Research · Sep 3, 2026
Hyatt 2025-26: Asset-Light Pivot, FY26 Adj EBITDA +13-17%
Hyatt Hotels Corporation FY25 revenue $7.15B (+117% reflecting Playa portfolio consolidation prior to divestiture); GAAP op income $561M; NI -$52M; EPS -$0.54 (FY24 EPS $12.65 included divestiture gains). Gross fees Q4 +5% to $307M; FY $1.198B (+9%). Q4 system-wide RevPAR +4%; leisure transient +6% (luxury brands +9%); business transient -1%; group +3%; international low single-digit. Owned + Leased EBITDA Q4 -2% (adjusted for asset sales + Playa transaction). Distribution EBITDA -YoY (Hurricane Melissa + lower 4-star and below booking volumes). Net rooms growth +7.3% (9th consecutive year industry-leading). Development pipeline record ~148,000 rooms; 50% of US signings in new markets. World of Hyatt members 63M+ (+19% YoY); ~half of total occupied hotel rooms; 13% increase in 50+ night stayers. Sold remaining 14 Playa hotels to Tortuga Resorts + long-term management agreements on 13. 3 Alua Spain properties sold; 3 owned under PSA. New brands: Hyatt Select, Hyatt Studios, Unscripted by Hyatt. FY26 guide: system-wide RevPAR +1-3%; net rooms growth +6-7%; gross fees $1.295-$1.335B (+8-11%); adjusted EBITDA $1.155-$1.205B (+13-17%); adjusted FCF $580-$630M (+20-30%); capital return $325-$375M. Risks: RevPAR cycle, asset-light execution, Marriott + Hilton + IHG competitive landscape, intl travel dependency, weather (Hurricane Melissa), new brand execution, loyalty intensity (Bonvoy + Honors larger).