Hilton Worldwide 8-K

Summary

Q3 2026 results with Q4 and full-year guidance. Hilton reported higher earnings as comparable system-wide RevPAR rose 5.8% Y/Y, with both occupancy and average daily rate contributing. It added 23,000 net rooms and ended the quarter with a 543,100-room development pipeline, up 5% Y/Y. Hilton will move its stock listing to Nasdaq on 11/05/2026 under the existing HLT ticker; shareholders need take no action.

Key Figures

• Q3 RevPAR growth was strongest in the U.S. (+7.0%) and Europe (+6.5%); it declined in the Middle East and Africa (-5.6%) and Asia Pacific (-0.5%). Management and franchise fee revenue increased 9.5% in Q3 and 8.7% for 9M.
• Hilton opened 182 hotels with 27,000 rooms in Q3, adding 23,000 net rooms. It approved 30,500 rooms for development; nearly half of pipeline rooms were under construction, and more than half were outside the U.S.
• Hilton repurchased 2.6M shares for $845M at an average $320.05 per share; weighted-average diluted shares fell to 226M from 237M Y/Y. Q3 capital return, including dividends, was $879M; YTD through October it was $2.90B. At 9/30/2026, debt was $13.5B excluding unamortized financing costs and discount, at a 5.09% weighted-average rate; cash and cash equivalents were $830M, including $56M restricted cash.

Against earlier guidance (derived from earlier filings)

Guidance

The full-year Adjusted EBITDA outlook incorporates lower expectations for Middle East performance and timeshare license fees than the prior outlook. Hilton said Q3 benefited from the World Cup and favorable calendar and holiday shifts; it expects Q4 to be affected by midterm elections and greater impact from the Middle East.

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Comparable system-wide RevPAR, currency neutral	FY2026	3.0%-3.5%	+4.0%-4.5% Y/Y	raised
Diluted EPS (GAAP)	FY2026	$8.22-$8.35	$8.38-$8.44	raised
Diluted EPS, adjusted for special items (non-GAAP)	FY2026	$8.89-$9.01	$9.07-$9.13	raised
Net income (GAAP)	FY2026	$1.883B-$1.911B	$1.909B-$1.923B	raised
Adjusted EBITDA (non-GAAP)	FY2026	$4.040B-$4.080B	$4.060B-$4.080B	narrowed (raised low end)
Contract acquisition costs and capital expenditures, excluding third-party reimbursements	FY2026	≈$300M	$350M-$375M	raised
Capital return	FY2026	≈$3.5B	≈$3.5B	reaffirmed
General and administrative expenses	FY2026	≈$400M	≈$400M	reaffirmed
Net unit growth	FY2026	6.0%-7.0%	6.0%-7.0%; expected around midpoint	reaffirmed

Investor Takeaways

• Watch Q4 comparable RevPAR against the 3.0%-3.5% outlook, particularly whether weakness in the Middle East and Asia Pacific offsets growth in the U.S. and Europe.
• Track net unit growth against the FY2026 6.0%-7.0% range and Hilton’s expectation of a result around the midpoint, supported by sequential growth in net room additions in Q4.