Key Highlights

  • Adjusted diluted EPS was $2.45 in the third quarter, up from $2.11 a year earlier and above the company's $2.28 to $2.34 guide.
  • System-wide comparable RevPAR rose 5.8%, against guidance of about 4.0%, with U.S. RevPAR up 7.0%.
  • Full-year 2026 RevPAR growth guidance rose to 4.0% to 4.5% from 3.0% to 3.5%.
  • Fourth-quarter RevPAR is guided up 3.0% to 3.5%, with adjusted EBITDA of $1,047 million to $1,067 million.
  • Hilton repurchased $845 million of stock in the quarter and still plans about $3.5 billion of 2026 capital return.

Hilton Earnings: Did a RevPAR Beat Hide a Softer Fourth Quarter?

Hilton Worldwide Holdings (NYSE:HLT) reported third-quarter results on Tuesday, October 27, 2026, with adjusted diluted EPS of $2.45 against $2.11 a year earlier, a gain of about 16.1% as calculated. GAAP diluted EPS was $2.37, up from $1.78. As screened, the surprise was 3.57%. Revenue was $3,325 million, up from $3,120 million, or about 6.6% as calculated.

The answer to the title is yes in part. Full-year RevPAR growth guidance rose to 4.0% to 4.5% and adjusted EPS guidance to $9.07 to $9.13, but fourth-quarter RevPAR growth is guided to a slower 3.0% to 3.5%. Management said the third quarter benefited from the World Cup and timing and holiday shifts, while the fourth is expected to be hit by midterm elections and a larger Middle East drag.

Hilton Margins: What Drove RevPAR Growth of 5.8%?

System-wide comparable RevPAR, currency neutral, rose 5.8% as occupancy gained 1.4 points to 75.8% and average daily rate rose 3.9% to $164.57. U.S. RevPAR grew 7.0% and Europe 6.5%, while Middle East and Africa fell 5.6%.

Management and franchise fee revenues rose 9.5%, adjusted EBITDA reached $1,058 million against $976 million, and the adjusted EBITDA margin widened to 77.0% from 75.2%. Net income was $536 million, up from $421 million.

Each measure beat the top of its guided range: RevPAR of about 4.0%, adjusted EBITDA of $1,035 million to $1,055 million and adjusted EPS of $2.28 to $2.34.

Hilton Guidance: What Changed for the Fourth Quarter and 2026?

For the fourth quarter, Hilton guided RevPAR growth of 3.0% to 3.5%, adjusted EBITDA of $1,047 million to $1,067 million and adjusted EPS of $2.32 to $2.38, excluding repurchases after September 30.

For 2026, adjusted EBITDA guidance is $4,060 million to $4,080 million, up at the low end from $4,040 million. Management said the outlook reflects lower expectations for the Middle East and timeshare license fees than before.

Net unit growth is guided to 6.0% to 7.0%, expected near the midpoint, with capital spending and contract acquisition costs of $350 million to $375 million.

Hilton Pipeline and Capital Return: How Much Cash Is Going Back to Shareholders?

Hilton opened 182 hotels with 27,000 rooms in the quarter, its highest ever for organic openings. Net unit growth was 6.0%, and the pipeline reached 543,100 rooms, up 5%.

The company bought back 2.6 million shares for $845 million at an average $320.05, and returned $879 million including dividends. Capital return reached $2,902 million for the year through October.

Net debt was $12,623 million, or 3.2 times trailing adjusted EBITDA. The quarterly dividend is $0.15 per share.

Hilton Next Steps: What Should Be Watched After the Raise?

The next tests are fourth-quarter RevPAR against the 3.0% to 3.5% guide, the size of the Middle East and election effects, and whether net unit growth lands near the midpoint. The next dividend is payable on December 29 to holders of record on December 1.