What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-11 compared with 2025-02-06 · 97 added, 171 removed, 226 unchanged (54% of the section changed)

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(i) management and franchise fees charged to third-party hotel owners;

(ii) licensing fees from our strategic partners, including co-branded credit card providers, strategic partner hotels and Hilton Grand Vacations Inc.

and (iii) fees for managing hotels in our ownership segment.

The ownership segment primarily derives revenues from nightly hotel room sales, food and beverage sales and other services at our consolidated owned and leased hotels.

(ii) licensing fees from our strategic partners, including co-branded credit card providers and strategic partner hotels, and Hilton Grand Vacations Inc.

and (iii) fees for managing the hotels in our ownership segment.

The ownership segment primarily derives revenues from nightly hotel room sales, food and beverage sales and other services at our consolidated hotels.

For more information regarding our segments, refer to "—Our Business—Management and Franchise" and "—Our Business—Ownership" below.

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Development pipeline

Additions (4)

1,073 139,200

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(1) Rounded to the nearest hundred.

(2) Openings include 411 hotels and approximately 19,500 rooms from strategic partner hotels.

(2) Represents room additions, net of rooms removed from our system.

During 2024, 409 hotels and approximately 19,400 rooms added were from strategic partner hotels.

Net unit growth for the year ended December 31, 2025 was 6.7 percent.

(4) Additions include 423 hotels and approximately 20,100 rooms from strategic partner hotels.

(5) The hotels in our development pipeline were under development throughout 118 countries and territories, including 25 countries and territories where we had no existing hotels, with nearly half of the rooms under construction and more than half of the rooms located outside of the U.S.

(3) The hotels in our development pipeline were under development throughout 129 countries and territories, including 26 countries and territories where we had no existing hotels, with almost half of the rooms under construction and more than half of the rooms located outside of the U.S.

Rooms under construction include rooms for hotels under construction or operating hotels that are in the process of conversion to our system.

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Countries/ Territories Properties Rooms Percentage of Total Rooms Selected Competitors (2)

17 34 8,796 0.7% Four Seasons, Mandarin Oriental, Peninsula, Ritz-Carlton,

21 39 9,688 0.7% Four Seasons, Mandarin Oriental, Ritz-Carlton,

Rosewood Hotels & Resorts, St.

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9 18 2,943 0.2% Leading Hotels of the World, Legend Preferred Hotels & Resorts, Belmond, The Luxury Collection

1 1 91 —% Firmdale Hotels, EDITION Hotels, Rosewood Hotels, One Aldwych

1 1 91 —% Firmdale Hotels, EDITION Hotels, One Aldwych

2 5 3,293 0.2% JW Marriott, Grand Hyatt, Fairmont, Intercontinental, Omni

13 43 7,581 0.6% Kimpton, Thompson Hotels, W Hotels, Virgin Hotels,

The Hoxton, SO/

98 617 227,467 17.9% Hyatt Regency, Marriott,

Omni, Sheraton, Westin

15 48 8,496 0.6% Kimpton, Thompson Hotels, W Hotels, Virgin Hotels, SO/

94 622 228,611 16.9% Hyatt Regency, Marriott, Omni, Sheraton, Westin

47 196 38,349 2.8% Autograph Collection, The Unbound Collection, Independent Hotels, MGallery, Kimpton

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62 715 160,138 11.9% Marriott, Crowne Plaza, Delta, Holiday Inn, Radisson, Sheraton, Wyndham

21 151 17,768 1.4% Joie de Vivre, Tribute Portfolio, Kimpton, Hotel Indigo, Ascend, Trademark

8 269 61,974 4.9% Hyatt Regency, Marriott, Sheraton, Westin

25 192 23,864 1.8% Joie de Vivre, Tribute Portfolio, Kimpton, Hotel Indigo, Ascend Hotel Collection, Trademark

8 270 62,316 4.6% Hyatt Regency, Marriott, Sheraton, Westin, Renaissance

1 6 1,424 0.1% AC Hotels, Aloft Hotels, Cambria, Hotel Indigo, Hyatt Centric

4 8 1,727 0.1% MAMA Shelter, CitizenM, Ace Hotels, Yotel, Freehand

64 1,060 156,471 12.3% Aloft, Courtyard by Marriott, Four Points, Holiday Inn, Hyatt Place

43 3,072 342,737 27.0% Comfort Suites, Courtyard by Marriott,

Fairfield Inn, Holiday Inn Express, Springhill Suites

1 2 268 —% Series, Unscripted, Handwritten, Ascend Hotel Collection

5 10 2,261 0.2% MAMA Shelter, CitizenM, Freehand, TRIBE Hotels

65 1,124 165,782 12.3% Aloft, Courtyard, Four Points, Holiday Inn, Hyatt Place

46 3,195 359,886 26.6% Comfort Suites, Courtyard,

Fairfield, Holiday Inn Express, Springhill Suites

7 338 32,937 2.4% Best Western, Comfort Inn, La Quinta, Sleep Inn, Wingate, Avid

9 228 20,191 1.5% Quality Inn, Baymont, Travelodge, Howard Johnson, Super 8, Days Inn

