Hyatt Reports First Quarter 2026 Results

Key Terms

revpar financial

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

net package revpar financial

Net package RevPAR measures the average hotel revenue earned per available room from bundled offers (room plus extras like meals or activities) after deducting distribution costs, commissions and other direct deductions. It matters to investors because it shows the real, cash-generating strength of packaged sales—similar to comparing the take-home pay from a salary after taxes and fees—so it reveals how promotions and third-party channels affect profitability per room.

adr financial

An American Depositary Receipt (ADR) is a financial certificate that lets investors buy shares of a foreign company through U.S. stock markets, similar to buying a local wrapper that represents the underlying foreign shares. ADRs matter because they make investing in overseas companies easier and more liquid by trading in U.S. dollars and under U.S. market rules, while still carrying currency, regulatory, and country-specific risks that can affect share value.

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gaap regulatory

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

adjusted free cash flow financial

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

capital expenditures financial

Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation ("Hyatt," "the Company," "we," "us," or "our") (NYSE: H) today reported first quarter 2026 results. Highlights include:

• Comparable system-wide hotels RevPAR increased 5.4%, compared to the first quarter of 2025
• Comparable system-wide all-inclusive resorts Net Package RevPAR increased 7.4%, compared to the first quarter of 2025
• Net rooms growth for the trailing twelve months was 5.0%
• Pipeline of executed management or franchise contracts was approximately 151,000 rooms, an increase of 9.4%, compared to the first quarter of 2025
• Diluted EPS was $0.40 and Adjusted Diluted EPS was $0.63
• Net income attributable to Hyatt Hotels Corporation was $38 million and Adjusted Net Income was $61 million
• Gross fees were $333 million, an increase of 8.6%, compared to the first quarter of 2025
• Adjusted EBITDA was $266 million, an increase of 2.1%, compared to the first quarter of 2025, or an increase of 2.9% after adjusting for assets sold in 2025
  • During the three months ended March 31, 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
• Repurchased 840,249 shares of Class A common stock for an aggregate purchase price of $135 million, bringing total capital returned to shareholders, including dividends, to $149 million
• Full Year 2026 Outlook:
  • Comparable system-wide hotels RevPAR growth is projected to be between 2.0% and 4.0%, compared to the full year 2025
  • Net rooms growth is projected to be between 6.0% and 7.0%, compared to the full year 2025
  • Net income attributable to Hyatt Hotels Corporation is projected to be between $255 million and $350 million
  • Adjusted EBITDA is projected to be between $1,155 million and $1,205 million, an increase of 13% to 18%, compared to 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 a combination of dividends and share repurchases

Mark S. Hoplamazian, Chairman, President and Chief Executive Officer, said, "Our strong first quarter results reflect the continued strength of our core fee business and the resilience of our differentiated portfolio of high-quality brands. As we look to the balance of the year and beyond, we are focused on further elevating Hyatt by strengthening the performance of our brands, our talent, and our technology to enhance how we operate and build on our competitive advantages. We believe this foundation, combined with our high-end customer base, robust pipeline with significant opportunities for expansion, and rapidly growing loyalty program, position us to drive sustained growth and create long-term value for shareholders."

Refer to the table on schedule A-8 for a summary of special items impacting Adjusted Net Income and Adjusted Diluted EPS for the three months ended March 31, 2026.

Note: All RevPAR and ADR growth percentage changes are in constant dollars. All Net Package RevPAR and Net Package ADR growth percentage changes are in reported dollars. This release includes references to non-GAAP financial measures; see the reconciliations in the schedules and definitions beginning on schedule A-6.

First Quarter Operational Commentary

• Luxury chain scale led RevPAR growth in the quarter. Leisure transient RevPAR remained the strongest area of growth, while group and business transient RevPAR each grew in the low single-digits. Geopolitical conflict in the Middle East negatively impacted RevPAR growth by approximately 50 bps.
• Net Package RevPAR increased 7.4%, compared to the first quarter of 2025, despite security concerns in Mexico, reflecting continued strong demand of luxury all-inclusive travel.
• Gross fees increased 8.6%, compared to the first quarter of 2025, reflecting strong core business performance.
  • Base management fees increased 10.9%, driven by managed hotel RevPAR and Net Package RevPAR growth outside the United States, strong resort performance in the United States, fees from the Playa Hotels Acquisition, and contributions from newly opened hotels.
  • Incentive management fees increased 13.8%, driven by fees from the Playa Hotels Acquisition, newly opened hotels, and strong performance in Asia Pacific, partially offset by lower fees in the Middle East and Mexico.
  • Franchise and other fees increased 3.1%, driven by Non-RevPAR Fee contributions, RevPAR growth in United States select-service properties, and newly opened hotels, 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 decreased $2 million compared to the first quarter of 2025, after adjusting for 2025 asset sales.
• Distribution segment Adjusted EBITDA declined compared to the first quarter of 2025, due to temporary factors, including hotel closures in Jamaica related to Hurricane Melissa, lower demand in Mexico due to security concerns, and lower demand in four-star properties.

