Company file · HLT

Hilton Worldwide

Reimbursement Revenue was Hilton Worldwide's fastest-growing product or service in FY2025, up 10.2%

Revenue rose 7.7% to $12.0B in FY2025, from $11.2B in FY2024. Net income fell 5.1% to $1.5B. Reimbursement Revenue was the largest product or service, at 59% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026) · Data pulled Oct 30, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Hilton Worldwide (NYSE: HLT) took in $12.0B of revenue (up 7.7% on fiscal 2024); net income was $1.5B (down 5.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $3.3B, up 6.6% year over year, with net income of $536M. Reimbursement Revenue was the biggest single line by product or service: 59% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026).

Revenue$12.0BFY2025 · +7.7% vs FY2024

Net income$1.5BFY2025 · −5.1% vs FY2024

Operating cash flow$2.1BFY2025 · +5.8% vs FY2024

Cash & equivalents$774Mat Sep 30, 2026 · −15.7% vs FY2025 end

Total debt$13.4Bat Sep 30, 2026 · +8.0% vs FY2025 end

Diluted shares238MFY2025 avg · −4.8% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 27, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Reimbursement Revenue$7.1B59%+10.2%
Franchise and licensing fees$2.8B23%+6.9%
Ownership$1.2B10%−1.8%
Management Service, Base$376M3%+1.9%
Management Service, Incentive$313M3%+7.9%
Hotel, Other$252M2%+8.6%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Reimbursement Revenue (59%), Franchise and licensing fees (23%), Ownership (10%) and Management Service, Base (3%), as shares of total revenue. Total revenue was $12.0B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

57%23%12%

FY2024

58%23%11%

FY2025

59%23%10%

Reimbursement RevenueFranchise and licensing feesOwnershipManagement Service, BaseManagement Service, IncentiveHotel, Other

Source: 10-K FY2025

By region, FY2025

United States$9.5B79%+8.5%

Non-US$2.5B21%+5.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$3.3B Q3 2026

$3.1B Q3 2025

6.6% increase

Net income

$536M Q3 2026

$420M Q3 2025

27.6% increase

Source: Hilton Worldwide 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026

By product or service

Reimbursement Revenue

$2.0B Q3 2026

$1.8B Q3 2025

7.1% increase

Franchise and licensing fees

$815M Q3 2026

$739M Q3 2025

10.3% increase

Ownership

$304M Q3 2026

$322M Q3 2025

5.6% decrease

Management Service, Base

$96M Q3 2026

$93M Q3 2025

3.2% increase

Hotel, Other

$72M Q3 2026

$64M Q3 2025

12.5% increase

Management Service, Incentive

$71M Q3 2026

$65M Q3 2025

9.2% increase

Source: Hilton Worldwide 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026

Cash & equivalents $774M at Sep 30, 2026, vs $918M at FY2025 end.
Total debt $13.4B at Sep 30, 2026, vs $12.4B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.8B vs $1.9B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.7% in FY2025 to $12.0B, from $11.2B a year earlier. 10-K, FY2025
Operating cash flow rose 5.8% in FY2025 to $2.1B. 10-K, FY2025
Diluted shares fell 4.8% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $3.3B, up 6.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 5.1% in FY2025 to $1.5B, from $1.5B. 10-K, FY2025
Total debt rose 10.9% in FY2025 to $12.4B. 10-K, FY2025
Ownership revenue fell 1.8% in FY2025 to $1.2B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Hilton Worldwide is in the hotels, resorts & cruise lines industry, part of the consumer discretionary sector. The SEC files it under Hotels & Motels.

The full description of Hilton Worldwide's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the hotels, resorts & cruise lines industry. They are not a summary of Hilton Worldwide’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$10.2B	$11.2B	$12.0B
Net income	$1.1B	$1.5B	$1.5B
Operating cash flow	$1.9B	$2.0B	$2.1B
Cash & equivalents (year end)	$800M	$1.3B	$918M
Total debt (year end)	$9.2B	$11.2B	$12.4B
Diluted shares	264M	250M	238M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 27, 2026	Sep 30, 2026
10-Q	Jul 28, 2026	Jun 30, 2026
10-Q	Apr 28, 2026	Mar 31, 2026
DEF 14A	Apr 2, 2026	May 14, 2026
10-K	Feb 11, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Hilton Worldwide

How does Hilton Worldwide make money?

In fiscal 2025, revenue totaled $12.0B. By product or service in FY2025: Reimbursement Revenue (59%), Franchise and licensing fees (23%), Ownership (10%) and Management Service, Base (3%), as shares of total revenue. Total revenue was $12.0B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was Hilton Worldwide's revenue in fiscal 2025?

Revenue came to $12.0B in the year ended Dec 31, 2025. Going back two years, it was $10.2B in fiscal 2023 and $11.2B in fiscal 2024, so the latest year was up 7.7%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is Hilton Worldwide profitable?

Yes, by US accounting rules (GAAP): net income was $1.5B in fiscal 2025, down 5.1% from $1.5B a year earlier. For the quarter ended Sep 30, 2026, net income was $536M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did Hilton Worldwide report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $3.3B, against $3.1B in the same quarter a year before (up 6.6%), and net income of $536M, against $420M (up 27.6%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026.

How much cash and debt does Hilton Worldwide have?

On Sep 30, 2026, cash and cash equivalents stood at $774M and total debt at $13.4B. Total debt here is the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Oct 27, 2026.

What are the main risks Hilton Worldwide faces?

Hilton Worldwide's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the hotels, resorts & cruise lines industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these Hilton Worldwide numbers come from?

Two filings Hilton Worldwide made with the SEC: its fiscal 2025 10-K, filed Feb 11, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in HLT: The editor holds no position in Hilton Worldwide (HLT). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell HLT from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold HLT, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Hilton WorldwideHLT	FY2025	$12.0B	+7.7%	$1.5B
Booking HoldingsBKNG	FY2025	$26.9B	+13.4%	$5.4B
Marriott InternationalMAR	FY2025	$26.2B	+4.3%	$2.6B
AirbnbABNB	FY2025	$12.2B	+10.3%	$2.5B
Royal Caribbean GroupRCL	FY2025	$17.9B	+8.8%	$4.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.