“We delivered great top and bottom-line results for the quarter with RevPAR growth across all chain scales, brands and customer segments,” said Christopher J. Nassetta, president/CEO, Hilton. “The results demonstrate a continuation of strengthening demand trends we’ve seen since late 2025 that are supported by macroeconomic tailwinds most evident in the U.S. On the development side, we achieved the largest pipeline in our history, and we remain confident in our ability to deliver net unit growth of 6% to 7% in 2026 and beyond.”
Highlights include:
- Net income was $383 million for the first quarter.
- Adjusted EBITDA was $901 million for the first quarter.
- Systemwide comparable RevPAR increased 3.6%, on a currency-neutral basis, for the first quarter compared to the same period in 2025.
- Diluted EPS was $1.66 for the first quarter, and diluted EPS, adjusted for special items, was $2.01.
- Approved 26,200 new rooms for development during the first quarter, bringing the development pipeline to 527,000 rooms as of March 31, 2026, representing growth of 5% from March 31, 2025
- Added 16,300 rooms to the system, resulting in 10,900 net additional rooms for the first quarter, contributing to net unit growth of 6.3% from March 31, 2025
- In March 2026, the company announced the launch of a new brand, Select by Hilton, with YOTE becoming the first brand under Select by Hilton through an exclusive agreement.
- Full-year 2026 systemwide RevPAR is projected to increase between 2% and 3% on a comparable and currency-neutral basis compared to 2025; full-year net income is projected to be between $1.909 billion and $1.937 billion; full-year adjusted EBITDA is projected to be between $4.020 billion and $4.060 billion
- Full-year 2026 capital return is projected to be approximately $3.5 billion
Overview
For the three months ended March 31, systemwide comparable RevPAR increased 3.6% from the same period in 2025, driven by higher occupancy and ADR. Management and franchise fee revenues increased 10.4% compared to the same period in 2025.
For the three months ended March 31,, diluted EPS was $1.66 and diluted EPS, adjusted for special items, was $2.01, compared to $1.23 and $1.72, respectively, for the three months ended March 31, 2025. Net income and adjusted EBITDA were $383 million and $901 million, respectively, for the three months ended March 31, compared to $300 million and $795 million, respectively, for the three months ended March 31, 2025.
Development
In the first quarter of 2026, Hilton opened 131 hotels, totaling 16,300 rooms, resulting in 10,900 net room additions. Notable openings included The Monarch San Antonio, Curio Collection by Hilton, and the Motto by Hilton Recife Antigo, marking the debut of the lifestyle brand in Brazil. In April, the company opened Waldorf Astoria Rabat Sale, the brand’s first hotel in Morocco. During the quarter, it also signed the Motto by Hilton Sydney City Centre, representing the brand’s debut in Australia, and two LXR Hotels and Resorts in Japan, the Meguro Gajoen Tokyo and Hakone, Gora, bringing the total LXR Hotels and Resorts pipeline to more than 20 hotels.
The company added 26,200 rooms to the development pipeline during the first quarter, and, as of March 31, the development pipeline totaled 3,768 hotels representing 527,000 rooms throughout 129 countries and territories, including 26 countries and territories where Hilton had no existing hotels. Additionally, of the rooms in the development pipeline, almost half were under construction and more than half were located outside of the U.S.
Outlook
Share-based metrics in Hilton’s outlook include actual share repurchases through the first quarter but exclude the effects of potential share repurchases thereafter.
Full-year 2026
- Systemwide comparable RevPAR, on a currency-neutral basis, is projected to increase by 2%-3% compared to 2025.
- Diluted EPS is projected to be between $8.28 and $8.40.
- Diluted EPS, adjusted for special items, is projected to be between $8.79 and $8.91.
- Net income is projected to be between $1.909 billion and $1.937 billion.
- Adjusted EBITDA is projected to be between $4.020 billion and $4.060 billion.
- Contract acquisition costs and capital expenditures, excluding amounts reimbursed by third parties, are projected to be approximately $300 million.
- Capital return is projected to be approximately $3.5 billion.
- General and administrative expenses are projected to be approximately $400 million.
- Net unit growth is projected to be between 6% and 7%.
Second-quarter 2026
- Systemwide comparable RevPAR, on a currency-neutral basis, is projected to increase between 2% and 3% compared to the second quarter of 2025.
- Diluted EPS is projected to be between $2.13 and $2.19.
- Diluted EPS, adjusted for special items, is projected to be between $2.18 and $2.24.
- Net income is projected to be between $491 million and $505 million.
- Adjusted EBITDA is projected to be between $1.015 billion and $1.035 billion.
- Projected second-quarter year-over-year growth rates for profitability measures are impacted by one-time fees and favorable timing items specific to the second quarter of 2025, as well as the outsized impact of anticipated lower Middle East RevPAR.