4 544 62,319 4.9% Element, Hyatt House, Residence Inn, Staybridge Suites

3 757 82,515 6.5% TownePlace Suites, Staybridge Suites, Hyatt Studios

— — — —% StudioRes, Candlewood Suites, Stay Apt Suites, ECHO Suites, Extended Stay America Premiere Suites

5 559 64,243 4.8% Element by Westin, Hyatt House, Residence Inn by Marriott, Staybridge Suites, WaterWalk

3 865 95,347 7.1% TownePlace Suites, Hyatt Studios, Candlewood Suites, Staybridge Suites, @HOME by Best Western

1 2 226 —% StudioRes, Candlewood Suites, Stay Apt Suites, Extended Stay America Premiere Suites, Sonesta Simply Suites, MainStay Suites

8 114 20,404 1.5% Disney Vacation Club, Holiday Inn Club Vacations,

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(1) Excludes 15 unbranded properties with 4,081 rooms, representing approximately 0.3% of total rooms and 509 strategic partner hotels with 23,567 rooms, representing approximately 1.8% of total rooms.

Hilton Grand Vacations is inclusive of Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club.

(2) These selected competitors exclude lesser-known regional competitors.

Waldorf Astoria Hotels & Resorts :

Waldorf Astoria Hotels & Resorts is a luxury brand with an award-winning portfolio of iconic properties with a relentless commitment to elegant service, one-of-a-kind experiences and culinary expertise in landmark destinations around the world.

Waldorf Astoria hotels deliver an effortless experience seamlessly, creating a true sense of place for guests through stunning architecture and design, the signature Peacock Alley restaurant, refined art collections, Michelin-starred dining restaurants and chef partnerships and elevated in-room amenities.

Conrad Hotels & Resorts :

Conrad Hotels & Resorts is a luxury brand that connects bold design, impactful experiences and curated contemporary art to inspire the conscientious traveler.

Found in major urban centers and resort destinations, Conrad is a place where guests are empowered to explore through intuitive service and experiences that authentically connect them with local culture.

LXR Hotels & Resorts:

LXR Hotels & Resorts is a hand-picked collection of independent and spirited luxury properties celebrating the timeless pursuit of personal adventure.

Found in alluring destinations, LXR connects legendary properties into an exclusive network of hotels that are set apart by individual design, an unrivaled commitment to personalized service and elegant, yet locally immersive, experiences for guests.

NoMad Hotels :

NoMad Hotels is a luxury brand that brings guests sophisticated offerings in some of the world's most sought-after locations.

NoMad Hotels are both grand and intimate, creating a unique blend of luxury and lifestyle experiences throughout the stay with special touches like unique local art collections featured in each property.

Signia by Hilton:

Signia by Hilton is a luxury brand with a portfolio of exceptional hotels in gateway cities and resort destinations around the world.

Each Signia by Hilton property infuses sophistication into every stay, offering top-tier meetings and event spaces, a vibrant atmosphere, exceptional amenities and personalized service catered to the needs of today's global traveler.

Canopy by Hilton:

Canopy by Hilton is an upper upscale brand that delivers elevated, boutique hotel experiences that celebrate the best of the locale.

Inviting, sophisticated design, bespoke food and beverage and crafted touchpoints deliver a locally inspired, high-end and welcoming stay.

Hilton Hotels & Resorts :

As Hilton’s flagship brand, Hilton Hotels & Resorts is the trusted global leader in hospitality.

An upper upscale brand with more than 600 hotels and resorts in nearly 100 countries and territories, Hilton Hotels & Resorts continues to set the standard for the industry and upholds Conrad Hilton’s vision to fill the earth with the light and warmth of hospitality by elevating every celebration and event, creating real human connections, and immersing guests in the best of global and local cultures in the world’s most desired destinations.

Curio Collection by Hilton :

Curio Collection by Hilton is an upper upscale brand with a global portfolio of individually remarkable hotels hand-picked to immerse guests in one-of-a-kind moments in sought-after destinations.

Each hotel in the Curio Collection evokes a bespoke story through distinctive architecture and design, world-class food and beverage and curated experiences.

Graduate by Hilton :

Graduate by Hilton is an upper upscale lifestyle brand of handcrafted hotels in dynamic, university-anchored towns.

Each Graduate hotel brings stories and traditions to life and offers the perfect setting for game days, reunions, graduations, campus visits and more.

DoubleTree by Hilton :

DoubleTree by Hilton is a fast-growing global upscale brand that continues to be a symbol of comfort for business and leisure travelers around the world, offering contemporary accommodations and amenities.

DoubleTree by Hilton is renowned for its warm, caring service, beginning with its signature welcome that includes the hotel’s famous original chocolate chip cookie, now available in an allergy-friendly option.

The inclusive service experience offers upscale food and beverage experiences and features a variety of flexible meeting spaces for events of all sizes.

