c8dc836ae414f37e68c77817e4b3c093a753b9fd612930aba7198a094f1d1738

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

ed3ef38aa462a28a4774ad95d7b1febcb1aa435eb302e68090dffe05bd4fb9d1

83ecc14d79bde7e5465e0d08ba95c0146a0dfc4dd841703fdb9fadd88df42ef4

09a436980d5068aad03e69517bbfedee88db29f4acf2ab8acb20da43794b31f4

Adjustments for Non-Cash Items [USD, M]

Stock-Based Compensation [USD, M]

Changes in Working Capital [USD, M]

Capital Expenditures (CapEx) [USD, M]

Proceeds from Debt [USD, M]

Repayments of Debt [USD, M]

Share Repurchases [USD, M]

Dividend Payments [USD, M]

Net Change in Cash [USD, M]

753513422a8fd3377ad36a398ece545bcb1bac4f4081da625b412945c71de0dd

Net income (USD, millions)

Amortization of contract acquisition costs (USD, millions)

Depreciation and amortization expenses (USD, millions)

Gain on sales of assets, net (USD, millions)

Loss (gain) on foreign currency transactions (USD, millions)

Deferred income taxes (USD, millions)

Contract acquisition costs, net of refunds (USD, millions)

Change in deferred revenues (USD, millions)

Change in liability for guest loyalty program (USD, millions)

Net cash provided by operating activities (USD, millions)

Capital expenditures for property and equipment (USD, millions)

Settlements of undesignated derivative financial instruments (USD, millions)

Proceeds from asset dispositions (USD, millions)

Capitalized software costs (USD, millions)

Investments in unconsolidated affiliates (USD, millions)

Net cash used in investing activities (USD, millions)

Borrowings (USD, millions)

Repayment of debt (USD, millions)

Debt issuance costs (USD, millions)

Dividends paid (USD, millions)

Repurchases of common stock, including excise tax payments (USD, millions)

Share-based compensation tax withholdings (USD, millions)

Proceeds from share-based compensation (USD, millions)

Settlements of interest rate swap with financing component (USD, millions)

Net cash used in financing activities (USD, millions)

Effect of exchange rate changes on cash, restricted cash and cash equivalents (USD, millions)

Net increase (decrease) in cash, restricted cash and cash equivalents (USD, millions)

Cash, restricted cash and cash equivalents, beginning of period (USD, millions)

Cash, restricted cash and cash equivalents, end of period (USD, millions)

9849d18ecd13c4d0e29927d7bdc03a5befb5731d9e7d7193e0f495720624e6a9

Franchise and licensing fees (USD, millions)

Base and other management fees (USD, millions)

Incentive management fees (USD, millions)

Owned and leased hotels (USD, millions)

Other revenues (USD, millions)

Total revenues (USD, millions)

Other revenues from managed and franchised properties (USD, millions)

Owned and leased hotels expenses (USD, millions)

Depreciation and amortization (USD, millions)

General and administrative (USD, millions)

Other expenses (USD, millions)

Total expenses (USD, millions)

Other expenses from managed and franchised properties (USD, millions)

Operating income (USD, millions)

Interest expense (USD, millions)

Gain (loss) on foreign currency transactions (USD, millions)

Other non-operating income (loss), net (USD, millions)

Income before income taxes (USD, millions)

Income tax expense (USD, millions)

Net income attributable to redeemable and nonredeemable noncontrolling interests (USD, millions)

Net income attributable to Hilton stockholders (USD, millions)

Basic earnings per share (USD)

Diluted earnings per share (USD)

Cash dividends declared per share (USD)

2e22f6efbe67e43f86bca4239998193578a2e062ccc0a406ba9ff50037fa7f8f

Cash and cash equivalents (USD, millions)

Restricted cash and cash equivalents (USD, millions)

Accounts receivable, net of allowance for credit losses (USD, millions)

Prepaid expenses (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Goodwill (USD, millions)

Brands (USD, millions)

