Hyatt Hotels Corp 8-K, filed Oct 29, 2026
Hyatt Hotels Corp (H)
8-K
2026-10-29
For: 2026-10-29
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Added on
October 29, 2026
About this 8-K
Hyatt Hotels Corp filed this 8-K on October 29, 2026.
Hyatt Hotels Corporation reported third-quarter RevPAR growth of 7.2%, gross fees of $327 million and Adjusted EBITDA of $295 million; 2026 Adjusted EBITDA outlook is $1,170 million to $1,200 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 29, 2026
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| | ||||||||||||||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||||||||||||||
Registrant’s telephone number, including area code: (312 ) 750-1234
Former Name or Former Address, if Changed Since Last Report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 | |||||
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for | |||||
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
Item 2.02. Results of Operations and Financial Condition.
On October 29, 2026, Hyatt Hotels Corporation (the "Company") issued a press release announcing its results for its quarter ended September 30, 2026. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On October 29, 2026, the Company published a supplemental investor presentation which may be accessed through the Company's investor relations website. A copy of the supplemental presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information furnished under Item 7.01 and Exhibit 99.2 in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | ||||||||
| 99.2 | ||||||||
| 101 | Interactive Data File - XBRL tags are embedded within the Inline XBRL document | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Hyatt Hotels Corporation | |||||||||||
Date: October 29, 2026 | By: | /s/ Joan Bottarini | |||||||||
| Joan Bottarini | |||||||||||
| Executive Vice President, Chief Financial Officer | |||||||||||
Exhibit 99.1
HYATT REPORTS THIRD QUARTER 2026 RESULTS
CHICAGO (October 29, 2026) - Hyatt Hotels Corporation ("Hyatt," "the Company," "we," "us," or "our") (NYSE: H) today reported third quarter 2026 results. Highlights include:
•Comparable system-wide hotels RevPAR increased 7.2%, compared to the third quarter of 2025
•Comparable system-wide all-inclusive resorts Net Package RevPAR decreased 2.5%, compared to the third quarter of 2025
•Net rooms growth for the trailing twelve months was 3.8%, or 3.9% excluding rooms from the Playa Hotels Acquisition that were removed from Hyatt's room count in the fourth quarter of 2025
•Pipeline of executed management or franchise contracts was approximately 158,000 rooms, an increase of 12.1%, compared to the third quarter of 2025
•Diluted EPS was $0.60 and Adjusted Diluted EPS was $1.27
•Net income attributable to Hyatt Hotels Corporation was $58 million and Adjusted Net Income was $122 million
•Gross fees were $327 million, an increase of 15.2%, compared to the third quarter of 2025
•Adjusted EBITDA was $295 million, an increase of 6.2%, compared to the third quarter of 2025, or an increase of 19% after adjusting for assets sold in 2025
•Repurchased 867,109 shares of Class A common stock during the third quarter for an aggregate purchase price of $147 million. Year-to-date through September 30, 2026, the Company returned $336 million to shareholders through dividends and share repurchases
•Full Year 2026 Outlook:
◦Comparable system-wide hotels RevPAR growth is projected to be between 5.0% and 5.5%, compared to the full year 2025
◦Net rooms growth is projected to be approximately 6%, compared to the full year 2025
◦Net income attributable to Hyatt Hotels Corporation is projected to be between $240 million and $310 million
◦Adjusted EBITDA is projected to be between $1,170 million and $1,200 million, an increase of 14% to 17%, compared to the full year 2025, after adjusting for the period of ownership of hotels acquired as part of the Playa Hotels Acquisition and assets sold in 2025
◦Capital returns to shareholders have been increased and are projected to be between $375 million and $425 million through dividends and share repurchases
Mark S. Hoplamazian, Chairman, President and Chief Executive Officer, said, "Our strong third quarter results, including 15% growth in Gross Fees, reinforce the strength of Hyatt's differentiated brands, growing commercial platform, and asset-light business model. Continued momentum across our business, a record development pipeline, and growing engagement among World of Hyatt members reflect increasing preference for our brands among guests, owners, and developers. We believe these competitive advantages position us to drive quality growth, durable fee earnings, increasing free cash flow, and long-term shareholder value."
Refer to page A-8 for a summary of special items impacting Adjusted Net Income and Adjusted Diluted EPS for the three and nine months ended September 30, 2026.
Note: All RevPAR and ADR growth percentage changes are presented in constant dollars. All Net Package RevPAR and Net Package ADR growth percentage changes are presented in reported dollars. All RevPAR and Net Package RevPAR metrics are presented on a comparable system-wide basis unless otherwise stated. This release includes references to non-GAAP financial measures; see the reconciliations and definitions beginning on page A-6.
Third Quarter Operational Commentary
•Luxury led RevPAR growth in the quarter. Leisure transient and group RevPAR each delivered strong growth, while business transient RevPAR increased in the low single digits. RevPAR in the United States grew 8.2%, reflecting the strength of the U.S. consumer and benefitting in part from the FIFA World Cup and the timing of the Jewish holidays.
•Net Package RevPAR decreased 2.5%, compared to the third quarter of 2025, primarily reflecting lower demand for travel to certain destinations in Mexico, partially offset by growth in the Caribbean and Europe.
•Gross fees increased 15.2%, compared to the third quarter of 2025, reflecting strong core business performance.
◦Base management fees increased 10.0%, driven by managed hotel RevPAR growth, strong performance in the United States, fees from the new management agreements from the Playa Hotels Acquisition, and new hotel openings.
◦Incentive management fees increased 21.9%, driven by fees from the new management agreements from the Playa Hotels Acquisition and strong performance in Asia Pacific.
◦Franchise and other fees increased 16.8%, driven by non-RevPAR fee contributions, RevPAR growth in the United States, and new hotel openings.
•Owned and leased segment Adjusted EBITDA declined 1%, compared to the third quarter of 2025, after adjusting for 2025 asset sales.
•Distribution segment Adjusted EBITDA declined, compared to the third quarter of 2025, primarily due to temporary factors, including hotel closures in Jamaica related to Hurricane Melissa and lower demand in Mexico.
Openings and Development
During the third quarter, the Company:
•Opened 3,808 rooms. Notable openings included Hyatt Vivid Punta Cana, marking the brand's debut in the Dominican Republic; Beldersoy Resort and SPA, the first Destination by Hyatt property in Uzbekistan and the country's first premium mountain resort; and Thompson Seville, a new addition to Hyatt's Lifestyle portfolio.
•Delivered strong development activity, resulting in 12% pipeline growth compared to the third quarter of 2025. During the quarter, more than half of signings within the Essentials portfolio in the United States were in new markets for Hyatt.
Balance Sheet and Liquidity
As of September 30, 2026, the Company reported the following:
•Total debt of $4.4 billion.
•Total liquidity of $1.8 billion, inclusive of:
◦$495 million of cash and cash equivalents and short-term investments; and
◦$1,347 million of available borrowing capacity under Hyatt's revolving credit facility, net of letters of credit outstanding.
•The Company repurchased $147 million of Class A common stock during the third quarter. Remaining share repurchase authorization as of September 30, 2026 totaled approximately $1.4 billion.
•The Company's board of directors has declared a cash dividend of $0.15 per share for the fourth quarter of 2026. The dividend is payable on December 7, 2026 to Class A and Class B stockholders of record as of November 23, 2026.
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2026 Outlook
| The Company is providing the following outlook for the 2026 fiscal year: | ||||||||||||||||||||
| 2026 Outlook | 2025 | Change vs. 2025 | ||||||||||||||||||
System-Wide Hotels RevPAR Growth | 5.0% to 5.5% | |||||||||||||||||||
| Net Rooms Growth | Approx. 6% | |||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Net income attributable to Hyatt Hotels Corporation | $240 - $310 | $(52) | ||||||||||||||||||
| Gross Fees | $1,320 - $1,335 | $1,198 | 10% to 11% | |||||||||||||||||
Adjusted G&A Expenses1 | $440 - $445 | $445 | (1)% to 0% | |||||||||||||||||
Adjusted EBITDA1,2 | $1,170 - $1,200 | $1,0253 | 14% to 17%3 | |||||||||||||||||
| Capital Expenditures | Approx. $130 | $220 | Approx. (41)% | |||||||||||||||||
Adjusted Free Cash Flow1 | $580 - $630 | $474 | 22% to 33% | |||||||||||||||||
Capital Returns to Shareholders4 | $375 - $425 | |||||||||||||||||||
1 Refer to the tables on page A-12 for a reconciliation of estimated net income attributable to Hyatt Hotels Corporation to Adjusted EBITDA, G&A expenses to Adjusted G&A Expenses, and net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow.
2 During the nine months ended September 30, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability.
3 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa Hotels Acquisition and the impact of assets sold in 2025. Refer to page A-11 for further details.
4 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.
•The increase in the System-Wide Hotels RevPAR growth outlook reflects the strong third quarter performance and sustained momentum following the Labor Day holiday. The full-year outlook assumes moderately stronger growth in the United States compared to international markets, with United States RevPAR now expected to grow between 5% and 6% for the full year.
•Net Package RevPAR is expected to return to growth in the fourth quarter and remain positive for the full year, as booking trends in Mexico continue to improve sequentially.
•The Net Rooms Growth outlook reflects an anticipated acceleration in the fourth quarter, supported by the timing of expected openings, continued momentum in conversion activity, and the shorter-term nature of these deals.
•The Gross Fees outlook reflects the strength in the core fee business, offsetting the temporary impacts from lower demand in Mexico, the conflict in the Middle East, and the timing of certain hotel openings.
•The Adjusted EBITDA outlook reflects the strong Gross Fees outlook, partially offset by an expected decline of approximately $30 million in Distribution segment Adjusted EBITDA for the full year compared to 2025, a $5 million incremental decline compared to our prior outlook, driven by lower demand in Mexico.
No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 outlook. The Company's 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.
3
Conference Call Information
The Company will hold an investor conference call this morning, October 29, 2026, at 9:00 a.m. CT.
A live webcast of the conference call will be available on the Company's Investor Relations website at investors.hyatt.com. An archive of the webcast will be available for 90 days.
Alternatively, participants may join the conference call by dialing 833.461.5787 (U.S. toll-free) or 585.542.9983 (international) using Conference ID: 557276147. Participants joining by telephone should dial in at least 15 minutes prior to the scheduled start time.
A telephone replay will be available for one week, beginning Thursday, October 29, 2026 at 10:30 a.m. CT by dialing 833.309.1852 (U.S. toll-free) or 929.828.5978 (international) using Conference ID: 557276147.
Investor Contact
•Mike Cieplak, 312.780.6209, mike.cieplak@hyatt.com
•Ryan Nuckols, 312.780.5784, ryan.nuckols@hyatt.com
Media Contact
•Franziska Weber, 312.780.6106, franziska.weber@hyatt.com
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, outlook, the number of properties we expect to open in the future, the expected timing and payment of dividends, the Company's 2026 outlook, including the Company's expected System-wide Hotels RevPAR Growth, Net Rooms Growth, Net Income, Gross Fees, Adjusted G&A Expenses, Adjusted EBITDA, Capital Expenditures, and Adjusted Free Cash Flow, expected capital returns to shareholders, financial performance, prospective or future events and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; reduced travel demand to certain destinations; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the impact of government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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Non-GAAP Financial Measures
The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP") in this press release, including: Adjusted Net Income; Adjusted Diluted EPS; Adjusted EBITDA; Adjusted G&A Expenses; Free Cash Flow; and Adjusted Free Cash Flow. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.
