Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Hilton Worldwide Holdings Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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
Franchise and licensing fees	689)	571)	601)	643)	618)	508)	537)	573)	545)	413)	431)	451)	369)	242)	233)	241)	132)	339)	412)	443)	444)	382)
Base and other management fees	93)	106)	95)	81)	86)	80)	88)	76)	75)	55)	60)	49)	42)	25)	31)	24)	8)	60)	83)	80)	89)	80)
Incentive management fees	68)	70)	77)	63)	69)	65)	64)	52)	46)	34)	38)	26)	21)	13)	13)	7)	(5)	23)	63)	54)	58)	55)
Owned and leased hotels	337)	255)	320)	335)	341)	248)	349)	295)	282)	150)	222)	199)	121)	56)	86)	94)	31)	210)	362)	361)	387)	312)
Other revenues	71)	50)	52)	45)	46)	35)	31)	28)	25)	18)	23)	18)	21)	17)	21)	19)	10)	23)	26)	23)	26)	26)
Other revenues from managed and franchised properties	1,693)	1,521)	1,464)	1,506)	1,500)	1,357)	1,375)	1,344)	1,267)	1,051)	1,062)	1,006)	755)	521)	506)	548)	388)	1,265)	1,423)	1,434)	1,480)	1,349)
Revenues	2,951)	2,573)	2,609)	2,673)	2,660)	2,293)	2,444)	2,368)	2,240)	1,721)	1,836)	1,749)	1,329)	874)	890)	933)	564)	1,920)	2,369)	2,395)	2,484)	2,204)
Owned and leased hotels	(298)	(247)	(292)	(301)	(297)	(251)	(294)	(263)	(257)	(185)	(227)	(200)	(142)	(110)	(142)	(144)	(95)	(239)	(312)	(310)	(334)	(298)
Depreciation and amortization	(34)	(36)	(33)	(40)	(37)	(37)	(39)	(39)	(40)	(44)	(45)	(46)	(46)	(51)	(62)	(90)	(88)	(91)	(90)	(86)	(86)	(84)
General and administrative	(113)	(104)	(110)	(96)	(111)	(91)	(95)	(93)	(103)	(91)	(103)	(107)	(98)	(97)	(122)	(66)	(63)	(60)	(114)	(107)	(113)	(107)
Reorganization costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3)	—)	(38)	—)	—)	—)	—)	—)
Impairment losses	—)	—)	(38)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(122)	(9)	(15)	(112)	—)	—)	—)	—)
Other expenses	(37)	(30)	(32)	(26)	(33)	(21)	(25)	(13)	(11)	(11)	(14)	(12)	(9)	(10)	(12)	(21)	(13)	(14)	(26)	(11)	(15)	(20)
Other expenses from managed and franchised properties	(1,744)	(1,630)	(1,704)	(1,557)	(1,508)	(1,395)	(1,487)	(1,337)	(1,231)	(1,021)	(1,115)	(944)	(810)	(585)	(622)	(592)	(554)	(1,336)	(1,479)	(1,443)	(1,458)	(1,383)
Expenses	(2,226)	(2,047)	(2,209)	(2,020)	(1,986)	(1,795)	(1,940)	(1,745)	(1,642)	(1,352)	(1,504)	(1,309)	(1,105)	(853)	(1,085)	(922)	(866)	(1,852)	(2,021)	(1,957)	(2,006)	(1,892)
Gain (loss) on sales of assets, net	—)	7)	—)	—)	—)	—)	—)	—)	—)	—)	1)	(8)	—)	—)	—)	—)	—)	—)	—)	81)	—)	—)
Operating income (loss)	725)	533)	400)	653)	674)	498)	504)	623)	598)	369)	333)	432)	224)	21)	(195)	11)	(302)	68)	348)	519)	478)	312)
Interest expense	(141)	(131)	(124)	(113)	(111)	(116)	(120)	(106)	(99)	(90)	(95)	(98)	(101)	(103)	(113)	(116)	(106)	(94)	(110)	(105)	(101)	(98)
Gain (loss) on foreign currency transactions	(1)	(1)	(3)	(7)	(6)	—)	1)	—)	8)	(4)	(8)	—)	(1)	2)	(11)	(12)	(13)	9)	(6)	7)	(3)	—)
Loss on debt extinguishment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(69)	(48)	—)	—)	—)	—)	—)	—)	—)
Loss on investments in unconsolidated affiliate	—)	—)	—)	—)	—)	(92)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other non-operating income (loss), net	8)	(36)	1)	15)	11)	12)	18)	10)	6)	16)	7)	6)	5)	5)	18)	3)	(23)	—)	11)	—)	(12)	4)
Income (loss) before income taxes	591)	365)	274)	548)	568)	302)	403)	527)	513)	291)	237)	340)	127)	(144)	(349)	(114)	(444)	(17)	243)	421)	362)	218)
Income tax (expense) benefit	(169)	(97)	(124)	(169)	(155)	(93)	(70)	(181)	(146)	(80)	(89)	(100)	1)	35)	124)	33)	12)	35)	(67)	(131)	(101)	(59)
Net income (loss)	422)	268)	150)	379)	413)	209)	333)	346)	367)	211)	148)	240)	128)	(109)	(225)	(81)	(432)	18)	176)	290)	261)	159)
Net (income) loss attributable to redeemable and nonredeemable noncontrolling interests	(1)	(3)	(3)	(2)	(2)	(3)	(5)	1)	1)	1)	(1)	1)	2)	1)	1)	2)	2)	—)	(1)	(2)	(1)	(1)
Net income (loss) attributable to Hilton stockholders	421)	265)	147)	377)	411)	206)	328)	347)	368)	212)	147)	241)	130)	(108)	(224)	(79)	(430)	18)	175)	288)	260)	158)

