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Revenue by Segment
Breaks revenue into Hilton’s business lines (owned, leased, managed, franchised, and other), showing how much comes from fee-based, asset-light operations versus capital-intensive hotel ownership. A higher share of management and franchise fees points to steadier, higher-margin cash flow; more revenue from owned or leased hotels increases earnings volatility and capital requirements.
Hilton’s mix is shifting toward its capital‑light, fee businesses: franchise/licensing and managed/franchised revenues have expanded consistently and now drive the company’s growth, while Owned & Leased revenues remain lumpy and renovation‑sensitive. That structural shift supports more predictable margins and cash flow and is reinforced by record signings and conversions, but incentive and base fees remain cyclical and exposed to regional shocks (notably Middle East weakness and China softness) and timing/reno drags—so expect steady long‑term fee growth with short‑term volatility.
HLT Revenue by Segment
| Date | Other | Franchise and Licensing Fees | Base and Other Management Fees | Incentive Management Fees | Owned and Leased Hotels | Other Revenues From Managed and Franchised Properties |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | $72.00M | $815.00M | $96.00M | $71.00M | $304.00M | $1.97B |
| Jun 30, 2026 | $72.00M | $808.00M | $99.00M | $69.00M | $311.00M | $1.98B |
| Mar 31, 2026 | $66.00M | $696.00M | $95.00M | $76.00M | $249.00M | $1.75B |
| Dec 31, 2025 | $65.00M | $671.00M | $98.00M | $101.00M | $345.00M | $1.81B |
| Sep 30, 2025 | $64.00M | $739.00M | $93.00M | $65.00M | $322.00M | $1.84B |
| Jun 30, 2025 | $77.00M | $745.00M | $97.00M | $75.00M | $332.00M | $1.81B |
| Mar 31, 2025 | $46.00M | $625.00M | $88.00M | $72.00M | $234.00M | $1.63B |
| Dec 31, 2024 | $53.00M | $642.00M | $82.00M | $86.00M | $333.00M | $1.59B |
| Sep 30, 2024 | $58.00M | $698.00M | $88.00M | $66.00M | $330.00M | $1.63B |
| Jun 30, 2024 | $71.00M | $689.00M | $93.00M | $68.00M | $337.00M | $1.69B |
| Mar 31, 2024 | $50.00M | $571.00M | $106.00M | $70.00M | $255.00M | $1.52B |
| Dec 31, 2023 | $52.00M | $601.00M | $95.00M | $77.00M | $320.00M | $1.46B |
| Sep 30, 2023 | $45.00M | $643.00M | $81.00M | $63.00M | $335.00M | $1.51B |
| Jun 30, 2023 | $46.00M | $618.00M | $86.00M | $69.00M | $341.00M | $1.50B |
| Mar 31, 2023 | $35.00M | $508.00M | $80.00M | $65.00M | $248.00M | $1.36B |
| Dec 31, 2022 | $31.00M | $537.00M | $88.00M | $64.00M | $349.00M | $1.38B |
| Sep 30, 2022 | $28.00M | $573.00M | $76.00M | $52.00M | $295.00M | $1.34B |
| Jun 30, 2022 | $25.00M | $545.00M | $75.00M | $46.00M | $282.00M | $1.27B |
| Mar 31, 2022 | $18.00M | $413.00M | $55.00M | $34.00M | $150.00M | $1.05B |
| Dec 31, 2021 | $23.00M | $431.00M | $60.00M | $38.00M | $222.00M | $1.06B |
| Sep 30, 2021 | $18.00M | $451.00M | $49.00M | $26.00M | $199.00M | $1.01B |
| Jun 30, 2021 | $21.00M | $369.00M | $42.00M | $21.00M | $121.00M | $755.00M |
| Mar 31, 2021 | $17.00M | $242.00M | $25.00M | $13.00M | $56.00M | $521.00M |
| Dec 31, 2020 | $21.00M | $233.00M | $31.00M | $13.00M | $86.00M | $506.00M |
| Sep 30, 2020 | $19.00M | $241.00M | $24.00M | $7.00M | $94.00M | $548.00M |
| Jun 30, 2020 | $10.00M | $132.00M | $8.00M | -$5.00M | $31.00M | $388.00M |
| Mar 31, 2020 | $23.00M | $339.00M | $60.00M | $23.00M | $210.00M | $1.26B |
| Dec 31, 2019 | $26.00M | $412.00M | $83.00M | $63.00M | $362.00M | $1.42B |
| Sep 30, 2019 | $23.00M | $443.00M | $80.00M | $54.00M | $361.00M | $1.43B |
| Jun 30, 2019 | $26.00M | $444.00M | $89.00M | $58.00M | $387.00M | $1.48B |
| Mar 31, 2019 | $26.00M | $382.00M | $80.00M | $55.00M | $312.00M | $1.35B |