Tapestry Collection by Hilton :

Tapestry Collection by Hilton is an upper upscale brand with a portfolio of original hotels that offer guests unique style and vibrant personality, encouraging travelers to connect to their destination and enjoy authentic off-the-beaten-path experiences.

While each property is unique, every Tapestry Collection by Hilton property is united by the reliability that comes with the Hilton name.

Embassy Suites by Hilton :

Embassy Suites by Hilton offers both leisure and business travelers an approachable, upper upscale experience.

As a full-service hotel, every Embassy Suites provides spacious two-room suites with separate bedroom

and living room spaces, free made-to-order breakfast each morning, complimentary drinks and snacks during evening reception every night, flexible meetings and events spaces and 24-hour fitness centers.

Tempo by Hilton:

Tempo by Hilton is an upscale, stylish and contemporary lifestyle hotel brand designed for the ambitious traveler looking to maintain a sense of balance and momentum.

Tempo by Hilton offers re-imagined guest rooms designed with well-being in mind, dynamic communal spaces for collaboration or focused work, healthy cafe-style dining, a leading-edge beverage program and next-level fitness facilities.

Motto by Hilton :

Motto by Hilton is an upper midscale brand with an urban, lifestyle feel designed to connect guests to the center of it all – buzz-worthy spaces and the pulse of the community.

Through its efficient guest rooms, lively common spaces and locally inspired food and beverage options catering to guests and locals alike, Motto is a launchpad to destinations around the globe and delivers a flexible and innovative hospitality experience through elements like first-of-its-kind connecting rooms for up to nine rooms.

Hilton Garden Inn :

Hilton Garden Inn is an award-winning, upscale brand where guests find an open, inviting atmosphere with warm, glowing service and simple, thoughtful touches that allow them to socialize and unwind.

As a recognized leader in food and beverage offerings, Hilton Garden Inn caters to guests' dining needs by serving cooked-to-order breakfast and offering handcrafted cocktails, shareable small plates and full meals at its on-site restaurants and bars.

Flexible meeting space, free Wi-Fi, wireless printing and fitness centers are offered to help guests stay productive.

Hampton by Hilton :

Hampton by Hilton is our largest brand and includes both Hampton Inn and Hampton Inn & Suites hotels, with properties located on five continents.

Recognized as a leading upper midscale brand in the lodging industry, Hampton has been ranked the #1 lodging brand to franchise by Entrepreneur for 16 consecutive years.

Hampton by Hilton hotels around the world provide guests high-quality and thoughtfully designed accommodations, friendly and authentic service and value-added amenities, like complimentary hot breakfast and free Wi-Fi, all backed by the 100% Hampton Guarantee.

Tru by Hilton:

Tru by Hilton is a game-changing, midscale hotel brand where guests don't have to compromise between a consistent, fun and affordable hotel stay.

Spirited, simplified and grounded in value, Tru by Hilton is designed for cross-generational appeal, with a large, reimagined public space where guests can work, play, lounge and eat.

Intuitively designed modern guest rooms feature a rolling desk, oversized windows for natural light and bright, spacious bathrooms.

Guests can enjoy complimentary amenities, including the build-your-own "Top It" breakfast bar featuring our tasty pancakes, a multifunctional fitness center and fast Wi-Fi.

Premium snacks, light meal options and single-serve wine and beer are available for purchase at the 24/7 Eat.

Spark by Hilton:

Spark by Hilton is a premium economy hotel brand at the intersection of value and consistency.

Spark by Hilton provides a reliable and comfortable stay at a hotel with friendly service for every guest, all at an accessible price.

Offering simple design with splashes of color and cheer, Spark by Hilton hotels provide a welcoming sense of arrival with colorful exterior statement walls and inspiring artwork.

The public spaces provide multi-functional seating, from communal tables to rocking chairs, and guest rooms are comfortable and relaxing with simple, streamlined furniture.

Travelers can enjoy complimentary breakfast with premium coffee and a signature bagel bar.

Homewood Suites by Hilton :

Homewood Suites by Hilton is an upscale, award-winning, all-suites, extended-stay hotel brand that delivers the comforts of home.

This brand offers home-like accommodations for guests and their pets traveling for an extended stay or quick overnight trip.

Guests enjoy inviting, generous-sized suites featuring separate living and sleeping areas and fully equipped kitchens with full-size refrigerators as well as value-driven amenities including free breakfast and complimentary evening receptions every week.

Home2 Suites by Hilton :

Home2 Suites by Hilton is an upper midscale, all-suites, award-winning extended-stay hotel brand offering stylish accommodations with flexible guest room configurations and home-like amenities.

With a focus on environmentally friendly products and hotel operations, Home2 Suites by Hilton offers laundry and fitness areas, outdoor spaces, pet-friendly environments and complimentary breakfast.

LivSmart Studios by Hilton:

LivSmart Studios by Hilton is a midscale, long-stay hotel brand for guests looking for comfortable apartment-style accommodations for 10 nights or more.

Offering simplicity, consistency and convenience, LivSmart Studios by Hilton will create a space where guests can seamlessly maintain their daily routines while also immersing themselves in the local community.

