Company profile
SEC EDGAR ↗- Industry
- Hotels & Motels
- Listed
- NYSE: HLT
- Incorporated
- DE
- Headquarters
- Mclean, VA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $12.0B
- Net income
- $1.46B
- Total assets
- $16.8B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $12.0B | $1.46B | $16.8B |
| FY2024 | $11.2B | $1.53B | $16.5B |
| FY2023 | $10.2B | $1.14B | $15.4B |
| FY2022 | $8.77B | $1.25B | $15.5B |
| FY2021 | $5.79B | $410.0M | $15.4B |
| FY2020 | $4.31B | −$715.0M | $16.8B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Cases on Hilton, and the casebook each one belongs to.
| Fork date | Decision type | What Hilton chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2021 | Ecosystem Lock-in | Extend to 24 months | 211 million members, up 17% year-over-year (2024-12) | Read the story → | Ecosystem Lock-in Casebook → |
| 2024 | Adjacency Expansion | Acquire Sydell Group stake | Too early to call | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions Hilton faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Boundaries of the FirmThe Asset-Light BetWhich parts of the business should you stop owning?See the pack →Moat & CompetitionThe Ecosystem Lock-InHow hard can you press on lock-in you already have?See the pack →Crisis & ReinventionThe TurnaroundIs this plan a turnaround, and can it be finished?See the pack →
The analyses
The Asset-Light Operator · Boundaries of the Firm
Hilton Owns Almost No Hotels. It Sells Owners the One Thing They Can't Get Anywhere Else.
Hilton runs 8,447 properties and owns just 50 of them. The asset-light story is half the picture: the other half is a 210-million-member loyalty program Hilton rents back to its own owners as occupancy insurance — insurance that may be thinner than the headcount suggests.
8 min
The Ecosystem Lock-In · Moat & Competition
Hilton Honors Sidesteps the Booking Sites With 211 Million Members and a Wall of Points
Hilton Honors looks like a way to earn free nights. It's really how Hilton sidesteps the booking sites that tax every reservation - 211 million members, a $2.7B+ pile of points it owes you, and a wall of accumulated points that makes the room next door feel expensive even when it's cheaper.
7 min
The Turnaround · Crisis & Reinvention
Blackstone Wrote Its Hilton Bet Down Roughly 70%, Then Walked Out With About $14 Billion
Blackstone closed its $26B Hilton buyout in October 2007, just as the world cratered, and wrote the investment down by roughly 70%. Eleven years later it walked away with about $14 billion. The crash wasn't the obstacle — it was the opportunity.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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