Hyatt Hotels Corporation ("Hyatt," "the Company," "we," "us," or "our") (NYSE:H) today reported fourth quarter and full year 2025 results. Highlights include:

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Hyatt's Fourth Quarter and Full Year 2025 Infographic

Comparable system-wide hotels RevPAR growth was 4.0% in the fourth quarter and 2.9% for the full year of 2025, compared to the same periods in 2024
Comparable system-wide all-inclusive resorts Net Package RevPAR growth was 8.3% in the fourth quarter and 8.6% for the full year of 2025, compared to the same periods in 2024
Net rooms growth was 7.3% for the full year of 2025 and net rooms growth excluding acquisitions was 6.7%
Pipeline of executed management and franchise contracts was approximately 148,000 rooms, up 7% compared to 2024
Net income (loss) attributable to Hyatt Hotels Corporation was $(20) million in the fourth quarter and $(52) million for the full year of 2025. Adjusted Net Income was $126 million in the fourth quarter and $209 million for the full year of 2025
Diluted EPS was $(0.21) in the fourth quarter and $(0.55) for the full year of 2025. Adjusted Diluted EPS was $1.33 in the fourth quarter and $2.19 for the full year of 2025
Gross fees were $307 million in the fourth quarter, an increase of 4.5% compared to the fourth quarter of 2024, and $1,198 million for the full year of 2025, an increase of 9.0% compared to the full year of 2024
Adjusted EBITDA was $292 million in the fourth quarter, an increase of 14.6% compared to the fourth quarter of 2024, or an increase of 3.8% after adjusting for assets sold in 2024 and the Playa Hotels Acquisition. Full year 2025 Adjusted EBITDA was $1,159 million, an increase of 5.8% compared to the full year of 2024, or an increase of 7.4% after adjusting for assets sold in 2024 and the Playa Hotels Acquisition
During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA

Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "We ended 2025 with great momentum, marked by strong execution against our strategic priorities and continued progress toward becoming a more brand-focused organization. We achieved exceptional commercial and operating performance in 2025 and expanded our portfolio and network effect through disciplined transactions and strong organic growth."

Mark continued, "As we look to the future, we are focused on accelerating this momentum by further advancing the evolution of our brands, our talent, and our use of technology. Together, we believe these priorities will position Hyatt to become the most responsive, most innovative, and best-performing hospitality company—and ultimately, the most chosen by our stakeholders."

Refer to the table on schedule A-10 for a summary of special items impacting Adjusted Net Income (Loss) and Adjusted Diluted EPS in the three months and years ended December 31, 2025 and December 31, 2024.

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

Fourth Quarter Operational Commentary

RevPAR growth in the fourth quarter was highest among Luxury and Upper Upscale chain scales. Leisure transient continued to be the strongest customer segment, while group also had a strong quarter, helped by the timing of the Rosh Hashanah holiday, which occurred in the third quarter of 2025 compared to the fourth quarter of 2024.
Net Package RevPAR increased 8.3% in the fourth quarter compared to the same period in 2024, reflecting continued strength in luxury all-inclusive travel.
Gross fees increased 4.5% in the fourth quarter compared to the same period in 2024, or 5.4% excluding the impact of the Playa Hotels Acquisition.
- Base management fees: increased 8.1% from the contribution of newly-opened hotels and managed hotel RevPAR growth outside of the United States.
- Incentive management fees: increased 13.0% led by newly-opened hotels, hotel performance in Asia Pacific, and all-inclusive hotel performance in Europe.
- Franchise and other fees: decreased 3.8% due to the elimination of franchise fees from the 8 Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition and lower demand at select service properties in the United States partially offset by fees from newly opened hotels.
Owned and leased segment Adjusted EBITDA declined 1.5% in the fourth quarter compared to the fourth quarter of 2024 after adjusting for assets sold in 2024 and the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition due to renovations at certain properties.
Distribution segment Adjusted EBITDA declined in the fourth compared to the fourth quarter of 2024 due to the impact of Hurricane Melissa and lower booking volumes in four-star and below properties.

Openings and Development

During the fourth quarter, the Company opened 8,253 rooms, including Park Hyatt Cabo del Sol, marking Hyatt's first Park Hyatt hotel in Mexico; Andaz One Bangkok, which opened as part of the One Bangkok mixed-use development; and Hyatt Studios Huntsville, reflecting continued expansion of Hyatt's newest extended-stay brand in the United States.
In 2025, the Company had pipeline growth of 7% compared to 2024. 2025 signings in the United States were up approximately 30% over 2024, including more than 25 Hyatt Select deals signed during the year, and the pipeline of Hyatt Studios properties grew to approximately 70 since announcing the brand in 2023. The pipeline in Asia Pacific increased by 7% compared to 2024, with strong signings activity in Greater China and India, replenishing the pipeline after a strong year of openings.

