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How Hilton (HLT) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/28/2026
Hilton Worldwide Holdings Inc. is an American multinational hospitality company that manages and franchises a broad portfolio of hotels, resorts, and timeshare properties. · Wikipedia
More about the company
Founded by Conrad Hilton in May 1919, the company is now led by Christopher J. Nassetta. Hilton is headquartered in Tysons, Virginia, United States.
Key growth driver: Cost Reimbursements — the fastest-growing revenue line: $1,982, +9% y/y. · by the Q2 2026 report
How does Hilton make money?
Hilton brought in $3.34 billion of revenue in Q2 2026, up 6.5% year over year. The largest source was Cost Reimbursements: $1.98 billion, or 59% of the total, followed by Franchise & Licensing Fees ($808M, 24%) and Ownership ($311M, 9%); other lines add the remaining 7%. Net income for the quarter was $482 million, up 9.0% year over year.
Revenue by source, Q2 2026
- Cost Reimbursements$1.98B · 59% · +9.4%
- Franchise & Licensing Fees$808M · 24% · +8.5%
- Ownership$311M · 9% · −6.3%
- Management & Incentive Fees$168M · 5% · −2.3%
- Other Revenues$72.0M · 2% · −6.5%
Shares of $3.34B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is HLT’s next earnings date?
Tuesday, October 27, 2026confirmed · before market open
Hilton (HLT) is scheduled to report results for the quarter ending Sep 2026 on Oct 27, 2026. Consensus EPS forecast: $2.35 (7 analysts), vs $2.11 in the same quarter last year.
What time does HLT report? Usually before market open: the last 4 results releases reached the SEC at 6:01 am, 6:02 am, 6:01 am, 6:01 am ET.
Last report: Jul 28, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$3,341
+6.5%
Operating income
$858
+10.3%
Net income
$482
+9.0%
EPS $2.10 · +14%
Verdict: the asset-light machine at work — franchise and licensing fees +8.5% to $808M drove operating income +10% to $858M (26% margin on total revenue, but the real margin is far higher once pass-through reimbursements are netted out); net income +9% to $482M and EPS +14% to $2.10 on a shrinking share count.
Cost reimbursements ($1,982M revenue vs $2,008M expense) are pass-through. Dividend $0.15/share. Shareholders' equity is a $6.3B deficit — a buyback-financed balance sheet.
Source and notation
Source: Hilton 10-Q condensed consolidated statements (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
HLT earnings history: past report dates
| Jul 28, 2026 Tue | 6:01 ambefore market open | Jun 30, 2026 | $3.3B+7% y/y | $2.10+14% y/y |
| Apr 28, 2026 Tue | 6:02 ambefore market open | Mar 31, 2026 | $2.9B+9% y/y | $1.66+35% y/y |
| Feb 11, 2026 Wed | 6:01 ambefore market open | Dec 31, 2025 | ≈$3.1B+11% y/y | ≈$1.27−38% y/y |
| Oct 22, 2025 Wed | 6:01 ambefore market open | Sep 30, 2025 | $3.1B+9% y/y | $1.78+29% y/y |
| Jul 23, 2025 Wed | 6:02 ambefore market open | Jun 30, 2025 | $3.1B+6% y/y | $1.84+10% y/y |
| Apr 29, 2025 Tue | 6:02 ambefore market open | Mar 31, 2025 | $2.7B+5% y/y | $1.23+18% y/y |
| Feb 6, 2025 Thu | 6:02 ambefore market open | Dec 31, 2024 | ≈$2.8B+7% y/y | ≈$2.05+260% y/y |
| Oct 23, 2024 Wed | 6:02 ambefore market open | Sep 30, 2024 | $2.9B+7% y/y | $1.38−4% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Hilton: 5-year financials
| 2025 | 12,039 | 2,693 | 1,457 | 2,028 | 143 |
| 2024 | 11,174 | 2,370 | 1,535 | 1,917 | 150 |
| 2023 | 10,235 | 2,225 | 1,141 | 1,795 | 158 |
| 2022 | 8,773 | 2,094 | 1,255 | 1,642 | 123 |
| 2021 | 5,788 | 1,010 | 410 | 74 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 2026Per the 2025 10-K, Hilton has one class of shares; it repurchased 12.5M shares for $3.2B in 2025; no shareholder suits or SEC cases. sec.gov ↗
- Dec 2025Dividend per share: $0.60 (2019), $0.15 (2020), 0 (2021), $0.45 (2022), $0.60 (2023–2025) (XBRL 10-K). data.sec.gov ↗
- Dec 2025Diluted share count 2020→2025 −14.1% (XBRL 10-K). data.sec.gov ↗
Scoring: 2.0, no deductions = 2.0
- Share classes
- Single class of common stock (10-K cover).
- Dilution
- Diluted share count 2020→2025 −14.1%; SBC 1.4%.
- Disclosure
- 10-Ks and 10-Qs filed on time, audited US GAAP financials; no deduction.
- Dividends
- Dividend of $0.15 per quarter; suspended in 2020–2021 amid pandemic losses and reinstated in 2022 — no deduction under the methodology.
- Lawsuits & regulators
- The 10-K lists no shareholder suits or SEC cases (it mentions only a 2010 settlement with the DOJ under the ADA).
- Related parties
- No non-arm's-length transactions with major shareholders; no deduction.
How the score works · checked as of Sep 2026
Hilton (HLT) earnings: FAQ
How does Hilton make money?
Hilton brought in $3.34 billion of revenue in Q2 2026, up 6.5% year over year. The largest source was Cost Reimbursements: $1.98 billion, or 59% of the total, followed by Franchise & Licensing Fees ($808M, 24%) and Ownership ($311M, 9%); other lines add the remaining 7%. Net income for the quarter was $482 million, up 9.0% year over year.
When is HLT's next earnings date?
Hilton (HLT) is scheduled to report on Oct 27, 2026, before market open.
What time does HLT report earnings?
Hilton is scheduled to report before market open on Oct 27, 2026. Its last results releases were filed before market open, most recently at 6:01 am ET on Jul 28, 2026.
When did HLT last report earnings?
Hilton reported Q2 2026 results on Jul 28, 2026.
What is the EPS estimate for HLT's next earnings?
The consensus EPS forecast is $2.35 (7 analysts), vs $2.11 in the same quarter last year.
Where can I find Hilton's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to HLT's filings; this page breaks the latest report down in a Sankey chart.
What was HLT's net income in Q2 2026?
Hilton reported net income of $482M for Q2 2026 (+9.0% year over year), under US GAAP.
Does Hilton pay dividends?
Yes. In 2025, Hilton paid $143M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing. How we make the breakdowns · Report an error
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