Hyatt Reports Third Quarter 2026 Results

Hyatt raised its hotel revenue growth and shareholder return outlooks despite weaker all-inclusive performance and distribution earnings pressure.

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CHICAGO--(BUSINESS WIRE)-- 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."

Refer to page A-8 for a summary of special items impacting Adjusted Net Income and Adjusted Diluted EPS for the three and nine months ended September 30, 2026.

Note: All RevPAR and ADR growth percentage changes are presented in constant dollars. All Net Package RevPAR and Net Package ADR growth percentage changes are presented in reported dollars. All RevPAR and Net Package RevPAR metrics are presented on a comparable system-wide basis unless otherwise stated. This release includes references to non-GAAP financial measures; see the reconciliations and definitions beginning on page A-6.

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.

• The increase in the System-Wide Hotels RevPAR growth outlook reflects the strong third quarter performance and sustained momentum following the Labor Day holiday. The full-year outlook assumes moderately stronger growth in the United States compared to international markets, with United States RevPAR now expected to grow between 5% and 6% for the full year.
• Net Package RevPAR is expected to return to growth in the fourth quarter and remain positive for the full year, as booking trends in Mexico continue to improve sequentially.
• The Net Rooms Growth outlook reflects an anticipated acceleration in the fourth quarter, supported by the timing of expected openings, continued momentum in conversion activity, and the shorter-term nature of these deals.
• The Gross Fees outlook reflects the strength in the core fee business, offsetting the temporary impacts from lower demand in Mexico, the conflict in the Middle East, and the timing of certain hotel openings.
• The Adjusted EBITDA outlook reflects the strong Gross Fees outlook, partially offset by an expected decline of approximately $30 million in Distribution segment Adjusted EBITDA for the full year compared to 2025, a $5 million incremental decline compared to our prior outlook, driven by lower demand in Mexico.

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, October 29, 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 833.461.5787 (U.S. toll-free) or 585.542.9983 (international) using Conference ID: 557276147. Participants joining by telephone should dial in at least 15 minutes prior to the scheduled start time.

A telephone replay will be available for one week, beginning Thursday, October 29, 2026 at 10:30 a.m. CT by dialing 833.309.1852 (U.S. toll-free) or 929.828.5978 (international) using Conference ID: 557276147.

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; reduced travel demand to certain destinations; 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 September 30, 2026, the Company's portfolio included more than 1,500 hotels and all-inclusive properties in 84 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20261029743898/en/

Investor Contact
Mike Cieplak, 312.780.6209, mike.cieplak@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

Key Terms

revpar technical

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 technical

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.

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.

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.