H NYSE Russell 1000 Earnings call
Hyatt Hotels (H) · Q2 2026 results and valuation
Share price: $190.18 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 168.3% on the previous quarter. Management sounded very upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+168.3%
Net income vs Q1 2026
Outlook given
Net income 110.0M vs 41.0M
Revenue +4.6%
2 · How management spoke
Very upbeat
More upbeat than 95% of company calls
Answers to analysts: upbeat, but clearly less so than the script.
The step down under questioning is bigger than last call.
3 · What stood out
Hyatt reaffirmed its full-year gross fees outlook, expecting growth between 9% and 11% in the range of $1.305 billion to $1.335 billion.
Valuation
Is Hyatt Hotels undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$190.18
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+34.5% for 10 yrs
Fair value / share
$-8.18
Buy below
$-6.14
Price vs fair value
n/a
Price vs buy-below price
n/a
Management expects
Growth +9% · from the Q2 2026 report: “The company reaffirmed its full-year gross fees outlook, expecting growth between 9% and 11% in the range of $1.305 billion to $1.335 billion.”
A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
H expects to return between $325 million and $375 million to shareholders through share repurchases and dividends during 2026.
Source quote
“Finally, we expect to return between $325 million and $375 million of capital to shareholders through share repurchases and dividends during 2026.”
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Guidance
Hyatt Hotels is maintaining its gross fees outlook for the full year and expect fees to grow between 9% and 11% in the range of $1.305 billion to $1.335…
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 94% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Asia Pacific, excluding Greater China, delivered robust RevPAR growth of more than 10%, reflecting strong inbound travel and demand in key markets where we have strong brand representation.”
“In closing, our second quarter results reflect the continued strength of Hyatt's asset-light earnings model, As we highlighted during Investor Day, our strategy is designed to generate high quality, durable...”
“RevPAR growth in the United States exceeded our expectations and we also saw a strong growth across most international markets.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.83B | 1.75B | +4.6% | 1.81B | +1.2% |
| Operating income | 182.0M | 57.0M | +219.3% | 38.0M | +378.9% |
| Net income | 110.0M | 41.0M | +168.3% | -3.0M | Turned profit |
| EPS | 1.14 | 0.40 | +185.0% | -0.03 | Turned profit |
| P/E today 193.5 | 239.3 | 12-mo loss | — | 31.7 | +207.6 |
Topics
Most discussed now
- As Hyatt Hotels showcased at Investor Day, Hyatt has evolved into a more asset-light company with a differentiated operating model built...
- To sustain a business model capable of delivering durable fee growth, increasing cash flow, and attractive long-term returns, over a...
- This strong growth reflects robust international travel demand and continued strength in higher end travel.
- Asia Pacific, excluding Greater China, delivered robust RevPAR growth of more than 10%, reflecting strong inbound travel and demand in...
- Hyatt Hotels has extremely high confidence based on a lot of comparisons across FDDs that have been filed and clarity around...
Faded since Q1 2026
- Dropped However, what I do think is if you combine advanced advancements and facility with building platforms that have actually generated...
- Fading Leisure demand from premium customers was exceptionally strong in the quarter, increasing approximately 7% compared to last year, with…
- Fading Before I begin, I want to acknowledge recent events in the Middle East.
- Fading Along with improved international inbound travel, including from the United States.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Acquisition or disposal; Regulation FD disclosure · SEC 8-K