Hilton Worldwide earns hotel-management, franchise and licensing fees, including from credit-card partners and Hilton Grand Vacations (HGV). Its June 2026 system covered 9,453 properties and 1,384,842 rooms; only 46 hotels belonged to its ownership segment, which includes leased hotels and noncontrolling investments.
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A snapshot of what Hilton Worldwide Holdings Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001585689-24-000027 | Feb 7, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001585689-25-000008 | Feb 6, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001585689-26-000007 | Feb 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Hilton’s expanding hotel network and stronger comparable demand supported first-half 2026 earnings, but reimbursement timing and fewer shares helped headline comparisons. Operating cash flow slipped while shareholder distributions exceeded it and debt increased. As of October 24, 2026, the announced Nasdaq transfer remained pending; July was the latest supplied earnings outlook.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28 · 8-K · 2026-10-20
Franchise fees generally follow room revenue, base management fees follow hotel revenue, and incentive fees depend on profitability. Third-party owners usually finance construction, renovations and operations. That limits Hilton’s capital needs but leaves growth dependent on owner financing and execution: June’s 541,300 pipeline rooms are not guaranteed openings. First-half franchise and licensing fees reached $1.504 billion versus $1.370 billion, supported by comparable hotels, additions and licensing.
HGV is a separate licensee, not a Hilton subsidiary. Its ordinary royalty is 5% of contract-defined gross revenues, with separate converted-brand and other revenue bases—not GAAP revenue. Diamond’s baseline reached 5% in September 2025; Bluegreen’s is 4% in 2026 and 5% from 2027. The December 24, 2025 amendment, filed February 11, 2026, reduced and deferred Diamond conversion requirements without changing its baseline royalty. Actual conversions and surcharge receipts are not established. The license runs to 2116 unless terminated earlier, but broader exclusivity is conditional; loyalty/service obligations and termination remedies continue.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-10.42 · 2024-12-31 · EX-10.46 · 2025-12-31
The July 28 filings reported first-half 2026 revenue of $6.278 billion versus $5.832 billion, GAAP net income of $865 million versus $742 million, and non-GAAP Adjusted EBITDA of $1.955 billion versus $1.803 billion. Revenue includes $3.737 billion of cost reimbursements. A narrower reimbursement deficit improved the GAAP comparison by $93 million, while termination fees increased $15 million. Hilton says reimbursement programs recover costs over time rather than generate profit. Adjusted EBITDA excludes their results, interest, taxes, depreciation/amortization, stock compensation and other items; it is not cash flow.
Q2 comparable currency-neutral room revenue per available room (RevPAR) rose 3.9%, but Middle East/Africa fell 29.5%; incentive fees and ownership-segment Adjusted EBITDA declined. Management also identified $17 million of non-RevPAR items brought forward from the second half—not necessarily extra annual earnings. Q2 adjusted net income fell to $524 million from $527 million even as adjusted EPS rose to $2.29 from $2.20, helped by diluted shares falling to 229 million from 239 million. Comparable-hotel populations change between releases, so these metrics are not a fixed-hotel series.
July guidance projected 2026 RevPAR growth of 3%–3.5% and Adjusted EBITDA of $4.040–$4.080 billion, above April’s 2%–3% and $4.020–$4.060 billion. GAAP net-income guidance instead fell to $1.883–$1.911 billion from $1.909–$1.937 billion. The July bridge includes reimbursement timing, FF&E reserves and other adjustments; EPS assumes repurchases only through June. Approximately $3.5 billion of capital returns and $300 million of net investment remained forecasts, subject to event/calendar effects, geopolitical risks and operating performance.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28 · EX-99.1 · 2026-04-28
First-half operating cash flow fell to $1.090 billion from $1.110 billion despite higher profit. Management principally cited tax-payment timing: cash taxes were $406 million versus $121 million, without establishing when payments would normalize. Property capital expenditure was $21 million, software spending $47 million and contract-acquisition spending $77 million; the last amount is already deducted in operating cash flow. Cash repurchases and dividends totaled $1.856 billion, exceeding operating cash generation. The release’s $1.826 billion capital-return figure uses a different repurchase basis and must not be added to cash payments.
At June 30, cash and equivalents were $1.009 billion, plus $55 million restricted cash; $43 million of consolidated Japanese VIE cash was ring-fenced to those entities. Gross debt including finance leases was $13.444 billion versus $12.459 billion at December 31. Loyalty advances carry future service obligations, while leases, acquisition commitments and guarantees remain cash demands despite the asset-light model. June potential outlays included $13 million of performance guarantees and $56 million of debt guarantees/loan commitments—not amounts all currently due.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28 · 10-K · 2025-12-31
On May 11, 2026, Hilton’s operating subsidiary completed a $1 billion senior unsecured note issuance at a 5.5% coupon, maturing September 15, 2031. Proceeds repaid $450 million of revolver borrowings; gross principal is not net retained cash or profit. June’s revolver was undrawn with $1.894 billion available after letters of credit—not cash. The next identified material note maturity was $600 million in April 2027. First-half interest expense rose to $345 million from $296 million, and no interest-rate swaps remained at June-end.
The March 18, 2026 amendment replaced, rather than added to, $2 billion of revolving commitments. Its scheduled March 18, 2031 maturity can spring earlier, 91 days before outstanding B-4 loans or their permitted refinancing mature; B-4’s stated term is seven years from November 8, 2023. Thus the 10-Q’s expected March 2031 date is not an unconditional funding horizon. Borrowing and distributions remain subject to contractual restrictions. The agreement states a 5.00x secured-net-leverage covenant with limited equity cures, but actual headroom and ratings-triggered covenant termination are not established; contractual EBITDA is not reported Adjusted EBITDA.
Sources: 8-K · 2026-05-07 · 10-Q · 2026-06-30 · 8-K · 2026-03-18 · EX-10.1 · 2026-03-18
Owner financial health, travel disruption, labor and insurance costs, and reliance on reservation, loyalty and other technology providers remain material risks. Loyalty and tax accounting require significant estimates. An April 22, 2026 appellate ruling vacated and remanded another taxpayer’s loyalty-tax case; Hilton said it did not change its accounting, and it did not finally settle Hilton’s exposure.
The May 5 announcement planned brand/commercial leadership changes later in 2026 and Christopher Silcock’s retirement in first-quarter 2027; completion is not confirmed. Stockholders approved 846,000 additional incentive-plan shares on May 14, reported May 18—authorization, not issuance. The October 20 filing announced an approved voluntary NYSE-to-Nasdaq transfer, expected after the November 4 close with Nasdaq trading November 5 under HLT. As of October 24 it remained pending, with implementation and trading-disruption risks, not an identified listing-rule failure.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-05-05 · 8-K · 2026-05-14 · 8-K · 2026-10-20
USD 12.039 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 12.039 bn | 7.7% |
| 2024 | USD 11.174 bn | 9.2% |
| 2023 | USD 10.235 bn | — |
Consolidated GAAP revenue, including cost reimbursement revenue; not system-wide hotel sales.
Sources: 10-K · 2025-12-31
USD 1.461 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.461 bn | -5.1% |
| 2024 | USD 1.539 bn | 33.7% |
| 2023 | USD 1.151 bn | — |
GAAP net income before allocation to redeemable and nonredeemable noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 2.129 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.129 bn | 5.8% |
| 2024 | USD 2.013 bn | 3.4% |
| 2023 | USD 1.946 bn | — |
Net cash provided by operating activities; includes contract-acquisition cash outflows and excludes financing-classified swap receipts.
Sources: 10-K · 2025-12-31
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