Hilton Worldwide
HLT NYSE Hotels, Resorts & Cruise Lines Financials FY2016–FY2025
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%.
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.
- Legal name
- Hilton Worldwide Holdings Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0001585689-26-000007
0001585689
Revenue and margins
Hilton Worldwide had $12.0B of revenue in fiscal 2025, up 7.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 21.9% a year. 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 $2.0B in fiscal 2025, 16.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Hilton Worldwide returned $3.3B to shareholders in fiscal 2025, 164% of free cash flow. The diluted share count fell 4.8%.
Value Hilton Worldwide 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 −$11.4B and divides by 238.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 51.3x · peers 17.5x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Hilton Worldwide can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.2B | $800M | $1.3B | $918M |
| Debt incl. finance leases | $8.8B | $8.7B | $9.2B | $11.2B | $12.4B |
| Net debt / EBITDA | 6.1x | 3.3x | 3.5x | 3.9x | 4.0x |
| Interest coverage | 2.5x | 5.1x | 4.8x | 4.2x | 4.3x |
| Current ratio | 1.0x | 0.9x | 0.7x | 0.7x | 0.7x |
| Quick ratio | 1.0x | 0.9x | 0.7x | 0.7x | 0.7x |
| Total assets | $15.4B | $15.5B | $15.4B | $16.5B | $16.8B |
| Total liabilities | $16.3B | $16.6B | $17.7B | $20.2B | $22.1B |
| Shareholders' equity | −$821M | −$1.1B | −$2.4B | −$3.7B | −$5.4B |
| Net debt (− = net cash) | $7.3B | $7.5B | $8.4B | $9.9B | $11.4B |
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
$38.7M
3 insiders
Of sales under plans
0%
$0.0M
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 | 5 / 8 | 6 / 8 | 5 / 8 |
| Accruals ratio | −5.2% | −3.0% | −4.0% |
| Altman Z'' | −0.53 | −0.35 | −0.06 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hilton Worldwide HLT | $80.1B | 7.7% | 22.4% | 16.9% | 31.1% | 51.3x | 5 | |
| Airbnb ABNB | $102.7B | 10.3% | 20.8% | — | — | 39.1x | 6 | Compare → |
| Expedia Group EXPE | $35.4B | 7.6% | 12.7% | 21.1% | 40.5% | 18.0x | 8 | Compare → |
| Norwegian Cruise Line NCLH | $7.0B | 3.7% | 15.9% | −11.9% | 9.8% | 9.3x | 7 | Compare → |
| Royal Caribbean Group RCL | $74.1B | 8.8% | 27.4% | 6.9% | 16.6% | 17.1x | 9 | Compare → |
10 years of figures
US$ 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 | $6.6B | $8.1B | $8.9B | $9.5B | $4.3B | $5.8B | $8.8B | $10.2B | $11.2B | $12.0B |
| Operating income | $868M | $1.1B | $1.4B | $1.7B | −$418M | $1.0B | $2.1B | $2.2B | $2.4B | $2.7B |
| Interest expense | $334M | $351M | $371M | $414M | $429M | $397M | $415M | $464M | $569M | $620M |
| Pretax income | $540M | $753M | $1.1B | $1.2B | −$924M | $560M | $1.7B | $1.7B | $1.8B | $2.1B |
| Income tax | −$557M | $336M | −$309M | $358M | −$204M | $153M | $477M | $541M | $244M | $611M |
| Net income | $338M | $1.1B | $764M | $881M | −$715M | $410M | $1.3B | $1.1B | $1.5B | $1.5B |
| Diluted EPS | $1.03 | $3.32 | $2.50 | $3.04 | −$2.58 | $1.46 | $4.53 | $4.33 | $6.14 | $6.12 |
| Diluted shares | 0.33B | 0.33B | 0.31B | 0.29B | 0.28B | 0.28B | 0.28B | 0.26B | 0.25B | 0.24B |
| Cash flow | ||||||||||
| Cash from operations | $1.3B | $849M | $1.3B | $1.4B | $708M | $109M | $1.7B | $1.9B | $2.0B | $2.1B |
| Capital expenditure | $317M | $58.0M | $72.0M | $81.0M | $46.0M | $35.0M | $39.0M | $151M | $96.0M | $101M |
| Free cash flow | $993M | $791M | $1.2B | $1.3B | $662M | $74.0M | $1.6B | $1.8B | $1.9B | $2.0B |
| Depreciation and amortization | $353M | $336M | $325M | $346M | $331M | $188M | $162M | $147M | $146M | $177M |
| Stock-based compensation | $91.0M | $121M | $127M | $154M | $97.0M | $193M | $162M | $169M | $176M | $170M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $236M | $4.0M |