In addition to studio suites with ample storage space and fully equipped kitchens, the hotel will feature a streamlined public area filled with natural light that includes a retail market, a large guest laundry room and a state-of-the-art fitness center.

There will also be a spacious outdoor gathering area and comfortable seating for guests looking to

LivSmart Studios' pioneering vision for transforming the extended-stay segment is credited with Hilton’s recognition as one of Fast Company’s 2024 Most Innovative Companies.

We expect to open our first LivSmart hotel in 2025 and as of December 31, 2024 had over 75 hotels in our development pipeline.

Hilton Grand Vacations :

Our timeshare brands, including Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club, are premier vacation ownership brands known for delivering a consistently exceptional standard of service, maximum flexibility for members and guests and elegant, family-friendly resorts in desirable locations around the world.

Signature elements include spacious, well-appointed accommodations and resorts with extensive on-site amenities.

A special points-based reservation system gives owners the flexibility to vacation when, where and how they prefer.

Hilton Grand Vacations is inclusive of our timeshare brands:

Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club.

HGV has the exclusive right to use our timeshare brands, subject to the terms of a long-term license agreement with us.

(2) These selected competitors exclude lesser-known regional competitors.

Our Guest Loyalty Program

Hilton Honors is our award-winning guest loyalty program that supports our portfolio of brands.

The program generates significant repeat business by rewarding guests with points for each stay at our owned, leased, managed, franchised and timeshare properties, as well as each stay at strategic partner hotels when the stay is reserved through our booking channels, which are then redeemable for free or discounted room nights at our properties and other goods and services.

The program generates significant repeat business by rewarding guests with points for each stay at our leased, managed, franchised and timeshare properties, as well as each stay at strategic partner hotels when the stay is reserved through our booking channels, which are then redeemable for free or discounted room nights at our properties and other goods and services.

Hilton Honors members can also use points earned to transact with strategic partner hotels as well as many strategic partners, including credit card providers, such as American Express, airlines, rail and car rental companies, Amazon, Lyft and others.

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Affiliation with our loyalty program encourages members to allocate more of their travel spend to our hotels.

The percentage of travel spend we capture from loyalty members increases as they move up the tiers of our program.

The percentage of travel spend we capture from Hilton Honors members increases as they move up the tiers of our program.

The program is funded by contributions from eligible revenues generated by Hilton Honors members and collected from properties in our system, as well as our strategic partnerships.

The funds collected by the Hilton Honors program are subsequently applied to reimburse properties and strategic partners for Hilton Honors points redemptions by loyalty members and to pay for administrative expenses and marketing initiatives that support the program.

The funds collected by the Hilton Honors program are subsequently applied to reimburse properties and strategic partners for Hilton Honors points redemptions by Hilton Honors members and to pay for administrative expenses and marketing initiatives that support the program.

As of December 31, 2025, our existing system included the following properties and rooms, by type, brand and region:

Owned / Leased (1)

Ownership (1)

Managed Franchised / Licensed Total

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Tempo by Hilton — — 1 661 5 763 6 1,424

Outset Collection by Hilton

— — — — 2 268 2 268

Motto by Hilton — — — — 10 2,261 10 2,261

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Home2 Suites by Hilton — — 2 210 863 95,137 865 95,347

LivSmart Studios by Hilton — — — — 2 226 2 226

Strategic partner hotels (2)

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Total system 46 15,287 873 264,760 8,239 1,071,304 9,158 1,351,351

Owned / Leased (1)

Ownership (1)

Managed Franchised / Licensed Total

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(3) Includes other hotels in our system that are not distinguished by a specific Hilton brand.

(4) Includes properties under timeshare brands including Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club.

(4) Includes properties under our timeshare brands including Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club.

Management and Franchise

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This segment generates its revenue primarily from fees charged to hotel owners under management and franchise contracts, as well as from fees associated with license agreements, which include arrangements with strategic partner hotels.

We grow our management and franchise business by attracting owners to become a part of our system and participate in our commercial services to support their properties.

Our management and franchise contracts provide significant return on investment for us as we earn and collect fees.

We grow our management and franchise business by attracting owners and strategic partners to become a part of our system and participate in our commercial services to support their properties.

Our management and franchise contracts and license agreements provide significant return on investment for us as we earn and collect fees.

Hotel Management

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Owners are also responsible for various other fees and charges, including payments for participation in our Hilton Honors guest loyalty program, training, consultation and procurement of certain goods and services.

As of December 31, 2024, we m anaged 831 hotels with 255,291 r ooms, which does not include hotels in our ownership segment.

We also provide owners with property improvement plans that must be satisfied to keep the hotels in compliance with our brand standards, so that they can remain in our hotel system.

As of December 31, 2025, we m an aged 873 hotels with 264,760 rooms, which does not include hotels in our ownership segment.

The initial terms of our management contracts are typically 20 to 30 years.

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Performance test measures typically are based upon the hotel’s performance individually and/or in comparison to specified competitive hotels.

We often have an optional cure right to pay an amount equal to the performance shortfall over a specified period, although in some cases our cure rights are limited.