Revenue Trends: Franchise and licensing fees showed fluctuations with a significant decline in mid-2020 coinciding with the pandemic impact, followed by a recovery and steady growth reaching the highest levels by mid-2024. Base and other management fees mirrored this trend, dropping sharply in mid-2020 but gradually recovering and even surpassing previous peaks by 2024. Incentive management fees were particularly volatile, dipping into negative territory during mid-2020 but demonstrating a strong rebound afterward with some fluctuations.; Revenues from owned and leased hotels experienced a sharp decline during 2020, reflecting the pandemic's adverse effects, but gradually recovered through 2021 and 2022 with intermittent fluctuations. Other revenue streams, including other revenues from managed and franchised properties, showed a decrease in mid-2020 and then consistent growth through subsequent periods, exceeding pre-pandemic levels by 2024.; Overall total revenues dropped significantly in 2020 but displayed a strong recovery trend from 2021 onwards, achieving a peak by June 2024.
Expense Patterns: Expenses related to owned and leased hotels decreased sharply during 2020, paralleling the revenue decline in this segment, but showed a gradual increase afterward, approaching pre-pandemic levels by 2024. Depreciation and amortization expenses steadily decreased from 2019 through 2024, indicating possible asset disposals or lower capital expenditures.; General and administrative costs were somewhat variable, decreasing in some quarters of 2020 and 2021 but rising in others, with an overall moderate upward trend into 2024. Reorganization costs appeared sporadically, with notable charges in 2020 and again in 2023, suggesting periodic restructuring activities.; Impairment losses were incurred primarily in 2020 and sporadically afterward, reflecting asset write-downs aligned with pandemic-related disruptions and strategic reviews. Other expenses, including those from managed and franchised properties, decreased substantially during early pandemic quarters but showed a rising trend through 2021-2024, consistent with expanded operations and recovery dynamics.; Total expenses fell notably in 2020, reflecting both revenue impacts and cost containment measures, but then rose steadily through 2023 and 2024 in line with expanded business activity.
Profitability and Operating Income: Operating income experienced a sharp decline in 2020, turning negative in some quarters, illustrating the severe pandemic impact. However, from 2021 onwards, operating income recovered decisively, frequently reaching or surpassing pre-pandemic highs through 2024.
Non-Operating Items and Financial Costs: Interest expense remained fairly consistent throughout the periods, with a slight increasing trend into 2024, indicating steady or increasing debt levels. Loss on debt extinguishment was notable only in late 2020. Foreign currency transaction gains and losses fluctuated without a clear trend.; Other non-operating income and losses showed volatility and were generally modest relative to operating income, with occasional spikes in certain quarters.
Income Before Taxes and Net Income: Income before income taxes followed a pattern similar to operating income, declining sharply in 2020 with negative values in several quarters, then recovering strongly through 2021-2024. This recovery into positive territory marked a return to profitability across most quarters.; Income tax expense was variable, with tax benefits recorded during some 2020 quarters corresponding to net losses, and tax expenses increasing as profitability returned. Net income attributable to Hilton stockholders mirrored these patterns, with losses during 2020 and a robust recovery from 2021 onward, achieving substantial net gains into 2024.
Summary: The financial data clearly indicate the significant adverse impact of the COVID-19 pandemic during 2020, with substantial declines in both revenues and profitability, particularly affecting owned and leased hotel operations and management fees. Cost containment efforts moderated expenses but could not fully offset revenue declines. From 2021 forward, a consistent recovery trajectory is evident, with revenues, operating income, and net income rebounding to meet or exceed pre-pandemic levels by mid-2024. This recovery includes growth in franchise and licensing fees, management fees, and other revenue streams. Expenses gradually increased but remained managed relative to the restored revenue base. Overall, the trends highlight resilience and a return to operational strength after the pandemic-induced downturn.

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Hilton Worldwide Holdings Inc. (NYSE:HLT)

Income Statement Quarterly Data

Income Statement
Quarterly Data