At a glance
Wyndham Hotels & Resorts Inc is worth $5.42B, about 30 times its fiscal 2025 earnings. Revenue grew 1.5% to $1.43B in fiscal 2025, with 13.5% kept as profit; over 5 years it has grown 1.9% a year. It pays a 2.29% dividend yield, raised every year for at least 5 years, and returned $2.09B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +5.1% over the past year with dividends reinvested and −0.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.7% in the 2020 crash (S&P 500: 33.7%) and 34.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 25 months after the lows.
The business in plain English
Wyndham Hotels & Resorts is the world's largest hotel franchisor by number of franchised properties. As of December 31, 2025, its system had 8,389 hotels with about 869,000 rooms in about 100 countries. They operate under 25 brands, including Super 8, Days Inn, La Quinta, Ramada and Wyndham. Most are economy and midscale hotels, mainly in smaller cities. In the U.S., its brands hold about 19% of branded rooms in the economy, midscale and upper-midscale price tiers.
Wyndham mainly licenses its brand names rather than owning hotels, which keeps its capital needs low. More than 6,200 franchisees, from individual owners to large institutional investors, sign agreements that typically run 10 to 20 years. They usually pay a royalty of about 5% of room revenue plus a marketing and reservation fee of 2% to 4%. The Wyndham Rewards loyalty program has over 122 million members, who made over 37% of check-ins worldwide.
Revenue was $1.43 billion in 2025. Royalties and franchise fees made up 38% and marketing and reservation fees 33%. License and other fees made up 9% and depend partly on Travel + Leisure Co., which sells timeshares. The U.S. produced about 79% of revenue, and U.S. hotels supplied 77% of royalties.
Price history
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WH +5.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Royalties and franchise fees | $541.0M | 37.9% |
| Marketing and reservation fees | $471.0M | 33% |
| License and other fees | $126.0M | 8.8% |
| Partnership fees | $96.0M | 6.7% |
| Other Products and Services Excluding Partnership Fees | $95.0M | 6.6% |
| Deferred loyalty program revenue | $91.0M | 6.4% |
| Management and other fees | $9.0M | 0.6% |
By geography
| UNITED STATES | $1.13B | 79.4% |
| Non-US | $295.0M | 20.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $410.0M, up 7.3% from a year earlier, and net income was $99.0M (-5.7%).
- For fiscal 2025, revenue was $1.43B (+1.5% year over year; +1.9% a year from FY2020 to FY2025) with a 13.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.9% watch |
|---|---|
| Operating margin | 28.1% good |
| Free cash flow margin | 22.5% good |
| Return on equity (FY2025) | 41.2% good |
| Return on assets (FY2025) | 4.6% watch |
| Net cash (cash minus debt) | $-2.66B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.30B | $-132.0M | $34.0M |
| FY2021 | $1.56B | $244.0M | $389.0M |
| FY2022 | $1.50B | $355.0M | $360.0M |
| FY2023 | $1.40B | $289.0M | $339.0M |
| FY2024 | $1.41B | $289.0M | $241.0M |
| FY2025 | $1.43B | $193.0M | $321.0M |
Valuation snapshot
| Market value | $5.42B |
|---|---|
| P/E ratio | 29.7 |
| Dividend yield | 2.29% |
Rank among 1514 US companies
Market value at each year end
Wyndham Hotels & Resorts’s market value went from $4.50B at the end of 2018 to $5.42B on Oct 28, 2026, up 20%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.42B | -5.1% |
| 2025 | $5.71B | -27.2% |
| 2024 | $7.84B | +17.5% |
| 2023 | $6.67B | +5.9% |
| 2022 | $6.30B | -24.6% |
| 2021 | $8.35B | +50.8% |
| 2020 | $5.54B | -7.4% |
| 2019 | $5.98B | +32.8% |
| 2018 | $4.50B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WH price data to Oct 28, 2026 | +0.1% | +5.1% | +3.6% | -0.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.1% |
| 2025 | -23.5% |
| 2024 | +27.7% |
| 2023 | +14.9% |
| 2022 | -19.0% |
| 2021 | +52.6% |
| 2020 | -4.1% |
| 2019 | +41.4% |
| 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 57.9% over that stretch · deepest drop along the way 63.7%, back to its old high 8.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.2% over that stretch · deepest drop along the way 34.1%, back to its old high 24.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 7 sales ($4.9M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Geoffrey A Ballotti President and CEO, Director | sell (plan) | $1.4M |
| Jun 15, 2026 | Geoffrey A Ballotti President and CEO, Director | sell (plan) | $1.2M |
| Oct 15, 2026 | Geoffrey A Ballotti President and CEO, Director | sell (plan) | $1.0M |
| May 7, 2026 | Nicola Rossi Chief Accounting Officer | sell | $601K |
| Oct 15, 2026 | Geoffrey A Ballotti President and CEO, Director | sell (plan) | $415K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.6% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 6% | Sep 30, 2025 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| Wellington Management Group LLP | 3.8% | Mar 31, 2025 |
| Capital Research Global Investors | 3.2% | Jan 30, 2026 |
| FMR LLC | 1.8% | Dec 31, 2025 |
ETFs with the most weight in WH
| TOGA Tremblant Global ETF | 2.96% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.16% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 0.51% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 0.5% |
| FNY First Trust Mid Cap Growth AlphaDEX Fund | 0.44% |
| ABCS Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 0.44% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.41% |
| USMF WisdomTree US Multifactor Fund | 0.41% |
What could go wrong
- Hotel owner failures can cause big losses. Wyndham advances money and lends to hotel owners, so their failures can cost it. Revo Hospitality Group's January 2026 insolvency filing led to $86 million of write-downs and $74 million of other charges for 2025.