Availability of Information on Hyatt's Website and Social Media Channels
Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (facebook.com/hyatt); the Hyatt Instagram account (instagram.com/hyatt); the Hyatt LinkedIn account (linkedin.com/company/hyatt); the Hyatt TikTok account (tiktok.com/@hyatt); the Hyatt X account (x.com/hyatt); and the Hyatt YouTube account (youtube.com/user/hyatt)) as a means of disclosing information about the Company's business to its guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of Hyatt's website at investors.hyatt.com. The contents of these websites are not incorporated by reference into this press release or any report or document Hyatt files with the SEC, and any references to the websites are intended to be inactive textual references only.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of September 30, 2026, the Company's portfolio included more than 1,500 hotels and all-inclusive properties in 84 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX®, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid® Hotels & Resorts, Bahia Principe Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Unscripted by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios®, Hyatt Select®, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith®, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.
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Hyatt Hotels Corporation
Table of Contents
Financial Information
(unaudited)
| Schedule | Page | ||||
Percentages on the following schedules may not recompute due to rounding. Not meaningful percentage changes are presented as "NM".
6
Hyatt Hotels Corporation
Condensed Consolidated Statements of Income (Loss)
(unaudited)
(in millions, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| REVENUES: | |||||||||||||||||||||||
| Base management fees | $ | 117 | $ | 107 | $ | 368 | $ | 334 | |||||||||||||||
| Incentive management fees | 65 | 53 | 215 | 191 | |||||||||||||||||||
| Franchise and other fees | 145 | 123 | 401 | 366 | |||||||||||||||||||
| Gross fees | 327 | 283 | 984 | 891 | |||||||||||||||||||
| Contra revenue | (18) | (34) | (58) | (69) | |||||||||||||||||||
| Net fees | 309 | 249 | 926 | 822 | |||||||||||||||||||
| Owned and leased | 271 | 429 | 764 | 952 | |||||||||||||||||||
| Distribution | 168 | 192 | 667 | 769 | |||||||||||||||||||
| Other revenues | — | 13 | — | 35 | |||||||||||||||||||
| Revenues for reimbursed costs | 995 | 903 | 2,963 | 2,734 | |||||||||||||||||||
| Total revenues | 1,743 | 1,786 | 5,320 | 5,312 | |||||||||||||||||||
| DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES: | |||||||||||||||||||||||
| General and administrative | 102 | 138 | 412 | 416 | |||||||||||||||||||
| Owned and leased | 222 | 346 | 645 | 786 | |||||||||||||||||||
| Distribution | 149 | 169 | 592 | 654 | |||||||||||||||||||
| Other direct costs | — | 22 | — | 66 | |||||||||||||||||||
| Transaction and integration costs | 8 | 25 | 32 | 130 | |||||||||||||||||||
| Depreciation and amortization | 72 | 83 | 221 | 245 | |||||||||||||||||||
| Reimbursed costs | 988 | 905 | 2,971 | 2,756 | |||||||||||||||||||
| Total direct and general and administrative expenses | 1,541 | 1,688 | 4,873 | 5,053 | |||||||||||||||||||
| Net gains (losses) and interest income from marketable securities held to fund rabbi trusts | (9) | 22 | 37 | 41 | |||||||||||||||||||
| Equity earnings (losses) from unconsolidated hospitality ventures | (3) | (34) | (5) | (40) | |||||||||||||||||||
| Interest expense | (65) | (90) | (194) | (230) | |||||||||||||||||||
| Gains (losses) on sales of real estate and other | (6) | — | (4) | (2) | |||||||||||||||||||
| Asset impairments | (64) | (9) | (90) | (23) | |||||||||||||||||||
| Other income (loss), net | 24 | (4) | 127 | 68 | |||||||||||||||||||
| Income (loss) before income taxes | 79 | (17) | 318 | 73 | |||||||||||||||||||
| Provision for income taxes | (18) | (33) | (107) | (103) | |||||||||||||||||||
| Net income (loss) | $ | 61 | $ | (50) | $ | 211 | $ | (30) | |||||||||||||||
| Net income (loss) attributable to noncontrolling interests | $ | 3 | $ | (1) | $ | 5 | $ | 2 | |||||||||||||||
| Net income (loss) attributable to Hyatt Hotels Corporation | $ | 58 | $ | (49) | $ | 206 | $ | (32) | |||||||||||||||
| EARNINGS (LOSSES) PER CLASS A AND CLASS B SHARE: | |||||||||||||||||||||||
Net income (loss) attributable to Hyatt Hotels Corporation—Basic | $ | 0.61 | $ | (0.51) | $ | 2.19 | $ | (0.34) | |||||||||||||||
Net income (loss) attributable to Hyatt Hotels Corporation—Diluted | $ | 0.60 | $ | (0.51) | $ | 2.13 | $ | (0.34) | |||||||||||||||
| Basic weighted-average shares outstanding | 94.0 | 95.5 | 94.3 | 95.7 | |||||||||||||||||||
| Diluted weighted-average shares outstanding | 96.3 | 95.5 | 96.5 | 95.7 | |||||||||||||||||||
A - 1
Hyatt Hotels Corporation
Comparable System-wide Hotels Operating Statistics by Geography
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| (in constant $) | RevPAR | Occupancy | ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| System-wide hotels (a) | $ | 154.80 | 7.2 | % | 73.6 | % | 1.1 | % pts | $ | 210.36 | 5.7 | % | ||||||||||||||
| United States | $ | 162.46 | 8.2 | % | 73.4 | % | 1.5 | % pts | $ | 221.20 | 5.9 | % | ||||||||||||||
| Americas (excluding U.S.) | $ | 171.72 | 9.2 | % | 70.1 | % | 2.7 | % pts | $ | 245.04 | 4.9 | % | ||||||||||||||
| Greater China | $ | 94.89 | 2.1 | % | 74.9 | % | (0.7) | % pts | $ | 126.61 | 3.0 | % | ||||||||||||||
| Asia Pacific (excluding Greater China) | $ | 151.18 | 10.8 | % | 75.2 | % | 1.9 | % pts | $ | 200.93 | 8.0 | % | ||||||||||||||
| Europe | $ | 239.22 | 4.3 | % | 77.6 | % | 0.5 | % pts | $ | 308.21 | 3.5 | % | ||||||||||||||
| Middle East & Africa | $ | 100.30 | (0.7) | % | 62.1 | % | (3.5) | % pts | $ | 161.43 | 4.9 | % | ||||||||||||||
| Owned and leased hotels (b) | $ | 226.39 | 6.0 | % | 74.8 | % | 0.6 | % pts | $ | 302.85 | 5.2 | % | ||||||||||||||
| (in reported $) | Net Package RevPAR | Occupancy | Net Package ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| System-wide all-inclusive resorts (c) | $ | 187.19 | (2.5) | % | 69.6 | % | (4.0) | % pts | $ | 268.87 | 3.0 | % | ||||||||||||||
| Americas (excluding U.S.) | $ | 169.55 | (5.0) | % | 60.8 | % | (6.0) | % pts | $ | 279.03 | 4.4 | % | ||||||||||||||
| Europe (d) | $ | 226.95 | 2.1 | % | 89.6 | % | 0.7 | % pts | $ | 253.34 | 1.3 | % | ||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||
| (in constant $) | RevPAR | Occupancy | ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| System-wide hotels (a) | $ | 151.90 | 6.3 | % | 71.5 | % | 1.0 | % pts | $ | 212.33 | 4.7 | % | ||||||||||||||
| United States | $ | 158.07 | 6.1 | % | 71.3 | % | 0.8 | % pts | $ | 221.81 | 4.9 | % | ||||||||||||||
| Americas (excluding U.S.) | $ | 190.98 | 8.3 | % | 70.5 | % | 2.5 | % pts | $ | 270.87 | 4.4 | % | ||||||||||||||
| Greater China | $ | 93.61 | 7.0 | % | 73.1 | % | 2.1 | % pts | $ | 128.14 | 3.9 | % | ||||||||||||||
| Asia Pacific (excluding Greater China) | $ | 157.77 | 10.9 | % | 75.2 | % | 2.9 | % pts | $ | 209.71 | 6.5 | % | ||||||||||||||
| Europe | $ | 204.39 | 5.5 | % | 72.0 | % | 1.7 | % pts | $ | 283.74 | 3.0 | % | ||||||||||||||
| Middle East & Africa | $ | 114.96 | (10.8) | % | 58.4 | % | (8.6) | % pts | $ | 196.89 | 2.3 | % | ||||||||||||||
| Owned and leased hotels (b) | $ | 220.46 | 7.7 | % | 73.1 | % | 1.0 | % pts | $ | 301.76 | 6.3 | % | ||||||||||||||
| (in reported $) | Net Package RevPAR | Occupancy | Net Package ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| System-wide all-inclusive resorts (c) | $ | 219.78 | 1.6 | % | 74.8 | % | (2.0) | % pts | $ | 293.81 | 4.3 | % | ||||||||||||||
| Americas (excluding U.S.) | $ | 232.48 | 0.7 | % | 71.7 | % | (2.5) | % pts | $ | 324.20 | 4.2 | % | ||||||||||||||
| Europe (d) | $ | 184.78 | 4.9 | % | 83.3 | % | (0.6) | % pts | $ | 221.74 | 5.6 | % | ||||||||||||||
(a) Consists of hotels that the Company manages, franchises, owns, leases, or provides services to, excluding all-inclusive properties.
(b) Excludes unconsolidated hospitality ventures and all-inclusive leased properties.
(c) Consists of all-inclusive properties that the Company manages, leases, or provides services to.
