Selected Financial Data
since 2013
Income Statement
Hilton Worldwide Holdings Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) attributable to Hilton stockholders |
|---|---|---|---|
| Dec 31, 2023 | 10,235) | 2,225) | 1,141) |
| Dec 31, 2022 | 8,773) | 2,094) | 1,255) |
| Dec 31, 2021 | 5,788) | 1,010) | 410) |
| Dec 31, 2020 | 4,307) | (418) | (715) |
| Dec 31, 2019 | 9,452) | 1,657) | 881) |
| Dec 31, 2018 | 8,906) | 1,432) | 764) |
| Dec 31, 2017 | 9,140) | 1,372) | 1,259) |
| Dec 31, 2016 | 11,663) | 1,861) | 348) |
| Dec 31, 2015 | 11,272) | 2,071) | 1,404) |
| Dec 31, 2014 | 10,502) | 1,673) | 673) |
| Dec 31, 2013 | 9,735) | 1,102) | 415) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial performance from 2013 to 2023 is characterized by a period of steady expansion, a severe contraction during 2020, and a robust subsequent recovery. By 2023, the organization surpassed several pre-pandemic benchmarks in terms of both revenue and operating profitability.
- Revenue Trends
- Revenues exhibited a consistent upward trajectory from 2013 to 2016, peaking at 11,663 million US dollars. This was followed by a period of moderation and slight decline between 2017 and 2019. A critical disruption occurred in 2020, with revenues falling to 4,307 million US dollars, representing a decline of approximately 54% from 2019 levels. A strong recovery trend ensued, with revenues climbing back to 10,235 million US dollars by the end of 2023.
- Operating Income Analysis
- Operating income demonstrated significant volatility over the decade. After reaching an early peak of 2,071 million US dollars in 2015, the metric experienced fluctuations before collapsing to an operating loss of 418 million US dollars in 2020. The subsequent recovery was rapid and aggressive; by 2023, operating income reached 2,225 million US dollars, the highest level in the recorded period. This indicates that the organization achieved higher operational efficiency in the post-pandemic era than in its previous growth phase.
- Net Income Performance
- Net income attributable to stockholders displayed the highest degree of variance. While reaching a peak of 1,404 million US dollars in 2015, it saw a sharp decline in 2016 to 348 million US dollars despite maintaining positive operating income. Following a net loss of 715 million US dollars in 2020, the entity returned to profitability in 2021, with net income peaking again at 1,255 million US dollars in 2022 before slightly moderating to 1,141 million US dollars in 2023.
The overall trend indicates a high level of financial resilience. The fact that 2023 operating income exceeded the 2015 peak, despite 2023 revenues remaining below the 2016 high, suggests a successful optimization of the cost structure and an improvement in operating margins following the 2020 crisis.
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Balance Sheet: Assets
Hilton Worldwide Holdings Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 2,614) | 15,401) |
| Dec 31, 2022 | 2,870) | 15,512) |
| Dec 31, 2021 | 2,871) | 15,441) |
| Dec 31, 2020 | 4,202) | 16,755) |
| Dec 31, 2019 | 2,093) | 14,957) |
| Dec 31, 2018 | 1,983) | 13,995) |
| Dec 31, 2017 | 1,986) | 14,308) |
| Dec 31, 2016 | 3,557) | 26,211) |
| Dec 31, 2015 | 2,585) | 25,716) |
| Dec 31, 2014 | 2,499) | 26,125) |
| Dec 31, 2013 | 2,383) | 26,562) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
An analysis of the asset structure from 2013 to 2023 reveals a significant structural shift in the balance sheet, characterized by a substantial reduction in total assets and fluctuating liquidity levels.
- Total Asset Trajectory
- Total assets remained relatively stable between 2013 and 2016, fluctuating within a narrow range between 25.7 billion and 26.6 billion US dollars. However, a sharp contraction occurred in 2017, where total assets decreased to 14.3 billion US dollars, representing a reduction of approximately 45% from the 2016 level. Following this decline, the asset base stabilized, oscillating between 14.0 billion and 16.8 billion US dollars through 2023, ending the period at 15.4 billion US dollars.