We often have an optional cure right to pay an amount equal to the performance shortfall, which is measured over a specified period, although in some cases our cure rights are limited.

We license our IP, including our brand names, trademarks and service marks, and our operating systems to hotel owners under franchise contracts.

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For newly franchised hotels, including both new construction and conversions of existing hotels outside of our system, we approve the location, as well as the plans for the facilities, to ensure the hotels meet our brand standards.

For existing franchised hotels, we provide franchisees with property improvement plans that must be completed to keep the hotels in compliance with our brand standards, so that they can remain in our hotel system.

For existing franchised hotels, we provide franchisees with property improvement plans that must be satisfied to keep the hotels in compliance with our brand standards, so that they can remain in our hotel system.

Each franchisee pays us an application, initiation or other fee in conjunction with the inception of a franchise contract.

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They are also responsible for various other fees and charges, including payments for participation in our Hilton Honors guest loyalty program, training, consultation and procurement of certain goods and services.

We also earn license fees from license agreements with strategic partners, including co-branded credit card providers and strategic partner hotels, and HGV.

As of December 31, 2024, including timeshare properties and strategic partner hotels, we franchised or licensed 7,566 hotels and resorts with 995,777 rooms.

license fees from agreements with strategic partners, including co-branded credit card providers and strategic partner hotels, and HGV.

As of December 31, 2025, including timeshare properties and strategic partner hotels, we franchised or licensed 8,239 properties and resorts with 1,071,304 rooms.

Our franchise contracts typically have initial terms of approximately 20 years for new hotels and approximately 10 to 20 years for hotels converting from hotels outside of our system.

At the expiration of the initial term, we may relicense the hotel to the franchisee, at our or the hotel owner's option or by mutual agreement, for an additional term generally ranging from 10 to 15 years.

At the expiration of the initial term, we may relicense franchise contracts to allow the franchisee to continue using our brand, at our or the franchisee's option or by mutual agreement, for an additional term generally ranging from 10 to 15 years.

We have the right to terminate a franchise contract upon specified events of default, including nonpayment of fees or noncompliance with brand standards.

If a franchise contract is terminated by us because of a franchisee’s default, the franchisee is contractually required to pay us liquidated damages.

As a hotel owner and lessee, we focus on maximizing cost efficiency and profitability of the portfolio by, among other things, maximizing hotel revenues, implementing cost-effective labor management practices and systems and reducing fixed costs.

Through our disciplined approach to hotel and asset management, we develop and execute on strategic plans for each of our hotels to enhance their competitive position and we invest in renovating guest rooms and public spaces and adding or enhancing meeting and retail space for properties where we believe such investments will improve profitability.

As of December 31, 2024, the ownership segment included 50 hotels totaling 17,138 rooms, comprising 43 hotels that we leased, two hotels that were each leased by a consolidated variable interest entity ("VIE") and five hotels owned or leased by unconsolidated affiliates.

Corporate Responsibility

Hilton strives to create long-term value for all our stakeholders and strengthen the resilience of our business while also advancing responsible travel and tourism globally through our Travel with Purpose strategy.

As one of the world’s largest hospitality companies, Hilton recognizes its responsibility to create positive environmental and social impacts across our operations, supply chain and communities to ensure our properties and surrounding communities remain vibrant and resilient for generations of travelers to come.

As a hotel lessee and operator, we focus on maximizing cost efficiency and profitability of the portfolio by, among other things, maximizing hotel revenues, implementing cost-effective labor management practices and systems and reducing fixed costs.

Through our disciplined approach to hotel and asset management, we develop and execute on strategic plans for each of our hotels to enhance their competitive position and invest in renovating guest rooms and public spaces and adding or enhancing meeting and retail space for properties where we believe such investments will improve profitability.

As of December 31, 2025, the ownership segment included 46 hotels totaling 15,287 rooms, comprising 40 hotels that we leased, 2 hotels that were each leased by a consolidated variable interest entity ("VIE") and 4 hotels owned or leased by unconsolidated affiliates.

Sustainability and Community Impact

Hilton strives to create long-term value for all our stakeholders and strengthen the resilience of our business while also advancing our positive impact and delivering meaningful guest experiences through our Travel with Purpose strategy.

As one of the world’s largest hospitality companies, Hilton recognizes its responsibility to create positive environmental and community impacts across our operations and supply chain to ensure our properties and surrounding communities remain vibrant and resilient for generations of travelers to come.

We have established and maintain a governance structure that supports our strategy by overseeing the management of the business in a manner consistent with the best interests of Hilton and our stakeholders.

We continue to make progress towards our Travel with Purpose goals, including:

(i) building a more sustainable future through destination stewardship and well-defined targets for emissions, water and waste;

(ii) supporting positive social impact by advancing careers, communities and responsible conduct;

and (iii) advancing and measuring our goals with integrity and transparency through our company policies and reporting mechanisms.

Our efforts are supported by a governance structure that is designed to ensure the objectives are an important part of our business and strategic priorities.

