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Hilton Worldwide Holdings Inc. (NYSE:HLT)

This company has been moved to the archive! The financial data has not been updated since August 7, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Hilton Worldwide Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Accounts payable, accrued expenses and other 12.16 12.15 12.85 12.34 11.07 11.20 11.54 11.14 10.71 10.38 10.15 9.36 8.95 7.96 7.77 8.10 8.01 9.25 11.39 11.84 10.94 11.30
Current maturities of long-term debt 3.43 0.24 0.25 0.24 0.23 0.23 0.25 0.25 0.27 0.29 0.35 0.35 0.33 0.30 0.33 0.30 0.26 0.26 0.25 0.25 0.24 0.24
Current portion of deferred revenues 3.18 3.22 3.26 3.03 3.01 2.92 2.79 1.72 1.69 1.75 2.27 1.95 2.56 2.28 2.21 1.43 1.41 1.53 2.22 1.92 1.97 2.17
Current portion of liability for guest loyalty program 8.09 8.08 7.80 7.82 8.15 7.94 7.16 8.59 8.11 7.54 6.78 5.47 6.57 4.96 4.20 3.60 3.78 3.02 5.34 5.23 5.20 5.10
Current liabilities 26.85% 23.69% 24.17% 23.43% 22.46% 22.29% 21.74% 21.70% 20.77% 19.96% 19.55% 17.12% 18.42% 15.50% 14.51% 13.42% 13.46% 14.06% 19.20% 19.25% 18.36% 18.81%
Long-term debt, excluding current maturities 61.21 63.61 59.46 57.12 56.85 57.23 56.14 56.05 56.57 56.41 56.42 56.90 57.76 62.03 62.26 60.94 60.94 59.89 53.19 51.55 51.33 49.35
Operating lease liabilities, non-current 4.99 4.86 5.25 5.29 5.48 5.46 5.36 5.07 4.90 5.32 5.63 5.87 6.33 6.07 5.80 5.57 5.41 6.12 6.93 6.66 7.04 7.43
Deferred revenues 7.64 7.23 7.35 7.22 6.68 6.52 6.36 5.45 5.56 5.47 5.80 5.16 5.29 5.82 5.99 8.23 8.44 5.88 5.53 5.54 5.43 5.59
Deferred income tax liabilities 2.34 2.34 2.60 4.64 4.64 4.70 4.74 5.12 4.73 4.65 4.53 4.69 4.54 3.86 3.87 3.84 3.91 4.75 5.32 5.79 5.69 5.72
Liability for guest loyalty program 10.33 9.75 9.93 9.28 8.68 8.59 8.28 8.07 8.14 8.22 8.53 11.36 10.56 10.85 10.54 9.67 9.49 9.10 7.09 6.66 6.51 6.65
Other 6.20 6.20 6.48 4.55 4.51 4.50 4.46 4.44 4.47 4.48 4.83 6.28 6.49 6.02 5.90 6.02 5.89 5.92 5.90 5.87 5.79 5.73
Long-term liabilities 92.71% 93.99% 91.07% 88.11% 86.85% 87.00% 85.34% 84.20% 84.36% 84.55% 85.75% 90.24% 90.97% 94.64% 94.36% 94.28% 94.07% 91.66% 83.96% 82.07% 81.79% 80.46%
Total liabilities 119.56% 117.68% 115.24% 111.53% 109.30% 109.29% 107.08% 105.89% 105.13% 104.51% 105.30% 107.37% 109.38% 110.14% 108.87% 107.70% 107.54% 105.73% 103.16% 101.32% 100.15% 99.27%
Redeemable noncontrolling interests 0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Treasury stock, at cost -62.15 -56.87 -54.50 -50.31 -45.47 -42.66 -38.94 -35.76 -32.82 -29.58 -28.77 -29.04 -29.47 -27.88 -26.58 -26.02 -26.02 -28.26 -27.87 -24.73 -21.82 -19.67
Additional paid-in capital 70.04 68.75 71.22 71.88 71.12 71.10 69.82 69.58 69.91 69.23 69.43 69.57 70.27 66.03 62.98 61.25 61.11 66.15 70.13 69.42 68.82 69.84
Accumulated deficit -22.86 -24.99 -27.32 -28.39 -30.42 -33.04 -33.46 -35.32 -37.60 -39.52 -40.94 -42.24 -44.47 -42.82 -40.18 -37.99 -37.54 -38.00 -39.88 -40.47 -41.89 -44.15
Accumulated other comprehensive loss -4.85 -4.70 -4.75 -4.79 -4.60 -4.76 -4.55 -4.42 -4.64 -4.66 -5.05 -5.67 -5.74 -5.51 -5.13 -4.98 -5.14 -5.69 -5.62 -5.63 -5.32 -5.37
Total Hilton stockholders’ equity (deficit) -19.80% -17.78% -15.32% -11.60% -9.35% -9.34% -7.10% -5.89% -5.13% -4.52% -5.32% -7.37% -9.39% -10.16% -8.89% -7.73% -7.58% -5.79% -3.22% -1.38% -0.20% 0.67%
Noncontrolling interests 0.11 0.10 0.08 0.07 0.05 0.05 0.03 -0.01 0.00 0.01 0.01 0.00 0.01 0.02 0.02 0.03 0.05 0.06 0.07 0.06 0.05 0.05
Total equity (deficit) -19.69% -17.68% -15.24% -11.53% -9.30% -9.29% -7.08% -5.89% -5.13% -4.51% -5.30% -7.37% -9.38% -10.14% -8.87% -7.70% -7.54% -5.73% -3.16% -1.32% -0.15% 0.73%
Total liabilities, redeemable noncontrolling interests and equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The capital structure exhibits a significant shift toward a liability-funded model over the analyzed period. Total liabilities as a percentage of total liabilities, redeemable noncontrolling interests, and equity increased from 99.27% in March 2019 to 119.56% by June 2024. This trend is accompanied by a transition from a marginal positive equity position of 0.73% to a substantial equity deficit of 19.69%.

