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Hilton reported FY2025 revenue of $12.0 billion, operating income of $2.7 billion, net income of $1.5 billion and Q1 2026 revenue of $2.9 billion. The thesis depends on travel demand, franchise and management fees, development pipeline execution, capital-light
OpenOfficial-source baseline for Airbnb using SEC submissions, SEC company facts, the FY2025 Form 10-K, Q1 FY2026 Form 10-Q, filed shareholder letters, the 2026 proxy, debt refinancing disclosures, and official Booking Holdings and Expedia peer filings.
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