- Current Asset Volatility
- Current assets exhibited significant volatility over the eleven-year period. After a period of gradual growth through 2016, a decline was observed in 2017 and 2018. A notable surge occurred in 2020, with current assets peaking at 4.2 billion US dollars, the highest value in the recorded period. This peak was followed by a steady decline over the subsequent three years, returning to 2.6 billion US dollars by December 31, 2023.
- Liquidity Composition and Asset Ratio
- The proportion of current assets relative to total assets shifted markedly over the decade. In the early period (2013-2016), current assets typically comprised approximately 9% to 13% of total assets. Following the 2017 reduction in total assets, this ratio increased. The most pronounced shift occurred in 2020, where current assets accounted for approximately 25% of total assets, indicating a strategic prioritize of liquidity. By 2023, the ratio normalized to approximately 17%.
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Balance Sheet: Liabilities and Stockholders’ Equity
Hilton Worldwide Holdings Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Total Hilton stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2023 | 3,722) | 17,748) | 9,196) | (2,360) |
| Dec 31, 2022 | 3,372) | 16,610) | 8,747) | (1,102) |
| Dec 31, 2021 | 3,019) | 16,260) | 8,766) | (821) |
| Dec 31, 2020 | 2,431) | 18,241) | 10,487) | (1,490) |
| Dec 31, 2019 | 2,871) | 15,429) | 7,993) | (482) |
| Dec 31, 2018 | 2,615) | 13,437) | 7,282) | 551) |
| Dec 31, 2017 | 2,208) | 12,233) | 6,602) | 2,072) |
| Dec 31, 2016 | 2,684) | 20,362) | 10,812) | 5,899) |
| Dec 31, 2015 | 2,467) | 19,765) | 10,547) | 5,985) |
| Dec 31, 2014 | 2,257) | 21,411) | 11,692) | 4,752) |
| Dec 31, 2013 | 2,142) | 22,286) | 12,723) | 4,363) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial profile of the organization from 2013 to 2023 is characterized by a steady increase in short-term obligations and a significant shift in the equity position from positive value to a sustained deficit.
- Short-Term Obligation Trends
- Current liabilities have exhibited a consistent upward trajectory over the analyzed period, rising from $2,142 million in 2013 to $3,722 million in 2023. This growth indicates a steady increase in the company's immediate financial obligations.
- Total Liabilities and Debt Management
- Total liabilities experienced a sharp reduction in 2017, falling to $12,233 million from a 2013 peak of $22,286 million. Long-term debt, including current maturities, mirrored this pattern, decreasing significantly in 2017 to $6,602 million. Following this trough, both total liabilities and long-term debt trended upward through 2023, ending at $17,748 million and $9,196 million, respectively.
- Stockholders' Equity and Capital Structure
- A fundamental transition in the capital structure is observed in the stockholders' equity account. The company maintained positive equity from 2013 through 2018, peaking at $5,985 million in 2015. However, a shift to a deficit position occurred in 2019. This deficit has expanded progressively, reaching -$2,360 million by December 31, 2023, signaling a period of negative net worth.
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Cash Flow Statement
Hilton Worldwide Holdings Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 1,946) | (305) | (2,040) |
| Dec 31, 2022 | 1,681) | (123) | (1,765) |
| Dec 31, 2021 | 109) | (57) | (1,793) |
| Dec 31, 2020 | 708) | (107) | 2,032) |
| Dec 31, 2019 | 1,384) | (123) | (1,113) |
| Dec 31, 2018 | 1,255) | (131) | (1,300) |
| Dec 31, 2017 | 924) | (222) | (1,724) |
| Dec 31, 2016 | 1,350) | (478) | (29) |
| Dec 31, 2015 | 1,394) | 392) | (1,724) |
| Dec 31, 2014 | 1,366) | (310) | (1,070) |
| Dec 31, 2013 | 2,101) | (382) | (1,863) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The cash flow profile over the eleven-year period demonstrates a resilient operating core that experienced a severe but temporary contraction before returning to near-peak levels. The financial trajectory is marked by a consistent reliance on operating cash to fund investing and financing activities, with a distinct pivot in financing strategy during the 2020-2021 period.
