- Comparable system-wide hotels RevPAR growth was 4.0% in the fourth quarter and 2.9% for the full year of 2025, compared to the same periods in 2024
- Comparable system-wide all-inclusive resorts Net Package RevPAR growth was 8.3% in the fourth quarter and 8.6% for the full year of 2025, compared to the same periods in 2024
- Net rooms growth was 7.3% for the full year of 2025 and net rooms growth excluding acquisitions was 6.7%
- Pipeline of executed management and franchise contracts was approximately 148,000 rooms, up 7% compared to 2024
- Net income (loss) attributable to Hyatt Hotels Corporation was $(20) million in the fourth quarter and $(52) million for the full year of 2025. Adjusted Net Income was $126 million in the fourth quarter and $209 million for the full year of 2025
- Diluted EPS was $(0.21) in the fourth quarter and $(0.55) for the full year of 2025. Adjusted Diluted EPS was $1.33 in the fourth quarter and $2.19 for the full year of 2025
- Gross fees were $307 million in the fourth quarter, an increase of 4.5% compared to the fourth quarter of 2024, and $1,198 million for the full year of 2025, an increase of 9.0% compared to the full year of 2024
- Adjusted EBITDA was $292 million in the fourth quarter, an increase of 14.6% compared to the fourth quarter of 2024, or an increase of 3.8% after adjusting for assets sold in 2024 and the Playa Hotels Acquisition. Full year 2025 Adjusted EBITDA was $1,159 million, an increase of 5.8% compared to the full year of 2024, or an increase of 7.4% after adjusting for assets sold in 2024 and the Playa Hotels Acquisition
- During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "We ended 2025 with great momentum, marked by strong execution against our strategic priorities and continued progress toward becoming a more brand-focused organization. We achieved exceptional commercial and operating performance in 2025 and expanded our portfolio and network effect through disciplined transactions and strong organic growth."
Mark continued, "As we look to the future, we are focused on accelerating this momentum by further advancing the evolution of our brands, our talent, and our use of technology. Together, we believe these priorities will position Hyatt to become the most responsive, most innovative, and best-performing hospitality company—and ultimately, the most chosen by our stakeholders."
Fourth Quarter Operational Commentary
- RevPAR growth in the fourth quarter was highest among Luxury and Upper Upscale chain scales. Leisure transient continued to be the strongest customer segment, while group also had a strong quarter, helped by the timing of the Rosh Hashanah holiday, which occurred in the third quarter of 2025 compared to the fourth quarter of 2024.
- Net Package RevPAR increased 8.3% in the fourth quarter compared to the same period in 2024, reflecting continued strength in luxury all-inclusive travel.
- Gross fees increased 4.5% in the fourth quarter compared to the same period in 2024, or 5.4% excluding the impact of the Playa Hotels Acquisition.
- Base management fees: increased 8.1% from the contribution of newly-opened hotels and managed hotel RevPAR growth outside of the United States.
- Incentive management fees: increased 13.0% led by newly-opened hotels, hotel performance in Asia Pacific, and all-inclusive hotel performance in Europe.
- Franchise and other fees: decreased 3.8% due to the elimination of franchise fees from the 8 Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition and lower demand at select service properties in the United States partially offset by fees from newly opened hotels.
- Owned and leased segment Adjusted EBITDA declined 1.5% in the fourth quarter compared to the fourth quarter of 2024 after adjusting for assets sold in 2024 and the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition due to renovations at certain properties.
- Distribution segment Adjusted EBITDA declined in the fourth compared to the fourth quarter of 2024 due to the impact of Hurricane Melissa and lower booking volumes in four-star and below properties.
Openings and Development
- During the fourth quarter, the Company opened 8,253 rooms, including Park Hyatt Cabo del Sol, marking Hyatt’s first Park Hyatt hotel in Mexico; Andaz One Bangkok, which opened as part of the One Bangkok mixed-use development; and Hyatt Studios Huntsville, reflecting continued expansion of Hyatt's newest extended-stay brand in the United States.
- In 2025, the Company had pipeline growth of 7% compared to 2024. 2025 signings in the United States were up approximately 30% over 2024, including more than 25 Hyatt Select deals signed during the year, and the pipeline of Hyatt Studios properties grew to approximately 70 since announcing the brand in 2023. The pipeline in Asia Pacific increased by 7% compared to 2024, with strong signings activity in Greater China and India, replenishing the pipeline after a strong year of openings.
Transactions
During the fourth quarter, the Company:
- Closed on the sale of Alua Atlántico Golf Resort, Alua Tenerife, and AluaSoul Orotava Valley (the "Alua Portfolio") for a gross purchase price of approximately $140 million and entered into long-term management agreements for each property. Net proceeds were used to repay a portion of the $1.7 billion delayed draw term loan used to finance a portion of the Playa Hotels Acquisition.
- Completed the Playa Real Estate Transaction and used the proceeds to repay the amounts outstanding under the $1.7 billion delayed draw term loan, which was terminated upon repayment. The Company entered into 50-year management agreements for 13 of the 14 properties. The Playa Real Estate Transaction fulfilled Hyatt's commitment announced on February 10, 2025 to sell at least $2 billion of real estate.
