Hyatt
H NYSE Hotels, Resorts & Cruise Lines Financials FY2016–FY2025
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%.
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.
- Legal name
- Hyatt Hotels Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Accession · CIK
- 0001468174-26-000007
0001468174
Revenue and margins
Hyatt had $7.1B of revenue in fiscal 2025, up 6.8% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $159M in fiscal 2025, 2.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Hyatt returned $350M to shareholders in fiscal 2025, 220% of free cash flow. The diluted share count fell 6.8%.
Value Hyatt yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.5B and divides by 95.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today — · peers 14.9x · sector 17.8x.
Balance sheet
Cash, debt and the ratios that show how comfortably Hyatt can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.1B | $896M | $1.4B | $813M |
| Debt incl. finance leases | $4.0B | $3.1B | $3.1B | $3.8B | $4.3B |
| Net debt / EBITDA | 5.5x | 2.1x | 2.6x | 1.2x | 4.8x |
| Debt / equity | 1.1x | 0.9x | 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 |
| Total assets | $12.6B | $12.3B | $12.8B | $13.3B | $14.0B |
| Total liabilities | $9.0B | $8.6B | $9.3B | $9.5B | $10.4B |
| Shareholders' equity | $3.6B | $3.7B | $3.6B | $3.5B | $3.3B |
| Net debt (− = net cash) | $2.8B | $2.0B | $2.2B | $2.4B | $3.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$30.7M
8 insiders
Of sales under plans
4%
$1.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 16, 2026 | Joan BottariniSee Remarks | Sold plan | 1,826 | $172.00 | $0.3M | Form 4 |
| Sep 14, 2026 | Amar LalvaniSee Remarks | Sold | 1,364 | $163.06 | $0.2M | Form 4 |
| Aug 17, 2026 | Susan D KronickDirector | Sold plan | 1,700 | $179.88 | $0.3M | Form 4 |
| Aug 3, 2026 | Joan BottariniSee Remarks | Sold plan | 1,825 | $170.37 | $0.3M | Form 4 |
| Jun 22, 2026 | Mark Samuel HoplamazianSee Remarks, Director | Sold | 84,791 | $197.12 | $16.7M | Form 4 |
| Jun 18, 2026 | Mark Samuel HoplamazianSee Remarks, Director | Sold | 35,209 | $203.29 | $7.2M | Form 4 |
| Jun 2, 2026 | David UdellSee Remarks | Sold | 2,087 | $188.00 | $0.4M | Form 4 |
| May 29, 2026 | Mark R VondrasekSee Remarks | Sold | 8,200 | $185.26 | $1.5M | Form 4 |
| May 29, 2026 | Peter SearsSee Remarks | Sold | 10,217 | $185.66 | $1.9M | Form 4 |
| May 22, 2026 | Cary D McMillanDirector | Sold | 1,119 | $174.96 | $0.2M | Form 4 |
| May 22, 2026 | Susan D KronickDirector | Sold plan | 1,119 | $174.51 | $0.2M | Form 4 |
| May 18, 2026 | David UdellSee Remarks | Sold | 8,682 | $172.00 | $1.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 6 / 8 | 5 / 8 | 4 / 8 |
| Accruals ratio | −4.6% | 5.1% | −3.2% |