We continue to make progress towards our Travel with Purpose priorities, including:

(i) building opportunities for all of our people;

(ii) creating sustainable stays at our hotels;

and (iii) strengthening our communities where we live, work and stay.

All of this work is underpinned by our commitment to responsible business by operating with accountability, integrity and transparency.

Our efforts are supported by a governance structure that is designed to ensure the priorities are an important part of our business and strategic objectives.

Our executive committee receives at least quarterly updates on our Travel with Purpose programs and progress, and one of the three standing committees of Hilton's board of directors also receives quarterly reports on this progress, reviews and assesses our related strategy and makes recommendations to the board and management as appropriate.

The board of directors also receives annual updates on our Travel with Purpose strategy and impact.

The board of directors also receives at least annual updates on our Travel with Purpose strategy and impact.

LightStay is our proprietary system for measuring and reporting our progress toward our Travel with Purpose goals.

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Robust reports inform our properties of their progress on a regular basis.

The Hilton Global Foundation supports nonprofits and local community organizations that serve as partners to amplify our positive environmental and social impact around the world.

The Hilton Global Foundation supports nonprofits and local community organizations that serve as partners to amplify our positive environmental and community impact around the world.

The Hilton Global Foundation, created in 2019, is our primary international philanthropic arm and is registered as a U.S.-based 501(c)(3) charitable organization.

In 2024, the Hilton Global Foundation announced $5.3 million in grants to support environmental sustainability, hospitality career development, and community resilience.

More details about our Travel with Purpose goals and our progress toward them are reported annually in our Travel with Purpose Report, available at cr.hilton.com.

Environmental Impact

We remain focused on our goal of reducing emissions, water and waste intensity at the hotels we operate.

These efforts are supported by utility cost savings measures including HVAC controls, building automation system technologies and turnkey LED lighting, fueled by utility incentives wherever possible, to strengthen the return on investment and deliver cost savings to owners and enhance the guest experience.

We also continued to create resources that will help facilitate the efficient operation of our hotels and take steps to increase our sourcing of renewable electricity at our hotels around the world.

Additionally, through our Meet with Purpose offering, we partner with our corporate customers to quantify and plan sustainable meetings by providing them, upon request, with reporting that estimates emissions for their event, as well as options to reduce those estimated emissions.

Social Impact

With a presence in 140 countries and territories, we use our global scale to be an engine of opportunity by positively impacting our communities through local support and volunteering, creating learning and career growth opportunities, disaster relief and other economic support initiatives.

During 2024, Hilton and the Hilton Global Foundation supported our hotel teams and surrounding communities through disasters and crises, including the floods in Brazil and Hurricanes Helene and Milton that devastated parts of the southeastern U.S.

This included making a series of contributions to World Central Kitchen, supporting the delivery of meals to those in need.

Hilton also remains committed to combating human trafficking, and we require all hotel-based employees to complete an annual training on identifying signs of trafficking.

We partner with PACT, an organization dedicated to reducing trafficking and exploitation, to help prevent trafficking, and similarly collaborate on human rights initiatives through the World Sustainable Hospitality Alliance, World Travel and Tourism Council, American Hotel & Lodging Association ("AHLA") and United Kingdom ("U.K.") Stop Slavery Hotel Industry Network.

The Hilton Global Foundation continues to support the AHLA Foundation's No Room for Trafficking Survivor Fund, which aims to equip community-based organizations to engage and support trafficking survivors.

At Hilton, we prioritize responsible sourcing by requiring suppliers to comply with the standards in our Hilton Responsible Sourcing Policy, which include integrity and fair dealing, human rights, protecting personal and business information, commitment to the environment and providing a safe and healthy work environment.

See "—Human Capital Management—Career Opportunities, Development and Training" below for information on learning and career growth opportunities.

Human Capital Management

As of December 31, 2024, we employed or managed approximately 181,000 individuals at our owned, leased and managed hotels and corporate offices.

More details about our Travel with Purpose goals and our progress toward them are reported annually in our Travel with Purpose Report, available at travelwithpurpose.hilton.com.

Building Opportunities for All

As of December 31, 2025, we employed or managed approximately 182,000 individuals at our leased and managed hotels and corporate offices.

There were approximately 328,000 additional individuals employed by third-party owners working at our franchised properties.

Human Capital Management

Our human capital management strategy focuses on attracting, developing and retaining the best talent in the industry, and our executive committee reviews talent strategy and succession plans on a quarterly basis to assess current and future talent needs.

We want to build a strong employee-centered culture that creates connectivity, camaraderie and trust among all employees, which then supports our employees to deliver positive experiences to guests at our hotels.

Hilton's commitment to building strong culture focuses on creating a workplace that offers strong growth opportunities and is driven by purpose and earned Hilton recognition by Fortune magazine and Great Place to Work as the 2024 #2 World's Best Workplace and top hospitality company in the world for the eighth consecutive year.

During the year ended December 31, 2024 we saw improvements in workforce stability, with both hiring and retention volumes normalizing in comparison to pre-pandemic levels.

