Hilton Worldwide Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Hilton Worldwide Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,576	8,131	8,906	9,452	4,307	5,788	8,773	10,235	11,174	12,039
General and administrative	409	439	443	441	311	405	382	408	415	393
Operating income	868	1,132	1,432	1,657	-418	1,010	2,094	2,225	2,370	2,693
Interest expense	334	351	371	414	429	397	415	464	569	620
Interest income	12
Other non-operating income	22	29	28	3	-2	23	50	39	-6	10
Pre-tax income	540	753	1,078	1,244	-924	560	1,734	1,692	1,783	2,072
Income tax	-557	336	-309	358	-204	153	477	541	244	611
Net income to minority interests	-16	-5	-5	5	-5	-3	2	10	4	4
Net income	338	1,084	764	881	-715	410	1,255	1,141	1,535	1,457
EBITDA	1,221	1,468	1,757	2,003	-87	1,198	2,256	2,372	2,516	2,870
EPS, basic	1.03	3.34	2.53	3.07	-2.58	1.47	4.56	4.36	6.20	6.18
EPS, diluted	1.03	3.32	2.50	3.04	-2.58	1.46	4.53	4.33	6.14	6.12
Shares, basic (weighted)	329	324	302	287	277	279	275	262	248	236
Shares, diluted (weighted)	329	327	305	290	277	281	277	264	250	238
Dividend per share	0.84	0.60	0.60	0.60	0.15	0.00	0.45	0.60	0.60	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,062	570	403	538	3,218	1,427	1,209	800	1,301	918
Receivables	755	1,005	1,150	1,261	771	1,068	1,327	1,487	1,583	1,690
Inventory	541
Other current assets	39	169	189	72	98	202	152	121	120	117
Total current assets	3,557	2,007	1,983	2,093	4,202	2,871	2,870	2,614	3,272	2,996
Property, plant and equipment	341	353	367	380	346	305	280	382	411	684
Lease right-of-use assets			0	867	772	694	662	618	567	577
Goodwill	5,218	5,190	5,160	5,159	5,095	5,071	5,032	5,052	5,035	5,081
Intangible assets	1,526	1,342	872	780	653			298	429	447
Other non-current assets	408	291	239	280	323	452	576	512	500	484
Total assets	26,211	14,228	13,995	14,957	16,755	15,441	15,512	15,401	16,522	16,774
Accounts payable	314	282	283	303	224	274	368	457	409	376
Accrued liabilities	438	502	532	554	404	514	555	592	637	666
Deferred revenue	65	366	350	332	370	350	433	502	664	858
Short-term debt	33	46	16	37	56	54	39	39	535	25
Total current liabilities	2,684	2,462	2,615	2,871	2,431	3,019	3,372	3,722	4,700	4,508
Long-term debt	6,583	6,556	7,266	7,956	10,431	8,712	8,708	9,157	10,616	12,338
Lease liabilities			0	1,037	971	870	832	808	735	730
Other non-current liabilities	1,492	920	863	883	989	746	692	998	941	950
Total liabilities	20,362	12,537	13,437	15,429	18,241	16,260	16,610	17,748	20,211	22,120
Total debt	33	46	7,282	7,993	10,487	8,766	8,747	9,196	11,151	12,363
Paid-in capital	10,220	10,298	10,372	10,489	10,552	10,720	10,831	10,968	11,130	11,274
Retained earnings	-3,323	-6,981	-6,417	-5,965	-6,732	-6,322	-5,190	-4,207	-2,822	-1,508
Treasury stock	0	-891	-2,625	-4,169	-4,453	-4,443	-6,040	-8,393	-11,256	-14,428
Other comprehensive income	-1,001	-741	-782	-840	-860	-779	-706	-731	-782	-729
Shareholders' equity	5,899	1,688	551	-482	-1,490	-821	-1,102	-2,360	-3,727	-5,388
Minority interests	-50	3	7	10	4	2	4	13	21	29
Total equity	5,627	1,691	558	-472	-1,486	-819	-1,098	-2,347	-3,706	-5,359
Total liabilities and equity	26,211	14,228	13,995	14,957	16,755	15,441	15,512	15,401	16,522	16,774
Shares outstanding	329	317	295	279	278	279	268	253	242	230