| Altman Z'' | 0.85 | 1.97 | 1.03 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Hyatt H | $16.7B | 6.8% | — | 2.2% | 3.0% | — | 4 | |
| IHG Hotels & Resorts IHG | $25.3B | 5.4% | 23.1% | 16.8% | — | — | 8 | Compare → |
| Norwegian Cruise Line NCLH | $7.0B | 3.7% | 15.9% | −11.9% | 9.8% | 9.3x | 7 | Compare → |
| Hilton Grand Vacations HGV | $2.9B | 1.3% | — | 4.6% | 4.6% | 20.5x | — | Compare → |
| Marriott Vacations Worldwide VAC | $4.2B | 1.3% | — | −0.6% | — | — | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.4B | $4.7B | $4.5B | $5.0B | $2.1B | $3.0B | $5.9B | $6.7B | $6.6B | $7.1B |
| Interest expense | $76.0M | $80.0M | $76.0M | $75.0M | $128M | $163M | $150M | $145M | $180M | $317M |
| Pretax income | $282M | $722M | $951M | $1.0B | −$960M | $44.0M | $363M | $310M | $1.6B | $81.0M |
| Income tax | $76.0M | $332M | $182M | $240M | −$257M | $266M | −$92.0M | $90.0M | $267M | $130M |
| Net income | $206M | $389M | $769M | $766M | −$703M | −$222M | $455M | $220M | $1.3B | −$52.0M |
| Diluted EPS | $1.53 | $3.08 | $6.68 | $7.21 | −$6.93 | −$2.13 | $4.09 | $2.05 | $12.65 | −$0.55 |
| Diluted shares | 0.13B | 0.13B | 0.12B | 0.11B | 0.10B | 0.10B | 0.11B | 0.11B | 0.10B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $462M | $587M | $341M | $396M | −$611M | $315M | $674M | $800M | $633M | $379M |
| Capital expenditure | $211M | $298M | $297M | $369M | $122M | $111M | $201M | $198M | $170M | $220M |
| Free cash flow | $251M | $289M | $44.0M | $27.0M | −$733M | $204M | $473M | $602M | $463M | $159M |
| Depreciation and amortization | $326M | $348M | $327M | $329M | $310M | $310M | $426M | $397M | $333M | $325M |
| Stock-based compensation | $26.0M | $32.0M | $28.0M | $35.0M | $28.0M | $59.0M | $61.0M | $75.0M | $64.0M | $74.0M |
| Acquisitions | $492M | $259M | $678M | $18.0M | $0.0M | $2.9B | $174M | $175M | $609M | $1.3B |
| Share buybacks | $272M | $743M | $946M | $421M | $69.0M | $0.0M | $369M | $453M | $1.2B | $293M |
| Dividends paid | $0.0M | $0.0M | $68.0M | $80.0M | $20.0M | $0.0M | $0.0M | $47.0M | $60.0M | $57.0M |
| Dividends and buybacks | $272M | $743M | $1.0B | $501M | $89.0M | $0.0M | $369M | $500M | $1.3B | $350M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $538M | $552M | $686M | $961M | $1.9B | $1.2B | $1.1B | $896M | $1.4B | $813M |
| Total debt | $1.5B | $1.5B | $1.7B | $1.6B | $3.3B | $4.0B | $3.1B | $3.1B | $3.8B | $4.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $11.0M | $9.0M | $7.0M | $7.0M | $6.0M | $4.0M | $3.0M |
| Current assets | $1.1B | $1.3B | $1.3B | $1.7B | $2.6B | $2.1B | $2.3B | $2.1B | $2.7B | $2.2B |
| Current liabilities | $924M | $992M | $1.1B | $1.1B | $984M | $2.2B | $3.3B | $3.6B | $3.3B | $2.9B |
| Inventory | $28.0M | $14.0M | $14.0M | $12.0M | $9.0M | $10.0M | $9.0M | $9.0M | $8.0M | $8.0M |