Debt Profile and Long-Term Liabilities
Long-term debt, excluding current maturities, serves as the primary component of the balance sheet, increasing from 49.35% in March 2019 to 61.21% in June 2024. A period of heightened leverage was observed during 2020, where long-term debt peaked above 62%. While long-term liabilities generally remained high, a sharp increase in the current maturities of long-term debt is evident in the final period, rising to 3.43% in June 2024 from a historical average of approximately 0.2% to 0.3%, indicating a concentrated upcoming debt repayment obligation.
Equity Deficit and Share Repurchase Activity
The deepening equity deficit is primarily driven by an aggressive increase in treasury stock, which expanded from -19.67% in March 2019 to -62.15% in June 2024. This suggests extensive share buyback activity that has outweighed other equity components. Conversely, the accumulated deficit has shown a steady improvement, narrowing from -44.15% in early 2019 to -22.86% by June 2024, indicating a trend of retained earnings growth or deficit reduction despite the overall negative equity position.
Operational Liability Trends
Liabilities associated with the guest loyalty program have remained a consistent and significant operational obligation. The combined current and non-current loyalty liabilities fluctuated but generally trended upward, with the non-current portion reaching 10.33% in June 2024 compared to 6.65% in March 2019. Deferred revenues also exhibited a gradual increase, moving from 5.59% in March 2019 to 7.64% in June 2024, reflecting growth in advanced payments or unearned revenue.
Current Liability Dynamics
Total current liabilities increased from 18.81% in March 2019 to 26.85% in June 2024. This rise is attributed to increases in accounts payable, accrued expenses, and other current liabilities, which grew from 11.30% to 12.16%, alongside the aforementioned spike in current debt maturities and the growth of current loyalty program obligations, which rose from 5.10% to 8.09%.

Overall, the financial trajectory is characterized by an intentional move toward negative equity through aggressive treasury stock acquisitions, funded by a sustained reliance on long-term debt. While the internal deficit is improving, the overall solvency profile is increasingly dependent on the continuous refinancing or management of substantial long-term liabilities.

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