Hilton Raises Full-Year RevPAR Outlook After Third-Quarter Acceleration

The Tip Desk · October 28, 2026 · 3 min read

System-wide comparable RevPAR rose 5.8% in the third quarter, and the company lifted full-year 2026 RevPAR guidance to a 4.0%–4.5% increase versus 2025.

Hilton Worldwide Holdings Inc. (HLT) reported that system-wide comparable RevPAR increased 5.8% in the third quarter on a currency-neutral basis versus the same period in 2025, after 3.9% growth in the second quarter and 3.6% in the first.

The hospitality company said the third-quarter gain came from higher occupancy and average daily rate. Management and franchise fee revenues rose 9.5% from a year earlier.

Diluted earnings were $2.37 a share, and diluted EPS adjusted for special items was $2.45, compared with $1.78 and $2.11 a year earlier. Net income was $536 million and Adjusted EBITDA was $1,058 million.

President and Chief Executive Officer Christopher J. Nassetta said the company delivered top- and bottom-line results that exceeded its expectations and that momentum across the system was expected to continue for the remainder of 2026 and into 2027.

By region, U.S. comparable RevPAR rose 7.0%, Europe 6.5% and the Americas excluding the U.S. 6.3%. Middle East & Africa RevPAR fell 5.6% and Asia Pacific RevPAR fell 0.5%.

The company opened 182 hotels totaling 27,000 rooms in the third quarter, producing 23,000 net room additions, up 6.5% sequentially from 21,600 in the second quarter. Net unit growth was 6.0% from September 30, 2025. Nassetta said the quarter was the company’s highest ever for organic openings and that sequential increases in net additional rooms give the company confidence in delivering net unit growth around the midpoint of its 6.0% to 7.0% full-year range.

Development approvals slowed to 30,500 rooms in the third quarter from 42,900 in the second quarter. The pipeline stood at 543,100 rooms as of September 30, 2026, up 5% from a year earlier. Nearly half of pipeline rooms were under construction and more than half were located outside the United States.

Full-year 2026 system-wide comparable RevPAR is now projected to increase between 4.0% and 4.5% versus 2025, after the company had guided to a 3.0%–3.5% increase following the second quarter and 2.0%–3.0% after the first. Full-year net income is projected at $1,909 million to $1,923 million and Adjusted EBITDA at $4,060 million to $4,080 million. The company said the Adjusted EBITDA range incorporates lower expectations for Middle East performance and timeshare license fees compared with prior guidance of $4,040 million to $4,080 million.

For the fourth quarter, system-wide comparable RevPAR is projected to increase 3.0% to 3.5% versus the fourth quarter of 2025. The company said the third quarter benefited from the World Cup and favorable calendar and holiday shifts, and that the fourth quarter is expected to be affected by midterm elections and increased impact from the Middle East. Fourth-quarter diluted EPS is projected at $2.25 to $2.31, and Adjusted EBITDA at $1,047 million to $1,067 million.

Hilton repurchased 2.6 million shares in the third quarter at an average price of $320.05, for $845 million. Total capital return including dividends was $879 million for the quarter and $2,902 million year to date through October. Full-year capital return is projected at approximately $3.5 billion.

Debt outstanding was $13.5 billion as of September 30, 2026, with a weighted average interest rate of 5.09%. Excluding finance lease liabilities, the company had $13.1 billion of debt and no material maturities until April 2029 other than $600 million of Senior Notes due April 2027. Cash and cash equivalents were $830 million. On October 20, Hilton said it will transfer its stock listing to Nasdaq under the existing ticker HLT effective November 5, 2026.