Hyatt Hotels Corp

hyatt.com

What Do They Do?

Operates hotels and resorts, manages and franchises properties for owners, and offers vacation and travel-booking services to travelers.

How Do They Make Money?

Hotel owners and franchisees pay management and brand-access fees, generally monthly; guests pay for rooms and services when provided, and travel customers pay before departure.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Segment revenues	50% FY2022: 58%
Contra revenue	−1.2% FY2022: −0.5%
Revenues for reimbursed costs Recurring	51% FY2022: 44%	Recurring

Who Are Their Customers?

Property owners and franchisees buy management, brand access, and hotel services; travelers, corporate and association accounts, and travel-agency customers book through Hyatt's digital platforms and hotel sales teams, while third-party partners also bring bookings.

Do Revenues Turn Into Profits?

Not on paper. It lost $52M in FY2025, but brought in more cash than it spent: $159M of free cash flow.

Net income, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($1.3B, 19%)

Free cash flow, FY2025

2% of revenue

▼ −66% vs FY2024 ($463M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $1.8B in Q2 FY2025
Net income: ▲ Now profitable; vs −$3M in Q2 FY2025

Revenues for reimbursed costs share of revenue vs 52.3% in Q2 FY2025

Jul 30, 2026 Hyatt issued a full-year outlook with projected earnings and growth The outlook projected net income of $250 million to $335 million and adjusted EBITDA of $1,155 million to $1,205 million.
Feb 17, 2026 CEO Mark S. Hoplamazian also became board chair Thomas J. Pritzker retired as executive chairman and said he would not seek re-election to the board.

Growing. Revenue grew 2.3x in 4 years, from $3B in FY2021 to $7.1B in FY2025, about 24% a year.

Revenue over time

Segment revenues Contra revenue Revenues for reimbursed costs Other revenues Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties Distribution and destination management Net management, franchise, license, and other fees Owned and leased hotels revenues

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Four Seasons, Mandarin Oriental, Marriott, Hilton, Accor, Banyan Tree, Iberostar, RIU, Barcelo, and Melia

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