(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
A - 2
Hyatt Hotels Corporation
Comparable System-wide Hotels Operating Statistics by Brand
| Chain scale classification as defined by Smith Travel Research, excluding all-inclusive | Three Months Ended September 30, | |||||||||||||||||||||||||
| (in constant $) | RevPAR | Occupancy | ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| Composite Luxury (a) | $ | 216.56 | 8.8 | % | 72.3 | % | 1.1 | % pts | $ | 299.38 | 7.1 | % | ||||||||||||||
| Grand Hyatt | $ | 178.68 | 7.2 | % | 74.1 | % | 1.1 | % pts | $ | 240.99 | 5.5 | % | ||||||||||||||
| Park Hyatt | $ | 298.63 | 10.4 | % | 70.1 | % | 2.6 | % pts | $ | 425.88 | 6.3 | % | ||||||||||||||
| The Unbound Collection by Hyatt | $ | 278.00 | 9.6 | % | 71.1 | % | 2.4 | % pts | $ | 391.20 | 5.9 | % | ||||||||||||||
| Composite Upper Upscale (b) | $ | 152.44 | 6.7 | % | 72.2 | % | 1.1 | % pts | $ | 211.14 | 5.1 | % | ||||||||||||||
| Hyatt Centric | $ | 158.58 | 10.3 | % | 77.3 | % | 2.6 | % pts | $ | 205.10 | 6.5 | % | ||||||||||||||
| Hyatt Regency | $ | 147.03 | 5.8 | % | 70.9 | % | 0.7 | % pts | $ | 207.25 | 4.7 | % | ||||||||||||||
| JdV by Hyatt | $ | 143.37 | 11.7 | % | 74.0 | % | 4.2 | % pts | $ | 193.77 | 5.5 | % | ||||||||||||||
| Composite Upscale (c) | $ | 118.60 | 6.1 | % | 76.1 | % | 0.9 | % pts | $ | 155.90 | 4.8 | % | ||||||||||||||
| Hyatt House | $ | 138.99 | 8.8 | % | 80.6 | % | 2.3 | % pts | $ | 172.51 | 5.8 | % | ||||||||||||||
| Hyatt Place | $ | 112.34 | 5.1 | % | 74.7 | % | 0.4 | % pts | $ | 150.40 | 4.5 | % | ||||||||||||||
| Composite Upper Midscale (d) | $ | 48.57 | 3.3 | % | 79.4 | % | 1.7 | % pts | $ | 61.20 | 1.1 | % | ||||||||||||||
| UrCove | $ | 47.05 | 4.8 | % | 80.8 | % | 2.2 | % pts | $ | 58.21 | 1.9 | % | ||||||||||||||
| (in reported $) | Net Package RevPAR | Occupancy | Net Package ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| Composite All-inclusive (e) | $ | 187.19 | (2.5) | % | 69.6 | % | (4.0) | % pts | $ | 268.87 | 3.0 | % | ||||||||||||||
| Dreams Resorts & Spas | $ | 171.66 | (6.8) | % | 60.0 | % | (7.8) | % pts | $ | 286.20 | 5.4 | % | ||||||||||||||
| Secrets Resorts & Spas | $ | 246.98 | (4.5) | % | 67.8 | % | (5.4) | % pts | $ | 364.46 | 3.1 | % | ||||||||||||||
| Alua Hotels & Resorts | $ | 201.37 | 3.6 | % | 91.9 | % | 0.8 | % pts | $ | 219.09 | 2.7 | % | ||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||
| (in constant $) | RevPAR | Occupancy | ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| Composite Luxury (a) | $ | 218.19 | 8.1 | % | 71.6 | % | 1.3 | % pts | $ | 304.64 | 6.1 | % | ||||||||||||||
| Grand Hyatt | $ | 192.51 | 7.8 | % | 74.1 | % | 1.7 | % pts | $ | 259.77 | 5.3 | % | ||||||||||||||
| Park Hyatt | $ | 314.28 | 10.7 | % | 69.3 | % | 1.4 | % pts | $ | 453.40 | 8.4 | % | ||||||||||||||
| The Unbound Collection by Hyatt | $ | 230.86 | 10.9 | % | 66.9 | % | 3.6 | % pts | $ | 344.85 | 4.9 | % | ||||||||||||||
| Composite Upper Upscale (b) | $ | 149.09 | 5.9 | % | 70.2 | % | 1.0 | % pts | $ | 212.36 | 4.4 | % | ||||||||||||||
| Hyatt Centric | $ | 157.93 | 7.9 | % | 75.5 | % | 2.9 | % pts | $ | 209.29 | 3.8 | % | ||||||||||||||
| Hyatt Regency | $ | 145.05 | 5.6 | % | 69.1 | % | 0.6 | % pts | $ | 209.90 | 4.6 | % | ||||||||||||||
| JdV by Hyatt | $ | 130.83 | 10.1 | % | 70.1 | % | 3.8 | % pts | $ | 186.65 | 4.1 | % | ||||||||||||||
| Composite Upscale (c) | $ | 112.79 | 4.2 | % | 72.9 | % | 0.6 | % pts | $ | 154.61 | 3.3 | % | ||||||||||||||
| Hyatt House | $ | 131.34 | 6.0 | % | 76.5 | % | 1.2 | % pts | $ | 171.59 | 4.3 | % | ||||||||||||||
| Hyatt Place | $ | 106.90 | 3.4 | % | 71.8 | % | 0.2 | % pts | $ | 148.81 | 3.0 | % | ||||||||||||||
| Composite Upper Midscale (d) | $ | 46.41 | 5.9 | % | 76.6 | % | 4.1 | % pts | $ | 60.54 | 0.1 | % | ||||||||||||||
| UrCove | $ | 44.94 | 8.2 | % | 78.0 | % | 4.7 | % pts | $ | 57.58 | 1.6 | % | ||||||||||||||
| (in reported $) | Net Package RevPAR | Occupancy | Net Package ADR | |||||||||||||||||||||||
| 2026 | vs. 2025 | 2026 | vs. 2025 | 2026 | vs. 2025 | |||||||||||||||||||||
| Composite All-inclusive (e) | $ | 219.78 | 1.6 | % | 74.8 | % | (2.0) | % pts | $ | 293.81 | 4.3 | % | ||||||||||||||
| Dreams Resorts & Spas | $ | 230.24 | (0.5) | % | 70.6 | % | (3.1) | % pts | $ | 326.28 | 3.9 | % | ||||||||||||||
| Secrets Resorts & Spas | $ | 324.04 | 0.4 | % | 73.9 | % | (2.7) | % pts | $ | 438.33 | 4.1 | % | ||||||||||||||
| Alua Hotels & Resorts | $ | 152.73 | 5.4 | % | 86.2 | % | (0.6) | % pts | $ | 177.15 | 6.2 | % | ||||||||||||||
(a) Includes Alila, Andaz, Destination by Hyatt, Grand Hyatt, Miraval, Park Hyatt, The Unbound Collection by Hyatt, and Thompson Hotels.
(b) Includes Dream Hotels, Hyatt, Hyatt Centric, Hyatt Regency, and JdV by Hyatt.
(c) Includes Hyatt House, Hyatt Place, Me and All Hotels, and Unscripted by Hyatt.
(d) Includes Hyatt Select and UrCove.
(e) Includes Alua Hotels & Resorts, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Zilara, Hyatt Ziva, Impression by Secrets, Secrets Resorts & Spas, Sunscape Resorts & Spas, Zoëtry Wellness & Spa Resorts, Hyatt Vivid Hotels & Resorts, Bahia Principe Hotels & Resorts, and certain hotels within the Grand Hyatt brand operating under an all-inclusive model. Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
A - 3
Hyatt Hotels Corporation
Properties and Rooms by Geography
| September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| Managed (a) | Franchised | Owned and Leased (b) | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Properties | Rooms | Properties | Rooms | Properties | Rooms | Properties | Rooms | ||||||||||||||||||||||||||||||||||||||||
| Geography: | |||||||||||||||||||||||||||||||||||||||||||||||
| United States | 172 | 63,529 | 575 | 103,196 | 14 | 5,672 | 761 | 172,397 | |||||||||||||||||||||||||||||||||||||||
| Americas (excluding U.S.) | 39 | 10,242 | 56 | 9,175 | 4 | 1,197 | 99 | 20,614 | |||||||||||||||||||||||||||||||||||||||
| Greater China | 119 | 35,246 | 109 | 17,878 | — | — | 228 | 53,124 | |||||||||||||||||||||||||||||||||||||||
| Asia Pacific (excluding Greater China) | 148 | 35,070 | 15 | 4,321 | — | — | 163 | 39,391 | |||||||||||||||||||||||||||||||||||||||
| Europe | 56 | 12,468 | 71 | 12,432 | 4 | 1,059 | 131 | 25,959 | |||||||||||||||||||||||||||||||||||||||
| Middle East & Africa | 45 | 10,144 | 6 | 1,292 | — | — | 51 | 11,436 | |||||||||||||||||||||||||||||||||||||||
| System-wide hotels (c) | 579 | 166,699 | 832 | 148,294 | 22 | 7,928 | 1,433 | 322,921 | |||||||||||||||||||||||||||||||||||||||
| Americas (excluding U.S.) | 102 | 42,963 | — | — | — | — | 102 | 42,963 | |||||||||||||||||||||||||||||||||||||||
| Europe (d) | 43 | 13,109 | — | — | 6 | 1,224 | 49 | 14,333 | |||||||||||||||||||||||||||||||||||||||
| System-wide all-inclusive resorts | 145 | 56,072 | — | — | 6 | 1,224 | 151 | 57,296 | |||||||||||||||||||||||||||||||||||||||
| System-wide (e) | 724 | 222,771 | 832 | 148,294 | 28 | 9,152 | 1,584 | 380,217 | |||||||||||||||||||||||||||||||||||||||
| Mr & Mrs Smith (f) | 1,256 | 42,581 | |||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Vacation Club | 22 | 1,993 | |||||||||||||||||||||||||||||||||||||||||||||
| Residential | 44 | 4,919 | |||||||||||||||||||||||||||||||||||||||||||||
(a) Includes properties that the Company manages or provides services to.
(b) Figures do not include unconsolidated hospitality ventures.
(c) Figures do not include all-inclusive properties.
(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(e) Figures do not include Mr & Mrs Smith, Hyatt Vacation Club, and certain residential units.
(f) Represents unaffiliated Mr & Mrs Smith properties available through hyatt.com, which are not reflected in the system-wide figures above. At September 30, 2026, the Mr & Mrs Smith platform included approximately 2,500 properties (or approximately 115,000 rooms) that pay commissions through the Company's distribution segment revenues.
