At a glance
Hilton Worldwide Holdings Inc is worth $81.15B, about 60 times its fiscal 2025 earnings. Revenue grew 7.7% to $12.04B in fiscal 2025, with 12.1% kept as profit; over 5 years it has grown 22.8% a year. It pays a 0.16% dividend yield, and returned $10.58B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +42.2% over the past year with dividends reinvested and +21.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.6% in the 2020 crash (S&P 500: 33.7%) and 32.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 16 months after the lows.
The business in plain English
Hilton runs one of the world's largest hotel systems. As of December 31, 2025, it had 9,158 properties with about 1.35 million rooms in 143 countries and territories. Its brands range from luxury names such as Waldorf Astoria and Conrad to simpler focused-service chains such as Hampton by Hilton, its largest brand by rooms. Its Hilton Honors loyalty program had 243 million members.
Hilton owns or leases only 46 of those hotels. The rest belong to other companies that pay Hilton to use its brands (franchising) or to run the hotel (management). Of fiscal 2025 revenue of $12.04 billion, franchise and licensing fees made up 23.1%. These include payments from co-branded credit cards. Base management fees added 3.1%, and incentive fees, which are tied to hotel profits, added 2.6%. The largest line, at 58.9%, was cost reimbursements: owners repaying Hilton for costs such as hotel staff it employs. This money largely passes through and adds little profit.
The ownership segment is made up mostly of European hotels that Hilton owns or leases. It brought in 10.2% of revenue from room nights, food and drink. About 79% of total revenue was reported as domestic (U.S.). Hilton grows mainly by signing owners to new contracts. Its pipeline of future hotels held 3,703 at the end of 2025, and nearly all of them will be managed or franchised.
Price history
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HLT +42.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Cost reimbursement revenues | $7.08B | 58.9% |
| Franchise and licensing fees | $2.78B | 23.1% |
| Ownership | $1.23B | 10.2% |
| Base and other management fees | $376.0M | 3.1% |
| Incentive management fees | $313.0M | 2.6% |
| Other revenues | $252.0M | 2.1% |
By geography
| Domestic Plan | $9.52B | 79.1% |
| All other | $2.52B | 20.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.33B, up 6.6% from a year earlier, and net income was $536.0M (+27.6%).
- For fiscal 2025, revenue was $12.04B (+7.7% year over year; +22.8% a year from FY2020 to FY2025) with a 12.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +22.8% good |
|---|---|
| Operating margin | 22.4% good |
| Free cash flow margin | 16.8% good |
| Return on assets (FY2025) | 8.7% good |
| Net cash (cash minus debt) | $-12.58B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.31B | $-715.0M | $662.0M |
| FY2021 | $5.79B | $410.0M | $74.0M |
| FY2022 | $8.77B | $1.25B | $1.64B |
| FY2023 | $10.23B | $1.14B | $1.79B |
| FY2024 | $11.17B | $1.53B | $1.92B |
| FY2025 | $12.04B | $1.46B | $2.03B |
Valuation snapshot
| Market value | $81.15B |
|---|---|
| P/E ratio | 59.6 |
| Dividend yield | 0.16% |
Rank among 1514 US companies
Market value at each year end
Hilton Worldwide Holdings’s market value went from $25.55B at the end of 2017 to $81.15B on Nov 2, 2026, about 3.2 times as much; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $81.15B | +21.5% |
| 2025 | $66.77B | +10.8% |
| 2024 | $60.25B | +29.0% |
| 2023 | $46.70B | +36.6% |
| 2022 | $34.17B | -21.4% |
| 2021 | $43.48B | +40.8% |
| 2020 | $30.87B | -1.4% |
| 2019 | $31.29B | +47.0% |
| 2018 | $21.29B | -16.7% |
| 2017 | $25.55B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HLT price data to Nov 2, 2026 | +27.1% | +42.2% | +34.0% | +21.2% | +23.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +27.1% |
| 2025 | +16.5% |
| 2024 | +36.1% |
| 2023 | +44.7% |
| 2022 | -18.7% |
| 2021 | +40.2% |
| 2020 | +0.5% |
| 2019 | +55.5% |
| 2018 | -9.4% |
| 2017 | +39.1% |
| 2016 | +28.7% |
| 2015 | -17.5% |
| 2014 | +17.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.7% over that stretch · deepest drop along the way 49.6%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.5% over that stretch · deepest drop along the way 32.7%, back to its old high 16.3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 10 sales ($56.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 29, 2026 | Kevin J Jacobs See Remarks | sell | $15.3M |
| Oct 29, 2026 | Kevin J Jacobs See Remarks | sell | $13.5M |
| Oct 29, 2026 | Kevin J Jacobs See Remarks | sell | $10.2M |
| Oct 29, 2026 | Kevin J Jacobs See Remarks | sell | $7.8M |
| Oct 29, 2026 | Kevin J Jacobs See Remarks | sell | $3.8M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| BlackRock, Inc. | 7.3% | Sep 30, 2026 |
| FMR LLC | 5.2% | Mar 31, 2026 |
ETFs with the most weight in HLT
| PEJ Invesco Leisure and Entertainment ETF | 4.97% |
| BCHP Principal Focused Blue Chip ETF | 3.31% |
| PVAL Putnam Focused Large Cap Value ETF | 2.98% |
| PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | 2.86% |
| QLTY GMO US Quality ETF Shs | 2.57% |
| PKW Invesco BuyBack Achievers™ ETF | 2.51% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 2.5% |
| DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF | 2.39% |
What could go wrong
- Depends on hotel owners it doesn't control. Nearly all Hilton hotels belong to third-party owners. Owners might provide poor service, break or end contracts, or fail to raise money for upgrades. Any of these could hurt Hilton's fees, reputation and growth.
