Hilton Worldwide Holdings Inc.
hilton.comWhat Do They Do?
Provides hotel owners with staffing, marketing and property-program services, manages and franchises hotels, licenses brands and booking services to owners and partners, and sells room stays and food to travelers.
10-K for FY2025, filed Feb 11, 2026We operate our business through: (i) a management and franchise segment and (ii) an ownership segment, each of which is reported as a…View ↗
Our core management services consist of operating hotels under management contracts for the benefit of third parties who either own or…View ↗
Each franchisee pays us an application, initiation or other fee in conjunction with the inception of a franchise contract. Franchisees also…View ↗
Cost reimbursement revenues represent amounts that are contractually reimbursed to us by property owners, either directly as costs are…View ↗
We primarily derive our revenues from the following sources:View ↗
How Do They Make Money?
Hotel owners reimburse payroll and related costs as incurred and pay program fees monthly based on sales or usage; franchisees pay royalties monthly. Hilton collects base management fees monthly and incentive fees monthly or annually, while license fees track partner spending or hotel stays and HGV fees are billed quarterly.
10-K for FY2025, filed Feb 11, 2026Cost reimbursement revenues represent amounts that are contractually reimbursed to us by property owners, either directly as costs are…View ↗
Direct reimbursements primarily include reimbursements received by us for payroll and related costs of managed hotels, if the managed hotel…View ↗
Royalty fees are generally based on a percentage of the hotel's monthly gross room revenue and, in some cases, may also include a…View ↗
Base management fees are generally based on a percentage of the hotel's monthly gross operating revenue. Base management fees are typically…View ↗
Licensing fees for the use of our IP and/or booking channels and related programs are earned from: (i) strategic partnerships, including…View ↗
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10-K for FY2025, filed Feb 11, 2026
FY2025 revenue by product or service ↗
$12B
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10-K for FY2025, filed Feb 11, 2026
$12B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Franchise and licensing fees
Licensed
10-K for FY2025, filed Feb 11, 2026 |
23%
FY2022: 24%
|
Franchise and licensing fees, FY2025
$2.8B Sources
|
Licensed |
|
Base and other management fees
Recurring
|
3.1%
FY2022: 3.4%
|
Base and other management fees, FY2025
$376M Sources
|
Recurring |
|
Incentive management fees
Recurring
|
2.6%
FY2022: 2.2%
|
Incentive management fees, FY2025
$313M Sources
|
Recurring |
|
Other revenues
|
2.1%
FY2022: 1.2%
|
Other revenues, FY2025
$252M Sources
|
|
|
Cost reimbursement revenues
Usage-based
10-K for FY2025, filed Feb 11, 2026 |
59%
FY2022: 57%
|
Cost reimbursement revenues, FY2025
$7.1B Sources
|
Usage-based |
|
Ownership
|
10% |
Ownership, FY2025
$1.2B Sources
|
Who Are Their Customers?
Hotel owners contract with Hilton for management or franchise services; travelers stay at Hilton hotels and can book through Hilton's channels. Strategic partners license Hilton brands or use its booking services.
10-K for FY2025, filed Feb 11, 2026We manage hotels and license our brands through our management and franchise segment. This segment generates its revenue primarily from…View ↗
Our core management services consist of operating hotels under management contracts for the benefit of third parties who either own or…View ↗
We license our IP, including our brand names, trademarks and service marks, and our operating systems to hotel owners under franchise…View ↗
Hilton Honors is our award-winning guest loyalty program that supports our portfolio of brands. The program generates significant repeat…View ↗
Revenues are primarily derived from: (i) fees earned from management and franchise contracts with third-party hotel owners; (ii) fees…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 17 cents into free cash flow.
10-K for FY2025, filed Feb 11, 2026
$2.7BView ↗
10-K for FY2025, filed Feb 11, 2026
$1.5BView ↗
10-K for FY2025, filed Feb 11, 2026
$2BView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 27, 2026
Open tableView ↗
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Jul 28, 2026
Hilton issued full-year net income and RevPAR guidance
It projected 2026 net income of $1,883 million to $1,911 million and full-year RevPAR growth of 3.0 percent to 3.5 percent.
Sources
8-K, filed Jul 28, 2026
Diluted EPS was $2.10 for the second quarter, and diluted EPS, adjusted for special items, was $2.29 Net income was $482 million for the…View ↗
Growing. Revenue grew 2.1x in 4 years, from $5.8B in FY2021 to $12B in FY2025, about 20% a year.
Added hotel brands
The hotel portfolio has added Graduate by Hilton, Outset Collection by Hilton and LivSmart Studios by Hilton.
10-K for FY2022, filed Feb 9, 2023 10-K for FY2025, filed Feb 11, 2026Hilton is one of the largest hospitality companies in the world, with 7,165 properties comprising 1,127,430 rooms in 123 countries and…View ↗
Ownership(1) Managed Franchised / Licensed Total Properties Rooms Properties Rooms Properties Rooms Properties Rooms Waldorf Astoria Hotels…View ↗
Who Do They Compete With?
Competes with Accor, Choice Hotels International, Hyatt Hotels, Intercontinental Hotel Group, Marriott International, and Wyndham Hotels & Resorts
10-K for FY2025, filed Feb 11, 2026Our principal competitors include other branded and independent hotel operating companies, national and international hotel brands and…View ↗
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