Hilton Worldwide

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

HLT · Last close · October 26, 2026

$351.89

Hilton Worldwide's revenue rose 7.7% to $12.0 billion in fiscal 2025. Its operating margin was 22.4%, up from 21.2% a year earlier. Free cash flow was $2.0 billion, up 5.8%. It paid out $3.3 billion in dividends and buybacks, 164% of free cash flow. The diluted share count fell 4.8%.

Hilton Worldwide Holdings Inc. Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0001585689-26-000007 Updated October 9, 2026

Revenue

$12.0B

7.7%

Operating margin

22.4%

1.2 pts

Net income

$1.5B

5.1%

Free cash flow

$2.0B

5.8%

Return on capital

31.1%

2.5 pts

Market cap

$80.6B

Oct 26 close

P/E

51.6x

On $6.82 EPS, 4 qtrs

Operating margin is operating 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 Hilton Worldwide does

Hilton is a hotel company with 9,158 properties and 1,351,351 rooms in 143 countries and territories at the end of 2025. Its brands range from luxury and lifestyle hotels to full-service, focused-service and all-suites hotels, plus timeshare (vacation ownership) brands. Hilton Grand Vacations has the exclusive right to use its timeshare brands under a license.

Hilton reports two segments. The management and franchise segment covers hotels run for outside owners or licensed to use Hilton's brand and booking channels. It earns fees from those owners, license fees from partners such as co-branded credit card providers, and fees for managing its own hotels. The ownership segment earns money from room sales, food and drink, and other services at hotels it consolidates. It lists competitors brand by brand, including Marriott, Hyatt and Four Seasons.

Hilton runs a guest loyalty program, Hilton Honors, which had 243 million members at the end of 2025. Members earn points that can be used for stays and with partners such as credit card providers, airlines and car rental companies. Hilton also has a development pipeline of 3,703 hotels it expects to add, nearly all of them in its management and franchise segment.

Its biggest risks, as it describes them

A weak economy or low travel demand cutting its revenue and slowing its growth.
Damage to the reputation or quality of its brands, or poor relationships with the hotel owners who sign its contracts.
Owners being unable to get financing or invest in their hotels, or the hotels in its development pipeline never getting built.
Competition from other hotel brands and from internet booking channels.
Problems with its reservation system, cyber-attacks or the handling of guests' personal data.

From Hilton Worldwide's annual report on Form 10-K, filed February 11, 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 2025, earnings per share grew 21.9% a year and net income 17.6% a year, as buybacks cut the share count by 28%.

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 Hilton Worldwide 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 Hilton Worldwide'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 Hilton Worldwide's fiscal 2025 free cash flow of $2.0B, net cash of −$11.4B at December 31, 2025 and 238 million diluted shares, from its filings. The scenarios are fitted to Hilton Worldwide: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.1% 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 11% for a cyclical or higher-risk business (Hotels, Resorts & Cruise Lines); 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.

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 Hilton Worldwide's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 12% discount rate. Base: growth of 11% then 7% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 16.5% then 10% a year, 3% after year 10, a 10% 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: $351.89
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 Hilton Worldwide's earnings per share of $6.82 (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: 17.7×, the middle of Hilton Worldwide's own P/E today, its peers' median and its sector's median (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 12%, 11% and 10%. 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: Airbnb, Expedia Group, Norwegian Cruise Line, Royal Caribbean Group.

Earnings growth in the years ahead (% a year) Starts at Hilton Worldwide's revenue growth over the last 3 years, 11.1% 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: $351.89
Value at this multiple, against the last close: —
Hilton Worldwide's P/E at the last close: 51.6×

Company	Last close	Earnings per share	P/E today
Hilton WorldwideHLT	$351.89	$6.82	51.6×
AirbnbABNB	$171.05	$4.40	38.9×
Expedia GroupEXPE	$283.97	$16.07	17.7×
Royal Caribbean GroupRCL	$280.60	$16.20	17.3×
Norwegian Cruise LineNCLH	$15.25	$1.62	9.4×

