Hilton Worldwide Holdings Inc. reported a 2.5% increase in systemwide comparable RevPAR, on a currency-neutral basis, for the first quarter ended March 31, compared to the same period in 2024. Net income was $300 million.
“We are pleased with our first-quarter results, with strong bottom-line performance, even with somewhat weaker macroeconomic conditions,” said Christopher J. Nassetta, president/CEO, Hilton. “Additionally, we expect our industry-leading brands and powerful commercial engines to continue to drive strong net unit growth. Overall, we remain optimistic about our growth opportunities and are well-positioned to continue creating value for our stakeholders in 2025 and beyond.”
First-quarter highlights include:
- Adjusted EBITDA was $795 million.
- Diluted EPS was $1.23, and diluted EPS, adjusted for special items, was $1.72
- Approved 32,600 new rooms for development, bringing the development pipeline to 503,400 rooms as of March 31, representing growth of 7% from March 31, 2024.
- Added 20,100 rooms to the system, resulting in 14,000 net additional rooms, contributing to net unit growth of 7.2% from March 31, 2024.
- Full-year 2025 systemwide RevPAR is projected to be flat to an increase of 2% on a comparable and currency-neutral basis compared to 2024; full-year net income is projected to be between $1.707 billion and $1.749 billion; full-year adjusted EBITDA is projected to be between $3.650 billion and $3.710 billion.
- Full-year 2025 capital return is projected to be approximately $3.3 billion.
Overview
For the three months ended March 31, 2025, systemwide comparable RevPAR increased 2.5% compared to the same period in 2024 due to increases in both occupancy and ADR. Management and franchise fee revenues increased 5.1% compared to the same period in 2024.
For the three months ended March 31, 2025, diluted EPS was $1.23 and diluted EPS, adjusted for special items, was $1.72, compared to $1.04 and $1.53, respectively, for the three months ended March 31, 2024. Net income and Adjusted EBITDA were $300 million and $795 million, respectively, for the three months ended March 31, 2025, compared to $268 million and $750 million, respectively, for the three months ended March 31, 2024.
Development
In the first quarter of 2025, Hilton opened 186 hotels, totaling 20,100 rooms, resulting in 14,000 net room additions. The company continued to grow its pipeline of lifestyle properties during the quarter, adding the Tempo by Hilton brand in the U.K., marking the brand’s first hotel outside of the U.S.; the first Tapestry Collection by Hilton and Curio Collection by Hilton hotels in Athens; and Canopy by Hilton in Utah, representing the brand’s first ski destination. In April, Hilton continued to expand its luxury brands, opening the Waldorf Astoria Osaka and the Waldorf Astoria Costa Rica Punta Cacique.
The company added 32,600 rooms to the development pipeline during the first quarter, and, as of March 31, the development pipeline totaled 3,600 hotels representing 503,400 rooms throughout 123 countries and territories, including 27 countries and territories where it had no existing hotels. Additionally, of the rooms in the development pipeline, nearly half were under construction and more than half were located outside of the U.S.
Full-year 2025 outlook
- Systemwide comparable RevPAR, on a currency neutral basis, is projected to be flat to an increase of 2% compared to 2024.
- Diluted EPS is projected to be between $7.04 and $7.22.
- Diluted EPS, adjusted for special items, is projected to be between $7.76 and $7.94.
- Net income is projected to be between $1.707 billion and $1.749 billion.
- Adjusted EBITDA is projected to be between $3.650 billion and $3.710 billion.
- Contract acquisition costs and capital expenditures, excluding amounts reimbursed by third parties, are projected to be between $250 million and $300 million.
- Capital return is projected to be approximately $3.3 billion.
- General and administrative expenses are projected to be between $420 million and $430 million.
- Net unit growth is projected to be between 6% and 7%.
Second-quarter outlook
- Systemwide comparable RevPAR, on a currency-neutral basis, is projected to be roughly flat compared to the second quarter of 2024.
- Diluted EPS is projected to be between $1.88 and $1.94.
- Diluted EPS, adjusted for special items, is projected to be between $1.97 and $2.02.
- Net income is projected to be between $455 million and $469 million.
- Adjusted EBITDA is projected to be between $940 million and $960 million.
