0001468174-26-000021
SEC filing凯悦Q2业绩强劲，核心费用业务韧性支撑全年展望，RevPAR增长5.9%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total Revenues | $1,829M | $1,808M | — |
| Gross Fees | $324M | $301M | +7.8% |
| Adjusted EBITDA | $297M | $286M | +3.4% |
| Net Income Attributable to Hyatt Hotels Corporation | $110M | $(3)M | — |
| Diluted EPS (GAAP) | $1.14 | $(0.03) | — |
| Adjusted Diluted EPS (Non-GAAP) | $1.12 | $0.68 | — |
| Comparable System-wide Hotels RevPAR Growth | 5.9% | — | — |
| Comparable System-wide All-inclusive Net Package RevPAR Growth | (1.2)% | — | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | System-Wide Hotels RevPAR Growth | 3.5% to 4.5% | — |
| FY2026 | Net Rooms Growth | Approx. 6% | — |
| FY2026 | Net Income Attributable to Hyatt Hotels Corporation | $250 - $335M | GAAP |
| FY2026 | Gross Fees | $1,305 - $1,335M | — |
| FY2026 | Adjusted G&A Expenses | $440 - $450M | Non-GAAP |
| FY2026 | Adjusted EBITDA | $1,155 - $1,205M | Non-GAAP |
| FY2026 | Capital Expenditures | Approx. $135M | — |
| FY2026 | Adjusted Free Cash Flow | $580 - $630M | Non-GAAP |
| FY2026 | Capital Returns to Shareholders | $325 - $375M | — |
简评
凯悦Q2 2026业绩表现强劲，核心费用业务（Gross Fees +7.8%至$324M）是主要增长引擎，其中基础管理费增长10.2%，得益于美国市场强势表现及Playa Hotels Acquisition带来的费用贡献。可比系统-wide酒店RevPAR增长5.9%，由Luxury和Upper Upscale档驱动，美国市场增长6.7%，但中东地缘政治冲突拖累RevPAR增长约110个基点。全包度假村Net Package RevPAR下降1.2%，反映墨西哥需求疲软及部分目的地航空运力减少。Adjusted EBITDA增长3.4%至$297M，剔除2025年资产出售影响后增长8.8%，显示核心业务盈利能力稳健。
管理层维持全年展望，预计RevPAR增长3.5%-4.5%，Adjusted EBITDA $1,155M-$1,205M（同比增长13%-18%），资本回报$325M-$375M。CEO Mark S. Hoplamazian强调核心费用业务的韧性抵消了区域性逆风，但对下半年开业时间持谨慎态度，Net Rooms Growth指引调整至约6%以反映开业时间分布。公司Q2回购$12M股票，并宣布Q3每股$0.15股息，资产负债表稳健（总债务$4.3B，流动性$2.1B）。Distribution分部Adjusted EBITDA下滑，主要受Hurricane Melissa导致牙买加酒店关闭及墨西哥需求疲软影响，全年预计该分部Adjusted EBITDA下降约$25M。