HLT Filings — Hilton Worldwide Holdings Inc. - FilingSpy
HLT
Hilton Worldwide Holdings Inc.
A global hospitality giant, Hilton runs a portfolio of nearly 9,200 hotels across 143 countries, from luxury to economy, with brands like Hampton by Hilton and Hilton Garden Inn welcoming travelers worldwide. It began in 1919, when Conrad Hilton traveled to Cisco, Texas, to buy a bank — only to walk away and buy the Mobley Hotel instead. That 40-room inn was so packed with oil workers that rooms were rented in eight-hour shifts, a humble start that grew into one of the world's largest hotel companies.
Hilton Q2 2026 revenue rose 6.5% to $3,341M as RevPAR returned to 3.9% growth
growth recovered to 3.9% after a year of U.S. softness. rose 6.5% to $3,341M and rose 14.1% to $2.10 as franchise and licensing fees grew 8.5% on RevPAR gains and net unit growth. The fee engine is back, but rose 21.2% to $183M with no swaps to offset it.
Key takeaways
System-wide comparable increased 3.9% in Q2 2026, with U.S. RevPAR up 5.4% on World Cup-driven business, group, and leisure strength, after four quarters at or below 2.5% and three quarters of decline or near-flat readings through Q3 2025.
Franchise and licensing fees grew 8.5% to $808M, driven by increases, net unit growth, and higher licensing fees from co-branded credit cards and , lifting 4.6% to $1,054M.
rose 6.5% to $3,341M and rose 10.3% to $858M, with at 25.7%, up 0.9 points and 2.6 points from Q1's 23.1%.
Section summaries
Management's Discussion and Analysis
System-wide RevPAR rose 3.9% in Q2 2026 driven by ADR gains and special events, while MEA RevPAR fell 29.5% due to geopolitical conflict.
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System-wide comparable increased 3.9% in Q2 2026, with U.S. RevPAR up 5.4% on strength in business, group, and leisure aided by the World Cup.
MEA dropped 29.5% due to ongoing geopolitical conflict in the Middle East, partially offset by special event demand in January and February.
rose 14.1% to $2.10 and rose 9.5% to $482M versus Q2 2025, while sequentially rose 13.8% from $2,937M in Q1.
rose 21.2% to $183M following recent senior note issuances and the March 2026 expiration of a $1.6B , leaving no swaps outstanding as of June 30, 2026.
MEA dropped 29.5% due to geopolitical conflict, and incentive management fees declined 8.0% to $69M from regional conflicts, partially offset by special event demand in January and February.
The company repurchased 5.6M shares for $1,757M in H1 2026, leaving $3.0B under its stock program; fell 28.3% to $472M .
What changed
Q2 2026 system-wide came in at 3.9% versus the 0.4% 2025 full-year base and the -0.5% Q2 2025 reading, confirming the recovery flagged after Q1's 3.6% — U.S. strength offset MEA's 29.5% drop.
Pace of buybacks: $1,757M deployed in H1 2026 against the $3.5B January 2026 authorization, leaving $3.0B remaining after $825M in Q1 — consistent with the flagged track of the enlarged program.
Quarterly rose to $183M with no swaps outstanding after the $1.6B swap matured in March 2026, as flagged in Q1; the run-rate stays above 2024 on the July 2025 and September 2024 senior notes.
Owned and leased remained a drag; Q1 saw ownership revenues up 6.4% with expenses down 1.7% but no Q2 segment profit disclosed, leaving the multi-year fixed-cost loss unresolved.
Cash rose to $1,009M from $564M at Q1, a 78.9% quarter-end increase, after the $290M draw and $448M level flagged post-Q2 2025 buybacks and debt service.
What to watch
Q3 2026 system-wide against the 3.9% Q2 base to see if MEA conflict deepens or U.S. strength fades post-World Cup
Quarterly as $12.7B and no hedges keep the run-rate above prior-year levels
Pace of share repurchases in H2 2026 against the $3.0B remaining authorization after $1,757M in H1
Owned and leased H2 result to see if and lower expenses finally close the fixed-cost operating loss
Franchise and licensing fees grew 8.5% to $808 million, driven by increases, net unit growth, and higher licensing fees from co-branded credit cards and .
Incentive management fees declined 8.0% to $69 million, primarily due to conflicts in certain regions.
increased 4.6% to $1,054 million, while rose 21.2% to $183 million following recent senior note issuances and an interest rate swap expiration.
The company repurchased 5.6 million shares for $1,757 million in H1 2026, with $3.0 billion remaining under its stock program.
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risk primarily from changes in one-month SOFR, the benchmark rate for which the interest rate of the majority of our variable-rate indebtedness is based on, and foreign currency exchange rates. These rate changes may affect future income, cash flows and…
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We are exposed to market risk primarily from changes in one-month SOFR, the benchmark rate for which the interest rate of the majority of our variable-rate indebtedness is based on, and foreign currency exchange rates. These rate changes may affect future income, cash flows and the fair value of the Company, its assets and its liabilities. In certain situations, we may seek to reduce volatility associated with changes in interest rates and foreign currency exchange rates by entering into derivative financial instruments intended to provide a hedge against a portion of the risks associated with such volatility. We continue to have exposure to such risks to the extent they are not hedged. We enter into derivative financial instruments to the extent they meet our objectives to reduce volatility in our results of operations and cash flows, and we do not use derivatives for speculative purposes. In March 2026, our interest rate swap with a notional amount of $1.6 billion matured. As such, the Company does not have any interest rate swaps outstanding to hedge its variable-rate indebtedness as of June 30, 2026. Our exposure to market risk has not otherwise materially changed from what was previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
We are involved in various claims and lawsuits arising in the ordinary course of business, some of which include claims for substantial sums, including proceedings involving tort and other general liability claims, employee claims, antitrust claims, consumer protection claims an…
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We are involved in various claims and lawsuits arising in the ordinary course of business, some of which include claims for substantial sums, including proceedings involving tort and other general liability claims, employee claims, antitrust claims, consumer protection claims and claims related to our management of certain hotels. We recognize a liability when we believe the loss is probable and can be reasonably estimated. Most occurrences involving liability, claims of negligence and employees are covered by indemnification from third-party hotel owners and/or policies that we hold with solvent insurance carriers. The ultimate results of claims and litigation cannot be predicted with certainty. We believe we have adequate reserves against such matters. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could materially affect our future results of operations in a particular period.
As of June 30, 2026, there have been no material changes from the risk factors previously disclosed under "Part I—Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
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As of June 30, 2026, there have been no material changes from the risk factors previously disclosed under "Part I—Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.