We want to build a strong employee-centered culture that creates connectivity, camaraderie and trust among all employees, which then supports our employees in delivering positive experiences to guests at our hotels.

Hilton's commitment to building strong culture focuses on creating a workplace that offers strong growth opportunities and is driven by purpose.

This dedication has earned Hilton global recognition as the 2025 #1 World's Best Workplace by Fortune and Great Place to Work, marking the ninth consecutive year as the top hospitality company in the world.

Hilton was recognized as a Great Place to Work in 67 countries in 2025, achieving #1 rankings in 18 markets, including the U.S.

During the year ended December 31, 2025, we continued to see sustained indicators of workforce stability, with retention improving versus last year and hiring volume aligned with normalized business operations.

We continue to review our benefits and programmatic offerings to ensure we remain competitive, are investing in our employees' development and well-being and are enhancing our recruiting strategies to tap into new pools of talent.

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and parental and bereavement leave and education resources for expecting and new parents.

We regularly survey our employees to monitor levels of engagement, trust, and management effectiveness, among other targeted topics, and use their feedback to inspire program enhancements and new offerings.

We periodically survey our employees to monitor levels of engagement, trust, and management effectiveness, among other targeted topics, and use their feedback to inspire program enhancements and new offerings.

We strive to maximize employee retention and minimize attrition with these and other measures.

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We take a broad, long-term and business-aligned approach to develop a dedicated and collaborative workforce to better serve our guests.

Our Pathway Programs help foster economic mobility in the communities in which we operate and create a more robust talent pipeline for our business drawing from underrepresented groups including veterans, which consists of individuals who have served in the military and the caregivers and spouses of those who have served in the military, as well as people with disabilities and displaced persons.

The advancement of our employees is important to us and we provide them with robust learning and development opportunities, as well as mentorship opportunities to corporate employees at all levels.

Our Pathway Programs help foster economic mobility in the communities in which we operate and create a more robust talent pipeline for our business drawing from untapped talent pipelines including veterans, which consists of individuals who have served in the military and the caregivers and spouses of those who have served in the military, as well as people with disabilities, youth and displaced persons.

The advancement of our employees is important to us and we provide them with robust learning and development opportunities, including mentorship opportunities.

We are focused on providing opportunities for the internal movement of our employees and the promotion from entry level positions into management positions at our hotels or corporate offices across the organization.

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These programs provide opportunities for participants to develop key competencies, network with and learn from senior leaders and enhance business acumen.

Creating Sustainable Stays

We remain focused on our goal of reducing emissions, water and waste intensity at the hotels we operate.

These efforts are supported by utility cost savings measures including building automation system technologies, HVAC controls and turnkey LED lighting, fueled by utility incentives wherever possible, to strengthen the return on investment and deliver cost savings to owners while enhancing the guest experience.

We also create resources that will help facilitate the efficient operation of our hotels and take steps to increase our sourcing of renewable electricity at our hotels around the world.

Additionally, we continue to implement programs to further reduce waste and to advance sustainable procurement at our hotels.

We partner with our corporate customers to support their sustainability, community impact and responsible sourcing goals.

Through our Meet with Purpose offering, we enable our customers, upon request, to quantify the estimated emissions of their events and provide options and guidance to plan more sustainable meetings.

Our Communities:

Strengthening Where We Live, Work and Stay

With a presence in 143 countries and territories, we use our global scale to be an engine of opportunity by positively impacting our communities through local support and volunteering, creating learning and career growth opportunities, disaster relief and other economic support initiatives.

During 2025, Hilton and the Hilton Global Foundation supported our hotel teams and surrounding communities through disasters and crises, including the wildfires in Los Angeles, floods in Texas and Hurricane Melissa in Jamaica.

This included donating 20 thousand room nights in partnership with American Express to support those impacted by the Los Angeles wildfires.

Additionally, the Hilton Global Foundation made a series of donations to organizations providing immediate response support, including the Los Angeles Fire Department Foundation, Community Foundation of the Texas Hill Country and Jamaica's Promise.

During 2025, our employees continued to actively volunteer in their local communities, demonstrating their commitment to creating a positive impact, and reported approximately 1.5 million volunteer hours.

Responsible Business:

Operating with Accountability, Integrity and Transparency

Hilton remains committed to combating human trafficking, and we require all hotel-based employees to complete an annual training on identifying signs of trafficking.

We partner with Protect All Children from Trafficking (PACT), an organization dedicated to reducing trafficking and exploitation, to help prevent trafficking, and similarly collaborate on human rights initiatives through the World Sustainable Hospitality Alliance, World Travel and Tourism Council, American Hotel & Lodging Association ("AHLA") and United Kingdom ("U.K.") Stop Slavery Hotel Industry Network.

The Hilton Global Foundation supports the AHLA Foundation's No Room for Trafficking Survivor Fund, which aims to equip community-based organizations to engage and support trafficking survivors.

At Hilton, we prioritize responsible sourcing by requiring suppliers to comply with the standards under our Source with Purpose program, which include integrity and fair dealing, human rights, protecting personal and business information, commitment to the environment and providing a safe and healthy work environment.