Management and franchise contracts, net (USD, millions)

Other intangible assets, net (USD, millions)

Operating lease right-of-use assets (USD, millions)

Property and equipment, net (USD, millions)

Deferred income tax assets (USD, millions)

Total intangibles and other assets (USD, millions)

TOTAL ASSETS (USD, millions)

Accounts payable, accrued expenses and other (USD, millions)

Current maturities of long-term debt (USD, millions)

Current portion of deferred revenues (USD, millions)

Current portion of liability for guest loyalty program (USD, millions)

Total current liabilities (USD, millions)

Long-term debt (USD, millions)

Operating lease liabilities (USD, millions)

Deferred revenues (USD, millions)

Deferred income tax liabilities (USD, millions)

Liability for guest loyalty program (USD, millions)

Other long-term liabilities (USD, millions)

Total liabilities (USD, millions)

Redeemable Noncontrolling Interests (USD, millions)

Common stock (USD, millions)

Treasury stock, at cost (USD, millions)

Additional paid-in capital (USD, millions)

Accumulated deficit (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Total Hilton stockholders' deficit (USD, millions)

Noncontrolling interests (USD, millions)

Total deficit (USD, millions)

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (DEFICIT) (USD, millions)

77a336bb352c01743f9dfc1e971942c2c08e10dba97c4c87a5d37e895c1cce3b

The jump in operating cash flow in Q4 2024 was primarily driven by **increased cash inflows from the management and franchise segment**, which benefited from **higher RevPAR at managed and franchised hotels and additional revenue from net hotel additions**. This uptick was further supported by a **$128 million decrease in contract acquisition cost payments** due to strategic timing around hotel developments, despite being partially offset by **$77 million in debt guarantee payments and a $70 million increase in interest payments**.  **[0001585689-25-000008_hlt-20241231.htm:81]** **[0001585689-25-000008_hlt-20241231.htm:100]** 

Why did operating cash flow jump in Q4 2024?

The sharp decline in capital expenditures in Q1 2024 was driven by the **timing of certain corporate and hotel capital expenditure projects** which led to a reduction from **$44 million in Q1 2023 to $16 million in Q1 2024**.  **[0001585689-24-000099_q12024earningsrelease.htm:7]** 

What drove the sharp decline in capital expenditures in Q1 2024?

Why did free cash flow improve markedly in Q4 2024?

The decline in operating cash flow in Q2 2024 was primarily driven by **increased income tax payments**—resulting in a **$35 million increase in net cash outflows**—and **debt guarantee payments** amounting to an outflow of **$77 million**. These negative factors were partly offset by higher cash inflows from the management and franchise segment as well as lower payments for contract acquisition costs, but the net effect was still a decline in operating cash flow.  **[0001585689-24-000162_hlt-20240630.htm:35]** 

What factors led to the drop in operating cash flow in Q2 2024?

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The jump in cash and cash equivalents to **1,580 million** in Q3 2024 was primarily driven by a significant cash inflow from financing activities, notably the issuance of **$1.0 billion of Senior Notes** and an overall **$2.0 billion increase in cash inflows** from these issuances. This boost was complemented by robust cash generated from operating activities, which together helped offset the cash used in investing and share repurchase activities, resulting in the overall increase in cash levels.  **[0001585689-24-000191_hlt-20240930.htm:36]** **[0001585689-24-000189_q32024earningsrelease.htm:2]** 

Why did Cash and cash equivalents jump to 1,580 in Q3 2024?

The spike in **current maturities of long-term debt** to **$539 million** in Q2 2024 was primarily driven by the inclusion of the **5.375% Senior Notes due 2025** within the current maturities.  **[0001585689-24-000162_hlt-20240630.htm:1]** **[0001585689-24-000162_hlt-20240630.htm:9]** 

What drove the spike in Current maturities of long-term debt to 539 in Q2 2024?

