该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Hilton Worldwide delivered a strong Q1 2026 with revenue rising 9.0% YoY to $2.94B and net income surging 28.3% to $385M, driven by robust operating leverage and continued share buybacks that boosted EPS 35.0% to $1.66 diluted.
营收
29.37亿美元
同比 +8.98%
每股收益（稀释）
1.66美元
同比 +34.96%
营业利润
6.78亿美元
同比 +26.49%
SEC XBRL 原值
Hilton Worldwide Holdings (HLT) Q1 FY2026 营收 29.37亿美元，同比增长 9.0%。 营业利润率 23.1%，较去年同期的 19.9% 扩大 3.2 个百分点。 经营活动现金流 6.18亿美元，同比增长 36.7%。 HLT 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.29 | 2.31 | 不及预期 -0.8% |
| 2026年3月本次财报 | 2.01 | 1.99 | 超预期 +1.2% |
| 2025年12月 | 2.08 | 2.04 | 超预期 +2.0% |
| 2025年9月 | 2.11 | 2.08 | 超预期 +1.6% |
2026年3月 调整后（非 GAAP） EPS 2.01美元，分析师一致预期 1.99美元，超预期 +1.2%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 1.66美元。
由 AI 基于本次 SEC 报告整理
Total revenue grew 9.0% year-over-year to $2.937B in Q1 2026 (vs. $2.695B in Q1 2025), reflecting continued demand strength across Hilton's global hotel network and fee-based management and franchise business.
来源: 10-Q Income Statement, Q1 2026
Operating income jumped 26.5% YoY to $678M, with operating margin expanding approximately 320 basis points to 23.1% from 19.9%, demonstrating that revenue growth is flowing through to the bottom line at an accelerating rate.
来源: 10-Q Income Statement & Key Ratios, Q1 2026
Operating cash flow surged 36.7% YoY to $618M, while investing outflows were modest at -$39M, resulting in free cash flow of approximately $579M — a meaningful improvement that supports continued capital returns to shareholders.
来源: 10-Q Cash Flow Statement, Q1 2026
Hilton returned approximately $856M to shareholders in Q1 2026 through $821M in share repurchases and $35M in dividends, reflecting management's confidence in the business and contributing to the 34.4% increase in basic EPS.
来源: 10-Q Cash Flow Statement, Q1 2026
Total liabilities increased 9.2% YoY to $22.25B, deepening the negative stockholders' equity position to -$5.91B, which is characteristic of Hilton's asset-light, leverage-friendly capital structure rather than financial distress.
来源: 10-Q Balance Sheet, Q1 2026
由 AI 基于本次 SEC 报告整理 · 高 1 中 3 低 1
Hilton's stockholders' equity stands at -$5.905B, worsening 34.9% YoY from -$4.378B, driven by aggressive share buybacks and accumulated deficit. While common for asset-light hospitality companies, this limits financial flexibility and could concern lenders or counterparties in a downturn.
来源: 10-Q Balance Sheet, Q1 2026
Total liabilities grew 9.2% YoY to $22.25B against total assets of only $16.39B, resulting in a debt-to-equity ratio that is deeply negative and technically not meaningful. The company's ability to service debt depends heavily on sustained operating cash flow generation.
来源: 10-Q Balance Sheet & Key Ratios, Q1 2026
Hilton's current ratio stands at 0.61, meaning current liabilities of $4.56B significantly exceed current assets of $2.77B. While this is partially offset by strong operating cash flow, any sudden revenue disruption could create near-term liquidity stress.
来源: 10-Q Balance Sheet & Key Ratios, Q1 2026
Cash and equivalents fell 22.8% YoY to $564M from $731M, primarily as a result of $821M in share buybacks and $923M in total financing outflows. A lower cash buffer reduces the company's ability to respond to unexpected operational or macroeconomic shocks.
来源: 10-Q Balance Sheet & Cash Flow Statement, Q1 2026
A significant portion of the 34.4% basic EPS growth stems from share count reduction via buybacks rather than purely organic earnings growth. If buyback activity slows due to leverage constraints or market conditions, EPS growth could decelerate materially.
来源: 10-Q Income Statement & Cash Flow Statement, Q1 2026
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 29.37 亿美元 | 26.95 亿美元 | +8.98% |
营业利润 亿美元 | 6.78 亿美元 | 5.36 亿美元 | +26.49% |
净利润 亿美元 | 3.85 亿美元 | 3.00 亿美元 | +28.33% |
每股收益（基本） 美元 | 1.68 美元 | 1.25 美元 | +34.40% |
每股收益（稀释） 美元 | 1.66 美元 | 1.23 美元 | +34.96% |
答案基于本次 SEC 报告与本页数据