Transactions

During the fourth quarter, the Company:

Closed on the sale of Alua Atlántico Golf Resort, Alua Tenerife, and AluaSoul Orotava Valley (the "Alua Portfolio") for a gross purchase price of approximately $140 million and entered into long-term management agreements for each property. Net proceeds were used to repay a portion of the $1.7 billion delayed draw term loan used to finance a portion of the Playa Hotels Acquisition.
Completed the Playa Real Estate Transaction and used the proceeds to repay the amounts outstanding under the $1.7 billion delayed draw term loan, which was terminated upon repayment. The Company entered into 50-year management agreements for 13 of the 14 properties. The Playa Real Estate Transaction fulfilled Hyatt's commitment announced on February 10, 2025 to sell at least $2 billion of real estate.

Balance Sheet and Liquidity

As of December 31, 2025, the Company reported the following:

Total debt of $4.3 billion.
Total liquidity of $2.3 billion, inclusive of:
- $813 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 $678 million. The Company repurchased $114 million of Class A common stock during the fourth quarter and repurchased a total of $293 million of Class A common stock for the full year of 2025.
The Company's board of directors has declared a cash dividend of $0.15 per share for the first quarter of 2026. The dividend is payable on March 12, 2026 to Class A and Class B stockholders of record as of March 2, 2026.

2026 Outlook

The Company is providing the following outlook for the 2026 fiscal year. Refer to slides 18 and 19 of the fourth quarter 2025 supplemental investor presentation for further details on Gross Fees and Adjusted EBITDA outlook.

During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA.

2026 Full Year Outlook
	2026 Outlook	2025	Change vs. 2025
System-Wide Hotels RevPARGrowth			1.0% to 3.0%
Net Rooms Growth			6.0% to 7.0%
(in millions)
Net income (loss) attributable to Hyatt Hotels Corporation	$235 - $320	$(52)	552% to 715%
Gross Fees	$1,295 - $1,335	$1,198	8% to 11%
Adjusted G&A Expenses¹	$440 - $450	$445	(1)% to 1%
Adjusted EBITDA¹	$1,155 - $1,205	$1,025²	13% to 18%²
Capital Expenditures	Approx. $135	$220	Approx. (39)%
Adjusted Free Cash Flow¹	$580 - $630	$474	22% to 33%
Capital Returns to Shareholders³	$325 - $375

¹ Refer to the tables on schedule A-14 for a reconciliation of estimated net income (loss) 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 Reflects a reduction of $78 million on to 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of the Playa hotels and the impact of sold hotels and $56 million of pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA to reflect the updated definition of Adjusted EBITDA. Refer to schedule A-11 for further details.

³ The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.

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.

	2025 to 2026 Adjusted EBITDA Outlook Bridge

(in millions)
	2025 Actual	$1,159
	JV EBITDA¹	$(56)
	Playa O&L¹	$(73)
	Other Asset Sales¹	$(5)
	2025 Adjusted Baseline	$1,025
	Core Operating Performance³	$55 - $95
	Incremental Playa²	$55 - $60
	Co-Branded Credit Card²	$40
	Hurricane Melissa²	$(20)-$(15)
	2026 Outlook	$1,155 - $1,205

¹Adjustments to 2025: JV EBITDA reflects the Company's updated definition of Adjusted EBITDA effective in the first quarter of 2026. Refer to schedule A-6 for 2025 actuals; Playa O&L reflects the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition and sold on December 30, 2025. Other Asset Sales reflects Adjusted EBITDA earned in 2025 for assets that have been sold. Refer to schedule A-11 for further details on Playa O&L and Other Asset Sales

²Adjustments to 2026 outlook: Incremental Playa reflects the incremental Adjusted EBITDA expected from the Playa Hotels Acquisition. These expectations were shared as part of the supplemental presentation published June 30, 2025; Co-Branded Credit Card reflects the impact of the expanded agreement with Chase to the co-branded credit card programs that was announced on November 5, 2025; Hurricane Melissa reflects the temporary closure of hotels in Jamaica due to the hurricane in October 2025 and includes both Playa and non-Playa hotels.

³ Includes estimated FX headwind of ~$5M.

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, February 12, 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, February 12, 2026 at 12:00 p.m. CT until Thursday, February 19, 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; hostilities, or fear of hostilities, including future terrorist attacks, 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; 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 successfully complete dispositions of certain of our owned real estate assets within targeted timeframes and at expected values; 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 December 31, 2025, 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 Principle 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

Hyatt Reports Fourth Quarter and Full Year 2025 Results