Summary: Hilton 2025 results show modest system-wide RevPAR gains, strong development activity with a record 520,500-room pipeline, 97,000 rooms added in 2025 and projected net unit growth of 6%–7% in 2026.

Hilton Worldwide Holdings Inc. released its fourth-quarter and full-year 2025 results from McLean, VA, reporting a mix of steady operating performance and aggressive development activity in the period. The company's fourth-quarter and annual disclosures highlight modest revenue-per-available-room (RevPAR) increases alongside a record hotel pipeline and significant room additions throughout the year.

Fourth-quarter financial performance

In Q4 2025, Hilton reported diluted earnings per share (EPS) of $1.27. On an adjusted basis — excluding special items — diluted EPS was $2.08. Net income for the quarter was $298 million and Adjusted EBITDA totaled $946 million.

System-wide comparable RevPAR rose 0.5% on a currency-neutral basis compared with the same quarter in 2024, a trend driven by higher average daily rates (ADR) that were partially offset by small occupancy declines. Management and franchise fee revenues increased 7.4% year-on-year in the quarter.

Full-year 2025 results at a glance

For the full year, diluted EPS was $6.12, while diluted EPS adjusted for special items reached $8.11. Hilton reported net income of $1,461 million and Adjusted EBITDA of $3,725 million for 2025. On a currency-neutral basis, system-wide comparable RevPAR increased 0.4% versus 2024, supported by ADR growth. Management and franchise fee revenues rose 6.4% year-over-year.

Development activity and pipeline expansion

  • Hilton approved 37,400 new rooms for development in Q4, lifting the pipeline to 520,500 rooms across 3,703 hotels in 129 countries and territories as of 31 December 2025
  • The pipeline was up 4% compared with year-end 2024; nearly half the rooms are under construction and more than half are outside the United States
  • Hilton opened 190 hotels (26,000 rooms) in Q4, delivering 21,300 net room additions in the period
  • For the full year 2025, Hilton added 97,000 rooms, representing 6.7% net unit growth versus 31 December 2024

The company highlighted several notable openings and brand moves during 2025: the Waldorf Astoria Shanghai Qiantan in China; more than 10 Tapestry Collection hotels including Anise Aluma Athens in Greece and Diyar Ajwa in Saudi Arabia; lifestyle entries such as Canopy by Hilton Istanbul Taksim and Canopy by Hilton Izmir Bomonti marking Canopy’s debut in Türkiye; and the first Outset Collection by Hilton properties with Slackline Moab and ACME Hotel Chicago. In January 2026 Hilton announced Apartment Collection by Hilton, expected to add up to 3,000 apartment-style units with bookings starting in the first half of 2026.

Hilton hotel exterior at dusk showing global expansion and new openings
Hilton's global expansion included major openings and new brand launches across China, Greece, Saudi Arabia, Türkiye and the United States

Capital returns and financing moves

During Q4 the company repurchased 2.8 million shares of common stock. Total capital returned, including dividends, was $792 million for the quarter and $3.3 billion for the full year. In December 2025 Hilton issued $1.0 billion aggregate principal amount of 5.500% Senior Notes due 2034.

Outlook and guidance for 2026

Christopher J. Nassetta, President & Chief Executive Officer of Hilton, framed the results as evidence of the company’s resilient model and growth trajectory as it looks to 2026. Management provided full-year and first-quarter guidance reflecting modest improvement in RevPAR and continued unit growth.

We delivered another quarter of strong bottom-line results, demonstrating the continued strength of our business model. As we look ahead to 2026, we are increasingly optimistic about the tailwinds building, including improving demand patterns, driven by broader macroeconomic growth and major global and domestic events, which, when paired with limited supply growth, should result in stronger RevPAR performance. The quality of our development pipeline, the introduction of our exciting new brands and partnerships, as well as the continued growth in the presence of our existing brands globally, give us confidence in delivering net unit growth between 6.0 percent and 7.0 percent in 2026 and beyond.

  • Full-year 2026 projected system-wide comparable RevPAR growth: 1.0%–2.0% (currency neutral)
  • Net income outlook: $1,982 million to $2,011 million
  • Adjusted EBITDA guidance: $4,000 million to $4,040 million
  • Diluted EPS: $8.49 to $8.61; adjusted diluted EPS: $8.65 to $8.77
  • Capital return target for 2026: approximately $3.5 billion
  • Projected net unit growth: 6.0%–7.0% in 2026

For the first quarter of 2026, Hilton expects system-wide comparable RevPAR growth of 1.0% to 2.0% year-on-year, diluted EPS between $1.87 and $1.93 (adjusted $1.91–$1.97), net income of $436 million to $450 million, and Adjusted EBITDA of $875 million to $895 million.

Why this matters to travelers and the industry

Hilton’s 2025 results matter because they underline continued investment in new properties and brands globally, which expands accommodation choices and may improve access to branded rooms in emerging markets. For travellers, this can mean more destinations with Hilton-branded options, new lifestyle and apartment-style inventory, and expanded loyalty experiences such as Hilton Honors Adventures. For the wider hospitality industry, the company’s sizeable pipeline and projected net unit growth signal ongoing confidence in travel demand recovery and sustained development activity in 2026.