| Share buybacks | $0.0M | $891M | $1.7B | $1.5B | $296M | $0.0M | $1.6B | $2.3B | $2.9B | $3.2B |
| Dividends paid | $277M | $195M | $181M | $172M | $42.0M | $0.0M | $123M | $158M | $150M | $143M |
| Dividends and buybacks | $277M | $1.1B | $1.9B | $1.7B | $338M | $0.0M | $1.7B | $2.5B | $3.0B | $3.3B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.1B | $570M | $403M | $538M | $3.2B | $1.4B | $1.2B | $800M | $1.3B | $918M |
| Total debt | $6.6B | $6.6B | $7.3B | $8.0B | $10.5B | $8.8B | $8.7B | $9.2B | $11.2B | $12.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $245M | $252M | $208M | $164M | $139M | $117M | $340M |
| Current assets | $3.6B | $2.0B | $2.0B | $2.1B | $4.2B | $2.9B | $2.9B | $2.6B | $3.3B | $3.0B |
| Current liabilities | $2.7B | $2.5B | $2.6B | $2.9B | $2.4B | $3.0B | $3.4B | $3.7B | $4.7B | $4.5B |
| Inventory | $541M | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $341M | $353M | $367M | $380M | $346M | $305M | $280M | $382M | $411M | $684M |
| Total assets | $26.2B | $14.2B | $14.0B | $15.0B | $16.8B | $15.4B | $15.5B | $15.4B | $16.5B | $16.8B |
| 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 | $551M | −$482M | −$1.5B | −$821M | −$1.1B | −$2.4B | −$3.7B | −$5.4B |
| Margins | ||||||||||
| Operating margin | 13.2% | 13.9% | 16.1% | 17.5% | −9.7% | 17.5% | 23.9% | 21.7% | 21.2% | 22.4% |
| EBITDA margin | 18.6% | 18.1% | 19.7% | 21.2% | −2.0% | 20.7% | 25.7% | 23.2% | 22.5% | 23.8% |
| Net margin | 5.1% | 13.3% | 8.6% | 9.3% | −16.6% | 7.1% | 14.3% | 11.2% | 13.7% | 12.1% |
| FCF margin | 15.1% | 9.7% | 13.3% | 13.8% | 15.4% | 1.3% | 18.7% | 17.5% | 17.2% | 16.9% |
| Returns | ||||||||||
| Return on capital | 6.6% | 6.6% | 18.9% | 16.4% | −5.2% | 11.9% | 23.4% | 24.2% | 33.6% | 31.1% |
| Return on capital employed | 3.7% | 6.4% | 12.4% | 14.1% | −3.2% | 7.6% | 17.1% | 18.7% | 20.2% | 22.4% |
| Return on equity | 5.7% | 28.6% | 68.2% | — | — | — | — | — | — | — |
| Return on assets | 1.3% | 5.4% | 5.4% | 6.1% | −4.5% | 2.6% | 8.1% | 7.4% | 9.6% | 8.8% |
| Growth | ||||||||||
| Revenue growth | −7.8% | 23.7% | 9.5% | 6.1% | −54.4% | 34.4% | 51.6% | 16.7% | 9.2% | 7.7% |
| Net income growth | −75.9% | 220.7% | −29.5% | 15.3% | −181.2% | — | 206.1% | −9.1% | 34.5% | −5.1% |
| EPS growth | −75.8% | 222.3% | −24.7% | 21.6% | −184.9% | — | 210.3% | −4.4% | 41.8% | −0.3% |
| FCF growth | −12.6% | −20.3% | 49.6% | 10.1% | −49.2% | −88.8% | 2,118.9% | 9.3% | 6.8% | 5.8% |
| Share count change | −0.3% | −0.6% | −6.7% | −4.9% | −4.5% | 1.4% | −1.4% | −4.7% | −5.3% | −4.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.6x | 4.1x | 3.9x | 3.7x | — | 6.1x | 3.3x | 3.5x | 3.9x | 4.0x |
| Debt / equity | 1.1x | 3.9x | — | — | — | — | — | — | — | — |
| Interest coverage | 2.6x | 3.2x | 3.9x | 4.0x | −1.0x | 2.5x | 5.1x | 4.8x | 4.2x | 4.3x |
| Current ratio | 1.3x | 0.8x | 0.8x | 0.7x | 1.7x | 1.0x | 0.9x | 0.7x | 0.7x | 0.7x |
| Quick ratio | 1.1x | — | 0.8x | 0.7x | 1.7x | 1.0x | 0.9x | 0.7x | 0.7x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.8% | 0.7% | 0.8% | 0.9% | 1.1% | 0.6% | 0.4% | 1.5% | 0.9% | 0.8% |
| Stock comp / revenue | 1.4% | 1.5% | 1.4% | 1.6% | 2.3% | 3.3% | 1.9% | 1.7% | 1.6% | 1.4% |
| Payouts / FCF | 27.9% | 137.3% | 160.8% | 131.2% | 51.1% | 0.0% | 104.3% | 139.1% | 158.7% | 164.0% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 6.0 | 6.0 | 4.0 | 5.0 | 6.0 | 5.0 | 6.0 | 5.0 |
| Altman Z'' | 0.3 | −1.1 | −1.1 | −0.9 | −0.9 | −1.0 | −0.5 | −0.5 | −0.4 | −0.1 |
| Accruals ratio | −3.8% | 1.2% | −3.5% | −3.5% | −9.0% | 1.9% | −2.8% | −5.2% | −3.0% | −4.0% |
Source: SEC EDGAR XBRL filings (CIK 0001585689). 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.