A - 4
Hyatt Hotels Corporation
Properties and Rooms by Brand
| September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| Managed (a) | Franchised | Owned and Leased (b) | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Brands by Chain Scale: | Properties | Rooms | Properties | Rooms | Properties | Rooms | Properties | Rooms | |||||||||||||||||||||||||||||||||||||||
| Luxury (c) | |||||||||||||||||||||||||||||||||||||||||||||||
| Alila | 18 | 2,127 | — | — | — | — | 18 | 2,127 | |||||||||||||||||||||||||||||||||||||||
| Andaz | 29 | 6,667 | 1 | 715 | 2 | 507 | 32 | 7,889 | |||||||||||||||||||||||||||||||||||||||
| Destination by Hyatt | 12 | 2,671 | 14 | 4,659 | — | — | 26 | 7,330 | |||||||||||||||||||||||||||||||||||||||
| Grand Hyatt | 61 | 31,840 | 5 | 1,859 | 2 | 904 | 68 | 34,603 | |||||||||||||||||||||||||||||||||||||||
| Miraval | 1 | 180 | — | — | 3 | 383 | 4 | 563 | |||||||||||||||||||||||||||||||||||||||
| Park Hyatt | 48 | 8,835 | — | — | 3 | 549 | 51 | 9,384 | |||||||||||||||||||||||||||||||||||||||
| The Unbound Collection by Hyatt | 18 | 3,280 | 36 | 6,423 | — | — | 54 | 9,703 | |||||||||||||||||||||||||||||||||||||||
| Thompson Hotels | 16 | 3,321 | 3 | 634 | — | — | 19 | 3,955 | |||||||||||||||||||||||||||||||||||||||
| Upper Upscale (c) | |||||||||||||||||||||||||||||||||||||||||||||||
| Bunkhouse | 9 | 454 | — | — | — | — | 9 | 454 | |||||||||||||||||||||||||||||||||||||||
| Dream Hotels | 4 | 809 | 1 | 178 | — | — | 5 | 987 | |||||||||||||||||||||||||||||||||||||||
| Hyatt | 7 | 1,206 | 6 | 969 | 1 | 1,298 | 14 | 3,473 | |||||||||||||||||||||||||||||||||||||||
| Hyatt Centric | 34 | 7,026 | 38 | 7,800 | 1 | 138 | 73 | 14,964 | |||||||||||||||||||||||||||||||||||||||
| Hyatt Regency | 175 | 73,418 | 67 | 24,407 | 6 | 3,355 | 248 | 101,180 | |||||||||||||||||||||||||||||||||||||||
| JdV by Hyatt | 14 | 2,267 | 40 | 6,440 | — | — | 54 | 8,707 | |||||||||||||||||||||||||||||||||||||||
| The Standard | 9 | 1,386 | 3 | 580 | — | — | 12 | 1,966 | |||||||||||||||||||||||||||||||||||||||
| The StandardX | 2 | 187 | — | — | — | — | 2 | 187 | |||||||||||||||||||||||||||||||||||||||
| Upscale (c) | |||||||||||||||||||||||||||||||||||||||||||||||
| Caption by Hyatt | 3 | 623 | 3 | 500 | — | — | 6 | 1,123 | |||||||||||||||||||||||||||||||||||||||
| Hyatt House | 23 | 3,216 | 129 | 18,017 | — | — | 152 | 21,233 | |||||||||||||||||||||||||||||||||||||||
| Hyatt Place | 90 | 15,235 | 369 | 52,814 | 4 | 794 | 463 | 68,843 | |||||||||||||||||||||||||||||||||||||||
| Me and All Hotels | — | — | 9 | 1,646 | — | — | 9 | 1,646 | |||||||||||||||||||||||||||||||||||||||
| Unscripted by Hyatt | 6 | 1,598 | 5 | 512 | — | — | 11 | 2,110 | |||||||||||||||||||||||||||||||||||||||
| Upper Midscale (c) | |||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Select | — | — | 10 | 1,038 | — | — | 10 | 1,038 | |||||||||||||||||||||||||||||||||||||||
| Hyatt Studios | — | — | 7 | 840 | — | — | 7 | 840 | |||||||||||||||||||||||||||||||||||||||
| UrCove | — | — | 80 | 10,632 | — | — | 80 | 10,632 | |||||||||||||||||||||||||||||||||||||||
| All-inclusive | |||||||||||||||||||||||||||||||||||||||||||||||
| Breathless Resorts & Spas | 5 | 1,882 | — | — | — | — | 5 | 1,882 | |||||||||||||||||||||||||||||||||||||||
| Dreams Resorts & Spas | 28 | 12,218 | — | — | — | — | 28 | 12,218 | |||||||||||||||||||||||||||||||||||||||
| Hyatt Zilara | 4 | 1,320 | — | — | — | — | 4 | 1,320 | |||||||||||||||||||||||||||||||||||||||
| Hyatt Ziva | 9 | 3,686 | — | — | — | — | 9 | 3,686 | |||||||||||||||||||||||||||||||||||||||
| Impression by Secrets | 2 | 323 | — | — | — | — | 2 | 323 | |||||||||||||||||||||||||||||||||||||||
| Secrets Resorts & Spas | 28 | 10,697 | — | — | — | — | 28 | 10,697 | |||||||||||||||||||||||||||||||||||||||
| Zoëtry Wellness & Spa Resorts | 6 | 497 | — | — | — | — | 6 | 497 | |||||||||||||||||||||||||||||||||||||||
| Bahia Principe Hotels & Resorts | 22 | 11,624 | — | — | — | — | 22 | 11,624 | |||||||||||||||||||||||||||||||||||||||
| Hyatt Vivid Hotels & Resorts | 2 | 991 | — | — | — | — | 2 | 991 | |||||||||||||||||||||||||||||||||||||||
| Sunscape Resorts & Spas | 6 | 3,369 | — | — | — | — | 6 | 3,369 | |||||||||||||||||||||||||||||||||||||||
| Alua Hotels & Resorts | 28 | 8,413 | — | — | 6 | 1,224 | 34 | 9,637 | |||||||||||||||||||||||||||||||||||||||
| Other | 5 | 1,405 | 6 | 7,631 | — | — | 11 | 9,036 | |||||||||||||||||||||||||||||||||||||||
| System-wide | 724 | 222,771 | 832 | 148,294 | 28 | 9,152 | 1,584 | 380,217 | |||||||||||||||||||||||||||||||||||||||
Property and rooms counts categorized by brand include properties in our system that are not yet operating under such brand, but are expected to rebrand to such brand at a future date.
(a) Includes properties that the Company manages or provides services to.
(b) Figures do not include unconsolidated hospitality ventures.
(c) Chain scale classification as defined by Smith Travel Research.
A - 5
Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Income (Loss) Attributable to Hyatt Hotels Corporation to Adjusted EBITDA
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) attributable to Hyatt Hotels Corporation | $ | 58 | $ | (49) | $ | 206 | $ | (32) | |||||||||||||||
| Contra revenue | 18 | 34 | 58 | 69 | |||||||||||||||||||
| Revenues for reimbursed costs | (995) | (903) | (2,963) | (2,734) | |||||||||||||||||||
| Reimbursed costs | 988 | 905 | 2,971 | 2,756 | |||||||||||||||||||
| Stock-based compensation expense (a) | 11 | 14 | 55 | 59 | |||||||||||||||||||
| Transaction and integration costs | 8 | 25 | 32 | 130 | |||||||||||||||||||
| Depreciation and amortization | 72 | 83 | 221 | 245 | |||||||||||||||||||
| Equity (earnings) losses from unconsolidated hospitality ventures | 3 | 34 | 5 | 40 | |||||||||||||||||||
| Interest expense | 65 | 90 | 194 | 230 | |||||||||||||||||||
| (Gains) losses on sales of real estate and other | 6 | — | 4 | 2 | |||||||||||||||||||
| Asset impairments | 64 | 9 | 90 | 23 | |||||||||||||||||||
| Other (income) loss, net | (24) | 4 | (127) | (68) | |||||||||||||||||||
| Provision for income taxes | 18 | 33 | 107 | 103 | |||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 3 | (1) | 5 | 2 | |||||||||||||||||||
| Adjusted EBITDA (b) | $ | 295 | $ | 278 | $ | 858 | $ | 825 | |||||||||||||||
(a) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs.
(b) During the nine months ended September 30, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to page A-13 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness.
The table below provides a breakdown for Adjusted EBITDA:
| (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Management and franchising | $ | 270 | $ | 226 | $ | 800 | $ | 700 | ||||||||||||||||||
| Owned and leased | 39 | 70 | 89 | 132 | ||||||||||||||||||||||
| Distribution | 17 | 21 | 73 | 113 | ||||||||||||||||||||||
| Overhead | (30) | (38) | (103) | (120) | ||||||||||||||||||||||
| Eliminations | (1) | (1) | (1) | — | ||||||||||||||||||||||
| Adjusted EBITDA (c) | $ | 295 | $ | 278 | $ | 858 | $ | 825 | ||||||||||||||||||
(c) Results for the three and nine months ended September 30, 2025 have been recast for comparability as a result of the Company's revised definition of Adjusted EBITDA.
A - 6
Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: G&A Expenses to Adjusted G&A Expenses
Results of operations as presented on the condensed consolidated statements of income (loss) include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no impact to net income (loss). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this measure excluding the impact of our rabbi trust investments and stock-based compensation expense.
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| G&A expenses | $ | 102 | $ | 138 | $ | 412 | $ | 416 | |||||||||||||||
| Less: Rabbi trust impact | 9 | (22) | (36) | (40) | |||||||||||||||||||
| Less: Stock-based compensation expense | (11) | (13) | (52) | (54) | |||||||||||||||||||
| Adjusted G&A Expenses | $ | 100 | $ | 103 | $ | 324 | $ | 322 | |||||||||||||||
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Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measures: Net Income (Loss) Attributable to Hyatt Hotels Corporation and Diluted Earnings (Losses) Per Class A and Class B Share to Adjusted Net Income (Loss) Attributable to Hyatt Hotels Corporation and Adjusted Diluted Earnings (Losses) Per Class A and Class B Share
| (in millions, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) attributable to Hyatt Hotels Corporation | $ | 58 | $ | (49) | $ | 206 | $ | (32) | |||||||||||||||
| Diluted earnings (losses) per share | $ | 0.60 | $ | (0.51) | $ | 2.13 | $ | (0.34) | |||||||||||||||
| Special items: | |||||||||||||||||||||||
| Asset impairments | 64 | 9 | 90 | 23 | |||||||||||||||||||
Contingent consideration liabilities fair value adjustments (a) | 16 | (6) | (17) | (14) | |||||||||||||||||||
| Transaction and integration costs | 8 | 25 | 32 | 130 | |||||||||||||||||||
Utilization of Avendra and other proceeds (b) | 6 | 5 | 17 | 15 | |||||||||||||||||||
| (Gains) losses on sales of real estate and other | 6 | — | 4 | 2 | |||||||||||||||||||
Restructuring costs (a) | 3 | 35 | 8 | 51 | |||||||||||||||||||
Unconsolidated hospitality ventures (c) | 2 | 29 | (1) | 36 | |||||||||||||||||||
(Gains) losses, net on marketable securities (a) | 2 | (3) | 1 | (18) | |||||||||||||||||||
Fund (surpluses) deficits (d) | (17) | (2) | (18) | 5 | |||||||||||||||||||
| Other | 1 | — | 5 | — | |||||||||||||||||||
| Special items - pre-tax | 91 | 92 | 121 | 230 | |||||||||||||||||||
| Income tax provision for special items | (27) | (72) | (36) | (115) | |||||||||||||||||||
| Total special items - after-tax | $ | 64 | $ | 20 | $ | 85 | $ | 115 | |||||||||||||||
| Special items impact per diluted share | $ | 0.67 | $ | 0.21 | $ | 0.88 | $ | 1.20 | |||||||||||||||
| Adjusted net income (loss) attributable to Hyatt Hotels Corporation | $ | 122 | $ | (29) | $ | 291 | $ | 83 | |||||||||||||||
| Adjusted diluted earnings (losses) per share | $ | 1.27 | $ | (0.30) | $ | 3.01 | $ | 0.86 | |||||||||||||||
(a) Amounts were recognized in other income (loss), net on our condensed consolidated statements of income (loss).
(b) We recognized expenses related to the partial utilization of the Avendra LLC sale proceeds for the benefit of our hotels. During the three and nine months ended September 30, 2026 (Q3 2026 and YTD 2026, respectively), we recognized these expenses in reimbursed costs ($6 million and $16 million, respectively) and depreciation and amortization expenses (an insignificant amount and $1 million, respectively) on our condensed consolidated statements of income (loss). During three and nine months ended September 30, 2025 (Q3 2025 and YTD 2025, respectively), we recognized these expenses in reimbursed costs ($4 million and $13 million, respectively) and depreciation and amortization expenses ($1 million and $2 million, respectively) on our condensed consolidated statements of income (loss). The gain recognized in conjunction with the sale of Avendra LLC was included as a special item during the year ended December 31, 2017.
(c) During Q3 2025 and YTD 2025, we recognized impairment charges related to certain investments in unconsolidated hospitality ventures in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss).
(d) During Q3 2026, YTD 2026, and Q3 2025, we recognized net surpluses, and during YTD 2025, we recognized a net deficit, which we intend to recover in future periods on certain funds due to the timing of revenue and expense recognition. During Q3 2026 and YTD 2026, this fund activity was recognized in revenues for reimbursed costs ($258 million and $730 million, respectively), reimbursed costs ($245 million and $722 million, respectively), depreciation and amortization expenses ($4 million and $12 million, respectively), and other income (loss), net ($8 million and $22 million, respectively). During Q3 2025 and YTD 2025, this fund activity was recognized in revenues for reimbursed costs ($210 million and $622 million, respectively), reimbursed costs ($208 million and $631 million, respectively), depreciation and amortization expenses ($6 million and $15 million, respectively), and other income (loss), net ($6 million and $19 million, respectively). These figures exclude revenues and expenses related to payroll at managed properties where we are the employer and other expenses, which were recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income (loss) but are not considered part of our fund activity.