Openings and Development

During the first quarter, the Company:

• Opened 3,966 rooms. Notable openings included:
  • Andaz Lisbon, strengthening Hyatt’s lifestyle brand presence in Europe;
  • Andaz Shanghai ITC, strengthening Hyatt’s luxury lifestyle brand presence in Greater China;
  • The Livingston in Brooklyn, New York, expanding Hyatt’s brand footprint in a key urban market as the first Hyatt-branded hotel in the borough.
• Pipeline of executed management or franchise contracts grew 9.4%, compared to the first quarter of 2025, reaching a new record of 151,000 rooms.

Balance Sheet and Liquidity

As of March 31, 2026, the Company reported the following:

• Total debt of $4.3 billion.
• Total liquidity of $2.2 billion, inclusive of:
• $671 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 $543 million. The Company repurchased $135 million of Class A common stock during the first quarter.
• The Company's board of directors has declared a cash dividend of $0.15 per share for the second quarter of 2026. The dividend is payable on June 11, 2026 to Class A and Class B stockholders of record as of May 29, 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						2.0% to 4.0%
Net Rooms Growth						6.0% to 7.0%
(in millions)
Net income attributable to Hyatt Hotels Corporation		$255 - $350		$(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 schedule 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 three months ended March 31, 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 schedule 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 improving trends in the United States with RevPAR in the United States expected to grow between 2% to 3% for the full year. It also assumes moderately higher growth in international markets compared to the United States but lower growth compared to expectations provided during the fourth quarter 2025 earnings call primarily due to the impact of the conflict in the Middle East.
• The increase in the Gross Fees outlook reflects the strength in the core fee business, partially offset by the impact of the conflict in the Middle East and lower demand into Mexico due to isolated security concerns.
• Adjusted EBITDA outlook reflects the increase in the Gross Fees outlook offset by lower Distribution segment Adjusted EBITDA compared to expectations provided during the fourth quarter 2025 earnings call. The Company now expects Distribution segment Adjusted EBITDA to decline by approximately $25 million for the full year compared to 2025, driven by lower demand into Mexico in the first and second quarters of 2026 due to isolated security concerns that emerged in February 2026.

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, April 30, 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, April 30, 2026 at 12:00 p.m. CT until Thursday, May 7, 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.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, outlook, the number of properties we expect to open in the future, the expected timing and payment of dividends, the Company's 2026 outlook, including the Company's expected System-wide Hotels RevPAR Growth, Net Rooms Growth, Net Income, Gross Fees, Adjusted G&A Expenses, Adjusted EBITDA, Capital Expenditures, and Adjusted Free Cash Flow, expected capital returns to shareholders, financial performance, prospective or future events and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the impact of government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP") in this press release, including: Adjusted Net Income; Adjusted Diluted EPS; Adjusted EBITDA; Adjusted G&A Expenses; Free Cash Flow; and Adjusted Free Cash Flow. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.

Availability of Information on Hyatt's Website and Social Media Channels

Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (facebook.com/hyatt); the Hyatt Instagram account (instagram.com/hyatt); the Hyatt LinkedIn account (linkedin.com/company/hyatt); the Hyatt TikTok account (tiktok.com/@hyatt); the Hyatt X account (x.com/hyatt); and the Hyatt YouTube account (youtube.com/user/hyatt)) as a means of disclosing information about the Company's business to its guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of Hyatt's website at investors.hyatt.com. The contents of these websites are not incorporated by reference into this press release or any report or document Hyatt files with the SEC, and any references to the websites are intended to be inactive textual references only.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2026, the Company's portfolio included more than 1,500 hotels and all-inclusive properties in 83 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX®, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid® Hotels & Resorts, Bahia Principe Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Unscripted by Hyatt, Hyatt Place®, Hyatt House®, Hyatt Studios®, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

HHC-FIN

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Investor Contacts
Adam Rohman, 312.780.5834, adam.rohman@hyatt.com
Ryan Nuckols, 312.780.5784, ryan.nuckols@hyatt.com

Media Contact
Franziska Weber, 312.780.6106, franziska.weber@hyatt.com

Source: Hyatt Hotels Corporation