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	1,427	1,209	800	1,301	918
Debt incl. finance leases	8,766	8,747	9,196	11,151	12,363
Net debt (negative means net cash)	7,339	7,538	8,396	9,850	11,445
Net debt to EBITDA	6.1x	3.3x	3.5x	3.9x	4.0x
Debt to equity	—	—	—	—	—
Interest coverage	2.5x	5.0x	4.8x	4.2x	4.3x
Current ratio	0.9x	0.8x	0.7x	0.7x	0.7x
Quick ratio	0.9x	0.8x	0.7x	0.7x	0.7x

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 Hilton Worldwide shares on the open market, and 3 insiders sold $38.7 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Laura FuentesSee Remarks	Sold	7,289	$309.81	$2.3 million	Form 4
Sep 14, 2026	Chris CarrDirector	Sold	439	$310.34	$136,239	Form 4
Feb 17, 2026	Christopher J NassettaSee Remarks, Director	Sold	114,289	$317.47	$36.3 million	Form 4

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	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 8	6 of 8	5 of 8
Accruals ratio	−5.2%	−3.0%	−4.0%

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

Compare

Put Hilton Worldwide 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
Hilton Worldwide	FY25	7.7%	22.4%	16.9%	31.1%	4.0x	5
Airbnb	FY25	10.3%	20.8%	—	—	−3.5x	6	Compare
Expedia Group	FY25	7.6%	12.7%	21.1%	40.5%	0.2x	8	Compare
Norwegian Cruise Line	FY25	3.7%	15.9%	−11.9%	9.8%	5.4x	7	Compare
Royal Caribbean Group	FY25	8.8%	27.4%	6.9%	16.6%	3.1x	9	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	6,576	8,131	8,906	9,452	4,307	5,788	8,773	10,235	11,174	12,039
Revenue growth	−7.8%	23.6%	9.5%	6.1%	−54.4%	34.4%	51.6%	16.7%	9.2%	7.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	868	1,132	1,432	1,657	−418	1,010	2,094	2,225	2,370	2,693
Net income	338	1,084	764	881	−715	410	1,255	1,141	1,535	1,457
Diluted EPS (US$)	1.03	3.32	2.50	3.04	−2.58	1.46	4.53	4.33	6.14	6.12
Diluted shares (millions)	329	327	305	290	277	281	277	264	250	238
Cash flow
Cash from operations	1,310	849	1,255	1,384	708	109	1,681	1,946	2,013	2,129
Capital expenditure	317	58	72	81	46	35	39	151	96	101
Free cash flow	993	791	1,183	1,303	662	74	1,642	1,795	1,917	2,028
Dividends paid	277	195	181	172	42	0	123	158	150	143
Share buybacks	0	891	1,721	1,538	296	0	1,590	2,338	2,893	3,182
Acquisitions	0	0	0	0	0	0	0	0	236	4
Stock-based compensation	91	121	127	154	97	193	162	169	176	170
Balance sheet at fiscal year end
Cash and short-term investments	1,062	570	403	538	3,218	1,427	1,209	800	1,301	918
Debt incl. finance leases	6,616	6,602	7,282	7,993	10,487	8,766	8,747	9,196	11,151	12,363
Total assets	26,211	14,228	13,995	14,957	16,755	15,441	15,512	15,401	16,522	16,774
Total liabilities	20,362	12,537	13,437	15,429	18,241	16,260	16,610	17,748	20,211	22,120
Shareholders' equity	5,899	1,688	551	−482	−1,490	−821	−1,102	−2,360	−3,727	−5,388
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
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%	11.2%	13.7%	12.1%
Free cash flow margin	15.1%	9.7%	13.3%	13.8%	15.4%	1.3%	18.7%	17.5%	17.2%	16.9%
Return on capital	6.6%	6.6%	18.9%	16.4%	−5.2%	11.9%	23.4%	24.2%	33.5%	31.1%
Return on equity	5.7%	28.6%	68.2%	—	—	—	—	—	—	—
Return on assets	1.3%	5.4%	5.4%	6.1%	−4.5%	2.5%	8.1%	7.4%	9.6%	8.8%
Net debt to EBITDA	4.5x	4.1x	3.9x	3.7x	—	6.1x	3.3x	3.5x	3.9x	4.0x

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