Filing Flows › Hilton Worldwide Holdings (HLT) › Q2 2026 › vs Q1 2026
Hilton Worldwide Holdings (HLT) Q2 2026 vs Q1 2026 (quarter over quarter)
Hilton Worldwide Holdings's revenue rose $404M (+14%) from $2.9B in Q1 2026 to $3.3B in Q2 2026. The biggest changes: Reimbursement Revenue +$227M (+13%); Total revenues excluding reimbursable revenues +$177M (+15%). Operating margin 25.7% against 23.1% (+2.6 pts).
Hilton Worldwide Holdings, Q2 2026: revenue $3.3B (+6% year over year), operating margin 25.7%, net earnings $482M, operating cash flow $472M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 25.7% | 23.1% | +2.6 pts |
| Net margin | 14.4% | 13.0% | +1.4 pts |
| Free cash flow margin | 13.8% | 20.7% | -7.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Franchise and licensing fees | $808M | $696M | $112M | +16% |
| Ownership | $311M | $249M | $62.0M | +25% |
| Base and other management fees | $99.0M | $95.0M | $4.0M | +4% |
| Other revenues | $72.0M | $66.0M | $6.0M | +9% |
| Incentive management fees | $69.0M | $76.0M | −$7.0M | -9% |
| Total revenues excluding reimbursable revenues | $1.4B | $1.2B | $177M | +15% |
| Reimbursement Revenue | $2.0B | $1.8B | $227M | +13% |
| Revenue | $3.3B | $2.9B | $404M | +14% |
| Operating profit | $858M | $678M | $180M | +27% |
| Costs & expenses | $2.5B | $2.3B | $224M | +10% |
| Pre-tax earnings | $680M | $518M | $162M | +31% |
| Other expense, net | $178M | $160M | $18.0M | +11% |
| General & admin | $114M | $103M | $11.0M | +11% |
| Other operating costs | $2.4B | $2.2B | $213M | +10% |
| Net earnings | $482M | $383M | $99.0M | +26% |
| Income tax | $198M | $135M | $63.0M | +47% |
| Depreciation & amortization | $49.0M | $50.0M | −$1.0M | -2% |
| Share-based compensation | $61.0M | $45.0M | $16.0M | +36% |
| Working capital & other | $120M | −$140M | $260M | — |
| Operating cash flow | $472M | $618M | −$146M | -24% |
| Free cash flow (OCF − capex) | $460M | $609M | −$149M | -24% |
| Capital expenditures | $12.0M | $9.0M | $3.0M | +33% |
Questions
How much did Hilton Worldwide Holdings's revenue grow quarter over quarter in Q2 2026?
Hilton Worldwide Holdings's revenue rose $404M (+14%) from $2.9B in Q1 2026 to $3.3B in Q2 2026.
What drove Hilton Worldwide Holdings's revenue change in Q2 2026?
Reimbursement Revenue +$227M (+13%); Total revenues excluding reimbursable revenues +$177M (+15%).