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Hyatt Hotels Corporation
2025 Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Income (Loss) Attributable to Hyatt Hotels Corporation to Adjusted EBITDA; and 2025 Adjusted EBITDA As Reported to 2025 Adjusted EBITDA Baseline After Adjusting for Asset Sales
(in millions) | Fiscal Year 2025 | ||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| Net income (loss) attributable to Hyatt Hotels Corporation | $ | 20 | $ | (3) | $ | (49) | $ | (20) | $ | (52) | |||||||||||||||||||
| Contra revenue | 20 | 15 | 34 | 17 | 86 | ||||||||||||||||||||||||
| Revenues for reimbursed costs | (886) | (945) | (903) | (895) | (3,629) | ||||||||||||||||||||||||
| Reimbursed costs | 902 | 949 | 905 | 926 | 3,682 | ||||||||||||||||||||||||
| Stock-based compensation expense (a) | 31 | 14 | 14 | 9 | 68 | ||||||||||||||||||||||||
| Transaction and integration costs | 23 | 82 | 25 | 43 | 173 | ||||||||||||||||||||||||
| Depreciation and amortization | 80 | 82 | 83 | 80 | 325 | ||||||||||||||||||||||||
| Equity (earnings) losses from unconsolidated hospitality ventures | 12 | (6) | 34 | 6 | 46 | ||||||||||||||||||||||||
| Interest expense | 66 | 74 | 90 | 87 | 317 | ||||||||||||||||||||||||
| (Gains) losses on sales of real estate and other | — | 2 | — | 13 | 15 | ||||||||||||||||||||||||
| Asset impairments | 4 | 10 | 9 | 17 | 40 | ||||||||||||||||||||||||
| Other (income) loss, net | (43) | (29) | 4 | (33) | (101) | ||||||||||||||||||||||||
| Provision for income taxes | 28 | 42 | 33 | 27 | 130 | ||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 4 | (1) | (1) | 1 | 3 | ||||||||||||||||||||||||
| Adjusted EBITDA As Recast (b) | $ | 261 | $ | 286 | $ | 278 | $ | 278 | $ | 1,103 | |||||||||||||||||||
(a) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs. | |||||||||||||||||||||||||||||
(b) During the nine months ended September 30, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to page A-13 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness. | |||||||||||||||||||||||||||||
(in millions) | Fiscal Year 2025 | ||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| 2025 Adjusted EBITDA As Reported (c) | $ | 273 | $ | 303 | $ | 291 | $ | 292 | $ | 1,159 | |||||||||||||||||||
| Less: Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | (12) | (17) | (13) | (14) | (56) | ||||||||||||||||||||||||
| 2025 Adjusted EBITDA As Recast (d) | $ | 261 | $ | 286 | $ | 278 | $ | 278 | $ | 1,103 | |||||||||||||||||||
| Adjustment to owned and leased segment Adjusted EBITDA from sold assets (e) | (2) | — | (3) | — | (5) | ||||||||||||||||||||||||
| Adjustment to owned and leased segment Adjusted EBITDA from sold Playa assets (f) | — | (14) | (27) | (32) | (73) | ||||||||||||||||||||||||
| Total adjustment to owned and leased segment Adjusted EBITDA from sold assets | (2) | (14) | (30) | (32) | (78) | ||||||||||||||||||||||||
| 2025 Adjusted EBITDA Baseline | $ | 259 | $ | 272 | $ | 248 | $ | 246 | $ | 1,025 | |||||||||||||||||||
(c) As reported in the Company's most recent public filing in which each period was presented.
(d) During the nine months ended September 30, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to page A-13 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness.
(e) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels that have been sold as of September 30, 2026 and for which the company entered into long-term management or franchise agreements upon sale; excludes gross fee revenues retained following the sale. Refer to page A-11 for further details.
(f) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate Transaction; excludes gross fee revenues retained following the sale. Refer to page A-11 for further details.
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Hyatt Hotels Corporation
2025 Reconciliation of Non-GAAP Financial Measures: G&A Expenses to Adjusted G&A Expenses and Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow
Results of operations as presented on the consolidated statements of income (loss) include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no impact to net income (loss). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this measure excluding the impact of our rabbi trust investments and stock-based compensation expense.
(in millions) | Year Ended December 31, | ||||
| 2025 | |||||
| G&A expenses | $ | 555 | |||
| Less: Rabbi trust impact | (48) | ||||
| Less: Stock-based compensation expense | (62) | ||||
| Adjusted G&A Expenses | $ | 445 | |||
| (in millions) | Year Ended December 31, | ||||
| 2025 | |||||
| Net cash provided by operating activities | $ | 379 | |||
| Capital expenditures | (220) | ||||
| Free Cash Flow | $ | 159 | |||
| Cash taxes on asset sales | 117 | ||||
| Costs associated with the Playa Hotels Acquisition (a) | 198 | ||||
| Adjusted Free Cash Flow | $ | 474 | |||
(a) Includes cash paid for transaction and integration costs, interest on the delayed draw term loan facility, and other costs associated with the acquisition.
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Hyatt Hotels Corporation
Adjustments to Owned and Leased Segment from Sold Assets
The schedule below represents the following sold assets: Alua Atlántico Golf Resort (Q4 2025), Alua Tenerife (Q4 2025), and AluaSoul Orotava Valley (Q4 2025).
(in millions) | Fiscal Year 2026 | ||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year to Date | |||||||||||||||||||||||||
| Total adjustment to segment revenues from sold assets (a) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
| Total adjustment to segment Adjusted EBITDA from sold assets (b) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
| Fiscal Year 2025 | |||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| Total adjustment to segment revenues from sold assets (a) | $ | (12) | $ | (10) | $ | (14) | $ | (11) | $ | (47) | |||||||||||||||||||
| Total adjustment to segment Adjusted EBITDA from sold assets (b) (c) | $ | (2) | $ | — | $ | (3) | $ | — | $ | (5) | |||||||||||||||||||
(a) Represents the owned and leased segment revenues contribution in each period for hotels that have been sold as of September 30, 2026 and for which the Company entered into long-term management or franchise agreements upon sale.
(b) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels that have been sold as of September 30, 2026 and for which the Company entered into long-term management or franchise agreements upon sale; excludes gross fee revenues retained following the sale.
(c) Includes certain tax expenses during the Company's period of ownership of Hyatt Regency O'Hare Chicago, which was sold in Q4 2024.
The schedule below represents the sold assets that were acquired as part of the Playa Hotels Acquisition for their period of ownership in 2025.
(in millions) | Fiscal Year 2025 | ||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| Total adjustment to segment revenues from sold Playa assets (a) | $ | — | $ | (47) | $ | (159) | $ | (157) | $ | (363) | |||||||||||||||||||
| Total adjustment to segment Adjusted EBITDA from sold Playa assets (a) | $ | — | $ | (14) | $ | (27) | $ | (32) | $ | (73) | |||||||||||||||||||
(a) Represents the owned and leased segment revenues and Adjusted EBITDA contribution in each period for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate Transaction; excludes gross fee revenues retained following the sale.
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Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measures: Outlook: Net Income Attributable to Hyatt Hotels Corporation to Adjusted EBITDA; G&A Expenses to Adjusted G&A Expenses; and Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow
No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 outlook. The Company's 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. Results of operations as presented on the condensed consolidated statements of income (loss) include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no impact to net income (loss). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this forecasted measure excluding the impact of our rabbi trust investments and forecasted stock-based compensation expense.
(in millions) | Year Ending December 31, 2026 Outlook Range | |||||||||||||
| Low Case | High Case | |||||||||||||
| Net income attributable to Hyatt Hotels Corporation | $ | 240 | $ | 310 | ||||||||||
| Contra revenue | 75 | 75 | ||||||||||||
| Reimbursed costs, net (a) | 100 | 80 | ||||||||||||
| Stock-based compensation expense (b) | 62 | 62 | ||||||||||||
| Transaction and integration costs | 45 | 35 | ||||||||||||
| Depreciation and amortization | 295 | 295 | ||||||||||||
| Equity (earnings) losses from unconsolidated hospitality ventures | 5 | 5 | ||||||||||||
| Interest expense | 260 | 260 | ||||||||||||
| (Gains) losses on sales of real estate and other | 4 | 4 | ||||||||||||
| Asset impairments | 90 | 90 | ||||||||||||
| Other (income) loss, net | (152) | (173) | ||||||||||||
| Provision for income taxes | 146 | 152 | ||||||||||||
| Net income attributable to noncontrolling interests | — | 5 | ||||||||||||
| Adjusted EBITDA | $ | 1,170 | $ | 1,200 | ||||||||||
(a) Reimbursed costs are presented net of revenues for reimbursed costs as the Company cannot forecast the gross amounts without unreasonable effort. | ||||||||||||||
(b) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs. | ||||||||||||||
| Low Case | High Case | |||||||||||||
| G&A expenses | $ | 535 | $ | 540 | ||||||||||
| Less: Rabbi trust impact | (36) | (36) | ||||||||||||
| Less: Stock-based compensation expense | (59) | (59) | ||||||||||||
| Adjusted G&A Expenses | $ | 440 | $ | 445 | ||||||||||
| Low Case | High Case | |||||||||||||
| Net cash provided by operating activities | $ | 452 | $ | 501 | ||||||||||
| Capital expenditures | (130) | (130) | ||||||||||||
| Free Cash Flow | $ | 322 | $ | 371 | ||||||||||
| Cash taxes on asset sales | — | 1 | ||||||||||||
| Costs associated with the Playa Hotels Acquisition (c) | 72 | 72 | ||||||||||||
| Required deferred compensation plan distribution upon retirement of former executive officer (d) | 186 | 186 | ||||||||||||
| Adjusted Free Cash Flow | $ | 580 | $ | 630 | ||||||||||
(c) Includes taxes and other costs related to the Playa Hotels Acquisition. | ||||||||||||||
(d) The distribution was fully funded by proceeds from the sale of investments in marketable securities held in rabbi trusts, which were reflected as cash inflows from investing activities in our condensed consolidated statements of cash flows. As a result, the distribution had no net impact on the change in cash and cash equivalents. | ||||||||||||||
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Definitions
Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA")
Adjusted EBITDA, which is a non-GAAP measure, is used throughout this earnings release. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests, adjusted to exclude the following items:
•payments to customers ("contra revenue"), including performance cure payments and amortization of management and hotel services agreement and franchise agreement assets ("key money assets");
•revenues for reimbursed costs;
•reimbursed costs that we intend to recover over the long term;
•stock-based compensation expense;
•transaction and integration costs;
•depreciation and amortization;
•equity earnings (losses) from unconsolidated hospitality ventures;
•interest expense;
•gains (losses) on sales of real estate and other;
•asset impairments;
•other income (loss), net; and
•benefit (provision) for income taxes.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to unallocated overhead expenses.
Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our Chairman, President and Chief Executive Officer, who is our chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the talent and compensation committee of our board of directors determines the annual variable compensation and long-term incentive compensation for certain members of our management based in part on financial measures including and/or derived from consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.
We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with our prior-period and forecasted results as well as our industry and competitors.
Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit or provision for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted.