- Operating Cash Flow Trends
- Net cash provided by operating activities remained relatively stable between 2014 and 2019, generally fluctuating between 924 million and 1.38 billion US dollars. A critical decline occurred between 2020 and 2021, with cash flow dropping to a low of 109 million US dollars in 2021. However, a rapid recovery followed, with 2023 figures reaching 1.946 billion US dollars, nearly returning to the 2013 high of 2.101 billion US dollars.
- Investing Cash Flow Patterns
- Investing activities were characterized by consistent net cash outflows for the majority of the observed period, indicating ongoing capital expenditures or acquisitions. A notable anomaly occurred in 2015, where a net inflow of 392 million US dollars was recorded. Following this, outflows remained relatively modest, ranging from 57 million to 478 million US dollars, with a moderate increase in investment usage to 305 million US dollars by 2023.
- Financing Cash Flow Dynamics
- A structural pattern of net cash usage in financing activities is evident from 2013 to 2019 and again from 2021 to 2023, with annual outflows often exceeding 1 billion US dollars. This suggests a consistent commitment to debt repayment or shareholder distributions. This trend was sharply reversed in 2020, when the company recorded a net inflow of 2.032 billion US dollars, signifying a substantial injection of liquidity during a period of diminished operating cash flow. Post-2020, financing outflows accelerated, reaching a peak of 2.040 billion US dollars in 2023.
- Interdependency of Cash Flows
- The data reveals a strong correlation between the collapse of operating cash flow and the surge in financing inflows during 2020, indicating an external funding strategy to offset operational deficits. The subsequent surge in operating cash flows in 2022 and 2023 coincides with an increase in financing outflows, suggesting that the recovered operational liquidity is being utilized to settle obligations or reward shareholders.
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Per Share Data
Hilton Worldwide Holdings Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 4.36 | 4.33 | 0.60 |
| Dec 31, 2022 | 4.56 | 4.53 | 0.45 |
| Dec 31, 2021 | 1.47 | 1.46 | 0.00 |
| Dec 31, 2020 | -2.58 | -2.58 | 0.15 |
| Dec 31, 2019 | 3.07 | 3.04 | 0.60 |
| Dec 31, 2018 | 2.53 | 2.50 | 0.60 |
| Dec 31, 2017 | 3.88 | 3.85 | 0.60 |
| Dec 31, 2016 | 1.06 | 1.05 | 0.84 |
| Dec 31, 2015 | 4.27 | 4.26 | 0.42 |
| Dec 31, 2014 | 2.05 | 2.05 | 0.00 |
| Dec 31, 2013 | 1.35 | 1.35 | 0.00 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals a period of significant volatility in per-share profitability and dividend distributions between 2013 and 2023. Earnings experienced several cycles of growth and contraction, characterized by a severe downturn in 2020 followed by a robust recovery. Dividend payouts closely mirrored these earnings trends, showing a pattern of initiation, stabilization, suspension, and eventual restoration.
- Earnings Per Share Trends
- Basic and diluted earnings per share followed nearly identical trajectories throughout the period, indicating a negligible impact from dilutive securities. Profitability grew from 1.35 in 2013 to a peak of 4.27 in 2015, followed by a sharp decline to 1.06 in 2016. After a period of fluctuation between 2017 and 2019, earnings collapsed to a deficit of -2.58 in 2020. A strong upward trajectory followed this low, with earnings recovering to 1.47 in 2021 and reaching a series peak of 4.56 in 2022, before stabilizing slightly at 4.36 in 2023.
- Dividend Distribution Patterns
- Dividend payments were absent until 2015, when they were initiated at 0.42 per share. A peak payout of 0.84 was recorded in 2016, after which the dividend remained constant at 0.60 from 2017 through 2019. The volatility seen in earnings in 2020 led to a sharp reduction in dividends to 0.15, and payments were entirely suspended in 2021. Dividends resumed in 2022 at 0.45 and returned to the previous stabilization level of 0.60 by the end of 2023.
- Correlation Between Earnings and Dividends
- A direct correlation is observed between earnings stability and the dividend policy. The suspension of dividends in 2021 coincided with the aftermath of the deepest earnings deficit in the observed period. The subsequent reinstatement and increase of dividends in 2022 and 2023 aligned with the recovery of diluted earnings per share to levels exceeding those seen prior to 2020.
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