| Property and equipment, net | $4.3B | $4.0B | $3.6B | $3.5B | $3.1B | $2.8B | $2.4B | $2.3B | $1.7B | $1.6B |
| Total assets | $7.7B | $7.6B | $7.6B | $8.4B | $9.1B | $12.6B | $12.3B | $12.8B | $13.3B | $14.0B |
| Total liabilities | $3.8B | $3.7B | $4.0B | $4.5B | $5.9B | $9.0B | $8.6B | $9.3B | $9.5B | $10.4B |
| Shareholders' equity | $3.9B | $3.8B | $3.7B | $4.0B | $3.2B | $3.6B | $3.7B | $3.6B | $3.5B | $3.3B |
| Margins | ||||||||||
| EBITDA margin | 15.4% | 24.6% | 30.4% | 28.1% | −25.3% | 17.1% | 15.9% | 12.8% | 31.2% | 10.2% |
| Net margin | 4.7% | 8.3% | 17.3% | 15.3% | −34.0% | −7.3% | 7.7% | 3.3% | 19.5% | −0.7% |
| FCF margin | 5.7% | 6.2% | 1.0% | 0.5% | −35.5% | 6.7% | 8.0% | 9.0% | 7.0% | 2.2% |
| Returns | ||||||||||
| 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 capital employed | 5.4% | 12.0% | 15.6% | 15.5% | −10.8% | 2.2% | 5.3% | 5.0% | 18.1% | 3.8% |
| Return on equity | 5.2% | 10.1% | 20.5% | 20.1% | −19.6% | −6.6% | 12.5% | 6.1% | 36.5% | −1.5% |
| Return on assets | 2.7% | 5.1% | 10.1% | 9.5% | −8.0% | −2.0% | 3.7% | 1.8% | 9.9% | −0.4% |
| Growth | ||||||||||
| Revenue growth | 2.3% | 5.8% | −4.9% | 12.7% | −58.8% | 46.6% | 94.6% | 13.2% | −0.3% | 6.8% |
| Net income growth | 66.1% | 88.8% | 97.7% | −0.4% | −191.8% | — | — | −51.7% | 489.1% | −104.0% |
| EPS growth | 77.9% | 101.3% | 116.9% | 7.9% | −196.1% | — | — | −49.9% | 517.1% | −104.4% |
| FCF growth | −6.7% | 15.1% | −84.8% | −38.6% | −2,814.8% | — | 131.9% | 27.3% | −23.1% | −65.7% |
| Share count change | −7.0% | −5.7% | −8.9% | −7.7% | −4.7% | 2.6% | 7.0% | −3.2% | −4.9% | −6.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.5x | 0.8x | 0.7x | 0.5x | — | 5.5x | 2.1x | 2.6x | 1.2x | 4.8x |
| Debt / equity | 0.4x | 0.4x | 0.5x | 0.4x | 1.0x | 1.1x | 0.9x | 0.9x | 1.1x | 1.3x |
| Interest coverage | 4.7x | 10.0x | 13.5x | 14.4x | −6.5x | 1.3x | 3.4x | 3.1x | 9.7x | 1.3x |
| Current ratio | 1.2x | 1.3x | 1.3x | 1.6x | 2.6x | 0.9x | 0.7x | 0.6x | 0.8x | 0.8x |
| Quick ratio | 1.2x | 1.3x | 1.3x | 1.6x | 2.6x | 0.9x | 0.7x | 0.6x | 0.8x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.8% | 6.4% | 6.7% | 7.4% | 5.9% | 3.7% | 3.4% | 3.0% | 2.6% | 3.1% |
| Stock comp / revenue | 0.6% | 0.7% | 0.6% | 0.7% | 1.4% | 2.0% | 1.0% | 1.1% | 1.0% | 1.0% |
| Payouts / FCF | 108.4% | 257.1% | 2,304.6% | 1,855.6% | — | 0.0% | 78.0% | 83.1% | 270.0% | 220.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 8.0 | 4.0 | 6.0 | 3.0 | 5.0 | 6.0 | 6.0 | 5.0 | 4.0 |
| Altman Z'' | 2.7 | 3.4 | 3.8 | 3.9 | 2.3 | 1.3 | 1.1 | 0.9 | 2.0 | 1.0 |
| Accruals ratio | −3.3% | −2.6% | 5.6% | 4.6% | −1.1% | −4.9% | −1.8% | −4.6% | 5.1% | −3.2% |
Source: SEC EDGAR XBRL filings (CIK 0001468174). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.