We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit or bear a loss over the long term. If we collect amounts in excess of amounts spent, we have a commitment to our hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if we spend in excess of amounts collected, we have a contractual right to adjust future collections or expenditures to recover prior-period costs. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the system-wide services and programs are operated in the best long-term interests of our hotel owners. Over the long term, these programs and
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services are not designed to impact our economics, either positively or negatively, and instead are designed to result in a cumulative break-even balance. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners.
Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other.
Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally.
Adjusted General and Administrative ("G&A") Expenses
Adjusted general and administrative expenses, which is a non-GAAP measure, excludes the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted general and administrative expenses assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Losses) Per Class A and Class B Share ("EPS")
Adjusted Net Income (Loss) and Adjusted Diluted EPS, as we define them, are non-GAAP measures. We define Adjusted Net Income (Loss) as net income (loss) attributable to Hyatt Hotels Corporation excluding special items, which are those items deemed not to be reflective of ongoing operations. We define Adjusted Diluted EPS as Adjusted Net Income (Loss) per diluted share. We consider Adjusted Net Income (Loss) and Adjusted Diluted EPS to be an indicator of operating performance because excluding special items allows for period-over-period comparisons of our ongoing operations.
Adjusted Net Income (Loss) and Adjusted Diluted EPS are not a substitute for Net Income (Loss) attributable to Hyatt Hotels Corporation, net income (loss), diluted EPS, or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted Net Income (Loss) and Adjusted Diluted EPS. Although we believe that Adjusted Net Income (Loss) and Adjusted Diluted EPS can make an evaluation of our operating performance more consistent because they remove special items that are deemed not to be reflective of ongoing operations, other companies in our industry may define Adjusted Net Income (Loss) and Adjusted Diluted EPS differently than we do. As a result, it may be difficult to use Adjusted Net Income (Loss) or Adjusted Diluted EPS or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted Net Income (Loss) and Adjusted Diluted EPS should not be considered as measures of the income (loss) and earnings (losses) per share generated by our business. Our management compensates for these limitations by reference to its GAAP results and using Adjusted Net Income (Loss) and Adjusted Diluted EPS supplementally.
Average Daily Rate ("ADR") and Net Package ADR
ADR represents hotel room revenues divided by the total number of rooms sold in a given period. Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. ADR and Net Package ADR measure the average room price attained by a property, and trends in these metrics provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. ADR and Net Package ADR are commonly used performance measures in our industry, and we use these metrics to assess the pricing levels that we are able to generate by a customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described in "RevPAR and Net Package RevPAR" below.
Comparable system-wide and Comparable owned and leased
"Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to
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specifically refer to comparable system-wide hotels or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within our management and franchising segment. "Comparable owned and leased" represents owned or leased hotels and/or all-inclusive resorts that are operated and consolidated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties, including those that do not meet the above definition of "comparable."
Constant Dollar Currency
We report the results of our operations both on an as reported basis, as well as on a constant dollar basis. Constant Dollar Currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate Constant Dollar Currency by restating prior-period local currency financial results at current-period exchange rates. These restated amounts are then compared to our current-period reported amounts to provide operationally driven variances in our results.
Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow represents net cash provided by operating activities less capital expenditures. Adjusted Free Cash Flow represents Free Cash Flow less estimated cash taxes on asset sales, costs associated with the Playa Hotels Acquisition, and a required distribution following the retirement of a former executive officer pursuant to the terms of our deferred compensation plan, which was fully funded by investments in marketable securities held in rabbi trusts. We believe Free Cash Flow and Adjusted Free Cash Flow to be useful liquidity measures to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures, cash taxes on asset sales, costs associated with the Playa Hotels Acquisition, and a required distribution following the retirement of a former executive officer pursuant to the terms of our deferred compensation plan and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow and Adjusted Free Cash Flow are not necessarily representative of how we will use excess cash. Free Cash Flow and Adjusted Free Cash Flow are not substitutes for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and Adjusted Free Cash Flow, and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow and Adjusted Free Cash Flow supplementally.
Non-Revenue Per Available Room ("RevPAR") Fees
Non-RevPAR Fees represent fee revenues that are not derived from hotel operating performance. Non-RevPAR Fees include license fees received primarily in connection with the licensing of the Hyatt brand names through our co-branded credit card programs, and residential and vacation units; management and royalty fees related to the management and licensing of certain of our brands to the Unlimited Vacation Club business; fees related to hotel services provided to certain all-inclusive resorts within Latin America and the Caribbean; initial application fees from franchisees; design services fees from third-party owners and franchisees; and termination fees. We use Non-RevPAR Fees to assess fee streams that are not directly correlated with hotel-level operating results.
Occupancy
Occupancy represents the total number of rooms sold divided by the total number of rooms available at a property or group of properties. Occupancy measures the utilization of a property's available capacity. We use occupancy to gauge demand at a specific property or group of properties in a given period. Occupancy levels also help us determine achievable ADR levels as demand for property rooms increases or decreases.
Playa Hotels Acquisition
On June 17, 2025, the Company completed the acquisition of Playa Hotels & Resorts N.V. ("Playa Hotels" or "Playa"), a leading owner, operator, and developer of all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica, for a purchase price of $13.50 per share, or an enterprise value of approximately $2.6 billion, including approximately $900 million of debt, net of cash acquired.
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Playa Real Estate Transaction
On December 30, 2025, affiliates of the Company closed on the sale of the real estate portfolio previously acquired from Playa for approximately $2 billion to Tortuga Resorts ("Tortuga"), As previously disclosed, the Company sold one of these properties to a separate third-party buyer on September 18, 2025 for $22 million. Between the completion of the earlier sale and the Tortuga transaction, Hyatt has sold the entire Playa real estate portfolio for a total of $2 billion. Hyatt and Tortuga entered into 50-year management agreements for 13 of 14 properties in the portfolio, with terms consistent with Hyatt's existing all-inclusive fee structure. The remaining property is subject to a separate contractual arrangement.
RevPAR and Net Package RevPAR
RevPAR is the product of ADR and the average daily occupancy percentage and excludes non-room revenues, which consist of ancillary revenues generated by a property, such as food and beverage, parking, and other guest service revenues. Net Package RevPAR is the product of Net Package ADR and the average daily occupancy percentage and generally includes revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. RevPAR and Net Package RevPAR are commonly used performance measures in our industry, and we use these metrics to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis.
Changes in RevPAR and Net Package RevPAR that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in room revenues or net package revenues, as applicable, and additional variable operating costs, including housekeeping services, utilities, and room amenity costs. Increases in occupancy at properties measured using RevPAR could also result in increased ancillary revenues, such as food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs.
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A L I L A V I L L A S U L U W A T U Investor Presentation THIRD QUARTER 2026 Exhibit 99.2
Disclaimers 2 Forward-Looking Statements Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, outlook, the number of properties we expect to open in the future, the expected timing and payment of dividends, the Company's 2026 outlook, including the Company's expected System-wide Hotels RevPAR Growth, Net Rooms Growth, Net Income, Gross Fees, Adjusted G&A Expenses, Adjusted EBITDA, Capital Expenditures, and Adjusted Free Cash Flow, expected capital returns to shareholders, financial performance, prospective or future events and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; reduced travel demand to certain destinations; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the impact of government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Non-GAAP Financial Measures This presentation includes references to certain financial measures, each identified with the symbol "†", that are not calculated or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures have important limitations and should not be considered in isolation or as a substitute for measures of the Company's financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculations. During the nine months ended September 30, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Key Business Metrics This presentation includes references to certain key business metrics used by the Company, each identified with the symbol "◊". References Numerical tickmarks throughout this presentation correspond to the slide and tickmark numbers in the Appendix beginning on slide 20. The references and general disclaimers included therein should be read in conjunction with the information presented on each slide.
3 84 Countr ies Around the World and 6 Cont inents 380,217 Rooms 36 Global Brands1 1,584 Hotels and Al l - Inclusive Resorts ~158,000 Rooms in Pipel ine A Company Record P A R K H Y A T T L O N D O N R I V E R T H A M E S Footnotes: Figures as of September 30, 2026. 1 Global brands inclusive of September 30, 2026 brand bar, displayed on slide 5. 2 Source: Smith Travel Research Global Census as of December 31, 2025. Luxury branded rooms as defined by Smith Travel Research chain scale classification. #1 World 's Largest Port fo l io of Luxury Branded Rooms in Resort Locat ions 2 GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER Source Notes: Slide Updated Quarterly Countries, Rooms, Hotel count, and Pipeline linked to ER body and Consolidations workbook. Manually update Global brands based on Brand Bar and Ranking of Luxury branded rooms in Resort Locations. -Updated annually: Luxury branded rooms in Resort Locations based on STR census as of December 31, 2025
• Purpose-driven culture fuels performance • Global portfolio of differentiated, premium brands • World of Hyatt’s compelling membership benefits drive loyalty • Significant whitespace opportunity supports long-term organic growth • Asset-light business model designed to drive compounding Free Cash Flow† growth S E C R E T S H U A T U L C O R E S O R T & S P A Footnotes: 4 HYATT KEY INVESTMENT CONSIDERATIONS
BRAND PORTFOLIOS 1 DEMONSTRATE FOCUS & DIFFERENTIATION Footnotes: 1 Brand portfolio as of September 30, 2026. L U X U R Y L I F E S T Y L E I N C L U S I V E C L A S S I C S E S S E N T I A L S 5
Source Notes: Updated semi-annually based on filings for IHG, MAR, and HLT At June 30: – H: ~36K members per hotel – HLT: ~25K members per hotel – MAR: ~23K members per hotel – IHG: ~20K members per hotel At Sept 30: – H: ~37.4K members per hotel (51M members/ 326,845) – HLT: ~26.0K members per hotel – MAR: ~24.4K members per hotel – IHG: ~20.7K members per hotel H 37.4K vs HLT 26.0K = 43.8% At Dec 31: – H: ~41.2k – HLT: ~26.5k – MAR: ~27.6k – IHG: ~23.0k H 41.2K vs HLT 26.5K = 55.4% World of Hyatt Membership: – YE 2023: 43.8M – YE 2024: 53.5M (YoY Growth 22.1%) – YE 2025: 63.5M WORLD OF HYATT: REDEFINING LOYALTY Award-Winning Recognition ~72M World of Hyatt Members High-Quality Scale 55% More Members per Hotel vs. Closest Competitor1 19% Membership Growth Year-over-Year 2026 Best Hotel Elite Status 2026 Best Hotel Rewards Program T H E S T A N D A R D M A L D I V E S THEPOINTSGUY AWARDS Footnotes: Figures as of September 30, 2026 unless otherwise noted. Growth rates represent year-over-year comparisons from periods ending September 30, 2025 and September 30, 2026. 1 Members per hotel figures calculated based on public filings as of December 31, 2025. 6
Global Markets1 Global Market Coverage Hotels per Market As de f ined by Smi th T rave l Research marke ts Hya t t has s ign i f i can t oppor tun i t y to expand in to marke ts where i t cu r ren t l y has no b rand p resence Char t be low represen ts marke ts where there i s cu r ren t l y a t l eas t one ho te l Hyat t i s under represen ted in marke ts where i t has a b rand p resence Hyat t Peers Peers Top 50 10 33 51 to 150 5 19 151 to 674 3 12 99% 94% 76% 92% 77% 46% 7 M I R A V A L A R I Z O N A R E S O R T & S P A Footnotes: 1 Based on Smith Travel Research Global Census as of December 31, 2025. Global market ranking determined by aggregate room count. Markets as defined by Smith Travel Research: “A geographic area normally composed of a Metropolitan Statistical Area.” Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts. MEANINGFUL GROWTH OPPORTUNITIES IN GLOBAL MARKETS
Market Tracts1 Market Tract Coverage Hotels per Tract As de f ined by Smi th T rave l Research marke t t rac ts Hya t t has s ign i f i can t oppor tun i t y to expand in to t rac ts where i t cu r ren t l y has no b rand p resence Char t be low represen ts t rac ts where there i s cu r ren t l y a t l eas t one ho te l Hyat t i s under represen ted in t rac ts where i t has a b rand p resence Hyat t Peers Peers Top 150 3 11 151 to 400 2 9 401 to 691 1 5 MEANINGFUL GROWTH OPPORTUNITIES IN THE UNITED STATES 100% 99% 99% 71% 54% 41% Footnotes: 1 Based on Smith Travel Research Global Census as of December 31, 2025. Market tract ranking determined by aggregate room count. Market Tracts as defined by Smith Travel Research: “A geographic subset of a STR market”. Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts. T H O M P S O N P A L M S P R I N G S 8
9 COMPOUNDING FREE CASH FLOW† & LONG-TERM SHAREHOLDER VALUE P R E M I U M R E V P A R G R O W T H C O M P O U N D I N G F E E G R O W T H I N D U S T R Y - L E A D I N G N E T R O O M S G R O W T H S C H L O S S R O X B U R G H E HYATT’S DIFFERENTIATION DRIVES DURABLE GROWTH
DEMONSTRATED TRACK RECORD OF DELIVERING STRONG RESULTS Z É L I A H A L K I D I K I 10 +7.0% CAGR +14.0% CAGR +1,300 bps NET ROOMS GROWTH GROSS FEE REVENUE ADJ. FREE CASH FLOW †ASSET-LIGHT EARNINGS MIX◊2 +55% Adj. FCF Conversion†3 3-Year Average 304K 373K 2022 2025 $808M $1,198M 2022 2025 $473M $527M 2022 2025 76% 89% 2022 2025 Footnotes: 1 Organic CAGR excludes fees associated with the asset-light acquisitions of Dream Hotel Group, Me and All Hotels, Standard International, Playa Hotels, the Bahia Principe Transaction, and the UVC Transaction. 2 Excludes the impact of the period of ownership of the Playa assets in 2025. Asset-Light Earnings Mix has been adjusted for all years to exclude the pro rata share of JV EBITDA. 3 2025 figures exclude impact of the Playa Hotel Acquisition. Three-year average for full years 2023, 2024, and 2025.