The **long-term debt increased** to **$10,135 million** in Q1 2024 primarily because Hilton issued new Senior Notes during the quarter. Specifically, Hilton issued **$550 million** of 5.875% Senior Notes due 2029 and **$450 million** of 6.125% Senior Notes due 2032, and used a portion of the proceeds to repay **$200 million** borrowed under the Revolving Credit Facility, with the balance allocated for general corporate purposes including potential investments and acquisitions.  **[0001585689-24-000101_hlt-20240331.htm:6]** **[0001585689-24-000099_q12024earningsrelease.htm:1]** **[0001585689-24-000101_hlt-20240331.htm:29]** 

Why did Long-term debt increase to 10,135 in Q1 2024?

The increase to **20,211** in Q4 2024 was primarily driven by several factors. Notably, there was a significant **increase in long-term debt** (from **9,157** to **10,616** million), which contributed the majority of the increase. In addition, **current liabilities** saw rises in several areas: **current maturities of long-term debt** increased substantially (from **39** to **535** million), the **current portion of deferred revenues** grew (from **502** to **664** million), and the **current portion of liability for the guest loyalty program** rose (from **1,202** to **1,377** million). Finally, there was an increase in **deferred revenues (non-current)** from **1,132** to **1,300** million.  **[0001585689-25-000008_hlt-20241231.htm:97]** 

What factors contributed to Total liabilities reaching 20,211 in Q4 2024?

Hilton’s total assets climbed to **16,689 million USD in Q3 2024** primarily because of several contributing factors. The increase of **1,288 million USD** compared to the previous period was driven by a significant rise in **cash and cash equivalents** (from **800 million USD** to **1,580 million USD**, adding **780 million USD**), an uptick in **accounts receivable** (a rise of **110 million USD**), and growth in **intangible assets**, with brands and management/franchise contracts increasing by **169 million USD** and **147 million USD**, respectively. Additionally, modest growth in **property and equipment** also contributed to the overall increase.  **[0001585689-24-000191_hlt-20240930.htm:1]** 

Why did Total Assets climb to 16,689 in Q3 2024?

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The high **Basic EPS** in Q4 2024 was driven by a combination of factors. **Net income** attributable to Hilton stockholders significantly increased to **$505 million** from **$147 million** in Q4 2023, reflecting a marked improvement in profitability. This surge was fueled by a **3.5% year-over-year increase in system-wide comparable RevPAR**, a **7% rise in Adjusted EBITDA to $858 million**, and a reduction in negative adjustments, with special items after taxes decreasing to **$(73) million** from **$287 million**. Additionally, robust cost management and the repurchase of **3.1 million shares** further contributed to the higher EPS by reducing the share count, hence amplifying the earnings per share impact.  **[0001585689-25-000006_q42024earningsrelease.htm:0]** **[HLT_3414679_4]** **[HLT_3414679_1]** **[0001585689-25-000006_q42024earningsrelease.htm:10]** 

Why was Basic EPS so high in Q4 2024?

The sharp rise in net income in **Q4 2024** was driven by multiple factors including a **3.5% year-over-year increase in system-wide RevPAR** that boosted revenue from franchise and management fees, **7% growth in adjusted EBITDA** reflecting strong operating performance, and a **significant tax-related adjustment** that improved overall profitability. Moreover, the impact of special items was substantially lower compared to the previous year's quarter, contributing further to the net income improvement.  **[0001585689-25-000006_q42024earningsrelease.htm:0]** **[0001585689-25-000006_q42024earningsrelease.htm:10]** **[HLT_3414679_4]** 

What drove the sharp rise in net income in Q4 2024?

The spike in **Other Revenues** for Q2 2024 was driven by **increased procurement volume** from properties participating in Hilton’s purchasing programs, **associated vendor rebates** tied to the enhanced procurement activity, and participation by **properties outside Hilton’s system** in these programs.  **[0001585689-24-000162_hlt-20240630.htm:28]** **[0001585689-24-000160_q22024earningsrelease.htm:5]** 

Hilton Worldwide Holdings Inc (HLT)

Financials