Hilton Worldwide Holdings Inc. reported its financial results for the third quarter and the first nine months of 2024, showcasing a notable increase in total revenues. For the three months ended September 30, 2024, total revenues reached $2,867 million, up from $2,673 million in the same period of 2023. For the nine months, revenues increased to $8,391 million from $7,626 million year-over-year. This growth was driven by higher franchise and management fees, which rose due to net hotel additions and increased licensing fees.
Total expenses for the third quarter also increased, amounting to $2,242 million compared to $2,020 million in the prior year. For the nine months, expenses rose to $6,515 million from $5,801 million. Operating income for the third quarter was $623 million, down from $653 million in 2023, while net income decreased to $344 million from $379 million in the same quarter of the previous year. For the nine months, net income was $1,034 million, slightly up from $1,001 million in 2023.
The company’s cash and cash equivalents significantly improved, totaling $1,580 million as of September 30, 2024, compared to $800 million at the end of 2023. Total assets increased to $16,689 million from $15,401 million, while total liabilities rose to $20,119 million from $17,748 million, primarily due to increased long-term debt, which grew to $10,626 million from $9,157 million.
Strategically, Hilton completed the acquisition of the Graduate brand in May 2024 for $210 million, adding 32 properties to its portfolio. Additionally, the company acquired a controlling interest in the NoMad brand through Sydell Hotels & Resorts in April 2024. These acquisitions did not materially impact the operating results for the reported periods.
Hilton's RevPAR (Revenue per Available Room) showed positive trends, with a system-wide increase of 1.4% for the third quarter and 2.4% for the nine months. The U.S. RevPAR also saw increases of 1.0% and 1.4%, respectively. The company reported a total of 8,301 properties with 1,250,506 rooms across 138 countries as of September 30, 2024, reflecting a net unit growth of 7.8% from the previous year.
Overall, Hilton's financial performance indicates resilience amid market challenges, supported by strategic acquisitions and a robust development pipeline.
About Hilton Worldwide Holdings Inc.
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