Governance, Ethics and Regulatory Compliance

As a core underpinning of our entire organization, our board of directors oversees our ethics and compliance program, which requires all Hilton employees to conduct themselves at the highest standards with respect to all ethics and compliance matters.

Our Code of Conduct establishes a set of global business principles, with our compliance organization, training, risk

management and monitoring activities tailored to address unique risks by geography, business line, function and level.

Our Code of Conduct is supported by robust compliance policies addressing risk areas such as corruption, trade sanctions, insider trading, privacy, confidential information, antitrust and escalation of concerns.

Our legal and compliance training program, which is an annual requirement for all of our employees, conveys consistent compliance standards across the organization in formats designed to target different knowledge levels, learning styles and functional needs.

Our Code of Conduct establishes a set of global business principles, with our compliance organization, training, risk management and monitoring activities tailored to address unique risks by geography, business line, function and level.

The Code of Conduct is supported by robust compliance policies addressing risk areas such as corruption, trade sanctions, insider trading, privacy, confidential information, antitrust and escalation of concerns.

An annual legal and compliance training program, which is required for all of our employees, conveys consistent compliance standards across the organization in formats designed to target different knowledge levels, learning styles and functional needs.

Our annual training calendar includes mandatory training and supplemental training that is supported by periodic company-wide awareness campaigns highlighting Hilton-specific risks and scenarios.

In governing the physical safety of our properties and teams, to help ensure the safety and security of our employees and guests, we constantly monitor threats and incidents around the world through online tools and external networks and partnerships;

support our properties globally with crisis alert communications, crisis plans and area crisis teams;

To help ensure the safety and security of our employees and guests at our properties and corporate offices, we constantly monitor threats and incidents around the world through online tools and external networks and partnerships;

support our properties and offices globally with crisis alert communications, crisis plans and area crisis teams;

provide employees with safety and security training resources;

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The Audit Committee of our board of directors receives regular updates from our legal compliance team on third-party risk and information from our confidential reporting tool.

We encounter active and robust competition as a hotel and resort manager, franchisor, owner and lessee.

We encounter active and robust competition as a hotel and resort manager, franchisor and lessee.

Competition in the hospitality industry is based on several criteria, generally including:

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Our properties and brands compete with other hotels, resorts, motels, inns and other accommodation rental services in their respective geographic markets or customer segments, including facilities owned by local interests, individuals, national and international chains, institutions, investment and pension funds and real estate investment trusts ("REITs").

We believe that our capabilities as a multi-branded manager, franchisor, owner and lessee of hotels with an associated global, system-wide guest loyalty program and commercial platform help us continue to maintain our position as one of the largest and most geographically diverse hospitality companies in the world.

We believe that our capabilities as a multi-branded manager, franchisor and lessee of hotels with an associated global, system-wide guest loyalty program and commercial platform help us continue to maintain our position as one of the largest and most geographically diverse hospitality companies in the world.

Our principal competitors include other branded and independent hotel operating companies, national and international hotel brands and ownership companies.

While local and independent brand competitors vary, on a global scale, our primary competitors are Accor S.A., Choice Hotels International, Hongkong and Shanghai Hotels, Hyatt Hotels Corporation, Intercontinental Hotel Group, Marriott International, Radisson Hotel Group and Wyndham Hotels & Resorts.

While local and independent brand competitors vary, on a global scale, our primary competitors are Accor S.A., Choice Hotels International, Hyatt Hotels Corporation, Intercontinental Hotel Group, Marriott International and Wyndham Hotels & Resorts.

The hospitality industry is seasonal in nature.

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There is a history of increases and decreases in the development and supply of and demand for hotel rooms, occupancy levels and room rates realized by hotel owners through economic cycles.

The combination of changes in economic conditions and in the supply of hotel rooms can result in significant volatility in results for owners and managers of hotel properties.

The costs of running a hotel, including personnel costs, rent, property taxes, insurance and utilities, tend to be more fixed than variable.

The combination of changes in economic conditions and in the supply of hotel rooms can result in significant volatility in results for owners, lessees and managers of hotel properties.

costs of running a hotel, including personnel costs, rent, property taxes, insurance and utilities, tend to be more fixed than variable.

As a result of such fixed costs, in a negative economic environment, the rate of decline in earnings can be higher than the rate of decline in revenues.

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Our third-party insurance policies provide coverage for claim amounts that exceed our self-insurance retentions or deductible obligations.

We maintain insurance coverage for general liability, property, business interruption, terrorism and other risks with respect to our business for all of our owned and leased hotels, and we maintain workers' compensation or equivalent coverage for all of our employees.

We also are self-insured for health coverages for some of our U.S.

We maintain insurance coverage for general liability, property, business interruption, terrorism and other risks with respect to our business for all of our consolidated hotels, and we maintain workers' compensation or equivalent coverage for all of our employees.

We are self-insured for health coverages for some of our U.S.

and Puerto Rico employees, which include those working at our corporate operations and managed hotels, with third-party insurance protection for costs over specified thresholds.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business