11 QUARTERLY HIGHLIGHTS H O T E L F L Ü E L A D A V O S
Footnotes: 1 Figures as of September 30, 2026. Growth rates represent year-over-year comparisons for the quarters ended September 30, 2025 and September 30, 2026. 2 Represents amounts attributable to Hyatt Hotels Corporation. 3 Net rooms growth for the trailing twelve months was 3.8%, or 3.9% excluding rooms from the Playa Hotels Acquisition that were removed from Hyatt's room count in the fourth quarter of 2025. ADJUSTED EBITDA† DILUTED EPS2 GROSS FEES $58M NET INCOME2 $0.60 $295M $327M OPERATIONAL RESULTS FINANCIAL RESULTS +12.1% PIPEL INE ROOMS GROWTH +3.8%+7.2% SYSTEM-WIDE HOTELS REVPAR ◊ GROWTH WORLD OF HYATT MEMBER GROWTH ~72M | N E W R E C O R D Source Notes: Operational Results: RevPAR and NRG are linked to ER. Pipeline increase should be calculated vs prior year’s ER (rounded pipeline) vs current year rounded pipeline #. World of Hyatt Member growth: Teams\Hyatt Hotels\CHICO-Team- Corporate FPA - Documents\Hotel FP&A\World of Hyatt Enrollments Reported Pipeline: – 2023 YE: 127K – 2024 YE: 138K – 2025 YE: 148k Q3 2026 HIGHLIGHTS1 +19% 12 NET ROOMS GROWTH 3.9% NRG excluding certain Playa rooms3 P A R K H Y A T T V I E N N A
A L I L A W U Z H E N 10% 11% Low Case High Case 13 HYATT FULL YEAR 2026 OUTLOOK 2026 OUTLOOK GROWTH VS. FULL YEAR 2025 LOW CASE HIGH CASE System-Wide Hote ls RevPAR◊ Growth 5.0% 5.5% Net Rooms Growth Approx. 6% Net Income 1 $240M $310M Gross Fees $1,320M $1,335M Adjusted EBITDA †2 $1,170M $1,200M Adjusted Free Cash Flow † $580M $630M Capi ta l Returns to Shareholders $375M $425M Gross Fees Growth Adjusted EBITDA†2 Growth Adjusted for Asset Sales and period of ownership of Playa 14% 17% Low Case High Case Footnotes: 1 Represents amounts attributable to Hyatt Hotels Corporation. 2 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa hotels and the impact of assets sold in 2025. Refer to schedule A-11 in the third quarter 2026 earnings release for further details. Full details of the Company’s 2026 outlook can be found in its third quarter 2026 earnings release. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook.
4 5 IMPACT OF 2025 ASSET SALES TO OWNED & LEASED SEGMENT ADJUSTED EBITDA † $203 $(73) $(5) $125 2025 Playa 2025 Legacy H Asset Sales 2025 Net of Dispositions 14 Estimated Value of Remaining Owned Assets1 Source Notes: Updated at YE, based on ER schedule Adjustments from sold owned and leased hotels 14 M I R A V A L T H E R E D S E A R E S O R T & S P A $2.2B - $2.5B (in Millions) 7 hotels Luxury and Luxury Wellness2 10 hotels Business and Convention2 Excludes leases 3 Footnotes: Additional details relating to the adjustments to owned and leased segment Adjusted EBITDA† from sold assets can be found on schedule A-9 in the third quarter 2026 earnings release. 1 Value is based on the estimated gross sales price of the asset and does not include the value of the fee stream that Hyatt could retain upon sale of the asset. 2 Number of hotels remaining in the owned and leased portfolio. Leases are not included in the estimated value remaining or the hotel count. 3 Reflects revised definition of Adjusted EBITDA that excludes the pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA. 4 Adjusted EBITDA contribution for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate transaction; excludes gross fees retained following the sale 5 Adjusted EBITDA contribution for hotels that have been sold as of September 30, 2026 and for which the Company entered into long-term management or franchise agreements; excludes gross fees retained following the sale.
Footnotes: 1 System-wide hotels RevPAR◊ growth includes comparable hotels. 2 Adjusted Free Cash Flow Conversion % calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company's illustrative outlook for 2026 is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook. System-Wide Hotels RevPAR◊ Growth1 Net Rooms Growth EARNINGS GROWTH MODEL DRIVES FREE CASH FLOW† EARNINGS GROWTH MODEL SENSITIVITIES FOR 2026 $10M – $18M $8M – $10M 1.0% – 1.8% 0.8% – 1.0% ADJUSTED EBITDA† Adj. EBITDA† growth after adjust ing for 2025 Playa and legacy Hyatt asset sales ADJ. EBITDA† GROWTH + / - 1 POINT OTHER 2026 OUTLOOK CONSIDERATIONS >50% Adj . EBITDA † to Ad j . Free Cash F low † Convers ion 2 ~90% Asset -L ight Earn ings Mix ◊ ~3.0x Gross Debt to Ad j . EBITDA † Target for Investment Grade Rat ing P A R K H Y A T T S H A N G H A I 15
Footnotes: Invest in growth to increase shareholder value Return excess cash to shareholders Maintain an investment-grade profile BALANCED CAPITAL ALLOCATION STRATEGY ENHANCES SHAREHOLDER VALUE WE HAVE AND WILL CONTINUE TO: P A R K H Y A T T P A R I S - V E N D Ô M E 16
Footnotes: 1 Fourth quarter dividend payable on December 7, 2026 to shareholders of record as of November 23, 2026. 2 Inclusive of dividends and share repurchases for the nine months ended September 30, 2026. 3 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases. 4 Remaining share repurchase authorization as of September 30, 2026. Share repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The common stock repurchase program applies to the Company’s Class A Common Stock and/or the Company’s Class B Common Stock. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this presentation has been included in the 2026 Outlook. 17 $0.15 QUARTERLY DIVIDEND1 SHAREHOLDER RETURNS $1.4B SHARE REPURCHASE AUTHORIZATION4 $336M YEAR-TO-DATE2 $375 - $425M 2026 OUTLOOK3 COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES P A R K H Y A T T M A R R A K E C H
Footnotes: Total debt and liquidity figures as of September 30, 2026. 1 Chart excludes $49 million of variable rate term loan, $17 million of floating average rate loan, $3 million of finance lease obligations, $28 million of unamortized discounts and deferred financing fees, as well as Hyatt’s revolving credit facility. 18 Credit Ratings BBB- Stab le BBB- Stab le Baa3 Stab le Liquidi ty $0.5B Cash and Cash Equ iva len ts , & Shor t -Term Inves tments $1.3B Revo lver Capac i ty Ava i lab le , Net o f Le t te rs o f Cred i t Outs tand ing STRONG POSIT ION WITH: A L U A S O U L S U N N Y B E A C H $— $600 $899 $600 $2,140 2026 2027 2028 2029 2030 & Beyond Source Notes: Senior Notes Maturities by Year1 Total Senior Notes: $4.2B $M USD COMMITTED TO INVESTMENT GRADE
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20 APPENDIX
21 References SLIDE 3: GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER Figures as of September 30, 2026. 1 Global brands inclusive of September 30, 2026 brand bar, displayed on slide 5. 2 Source: Smith Travel Research Global Census as of December 31, 2025. Luxury branded rooms as defined by Smith Travel Research chain scale classification. SLIDE 5: BRAND PORTFOLIOS 1 DEMONSTRATE FOCUS & DIFFERENTIATION 1 Brand portfolio as of September 30, 2026. SLIDE 6: WORLD OF HYATT: REDEFINING LOYALTY Figures as of September 30, 2026 unless otherwise noted. Growth rates represent year-over-year comparisons from periods ending September 30, 2025 and September 30, 2026. 1 Members per hotel figures calculated based on public filings as of December 31, 2025. SLIDE 7: MEANINGFUL GROWTH OPPORTUNITIES IN GLOBAL MARKETS 1 Based on Smith Travel Research Global Census as of December 31, 2025. Global market ranking determined by aggregate room count. Markets as defined by Smith Travel Research: “A geographic area normally composed of a Metropolitan Statistical Area.” Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts. SLIDE 8: MEANINGFUL GROWTH OPPORTUNITIES IN THE UNITED STATES 1 Based on Smith Travel Research Global Census as of December 31, 2025. Market tract ranking determined by aggregate room count. Market Tracts as defined by Smith Travel Research: “A geographic subset of a STR market”. Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts. SLIDE 9: HYATT’S DIFFERENTIATION DRIVES DURABLE GROWTH The Company’s outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. SLIDE 10:DEMONSTRATED TRACK RECORD OF DELIVERING STRONG RESULTS 1 Organic CAGR excludes fees associated with the asset-light acquisitions of Dream Hotel Group, Me and All Hotels, Standard International, Playa Hotels, the Bahia Principe Transaction, and the UVC Transaction. 2 Excludes the impact of the period of ownership of the Playa assets in 2025. Asset-Light Earnings Mix has been adjusted for all years to exclude the pro rata share of JV EBITDA. 3 2025 figures exclude impact of the Playa Hotel Acquisition. Three-year average for full years 2023, 2024, and 2025. SLIDE 12: Q3 2026 HIGHLIGHTS1 1 Figures as of September 30, 2026. Growth rates represent year-over-year comparisons for the quarters ended September 30, 2025 and September 30, 2026. 2 Represents amounts attributable to Hyatt Hotels Corporation. 3 Net rooms growth for the trailing twelve months was 3.8%, or 3.9% excluding rooms from the Playa Hotels Acquisition that were removed from Hyatt's room count in the fourth quarter of 2025.
