- Comparable system-wide hotels RevPAR increased 5.9%, compared to the second quarter of 2025
- Comparable system-wide all-inclusive resorts Net Package RevPAR decreased 1.2%, compared to the second quarter of 2025
- Net rooms growth for the trailing twelve months was 3.9%, or 4.4% excluding rooms from the Playa Hotels Acquisition that were removed from Hyatt's room count in the second half of 2025
- Pipeline of executed management or franchise contracts was approximately 154,000 rooms, an increase of 10.0%, compared to the second quarter of 2025
- Diluted EPS was $1.14 and Adjusted Diluted EPS was $1.12
- Net income attributable to Hyatt Hotels Corporation was $110 million and Adjusted Net Income was $108 million
- Gross fees were $324 million, an increase of 7.8%, compared to the second quarter of 2025
- Adjusted EBITDA was $297 million, an increase of 3.4%, compared to the second quarter of 2025, or an increase of 8.8% after adjusting for assets sold in 2025
- Repurchased 62,605 shares of Class A common stock during the second quarter for an aggregate purchase price of $12 million. Year-to-date through June 30, 2026, the Company returned $175 million to shareholders through dividends and share repurchases
- Full Year 2026 Outlook:
- Comparable system-wide hotels RevPAR growth is projected to be between 3.5% and 4.5%, compared to the full year 2025
- Net rooms growth is projected to be approximately 6%, compared to the full year 2025
- Net income attributable to Hyatt Hotels Corporation is projected to be between $250 million and $335 million
- Adjusted EBITDA is projected to be between $1,155 million and $1,205 million, an increase of 13% to 18%, compared to the full year 2025, after adjusting for the period of ownership of hotels acquired as part of the Playa Hotels Acquisition and assets sold in 2025
- Capital returns to shareholders are projected to be between $325 million and $375 million through dividends and share repurchases
Mark S. Hoplamazian, Chairman, President and Chief Executive Officer, said, "Our strong second quarter results reflect the continued strength of Hyatt's differentiated portfolio and the deep engagement of our high-value guests around the world. The resilience of our core fee business enabled us to absorb temporary regional headwinds while maintaining our full year outlook. Although we are taking a measured view on the timing of openings later this year, continued signing momentum and a high-quality development pipeline reinforce our confidence in Hyatt's long-term growth model and value creation strategy."
Second Quarter Operational Commentary
- Luxury and Upper Upscale chain scales drove RevPAR growth in the quarter. Leisure transient and group RevPAR each delivered strong growth, while business transient RevPAR grew in the low single digits. Geopolitical conflict in the Middle East negatively impacted RevPAR growth by approximately 110 bps.
- Net Package RevPAR decreased 1.2%, compared to the second quarter of 2025, reflecting softer demand in the second quarter, in part due to the security concerns in Mexico during the first quarter and lower airlift into certain destinations.
- Gross fees increased 7.8%, compared to the second quarter of 2025, reflecting strong core business performance.
- Base management fees increased 10.2%, driven by managed hotel RevPAR, strength across the United States, and fees from the Playa Hotels Acquisition, partially offset by the impact of Hurricane Melissa.
- Incentive management fees increased 2.6%, driven by fees from the Playa Hotels Acquisition and strong performance in Asia Pacific, partially offset by lower fees in the Middle East, Mexico, and Jamaica.
- Franchise and other fees increased 8.1%, driven by non-RevPAR fee contributions and RevPAR growth in the United States, partially offset by franchise fees recognized in 2025 from the eight Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition.
- Owned and leased segment Adjusted EBITDA increased 16% compared to the second quarter of 2025, after adjusting for 2025 asset sales.
- Distribution segment Adjusted EBITDA declined compared to the second quarter of 2025, primarily due to temporary factors, including hotel closures in Jamaica related to Hurricane Melissa and lower demand in Mexico.
Openings and Development
During the second quarter, the Company:
- Opened 3,585 rooms. Notable openings included Miraval The Red Sea, the first Miraval property outside the United States and The Barai Hua Hin, introducing The Unbound Collection by Hyatt brand to Thailand.