- Exposure to Travel + Leisure's timeshare sales. Wyndham has a licensing partnership with Travel + Leisure Co., a timeshare seller. License and other fees, 8.8% of 2025 revenue, could shrink if its sales weaken. Some directors have ties to both companies.
- Weaker travel means lower fees. A large share of revenue is fees based on hotels' room revenue. Recessions, inflation, squeezed household budgets, disasters or pandemics that cut travel could shrink those fees. The U.S. supplied about 79% of 2025 revenue.
- Competition could squeeze franchise fees. Wyndham competes with other franchisors to sign hotel owners, which may force lower fees or richer incentives. Hotels under its brands also compete with short-term rentals, serviced apartments and cruises.
- Booking sites and AI may sideline Wyndham. Online travel agencies, home-sharing platforms and AI chatbots built on large language models could steer how travelers find and book rooms, weakening the pull of Wyndham's brands and loyalty program.
- Heavy debt compared with cash. As of September 30, 2026, Wyndham had about $2.7 billion of debt and $71 million of cash. Higher interest rates or tighter credit could raise borrowing costs and limit dividends or buybacks.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Wyndham has raised its dividend for 5 years in a row, from $0.56 a share in 2020 to $1.64 in 2025. That is growth of about 24% a year. The 2025 dividend took about 66% of earnings, a high share partly because Revo-related charges cut profit. It took only about 40% of free cash flow, which is the cash left after capital spending. The yield was 2.29% as of October 28, 2026. Buybacks have been bigger than dividends: $1.52 billion versus $565 million from 2021 through 2025. The share count fell 21% between January 2022 and October 2026.
The stock has fallen hard in downturns. It dropped 63.7% in the 2020 COVID crash and took about 8.5 months to recover. It fell 34.1% in the 2022 bear market and took about 25 months to regain its high. Its price history does not cover 2008. A single stock carries more risk than a diversified fund, since one company's troubles can hit its share price and its dividend at once.
Questions investors ask
How does Wyndham Hotels make money?
Mostly by franchising. Wyndham owns 25 hotel brands, including Super 8, Days Inn, La Quinta and Ramada. It licenses them to over 6,200 franchisees, who own the hotels. Franchisees generally pay a royalty of about 5% of gross room revenue. They also pay a marketing and reservation fee of 2% to 4%. In fiscal 2025, royalties and franchise fees made up 37.9% of the company's $1.43 billion in revenue, and marketing and reservation fees made up 33%. Because Wyndham owns few hotels itself, it needs little capital.
Does Wyndham Hotels raise its dividend every year?
It has raised it five years in a row, through fiscal 2025. Dividends per share rose from $0.56 in fiscal 2020 to $1.64 in fiscal 2025, about 24% a year on average. The yield was 2.29% as of October 28, 2026. The fiscal 2025 dividend took 65.8% of earnings but only 39.6% of free cash flow, which is the cash left after capital spending. In its 10-K, the company warns that it may not keep paying dividends and that its debt terms could limit them.
Why did Wyndham Hotels' profit fall in 2025?
Mostly because of write-downs and other charges tied to Revo Hospitality Group. In early January 2026, Revo filed for insolvency for most of its operating entities. Wyndham's net income fell 33.2% to $193 million in fiscal 2025, down from $289 million, even though revenue grew 1.5%. Diluted earnings per share dropped to $2.50 from $3.61. Cash generation held up better: free cash flow rose to $321 million from $241 million the year before.
How much debt does Wyndham Hotels have?
Total debt was about $2.73 billion as of September 30, 2026. Cash and investments were only $71 million. Shareholders' equity was just $475 million. Buybacks, which shrink equity, totaled $1.52 billion over fiscal 2021–2025. That thin equity base helps explain the high 41.2% return on equity in fiscal 2025. The 10-K lists debt, hedging and the cost of capital among its risks. In February 2026, Wyndham reported signing a major agreement and taking on a new debt obligation.
How has Wyndham Hotels stock performed?
Unevenly. Not counting dividends, the share price was up 5.1% over one year as of October 28, 2026. It was up 11% in total over three years and down 5% over five years. Calendar years swung widely: the stock rose 27.7% in 2024, then fell 23.54% in 2025. In the 2020 COVID crash, it dropped 63.7% and took about 8.5 months to recover. As of October 28, 2026, the price was 29.7 times fiscal 2025 earnings.