22 References SLIDE 13: HYATT FULL YEAR 2026 OUTLOOK 1 Represents amounts attributable to Hyatt Hotels Corporation. 2 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa hotels and the impact of assets sold in 2025. Refer to schedule A-11 in the third quarter 2026 earnings release for further details. Full details of the Company’s 2026 outlook can be found in its third quarter 2026 earnings release. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook. SLIDE 14: IMPACT OF 2025 ASSET SALES TO OWNED & LEASED SEGMENT ADJUSTED EBITDA† Additional details relating to the adjustments to owned and leased segment Adjusted EBITDA† from sold assets can be found on schedule A-9 in the third quarter 2026 earnings release. 1 Value is based on the estimated gross sales price of the asset and does not include the value of the fee stream that Hyatt could retain upon sale of the asset. 2 Number of hotels remaining in the owned and leased portfolio. Leases are not included in the estimated value remaining or the hotel count. 3 Reflects revised definition of Adjusted EBITDA that excludes the pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA. 4 Adjusted EBITDA contribution for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate transaction; excludes gross fees retained following the sale 5 Adjusted EBITDA contribution for hotels that have been sold as of September 30, 2026 and for which the Company entered into long-term management or franchise agreements; excludes gross fees retained following the sale. SLIDE 15: EARNINGS GROWTH MODEL DRIVES FREE CASH FLOW† 1 System-wide hotels RevPAR◊ growth includes comparable hotels. 2 Adjusted Free Cash Flow Conversion % calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company's illustrative outlook for 2026 is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook. SLIDE 17: COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES 1 Fourth quarter dividend payable on December 7, 2026 to shareholders of record as of November 23, 2026. 2 Inclusive of dividends and share repurchases for the nine months ended September 30, 2026. 3 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases. 4 Remaining share repurchase authorization as of September 30, 2026. Share repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The common stock repurchase program applies to the Company’s Class A Common Stock and/or the Company’s Class B Common Stock. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this presentation has been included in the 2026 Outlook. SLIDE 18: COMMITTED TO INVESTMENT GRADE Total debt and liquidity figures as of September 30, 2026. 1 Chart excludes $49 million of variable rate term loan, $17 million of floating average rate loan, $3 million of finance lease obligations, $28 million of unamortized discounts and deferred financing fees, as well as Hyatt’s revolving credit facility.
23 Definitions Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA"): Adjusted EBITDA, which is a non-GAAP measure, is used throughout this Investor Presentation. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests, adjusted to exclude the following items: • payments to customers (“contra revenue”), including performance cure payments and amortization of management and hotel services agreement and franchise agreement assets (“key money assets”); • revenues for reimbursed costs; • reimbursed costs that we intend to recover over the long term; • stock-based compensation expense; • transaction and integration costs; • depreciation and amortization; • equity earnings (losses) from unconsolidated hospitality ventures; • interest expense; • gains (losses) on sales of real estate and other; • asset impairments; • other income (loss), net; and • benefit (provision) for income taxes. We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to unallocated overhead expenses. Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our Chairman, President and Chief Executive Officer, who is our chief operating decision maker (“CODM”), also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the talent and compensation committee of our board of directors determines the annual variable compensation and long-term incentive compensation for certain members of our management based in part on financial measures including and/or derived from consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both. We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with our prior- period and forecasted results as well as our industry and competitors. Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit or provision for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit or bear a loss over the long term. If we collect amounts in excess of amounts spent, we have a commitment to our hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if we spend in excess of amounts collected, we have a contractual right to adjust future collections or expenditures to recover prior-period costs. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the system-wide services and programs are operated in the best long-term interests of our hotel owners. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively, and instead are designed to result in a cumulative break-even balance. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other. Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally.
24 Definitions Asset-Light Earnings Mix: Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations. Our management uses this calculation to assess the composition of the Company's earnings. Average Daily Rate ("ADR") and Net Package ADR: ADR represents hotel room revenues divided by the total number of rooms sold in a given period. Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. ADR and Net Package ADR measure the average room price attained by a property, and trends in these metrics provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. ADR and Net Package ADR are commonly used performance measures in our industry, and we use these metrics to assess the pricing levels that we are able to generate by a customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described in ”Revenue Per Available Room (”RevPAR”) and Net Package RevPAR” below. Comparable system-wide and Comparable owned and leased: "Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within our management and franchising segment. "Comparable owned and leased" represents owned or leased hotels and/or all-inclusive resorts that are operated and consolidated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties, including those that do not meet the above definition of "comparable." Constant Dollar Currency: We report the results of our operations both on an as reported basis, as well as on a constant dollar basis. Constant Dollar Currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate Constant Dollar Currency by restating prior-period local currency financial results at current- period exchange rates. These restated amounts are then compared to our current-period reported amounts to provide operationally driven variances in our results. Free Cash Flow and Adjusted Free Cash Flow: Free Cash Flow represents net cash provided by operating activities less capital expenditures. Adjusted Free Cash Flow represents Free Cash Flow less estimated cash taxes on asset sales, costs associated with the Playa Hotels Acquisition, and a required distribution following the retirement of a former executive officer pursuant to the terms of our deferred compensation plan, which was fully funded by investments in marketable securities held in rabbi trusts. We believe Free Cash Flow and Adjusted Free Cash Flow to be useful liquidity measures to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures, cash taxes on asset sales, costs associated with the Playa Hotels Acquisition, and a required distribution following the retirement of a former executive officer pursuant to the terms of our deferred compensation plan and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow and Adjusted Free Cash Flow are not necessarily representative of how we will use excess cash. Free Cash Flow and Adjusted Free Cash Flow are not substitutes for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and Adjusted Free Cash Flow, and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow and Adjusted Free Cash Flow supplementally. Occupancy: Occupancy represents the total number of rooms sold divided by the total number of rooms available at a property or group of properties. Occupancy measures the utilization of a property's available capacity. We use occupancy to gauge demand at a specific property or group of properties in a given period. Occupancy levels also help us determine achievable ADR levels as demand for property rooms increases or decreases.
25 Definitions Playa Hotels Acquisition: On June 17, 2025, the Company completed the acquisition of Playa Hotels & Resorts N.V. ("Playa Hotels" or "Playa"), a leading owner, operator, and developer of all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica, for a purchase price of $13.50 per share, or an enterprise value of approximately $2.6 billion, including approximately $900 million of debt, net of cash acquired. Playa Real Estate Transaction: On December 30, 2025, affiliates of the Company closed on the sale of the real estate portfolio previously acquired from Playa for approximately $2 billion to Tortuga Resorts ("Tortuga"), As previously disclosed, the Company sold one of these properties to a separate third-party buyer on September 18, 2025 for $22 million. Between the completion of the earlier sale and the Tortuga transaction, Hyatt has sold the entire Playa real estate portfolio for a total of $2 billion. Hyatt and Tortuga entered into 50-year management agreements for 13 of 14 properties in the portfolio, with terms consistent with Hyatt's existing all-inclusive fee structure. The remaining property is subject to a separate contractual arrangement. Revenue per Available Room (“RevPAR”) and Net Package RevPAR: RevPAR is the product of ADR and the average daily occupancy percentage and excludes non-room revenues, which consist of ancillary revenues generated by a property, such as food and beverage, parking, and other guest service revenues. Net Package RevPAR is the product of Net Package ADR and the average daily occupancy percentage and generally includes revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. RevPAR and Net Package RevPAR are commonly used performance measures in our industry, and we use these metrics to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis. Changes in RevPAR and Net Package RevPAR that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in room revenues or net package revenues, as applicable, and additional variable operating costs, including housekeeping services, utilities, and room amenity costs. Increases in occupancy at properties measured using RevPAR could also result in increased ancillary revenues, such as food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs.
Non-GAAP Reconciliations 26 (in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income (loss) attributable to Hyatt Hotels Corporation $ 58 $ (49) $ 206 $ (32) Contra revenue 18 34 58 69 Revenues for reimbursed costs (995) (903) (2,963) (2,734) Reimbursed costs 988 905 2,971 2,756 Stock-based compensation expense (a) 11 14 55 59 Transaction and integration costs 8 25 32 130 Depreciation and amortization 72 83 221 245 Equity (earnings) losses from unconsolidated hospitality ventures 3 34 5 40 Interest expense 65 90 194 230 (Gains) losses on sales of real estate and other 6 — 4 2 Asset impairments 64 9 90 23 Other (income) loss, net (24) 4 (127) (68) Provision for income taxes 18 33 107 103 Net income (loss) attributable to noncontrolling interests 3 (1) 5 2 Adjusted EBITDA (b) $ 295 $ 278 $ 858 $ 825 (a) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs. (b) During the nine months ended September 30, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to the definitions within the appendix for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness. The table below provides a breakdown for Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Management and franchising $ 270 $ 226 $ 800 $ 700 Owned and leased 39 70 89 132 Distribution 17 21 73 113 Overhead (30) (38) (103) (120) Eliminations (1) (1) (1) — Adjusted EBITDA (c) $ 295 $ 278 $ 858 $ 825 (c) Results for the three and nine months ended September 30, 2025 have been recast for comparability as a result of the Company's revised definition of Adjusted EBITDA. Source Notes: Linked to ER schedule
Non-GAAP Reconciliations 27 Source Notes: Linked to ER schedule (in millions) Year Ending December 31, 2026 Outlook Range Low Case High Case Net income attributable to Hyatt Hotels Corporation $ 240 $ 310 Contra revenue 75 75 Reimbursed costs, net (a) 100 80 Stock-based compensation expense (b) 62 62 Transaction and integration costs 45 35 Depreciation and amortization 295 295 Equity (earnings) losses from unconsolidated hospitality ventures 5 5 Interest expense 260 260 (Gains) losses on sales of real estate and other 4 4 Asset impairments 90 90 Other (income) loss, net (152) (173) Provision for income taxes 146 152 Net income attributable to noncontrolling interests — 5 Adjusted EBITDA $ 1,170 $ 1,200 (a) Reimbursed costs are presented net of revenues for reimbursed costs as the Company cannot forecast the gross amounts without unreasonable effort. (b) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs. Low Case High Case Net cash provided by operating activities $ 452 $ 501 Capital expenditures (130) (130) Free Cash Flow $ 322 $ 371 Cash taxes on asset sales — 1 Costs associated with the Playa Hotels Acquisition (c) 72 72 Required deferred compensation plan distribution upon retirement of former executive officer (d) 186 186 Adjusted Free Cash Flow $ 580 $ 630 (c) Includes taxes and other costs related to the Playa Hotels Acquisition. (d)The distribution was fully funded by proceeds from the sale of investments in marketable securities held in rabbi trusts, which were reflected as cash inflows from investing activities in our condensed consolidated statements of cash flows. As a result, the transaction had no net impact on the change in cash and cash equivalents.