- Announced a strategic master franchise agreement with Dossen Group to develop and operate hotels for the Hyatt Select brand in the Chinese Mainland, supporting future expansion of Hyatt's portfolio in the region.
Balance Sheet and Liquidity
As of June 30, 2026, the Company reported the following:
- Total debt of $4.3 billion.
- Total liquidity of $2.1 billion, inclusive of:
- $606 million of cash and cash equivalents and short-term investments; and
- $1,497 million of available borrowing capacity under Hyatt's revolving credit facility, net of letters of credit outstanding.
- The Company repurchased $12 million of Class A common stock during the second quarter. Remaining share repurchase authorization as of June 30, 2026 totaled approximately $1.5 billion.
- The Company's board of directors has declared a cash dividend of $0.15 per share for the third quarter of 2026. The dividend is payable on September 10, 2026 to Class A and Class B stockholders of record as of August 27, 2026.
2026 Outlook
The Company is providing the following outlook for the 2026 fiscal year: | ||||||
|
| 2026 Outlook |
| 2025 |
| Change vs. 2025 |
System-Wide Hotels RevPAR Growth |
|
|
|
|
| 3.5% to 4.5% |
Net Rooms Growth |
|
|
|
|
| Approx. 6% |
(in millions) |
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation |
| $250 - $335 |
| $(52) |
|
|
Gross Fees |
| $1,305 - $1,335 |
| $1,198 |
| 9% to 11% |
Adjusted G&A Expenses1 |
| $440 - $450 |
| $445 |
| (1)% to 1% |
Adjusted EBITDA1,2 |
| $1,155 - $1,205 |
| $1,0253 |
| 13% to 18%3 |
Capital Expenditures |
| Approx. $135 |
| $220 |
| Approx. (39)% |
Adjusted Free Cash Flow1 |
| $580 - $630 |
| $474 |
| 22% to 33% |
Capital Returns to Shareholders4 |
| $325 - $375 |
|
|
|
|
1 Refer to the tables on page A-12 for a reconciliation of estimated net income 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 During the six months ended June 30, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability.
3 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa Hotels Acquisition and the impact of assets sold in 2025. Refer to page A-11 for further details.
4 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.
- The increase in the System-Wide Hotels RevPAR Growth outlook reflects the strong second quarter performance in the United States, including the FIFA World Cup. The full year outlook assumes moderately stronger growth in international markets compared to the United States. United States RevPAR is now expected to grow between 3% and 4% for the full year.
- Net Package RevPAR growth is expected to be lower than previous expectations but to remain positive for the full year. While booking trends in Mexico continue to improve sequentially, the pace of recovery has been slower than previously anticipated.
- Net Rooms Growth outlook is adjusted to reflect the weighting of expected openings in the back half of the year and the potential for some openings to shift into early 2027.
- Gross Fees outlook reflects the strength in the core fee business offsetting the short-term impacts from lower demand in Mexico, the conflict in the Middle East, and the timing of certain hotel openings.
- Adjusted EBITDA outlook reflects the strong Gross Fees outlook partially offset by a Distribution segment Adjusted EBITDA expected decline of approximately $25 million for the full year compared to 2025 driven by lower demand in Mexico and the impact of Hurricane Melissa.
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.
Conference Call Information
The Company will hold an investor conference call this morning, July 30, 2026, at 9:00 a.m. CT.
A live webcast of the conference call will be available on the Company's Investor Relations website at investors.hyatt.com. An archive of the webcast will be available for 90 days.
Alternatively, participants may join the conference call by dialing 800.715.9871 (U.S. toll-free) or 646.307.1963 (international) using Conference ID: 2303828. Participants joining by telephone should dial in at least 15 minutes prior to the scheduled start time.
Tags: Mark S. Hoplamazian Hyatt Hotels Corporation
A telephone replay will be available for one week, beginning Thursday, July 30, 2026 at 10:30 a.m. CT by dialing 800.770.2030 (U.S. toll-free) or 647.362.9199 (international) using Conference ID: 2303828.