Balance Sheet and Liquidity
As of December 31, 2025, the Company reported the following:
- Total debt of $4.3 billion.
- Total liquidity of $2.3 billion, inclusive of:
- $813 million of cash and cash equivalents, and short-term investments, and
- $1,497 million of borrowing capacity under Hyatt's revolving credit facility, net of letters of credit outstanding.
- Total remaining share repurchase authorization of $678 million. The Company repurchased $114 million of Class A common stock during the fourth quarter and repurchased a total of $293 million of Class A common stock for the full year of 2025.
- The Company's board of directors has declared a cash dividend of $0.15 per share for the first quarter of 2026. The dividend is payable on March 12, 2026 to Class A and Class B stockholders of record as of March 2, 2026.
2026 Outlook
The Company is providing the following outlook for the 2026 fiscal year. Refer to slides 18 and 19 of the fourth quarter 2025 supplemental investor presentation for further details on Gross Fees and Adjusted EBITDA outlook.
During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA.
2026 Full Year Outlook | ||||||
|
| 2026 Outlook |
| 2025 |
| Change vs. 2025 |
System-Wide Hotels RevPAR Growth |
|
|
|
|
| 1.0% to 3.0% |
Net Rooms Growth |
|
|
|
|
| 6.0% to 7.0% |
(in millions) |
|
|
|
|
|
|
Net income (loss) attributable to Hyatt Hotels Corporation |
| $235 - $320 |
| $(52) |
| 552% to 715% |
Gross Fees |
| $1,295 - $1,335 |
| $1,198 |
| 8% to 11% |
Adjusted G&A Expenses1 |
| $440 - $450 |
| $445 |
| (1)% to 1% |
Adjusted EBITDA1 |
| $1,155 - $1,205 |
| $1,0252 |
| 13% to 18%2 |
Capital Expenditures |
| Approx. $135 |
| $220 |
| Approx. (39)% |
Adjusted Free Cash Flow1 |
| $580 - $630 |
| $474 |
| 22% to 33% |
Capital Returns to Shareholders3 |
| $325 - $375 |
|
|
|
|
1 Refer to the tables on schedule A-14 for a reconciliation of estimated net income (loss) attributable to Hyatt Hotels Corporation to Adjusted EBITDA, G&A expenses to Adjusted G&A Expenses, and net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow.
2 Reflects a reduction of $78 million on to 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of the Playa hotels and the impact of sold hotels and $56 million of pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA to reflect the updated definition of Adjusted EBITDA. Refer to schedule A-11 for further details.
3 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.
No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 outlook. The Company's 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.
| 2025 to 2026 Adjusted EBITDA Outlook Bridge | |
|
|
|
(in millions) |
| |
| 2025 Actual | $1,159 |
| JV EBITDA1 | $(56) |
| Playa O&L1 | $(73) |
| Other Asset Sales1 | $(5) |
| 2025 Adjusted Baseline | $1,025 |
| Core Operating Performance3 | $55 - $95 |
| Incremental Playa2 | $55 - $60 |
| Co-Branded Credit Card2 | $40 |
| Hurricane Melissa2 | $(20)-$(15) |
| 2026 Outlook | $1,155 - $1,205 |
1Adjustments to 2025: JV EBITDA reflects the Company's updated definition of Adjusted EBITDA effective in the first quarter of 2026. Refer to schedule A-6 for 2025 actuals; Playa O&L reflects the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition and sold on December 30, 2025. Other Asset Sales reflects Adjusted EBITDA earned in 2025 for assets that have been sold. Refer to schedule A-11 for further details on Playa O&L and Other Asset Sales
2Adjustments to 2026 outlook: Incremental Playa reflects the incremental Adjusted EBITDA expected from the Playa Hotels Acquisition. These expectations were shared as part of the supplemental presentation published June 30, 2025; Co-Branded Credit Card reflects the impact of the expanded agreement with Chase to the co-branded credit card programs that was announced on November 5, 2025; Hurricane Melissa reflects the temporary closure of hotels in Jamaica due to the hurricane in October 2025 and includes both Playa and non-Playa hotels.
The Company's 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.
The Company will hold an investor conference call this morning, February 12, 2026, at 9:00 a.m. CT.
Participants may listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at investors.hyatt.com. Alternatively, participants may access the live call by dialing: 800.715.9871 (U.S. Toll-Free) or 646.307.1963 (International Toll Number) using conference ID# 2303828 approximately 15 minutes prior to the scheduled start time.
A replay of the call will be available Thursday, February 12, 2026 at 12:00 p.m. CT until Thursday, February 19, 2026 at 11:59 p.m. CT by dialing: 800.770.2030 (U.S. Toll-Free) or 647.362.9199 (International Toll Number) using conference ID# 2303828. An archive of the webcast will be available on the Company's website for 90 days.
Tags: Mark S. Hoplamazian, Hyatt
