Hilton reports Q2 2025 net income of $442M, RevPAR down 0.5%, record pipeline of 510,600 rooms, and projects $3.3B capital return for 2025.
Hilton Worldwide Holdings Inc. reported its second quarter 2025 results. Highlights include:
Diluted EPS was $1.84 for the second quarter, and diluted EPS, adjusted for special items, was $2.20
Net income was $442 million for the second quarter
Adjusted EBITDA was $1,008 million for the second quarter
System-wide comparable RevPAR declined 0.5 percent, on a currency neutral basis, for the second quarter compared to the same period in 2024
Approved 36,200 new rooms for development during the second quarter, bringing our development pipeline to a record 510,600 rooms as of June 30, 2025, up 4 percent compared to June 30, 2024 excluding the impact of acquisitions and strategic partner hotels
Added 26,100 rooms to the system, resulting in 22,600 net additional rooms for the second quarter, contributing to net unit growth of 7.5 percent from June 30, 2024
Issued $1.0 billion aggregate principal amount of 5.750% Senior Notes due 2033 in July 2025 (the “July Senior Notes issuance”)
Repurchased 3.2 million shares of Hilton common stock during the second quarter; bringing total capital return, including dividends, to $791 million for the quarter and $1,881 million year to date through July
Full year 2025 system-wide RevPAR is projected to be flat to an increase of 2.0 percent on a comparable and currency neutral basis compared to 2024; full year net income is projected to be between $1,640 million and $1,682 million; full year Adjusted EBITDA is projected to be between $3,650 million and $3,710 million
Full year 2025 capital return is projected to be approximately $3.3 billion
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Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, “We continued to demonstrate the power of our resilient business model as we delivered strong bottom line results in the quarter, even with modestly negative top line performance given holiday and calendar shifts, reduced government spending, softer international inbound business and broader economic uncertainty. With that being said, we believe the economy in our largest market is set up for better growth over the intermediate term, which should accelerate travel demand and, when paired with low industry supply growth, unlock stronger RevPAR growth. On the development side, we achieved the largest pipeline in our history, and we remain confident in our ability
to deliver net unit growth between 6.0 percent and 7.0 percent for the next several years.”
For the three months ended June 30, 2025, system-wide comparable RevPAR decreased 0.5 percent compared to the same period in 2024 due to modest occupancy declines, partially mitigated by ADR gains. Management and franchise fee revenues increased 7.9 percent compared to the same period in 2024.
For the six months ended June 30, 2025, system-wide comparable RevPAR increased 1.0 percent compared to the same period in 2024 due to an increase in ADR. Management and franchise fee revenues increased 6.6 percent compared to the same period in 2024.
For the three months ended June 30, 2025, diluted EPS was $1.84 and diluted EPS, adjusted for special items, was $2.20, compared to $1.67 and $1.91, respectively, for the three months ended June 30, 2024. Net income and Adjusted EBITDA were $442 million and $1,008 million, respectively, for the three months ended June 30, 2025, compared to $422 million and $917 million, respectively, for the three months ended June 30, 2024.
For the six months ended June 30, 2025, diluted EPS was $3.07 and diluted EPS, adjusted for special items, was $3.92, compared to $2.71 and $3.44, respectively, for the six months ended June 30, 2024. Net income and Adjusted EBITDA were $742 million and $1,803 million, respectively, for the six months ended June 30, 2025, compared to $690 million and $1,667 million, respectively, for the six months ended June 30, 2024.
Development
In the second quarter of 2025, Hilton opened 221 hotels, totaling 26,100 rooms, resulting in 22,600 net room additions. The Group continued to expand our luxury and lifestyle brands bringing the portfolio to more than 1,000 hotels across the world. Notable openings included the Sax Paris, LXR Hotels & Resorts, which is the brand’s first hotel in the heart of Paris, The Marcus Portrush, Tapestry Collection by Hilton, and the Hotel Astoria Vienna, Curio Collection by Hilton, representing these lifestyle brands’ debuts in Northern Ireland and Vienna, Austria, respectively. Building on this momentum, we also signed the NoMad Detroit and NoMad Singapore, further expanding our luxury and lifestyle pipeline. In July 2025, Hilton celebrated the opening of our first LivSmart Studios by Hilton in Tullahoma, Tennessee, as well as the opening of the iconic Waldorf Astoria New York just last week.
The Group added 36,200 rooms to the development pipeline during the second quarter, and, as of June 30, 2025, our development pipeline totaled 3,636 hotels representing 510,600 rooms throughout 128 countries and territories, including 29 countries and territories where we had no existing hotels. Additionally, of the rooms in the development pipeline, nearly half were under construction and more than half were located outside of the U.S.
Outlook
Share-based metrics in Hilton’s outlook include actual share repurchases through the second quarter but do not include the effects of potential share repurchases thereafter.
Full Year 2025
System-wide comparable RevPAR, on a currency neutral basis, is projected to be flat to an increase of 2.0 percent compared to 2024.
Diluted EPS is projected to be between $6.82 and $6.99.
Diluted EPS, adjusted for special items, is projected to be between $7.83 and $8.00.
Net income is projected to be between $1,640 million and $1,682 million.
Adjusted EBITDA is projected to be between $3,650 million and $3,710 million.
Contract acquisition costs and capital expenditures, excluding amounts reimbursed by third parties, are projected to be between $250 million and $300 million.
Capital return is projected to be approximately $3.3 billion.
General and administrative expenses are projected to be between $420 million and $430 million.
Net unit growth is projected to be between 6.0 percent and 7.0 percent.
Third Quarter 2025
System-wide comparable RevPAR, on a currency neutral basis, is projected to be flat to modestly down compared to the third quarter of 2024.
Diluted EPS is projected to be between $1.89 and $1.95.
Diluted EPS, adjusted for special items, is projected to be between $1.98 and $2.04.
Net income is projected to be between $453 million and $467 million.
Adjusted EBITDA is projected to be between $935 million and $955 million.