- Loyalty program changes could weaken demand. Hilton Honors had 243 million members as of December 31, 2025. It drives repeat stays and is tied to co-branded credit card deals. Cutting, ending or taxing its benefits could make guests less loyal.
- Signed hotels may never open. Growth relies on a pipeline of 3,703 hotels as of December 31, 2025, with almost half of the rooms under construction. Tight lending, higher costs or weaker demand could delay or cancel projects.
- Booking sites and AI could bypass Hilton. Online travel agencies and AI-powered booking tools may win more of guests' bookings. That could weaken Hilton's ability to sell rooms directly and reduce profits for Hilton and its hotel owners.
- Heavy debt and negative equity. Hilton had about $13.4 billion of debt, $774 million of cash and negative shareholders' equity as of September 30, 2026. Servicing that debt takes significant cash, and loan terms limit some business choices.
- Travel slumps hit fees fast. Hilton's fees track hotel revenue and profits. Recessions, pandemics, conflicts or cuts in business travel can hurt them quickly. In the 2020 COVID crash, the shares fell 49.6% from peak to trough.
Recent events
- Quarterly results released
- Listing notice from the exchange; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Executive or board change
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
For income and retirement investors
Hilton's dividend is small: $0.60 per share in fiscal 2025, unchanged from 2023 and 2024. It paid nothing in fiscal 2021, so there is no streak of increases. The yield was 0.17% as of October 28, 2026. The dividend used 9.8% of fiscal 2025 earnings and 7.1% of free cash flow (the cash left after running and investing in the business). Hilton returns cash mainly by repurchasing its own shares. It spent about $10.0 billion on buybacks over fiscal 2021–2025, against $574 million in dividends. Its share count fell 20.3% from February 2022 to October 2026.
The shares have fallen hard in downturns. They dropped 49.6% in the 2020 COVID crash and recovered in about 10 months. They fell 32.7% in the 2022 market slump and took about 16 months to recover. For someone living on portfolio income, this stock supplies little cash, and returns depend mainly on the share price. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Hilton make money?
Mainly from fees paid by the owners of hotels that carry its brands. Hilton franchises or manages hotels for others and owns or leases just 46 of its 9,158 properties. In fiscal 2025, franchise and licensing fees, including co-branded credit card deals, were 23.1% of $12.04 billion in revenue. Base and incentive management fees added 3.1% and 2.6%. The largest line, 58.9%, was costs that owners repay Hilton, such as hotel staff wages. Owned and leased hotels brought in 10.2%.
Does Hilton raise its dividend every year?
No. Hilton paid $0.60 per share in fiscal 2025, the same as in 2023 and 2024. It paid nothing in fiscal 2021, so it has no streak of increases. Its dividend yield, meaning the yearly dividend as a share of the stock price, was 0.17% as of October 28, 2026. Hilton returns far more cash through share buybacks. Its 10-K says the dividend policy can change at any time.
What is Hilton's P/E ratio?
About 57 as of October 28, 2026. The P/E, or price-to-earnings ratio, divides the share price by a year's profit per share. Here that is fiscal 2025 earnings of $6.12 per share. A multiple that high means the price assumes profits will keep growing. Hilton's room count grew 6.7% in 2025 after removals, but net income fell 5.1%. If growth slows, a high P/E leaves more room for the share price to fall.
How much debt does Hilton have?
About $13.4 billion as of September 30, 2026, against $774 million of cash and investments. Hilton's total equity was negative $6.6 billion, which means its books show more liabilities than assets. Share buybacks, which shrink equity, totaled about $10.0 billion over fiscal 2021–2025. Hilton's 10-K warns that servicing its debt requires a significant amount of cash and that loan terms restrict some activities.
How has Hilton stock performed over the long term?
Hilton's share price rose about 22.6% a year over the 10 years to October 28, 2026, and about 19.4% a year over five years. Gains were uneven. Calendar-year price returns ranged from a 55.5% rise in 2019 to an 18.7% fall in 2022. The largest peak-to-trough drop in its 12.9 years of price history was 50.8%. Past returns do not predict future results.