Adjusted EBITDA and adjusted EPS exceeded expectations, with Q3 2025 net income at $421 million and adjusted EBITDA at $976 million, despite a 1.1% system-wide RevPAR decline due to U.S. softness.
Net unit growth reached 6.5% in Q3 2025, with 199 hotels opened and a record development pipeline of 515,400 rooms.
Launched Outset Collection by Hilton, the 25th brand, and reached the milestone of 9,000 hotels globally.
Hilton Honors membership rose 16% year-over-year to 235 million members.
System-wide RevPAR was down approximately 1% year-over-year, impacted by unfavorable holidays, softer international inbound to the U.S., and government travel declines.
Q3 2025 revenues were $3,120 million, up from $2,867 million in Q3 2024; adjusted EBITDA was $976 million, up 8% year-over-year.
Diluted EPS for Q3 2025 was $1.78, or $2.11 adjusted for special items; nine-month diluted EPS was $4.84.
Net income for Q3 2025 was $421 million, up from $344 million in Q3 2024; nine-month net income was $1,163 million.
Management and franchise fees grew 5.3% year-over-year in Q3 2025.
Returned $792 million to shareholders in Q3 2025 and $2,671 million year-to-date through buybacks and dividends.
Full-year 2025 adjusted EBITDA is expected between $3.685 billion and $3.715 billion; adjusted EPS between $7.97 and $8.06.
Net unit growth for 2025 is projected between 6.5% and 7.0%, with a robust development pipeline.
Full-year RevPAR is expected to be flat to up 1%; Q4 RevPAR is expected to be up approximately 1%.
Capital return for 2025 projected at approximately $3.3 billion.
Management expects continued global network growth, focusing on fee-based business and expansion through management and franchise contracts.
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