 |
| Q3 2026 Earnings Infographic |
CHICAGO, IL (October 29, 2026) - Hyatt Hotels Corporation ("Hyatt," "the Company," "we," "us," or "our") (NYSE: H) today reported third quarter 2026 results. Highlights include:
- Comparable system-wide hotels RevPAR increased 7.2%, compared to the third quarter of 2025
- Comparable system-wide all-inclusive resorts Net Package RevPAR decreased 2.5%, compared to the third quarter of 2025
- Net rooms growth for the trailing twelve months was 3.8%, or 3.9% excluding rooms from the Playa Hotels Acquisition that were removed from Hyatt's room count in the fourth quarter of 2025
- Pipeline of executed management or franchise contracts was approximately 158,000 rooms, an increase of 12.1%, compared to the third quarter of 2025
- Diluted EPS was $0.60 and Adjusted Diluted EPS was $1.27
- Net income attributable to Hyatt Hotels Corporation was $58 million and Adjusted Net Income was $122 million
- Gross fees were $327 million, an increase of 15.2%, compared to the third quarter of 2025
- Adjusted EBITDA was $295 million, an increase of 6.2%, compared to the third quarter of 2025, or an increase of 19% after adjusting for assets sold in 2025
- Repurchased 867,109 shares of Class A common stock during the third quarter for an aggregate purchase price of $147 million. Year-to-date through September 30, 2026, the Company returned $336 million to shareholders through dividends and share repurchases
- Full Year 2026 Outlook:
- Comparable system-wide hotels RevPAR growth is projected to be between 5.0% and 5.5%, 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 $240 million and $310 million
- Adjusted EBITDA is projected to be between $1,170 million and $1,200 million, an increase of 14% to 17%, 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 have been increased and are projected to be between $375 million and $425 million through dividends and share repurchases
Mark S. Hoplamazian, Chairman, President and Chief Executive Officer, said, "Our strong third quarter results, including 15% growth in Gross Fees, reinforce the strength of Hyatt's differentiated brands, growing commercial platform, and asset-light business model. Continued momentum across our business, a record development pipeline, and growing engagement among World of Hyatt members reflect increasing preference for our brands among guests, owners, and developers. We believe these competitive advantages position us to drive quality growth, durable fee earnings, increasing free cash flow, and long-term shareholder value."
Third Quarter Operational Commentary
- Luxury led RevPAR growth in the quarter. Leisure transient and group RevPAR each delivered strong growth, while business transient RevPAR increased in the low single digits. RevPAR in the United States grew 8.2%, reflecting the strength of the U.S. consumer and benefitting in part from the FIFA World Cup and the timing of the Jewish holidays.
- Net Package RevPAR decreased 2.5%, compared to the third quarter of 2025, primarily reflecting lower demand for travel to certain destinations in Mexico, partially offset by growth in the Caribbean and Europe.
- Gross fees increased 15.2%, compared to the third quarter of 2025, reflecting strong core business performance.
- Base management fees increased 10.0%, driven by managed hotel RevPAR growth, strong performance in the United States, fees from the new management agreements from the Playa Hotels Acquisition, and new hotel openings.
- Incentive management fees increased 21.9%, driven by fees from the new management agreements from the Playa Hotels Acquisition and strong performance in Asia Pacific.
- Franchise and other fees increased 16.8%, driven by non-RevPAR fee contributions, RevPAR growth in the United States, and new hotel openings.
- Owned and leased segment Adjusted EBITDA declined 1%, compared to the third quarter of 2025, after adjusting for 2025 asset sales.
- Distribution segment Adjusted EBITDA declined, compared to the third 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 third quarter, the Company:
- Opened 3,808 rooms. Notable openings included Hyatt Vivid Punta Cana, marking the brand's debut in the Dominican Republic; Beldersoy Resort and SPA, the first Destination by Hyatt property in Uzbekistan and the country's first premium mountain resort; and Thompson Seville, a new addition to Hyatt's Lifestyle portfolio.
- Delivered strong development activity, resulting in 12% pipeline growth compared to the third quarter of 2025. During the quarter, more than half of signings within the Essentials portfolio in the United States were in new markets for Hyatt.
Balance Sheet and Liquidity
As of September 30, 2026, the Company reported the following:
- Total debt of $4.4 billion.
- Total liquidity of $1.8 billion, inclusive of:
- $495 million of cash and cash equivalents and short-term investments; and
- $1,347 million of available borrowing capacity under Hyatt's revolving credit facility, net of letters of credit outstanding.
- The Company repurchased $147 million of Class A common stock during the third quarter. Remaining share repurchase authorization as of September 30, 2026 totaled approximately $1.4 billion.
- The Company's board of directors has declared a cash dividend of $0.15 per share for the fourth quarter of 2026. The dividend is payable on December 7, 2026 to Class A and Class B stockholders of record as of November 23, 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 |
|
|
|
|
| 5.0% to 5.5% |
Net Rooms Growth |
|
|
|
|
| Approx. 6% |
(in millions) |
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation |
| $240 - $310 |
| $(52) |
|
|
Gross Fees |
| $1,320 - $1,335 |
| $1,198 |
| 10% to 11% |
Adjusted G&A Expenses1 |
| $440 - $445 |
| $445 |
| (1)% to 0% |
Adjusted EBITDA1,2 |
| $1,170 - $1,200 |
| $1,0253 |
| 14% to 17%3 |
Capital Expenditures |
| Approx. $130 |
| $220 |
| Approx. (41)% |
Adjusted Free Cash Flow1 |
| $580 - $630 |
| $474 |
| 22% to 33% |
Capital Returns to Shareholders4 |
| $375 - $425 |
|
|
|
|
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 nine months ended September 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.