Hilton Worldwide Holdings Inc. reported net income of $298 million for the fourth quarter ending Dec. 31, 2025, and $1.461 billion for the full year. Systemwide comparable RevPAR increased 0.5% and 0.4%, on a currency-reutral basis, for the fourth quarter and full year, respectively, compared to the same periods in 2024.
“We delivered another quarter of strong bottom-line results, demonstrating the continued strength of our business model,” said Christopher J. Nassetta, president/CEO, Hilton. “As we look ahead to 2026, we are increasingly optimistic about the tailwinds building, including improving demand patterns, driven by broader macroeconomic growth and major global and domestic events, which, when paired with limited supply growth, should result in stronger RevPAR performance. The quality of our development pipeline, the introduction of our exciting new brands and partnerships, as well as the continued growth in the presence of our existing brands globally, give us confidence in delivering net unit growth between 6% and 7% in 2026 and beyond.”
Other highlights include:
- Adjusted EBITDA was $946 million for the fourth quarter and $3.725 million for the full year
- Diluted EPS was $1.27 for the fourth quarter and $6.12 for the full year
- Diluted EPS, adjusted for special items, was $2.08 for the fourth quarter and $8.11 for the full year
- Approved 37,400 new rooms for development during the fourth quarter, bringing the development pipeline to a record 520,500 rooms as of Dec. 31, 2025, representing growth of 4% from Dec. 31, 2024
- Added 26,000 rooms to the system in the fourth quarter, resulting in 97,000 room openings for the full year, contributing to net unit growth of 6.7% from Dec. 31, 2024
- Announced the launch of a new brand, Apartment Collection by Hilton, in January 2026
- Expanded Hilton Honors Adventures in Dec. 2025, welcoming Explora Journeys as the second partner, following AutoCamp in 2024, and expanding into luxury ocean travel
- Full-year 2026 systemwide RevPAR is projected to increase between 1% and 2% on a comparable and currency-neutral basis compared to 2025; full-year net income is projected to be between $1.982 billion and $2.011 billion; full-year adjusted EBITDA is projected to be between $4.000 billion and $4.040 billion
- Net unit growth for 2026 is expected to be between 6% and 7%
Overview
For the three months ended Dec. 31, 2025, systemwide comparable RevPAR increased 0.5% compared to the same period in 2024 due to an increase in ADR, partially offset by modest occupancy declines. Management and franchise fee revenues increased 7.4% compared to the same period in 2024.
For the year ended Dec. 31, 2025, systemwide comparable RevPAR increased 0.4% compared to the same period in 2024 due to an increase in ADR. Management and franchise fee revenues increased 6.4% compared to the same period in 2024.
For the three months ended Dec. 31, 2025, diluted EPS was $1.27 and diluted EPS, adjusted for special items, was $2.08, compared to $2.06 and $1.76, respectively, for the three months ended Dec. 31, 2024. Net income and adjusted EBITDA were $298 million and $946 million, respectively, for the three months ended Dec. 31, 2025, compared to $505 million and $858 million, respectively, for the three months ended Dec. 31, 2024.
For the year ended Dec. 31, 2025, diluted EPS was $6.12 and diluted EPS, adjusted for special items, was $8.11, compared to $6.14 and $7.12, respectively, for the year ended Dec. 31, 2024. Net income and adjusted EBITDA were $1.461 billion and $3.725 billion, respectively, for the year ended Dec. 31, 2025, compared to $1.539 billion and $3.429 billion, respectively, for the year ended Dec. 31, 2024.
Development
In the fourth quarter of 2025, Hilton opened 190 hotels, totaling 26,000 rooms, resulting in 21,300 net room additions. Notable openings included the Waldorf Astoria Shanghai Qiantan in China and more than 10 Tapestry Collection hotels, including the Anise Aluma Athens, Tapestry Collection by Hilton in Greece and the Diyar Ajwa, Tapestry Collection by Hilton in Saudi Arabia, continuing the expansion of the lifestyle brand across the globe. The company expects to continue to see the Tapestry brand grow, with nearly 20 signings in the fourth quarter.
Other notable lifestyle openings include the Canopy by Hilton Istanbul Taksim and the Canopy by Hilton Izmir Bomonti, representing the brand’s first hotels in Türkiye. Hilton also introduced the first Outset Collection by Hilton hotels with the openings of the Slackline Moab and ACME Hotel Chicago. In January 2026, the company launched its new brand, Apartment Collection by Hilton, which will initially add as many as 3,000 incremental units to the already established base of apartment-style units in the system, with bookings starting in the first half of 2026.
Hilton added 37,400 rooms to the development pipeline during the fourth quarter, and, as of Dec. 31, 2025, the development pipeline totaled 3,703 hotels representing 520,500 rooms throughout 129 countries and territories, including 26 countries and territories where the company had no existing hotels. Additionally, of the rooms in the development pipeline, almost half were under construction, and more than half were located outside of the U.S.
Outlook
Full-year 2026
- Systemwide comparable RevPAR, on a currency neutral basis, is projected to increase between 1% and 2% compared to 2025.
- Diluted EPS is projected to be between $8.49 and $8.61.
- Diluted EPS, adjusted for special items, is projected to be between $8.65 and $8.77.
- Net income is projected to be between $1,982 billion and $2.011 billion.
- Adjusted EBITDA is projected to be between $4.000 billion and $4.040 billion.
- Contract acquisition costs and capital expenditures, excluding amounts reimbursed by third parties, are projected to be approximately $300 million.
- Capital return is projected to be approximately $3.5 billion.
- General and administrative expenses are projected to be approximately $400 million.
- Net unit growth is projected to be between 6% and 7%.
First-quarter 2026
- Systemwide comparable RevPAR, on a currency-neutral basis, is projected to increase between 1% and 2% compared to the first quarter of 2025.
- Diluted EPS is projected to be between $1.87 and $1.93.
- Diluted EPS, adjusted for special items, is projected to be between $1.91 and $1.97.
- Net income is projected to be between $436 million and $450 million.
- Adjusted EBITDA is projected to be between $875 million and $895 million.
