Hilton Worldwide Holdings (HLT) Q4 FY2025 earnings: revenue $3.1 billion, up 10.9% on the year

Hilton Worldwide Holdings Inc. (HLT) reported revenue of $3.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.9% on the same quarter a year earlier. Net income was $297 million, down 41.2% on the year, and diluted earnings per share $1.27. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue

$3.1 billion

+10.9% on the year · -1.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

19.5%

17.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$297 million

-41.2% on the year · -29.3% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.27

-38.3% on the year · -28.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 13 new, 1 kept.

Adjusted EPS rose while GAAP EPS fell: Fourth-quarter diluted EPS was $1.27, against $2.06 a year earlier. Adjusted for special items, it was $2.08, against $1.76.
Adjusted EBITDA rose, net income fell: Adjusted EBITDA reached $946 million in the quarter, against $858 million. Net income was $298 million, against $505 million.
Fourth-quarter RevPAR gained on rate: Comparable system-wide RevPAR rose in the fourth quarter on higher average daily rate, partly offset by modest occupancy declines.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,087	3,120	2,783	-1.1%	+10.9%
Operating income	602	777	489	-22.5%	+23.1%
Operating margin	19.5%	24.9%	17.6%
Interest expense	165	159	157	+3.8%	+5.1%
Pre-tax income	429	604	336	-29.0%	+27.7%
Income tax	131	183	-169	-28.4%
Effective tax rate	30.5%	30.3%	-50.3%
Net income	297	420	505	-29.3%	-41.2%
Net margin	9.6%	13.5%	18.1%
Diluted EPS	$1.27	$1.78	$2.06	-28.7%	-38.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	203	816	582	-75.1%	-65.1%
Capital expenditure	30.0	29.0	48.0	+3.4%	-37.5%
Free cash flow	173	787	534	-78.0%	-67.6%
Free cash flow margin	5.6%	25.2%	19.2%
Cash from investing	-60.0	-44.0	-79.0
Cash from financing	-296	-92.0	-771
Depreciation and amortisation	47.0	46.0	39.0	+2.2%	+20.5%
Share-based compensation	35.0	44.0	36.0	-20.5%	-2.8%
Buybacks	779	759	766	+2.6%	+1.7%
Dividends paid	35.0	35.0	37.0	0.0%	-5.4%
Dividend per share	n/a	$0.15	n/a
Diluted shares, weighted	234m	237m	246m	-1.3%	-4.9%
Shares outstanding at period end	230m	233m	242m	-1.1%	-4.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	-5,388	-4,932	-3,727
Non-controlling interest	29.0	27.0	21.0	+7.4%	+38.1%
Redeemable equity	13.0	14.0	17.0	-7.1%	-23.5%
Debt	12,338	11,603	11,151	+6.3%	+10.6%
Operating lease liabilities	730	713	735	+2.4%	-0.7%
Finance lease liabilities	315	n/a	82.0		+284.1%
Other liabilities	8,737	9,216	8,243	-5.2%	+6.0%
Total liabilities and equity	16,774	16,641	16,522	+0.8%	+1.5%
Fixed assets	684	447	411	+53.0%	+66.4%
Goodwill	5,081	5,079	5,035	+0.0%	+0.9%
Intangible assets	447	n/a	429		+4.2%
Cash and equivalents	918	1,057	1,301	-13.2%	-29.4%
Receivables	1,690	1,652	1,583	+2.3%	+6.8%
Other assets	7,954	8,406	7,763	-5.4%	+2.5%
Total assets	16,774	16,641	16,522	+0.8%	+1.5%

Questions

What was Hilton Worldwide Holdings' revenue in Q4 FY2025?

Hilton Worldwide Holdings (HLT) reported revenue of $3.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.9% on the same quarter a year earlier.

How much did Hilton Worldwide Holdings earn in Q4 FY2025?

Net income for Q4 FY2025 was $297 million, down 41.2% on the year, and diluted earnings per share $1.27.

When did Hilton Worldwide Holdings report Q4 FY2025 results?

Hilton Worldwide Holdings filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,836	1,721	2,240	2,368	2,444	2,293	2,660	2,673	2,609	2,573	2,951	2,867	2,783	2,695	3,137	3,120	3,087	2,937	3,341	3,325
Operating income	333	369	598	623	504	498	674	653	400	533	725	623	489	536	778	777	602	678	858	909
Operating margin	18%	21%	27%	26%	21%	22%	25%	24%	15%	21%	25%	22%	18%	20%	25%	25%	20%	23%	26%	27%
Interest expense	95.0	90.0	99.0	106	120	116	111	113	124	131	141	140	157	145	151	159	165	162	183	184
Pre-tax income	237	291	513	527	403	302	568	548	274	365	591	491	336	410	629	604	429	518	680	722
Tax rate	38%	27%	28%	34%	17%	31%	27%	31%	45%	27%	29%	30%	-50%	27%	30%	30%	31%	26%	29%	26%
Net income	147	212	368	347	328	206	411	377	147	265	421	344	505	300	440	420	297	385	482	536
Net margin	8%	12%	16%	15%	13%	9%	15%	14%	6%	10%	14%	12%	18%	11%	14%	13%	10%	13%	14%	16%
Diluted EPS	$0.53	$0.75	$1.32	$1.26	$1.21	$0.77	$1.55	$1.44	$0.57	$1.04	$1.67	$1.38	$2.06	$1.23	$1.84	$1.78	$1.27	$1.66	$2.10	$2.37
Operating cash flow	131	195	333	671	482	330	464	687	465	346	421	664	582	452	658	816	203	618	472	721
Capital expenditure	18.0	4.0	7.0	8.0	20.0	44.0	30.0	35.0	42.0	16.0	15.0	17.0	48.0	19.0	23.0	29.0	30.0	9.0	12.0	32.0
Free cash flow	113	191	326	663	462	286	434	652	423	330	406	647	534	433	635	787	173	609	460	689
Buybacks	0.0	121	465	506	498	450	470	675	743	666	736	725	766	875	769	759	779	821	966	846
Dividends paid	0.0	0.0	41.0	41.0	41.0	41.0	40.0	39.0	38.0	39.0	37.0	37.0	37.0	37.0	36.0	35.0	35.0	35.0	34.0	34.0
Shares outstanding	279m	279m	276m	272m	268m	265m	262m	258m	253m	251m	248m	245m	242m	239m	236m	233m	230m	228m	226m	223m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 11 February 2026: the filing.