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	354	1,089	769	886	-720	407	1,257	1,151	1,539	1,461
Depreciation and amortization	353	336	325	346	331	188	162	147	146	177
Stock-based compensation	91	121	127	154	97	193	162	169	176	170
Deferred income tax	-97	-729	-14	-20	-235	-4	34	-264	-247	64
Change in receivables	-156	-204	-161	-105	488	-301	-270	-126	-103	-99
Change in inventory	15	0
Change in payables	248	-17	148	99	-414	273	198
Cash from operations	1,310	849	1,255	1,384	708	109	1,681	1,946	2,013	2,129
Capital expenditures	-317	-58	-72	-81	-46	-35	-39	-151	-96	-101
Acquisitions	0	0					0	0	-236	-4
Cash from investing	-423	-147	-131	-123	-107	-57	-123	-305	-446	-190
Share buybacks	0	-891	-1,721	-1,538	-296	0	-1,590	-2,338	-2,893	-3,182
Dividends paid	-277	-195	-181	-172	-42	0	-123	-158	-150	-143
Cash from financing	-44	-1,724	-1,300	-1,113	2,032	-1,793	-1,765	-2,040	-1,045	-2,348
Exchange rate effect		8	-10	-2	0	-10	-19	-12	-21	3
Net change in cash	828	-1,014	-186	146	2,633	-1,751	-226	-411	501	-406
Free cash flow	993	791	1,183	1,303	662	74	1,642	1,795	1,917	2,028
Interest paid	478	314	330	360	433	359	385	492	562	648
Income taxes paid	677	526	288	363	79	181	389	478	492	523

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $313.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	23.3%	Operating income / revenue.
EBITDA margin	24.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.9%	Pre-tax income / revenue.
Net margin	12.7%	Net income / revenue.
FCF margin	16.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.9%	Cash from operations / revenue.
Effective tax rate	29.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	9.4%	Net income / average total assets.
Return on invested capital (ROIC)	34.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	14.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-5.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-0.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	5.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	25.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	32.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.65x	Current assets / current liabilities.
Quick ratio	0.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / assets	78.8%	Total debt / total assets.
Liabilities / assets	137.0%	Total liabilities / total assets.
Net debt	$12.33B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.97x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.36x	Operating income / interest expense.
Working capital	-$1.78B	Current assets - current liabilities.
Goodwill and intangibles / assets	29.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$11.37B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	19.0x	Revenue / average property, plant and equipment.
Receivables turnover	6.97x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
FCF conversion	128.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$54.52	Revenue / diluted weighted shares.
FCF per share	$8.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.21	Cash from operations / diluted weighted shares.
Book value per share	-$27.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$50.38	Tangible book value / shares outstanding.
Cash per share	$4.47	(Cash + short-term investments) / shares outstanding.
Payout ratio	8.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	6.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	163.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$70.66B	Share price x shares outstanding.
Enterprise value	$83.00B	Market cap + total debt - cash - short-term investments.
P/E	44.6x	Market cap / net income. Only when net income is positive.
P/S	5.66x	Market cap / revenue.
P/FCF	34.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	33.5x	Market cap / cash from operations, when positive.
EV/Sales	6.65x	Enterprise value / revenue.
EV/EBIT	28.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	40.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	4.9%	(Dividends paid + share buybacks) / market cap.
PEG	4.23x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Hilton Worldwide Holdings Inc.'s revenue in fiscal 2025?

Hilton Worldwide Holdings Inc. reported revenue of $12.04B for fiscal 2025, 7.7% higher than the year before.

Was Hilton Worldwide Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $1.46B, a net margin of 12.1%.

How much free cash flow did Hilton Worldwide Holdings Inc. generate in fiscal 2025?

Cash from operations of $2.13B minus capital expenditures of $101.0M left free cash flow of $2.03B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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