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北京时间·🕒 发布 18:08:21时区推断·⟳ 抓取 18:09:53·⚡ 决策 07-28 18:12:51 +2m58s·90.9 天前
希尔顿二季度小幅超预期但三季度每股收益指引低于一致预期
二季度调整后EPS仅高于预期0.02美元、收入仅高于预期2000万美元，正向 surprise 很小。
📄 原文Seeking Alpha↗ 原文
Hilton Worldwide beats top-line and bottom-line estimates; gives Q3 and updates FY226 outlook
- Hilton Worldwide press release (HLT): Q2 Non-GAAP EPS of $2.29 beats by $0.02. - Revenue of $3.34B (+6.4% Y/Y) beats…
不做 希尔顿（HLT.US）
排期财报正负混合：二季度仅小幅超预期，三季度调整后EPS指引低于一致预期，全年指引相对consensus没有足够上修，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-28 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 二季度调整后EPS仅高于预期0.02美元、收入仅高于预期2000万美元，正向 surprise 很小。
- 全年调整后EPS指引上调至8.89-9.01美元，但上沿才等于9.01美元一致预期，难形成明显超预期重估。
- 三季度调整后EPS指引2.28-2.34美元低于2.43美元一致预期，抵消了二季度小幅 beat 和全年回报计划的正面信息。
主要风险
- 财报为排期内披露，市场通常已预期并在盘前快速定价，缺少低扩散事件窗口。
- 若电话会给出超预期RevPAR或资本回报细节，可能改变盘前初判。
原文全文
展开原文 · 2,753 字
- Hilton Worldwide press release (HLT): Q2 Non-GAAP EPS of $2.29 beats by $0.02.
- Revenue of $3.34B (+6.4% Y/Y) beats by $20M.
- Adjusted EBITDA was $1,054 million for the second quarter
- System-wide comparable RevPAR increased 3.9 percent, on a currency neutral basis, for the second quarter compared to the same period in 2025.
- Approved 42,900 new rooms for development during the second quarter, bringing our development pipeline to 541,300 rooms as of June 30, 2026, representing growth of 6 percent from June 30, 2025
- Added 24,100 rooms to our system, resulting in 21,600 net additional rooms for the second quarter, contributing to net unit growth of 6.1 percent from June 30, 2025.
- Full year 2026 system-wide RevPAR is projected to increase between 3.0 percent and 3.5 percent on a comparable and currency neutral basis compared to 2025; full year net income is projected to be between $1,883 million and $1,911 million; full year Adjusted EBITDA is projected to be between $4,040 million and $4,080 million.
- Full year 2026 capital return is projected to be approximately $3.5 billion.
-
Full Year 2026
- System-wide comparable RevPAR, on a currency neutral basis, is projected to increase between 3.0 percent and 3.5 percent compared to 2025.
- Outlook reflects expected third quarter benefits from the World Cup and favorable calendar shifts, while the fourth quarter is expected to be affected by unfavorable calendar shifts and midterm elections.
- Diluted EPS is projected to be between $8.22 and $8.35.
- Diluted EPS, adjusted for special items, is projected to be between $8.89 and $9.01 (prior $8.79 and $8.91) vs. $9.01 consensus .
- Net income is projected to be between $1,883 million and $1,911 million.
- Adjusted EBITDA is projected to be between $4,040 million and $4,080 million.
- Contract acquisition costs and capital expenditures, excluding amounts reimbursed by third parties, are projected to be approximately $300 million.
- Capital return is projected to be approximately $3.5 billion.
- General and administrative expenses are projected to be approximately $400 million.
- Net unit growth is projected to be between 6.0 percent and 7.0 percent, with the second half of 2026 expected to outperform the first half of the year.
Third Quarter 2026
- System-wide comparable RevPAR, on a currency neutral basis, is projected to increase approximately 4.0 percent compared to the third quarter of 2025.
- Diluted EPS is projected to be between $2.20 and $2.26.
- Diluted EPS, adjusted for special items, is projected to be between $2.28 and $2.34 vs. $2.43 consensus.
- Net income is projected to be between $502 million and $516 million.
- Adjusted EBITDA is projected to be between $1,035 million and $1,055 million.
- Revenue of $3.34B (+6.4% Y/Y) beats by $20M.
- Adjusted EBITDA was $1,054 million for the second quarter
- System-wide comparable RevPAR increased 3.9 percent, on a currency neutral basis, for the second quarter compared to the same period in 2025.
- Approved 42,900 new rooms for development during the second quarter, bringing our development pipeline to 541,300 rooms as of June 30, 2026, representing growth of 6 percent from June 30, 2025
- Added 24,100 rooms to our system, resulting in 21,600 net additional rooms for the second quarter, contributing to net unit growth of 6.1 percent from June 30, 2025.
- Full year 2026 system-wide RevPAR is projected to increase between 3.0 percent and 3.5 percent on a comparable and currency neutral basis compared to 2025; full year net income is projected to be between $1,883 million and $1,911 million; full year Adjusted EBITDA is projected to be between $4,040 million and $4,080 million.
- Full year 2026 capital return is projected to be approximately $3.5 billion.
-
Full Year 2026
- System-wide comparable RevPAR, on a currency neutral basis, is projected to increase between 3.0 percent and 3.5 percent compared to 2025.
- Outlook reflects expected third quarter benefits from the World Cup and favorable calendar shifts, while the fourth quarter is expected to be affected by unfavorable calendar shifts and midterm elections.
- Diluted EPS is projected to be between $8.22 and $8.35.
- Diluted EPS, adjusted for special items, is projected to be between $8.89 and $9.01 (prior $8.79 and $8.91) vs. $9.01 consensus .
- Net income is projected to be between $1,883 million and $1,911 million.
- Adjusted EBITDA is projected to be between $4,040 million and $4,080 million.
- Contract acquisition costs and capital expenditures, excluding amounts reimbursed by third parties, are projected to be approximately $300 million.
- Capital return is projected to be approximately $3.5 billion.
- General and administrative expenses are projected to be approximately $400 million.
- Net unit growth is projected to be between 6.0 percent and 7.0 percent, with the second half of 2026 expected to outperform the first half of the year.
Third Quarter 2026
- System-wide comparable RevPAR, on a currency neutral basis, is projected to increase approximately 4.0 percent compared to the third quarter of 2025.
- Diluted EPS is projected to be between $2.20 and $2.26.
- Diluted EPS, adjusted for special items, is projected to be between $2.28 and $2.34 vs. $2.43 consensus.
- Net income is projected to be between $502 million and $516 million.
- Adjusted EBITDA is projected to be between $1,035 million and $1,055 million.
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