10-Q · April 30, 2026
Hyatt Hotels Corporation's Q1 2026 results revealed revenues of $1.54 billion, which was a 1.8% increase compared to Q1 2025, though it fell short of estimates by 7.8%. EPS for the quarter was $0.40, below the consensus…
Earnings analysis · 10-Q
H earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Hyatt delivered strong hotel operating trends and fee growth in the third quarter, with comparable system-wide RevPAR up 7.2%, net fees up 23.6%, and Adjusted EBITDA up 6.2% to $295 million. However, consolidated…
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Hyatt delivered strong hotel operating trends and fee growth in the third quarter, with comparable system-wide RevPAR up 7.2%, net fees up 23.6%, and Adjusted EBITDA up 6.2% to $295 million. However, consolidated revenue declined 2.5% to $1.743 billion, distribution and all-inclusive performance weakened, and owned-and-leased EBITDA fell 44.1% following portfolio dispositions. Liquidity was solid at $1.842 billion, but operating cash flow was only $15 million for the first nine months and asset impairments rose to $64 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.6
What stood out
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Revenue declined while EPS returned to profit
Third-quarter revenue was $1.743 billion, down $43 million, or 2.5%, from $1.786 billion in the prior-year quarter and below the $1.756 billion consensus estimate. Diluted EPS was $0.60 versus a $0.51 loss in the prior-year quarter, but below the $0.75 estimate.
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Hotel RevPAR growth remained strong
Comparable system-wide hotel RevPAR increased 7.2% to $154.80, supported by 5.7% ADR growth to $210.36 and a 1.1-point occupancy increase to 73.6%.
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Fee growth drove management earnings
Gross fees increased 15.2% to $327 million, while net fees rose 23.6% to $309 million. Management and franchising Adjusted EBITDA increased 19.8% to $270 million.
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Adjusted EBITDA improved year over year
Consolidated Adjusted EBITDA increased 6.2% to $295 million from $278 million, despite lower total revenue and weaker owned-and-leased and distribution results.
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Liquidity remained substantial
At September 30, 2026, Hyatt had $1.842 billion of total liquidity, including $495 million of cash, cash equivalents, and short-term investments and $1.347 billion of revolver availability.
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Capital spending intensity declined
Nine-month operating cash flow was $15 million versus $66 million in the prior-year period, while capital expenditures were $67 million versus $143 million. Management attributed lower capital spending primarily to reduced technology and renovation investment.
What to watch
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All-inclusive demand weakened
All-inclusive comparable Net Package RevPAR declined 2.5% to $187.19, with occupancy down 4.0 percentage points to 69.6%. Management cited reduced travel demand to certain destinations in Mexico.
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Distribution business contracted
Distribution revenue decreased $24 million, or 12.9%, to $168 million, and distribution Adjusted EBITDA fell 17.7% to $17 million, driven by lower booking volumes and reduced travel demand in Mexico and Jamaica.
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Impairments increased materially
Asset impairments increased to $64 million from $9 million in the prior-year quarter, including $40 million related to management and hotel services agreement and franchise agreement intangibles and $20 million related to brand and other indefinite-lived intangibles.
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Debt and refinancing exposure
Total debt was $4.4 billion at September 30, 2026, including $755 million due in the short term; the weighted-average interest rate was 5.3% and weighted-average maturity was approximately four years.
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Portfolio sales reduced owned earnings
Owned-and-leased segment Adjusted EBITDA declined 44.1% to $39 million as segment revenue fell 36.7% to $276 million, primarily reflecting the sale of the Playa Hotels Portfolio.
Management's outlook
The 10-Q does not provide quantitative EPS or revenue guidance. Numeric 2026 outlook was discussed in the October 29, 2026 earnings release/8-K rather than in the extracted 10-Q MD&A.
Earlier filings 4
10-K · February 13, 2026
Hyatt's 2025 10-K highlights a larger global footprint following the June 17, 2025 acquisition of Playa Hotels, with a year-end portfolio of 1,528 hotels and all‑inclusive resorts (372,763 rooms) and consolidated 2025…
10-Q · August 8, 2025
Hyatt's Q2 2025 results show a strong recovery with total revenues increasing to $1.81 billion, up 6.5% quarter-over-quarter and 4.1% year-over-year. However, the company reported a diluted EPS loss of $0.03,…
10-Q · May 9, 2024
Hyatt reported quarter revenues of $1,714 million (up $34 million vs. Q1 2023) and net income of $522 million versus $58 million a year ago, driven largely by $403 million of gains on sales (including a $231 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.