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Hyatt shares on the open market, and 14 insiders sold $122.6 million, $2.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 16, 2026	Joan BottariniSee Remarks	Sold plan	1,826	$172.00	$314,072	Form 4
Sep 14, 2026	Amar LalvaniSee Remarks	Sold	1,364	$163.06	$222,414	Form 4
Aug 17, 2026	Susan D KronickDirector	Sold plan	1,700	$179.88	$305,796	Form 4
Aug 3, 2026	Joan BottariniSee Remarks	Sold plan	1,825	$170.37	$310,925	Form 4
Jun 22, 2026	Mark Samuel HoplamazianSee Remarks, Director	Sold	84,791	$197.12	$16.7 million	Form 4
Jun 18, 2026	Mark Samuel HoplamazianSee Remarks, Director	Sold	35,209	$203.29	$7.2 million	Form 4
Jun 2, 2026	David UdellSee Remarks	Sold	2,087	$188.00	$392,356	Form 4
May 29, 2026	Peter SearsSee Remarks	Sold	10,217	$185.66	$1.9 million	Form 4
May 29, 2026	Mark R VondrasekSee Remarks	Sold	8,200	$185.26	$1.5 million	Form 4
May 22, 2026	Cary D McMillanDirector	Sold	1,119	$174.96	$195,780	Form 4
May 22, 2026	Susan D KronickDirector	Sold plan	1,119	$174.51	$195,280	Form 4
May 18, 2026	David UdellSee Remarks	Sold	8,682	$172.00	$1.5 million	Form 4

The latest 12 of 35 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 8	5 of 8	4 of 8
Accruals ratio	−4.6%	5.1%	−3.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Hyatt side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hyatt	FY25	6.8%	—	2.2%	3.0%	4.8x	4
IHG Hotels & Resorts	FY25	5.4%	23.1%	16.8%	—	2.4x	8	Compare
Norwegian Cruise Line	FY25	3.7%	15.9%	−11.9%	9.8%	5.4x	7	Compare
Hilton Grand Vacations	FY25	1.3%	—	4.6%	4.6%	5.7x	—	Compare
Marriott Vacations Worldwide	FY25	1.3%	—	−0.6%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,429	4,685	4,454	5,020	2,066	3,028	5,891	6,667	6,648	7,101
Revenue growth	2.3%	5.8%	−4.9%	12.7%	−58.8%	46.6%	94.5%	13.2%	−0.3%	6.8%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	206	389	769	766	−703	−222	455	220	1,296	−52
Diluted EPS (US$)	1.53	3.08	6.68	7.21	−6.93	−2.13	4.09	2.05	12.65	−0.55
Diluted shares (millions)	134	126	115	106	101	104	111	108	102	96
Cash flow
Cash from operations	462	587	341	396	−611	315	674	800	633	379
Capital expenditure	211	298	297	369	122	111	201	198	170	220
Free cash flow	251	289	44	27	−733	204	473	602	463	159
Dividends paid	0	0	68	80	20	0	0	47	60	57
Share buybacks	272	743	946	421	69	0	369	453	1,190	293
Acquisitions	492	259	678	18	0	2,916	174	175	609	1,274
Stock-based compensation	26	32	28	35	28	59	61	75	64	74
Balance sheet at fiscal year end
Cash and short-term investments	538	552	686	961	1,882	1,187	1,149	896	1,383	813
Debt incl. finance leases	1,549	1,465	1,650	1,638	3,270	4,007	3,128	3,069	3,782	4,278
Total assets	7,749	7,572	7,643	8,417	9,129	12,603	12,312	12,833	13,324	14,036
Total liabilities	3,841	3,719	3,966	4,450	5,915	9,037	8,610	9,266	9,498	10,377
Shareholders' equity	3,903	3,837	3,670	3,962	3,211	3,563	3,699	3,564	3,547	3,334
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	4.7%	8.3%	17.3%	15.3%	−34.0%	−7.3%	7.7%	3.3%	19.5%	−0.7%
Free cash flow margin	5.7%	6.2%	1.0%	0.5%	−35.5%	6.7%	8.0%	9.0%	7.0%	2.2%
Return on capital	5.2%	8.8%	17.7%	17.7%	−14.2%	1.9%	8.5%	5.7%	24.2%	3.0%
Return on equity	5.2%	10.1%	20.5%	20.1%	−19.6%	−6.5%	12.5%	6.1%	36.5%	−1.5%
Return on assets	2.7%	5.1%	10.1%	9.5%	−8.0%	−2.0%	3.6%	1.8%	9.9%	−0.4%
Net debt to EBITDA	1.5x	0.8x	0.7x	0.5x	—	5.5x	2.1x	2.5x	1.2x	4.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hyatt's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hyatt.