Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B- | B |
| Q2'25 → | B+ | B |
| Q3'25 → | B+ | B |
| Q4'25 → | B+ | B |
| Q1'26 → | B+ | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ✅ | Asia Pacific low single-digit RevPAR growth APAC ex-China delivered 9.1%, China positive 1.3% vs flat expectations | exceeded |
| Q1'26 | ⏳ | New construction starts up over 20% globally Reaffirmed guidance with 'strongest growth in U.S. and EMEA' | pending |
| Q1'26 | ⏳ | $3.5B capital returns for 2026 $860M returned in Q1, maintaining full-year target | pending |
| Q1'26 | ✅ | U.S. RevPAR growth 'towards low end' of system-wide guidance U.S. delivered 3.4%, now expecting 'high end or above system-wide guidance' | exceeded |
| Q1'26 | ✅ | Group to lead performance in 2026 Group RevPAR up 4.3% vs business transient 2.7% and leisure 3.5% | delivered |
| Q1'26 | ⏳ | 6-7% net unit growth for 2026 Q1 delivered 6.3%, on track but Middle East creating some uncertainty | pending |
| Q1'26 | ✅ | 2026 RevPAR growth of 1-2% (Q4 guidance) Raised to 2-3% with Q1 delivering 3.6% and strong April trends | exceeded |
| Q4'25 | ✅ | Adjusted EBITDA between $3.685-3.715 billion for 2025 Hit $3.7B, middle of range | delivered |
| Q4'25 | ✅ | RevPAR growth of 0% to 1% for full year 2025 Achieved 0.4%, low end of range but within guidance | delivered |
| Q4'25 | ✅ | New development construction starts up nearly 20% globally Delivered over 20% globally, over 25% in U.S. | exceeded |
| Q4'25 | ✅ | Return approximately $3.3 billion to shareholders in 2025 Completed exactly as promised through buybacks and dividends | delivered |
| Q4'25 | ✅ | 6.5% to 7% net unit growth for full year 2025 Achieved 6.7%, within guided range | delivered |
| Q4'25 | ✅ | Expect nearly 40% of openings in 2025 to be conversions Hit roughly 40% as promised, conversion strategy working | delivered |
| Q3'25 | ✅ | Continued strength in luxury and lifestyle expansion 20% of Q3 openings, Waldorf NYC reopened as planned | delivered |
| Q3'25 | ⏳ | High single-digit growth in signings for full year Not specifically updated but 36K rooms signed in Q2 | pending |
| Q3'25 | ✅ | LivSmart Studios extended stay brand launch First hotel opened in July as promised | delivered |
| Q3'25 | ⏳ | $3.3B shareholder returns for full year On track based on year-to-date execution | pending |
| Q3'25 | ⏳ | Strong fourth quarter performance driven by easier comps Guided to +1% Q4 RevPAR, consistent with expectation | pending |
| Q3'25 | ✅ | Several new brands in lifestyle space by year-end Delivered Outset Collection as 25th brand, more coming | delivered |
| Q3'25 | ⏳ | 6% to 7% net unit growth for full year Still on track with 6.5% achieved through Q3 | pending |
| Q3'25 | ❌ | RevPAR growth of 0% to 2% for full year Narrowed to 0-1%, lowering the high end by 100 bps | missed |
| Q2'25 | ✅ | Asia Pacific RevPAR growth in low single digits Delivered +0.3% vs flat guidance, APAC ex-China up 5.2% | delivered |
| Q2'25 | ✅ | Strong conversion story continuation 40% of openings were conversions, exceeded Q1 levels | delivered |
| Q2'25 | ⏳ | High single-digit growth in signings for full year Signed 36,000 rooms in Q2, described as 'on pace' for target | pending |
| Q2'25 | ✅ | Launch new brands by year-end LivSmart Studios launched in July, 'a couple more by year-end' still promised | delivered |
| Q2'25 | ⏳ | RevPAR growth of flat to up 2% for full year Maintained guidance despite Q2 softness, banking on Q4 improvement | pending |
| Q2'25 | ⏳ | Return approximately $3.3 billion to shareholders On track with $1.7 billion YTD, maintaining full-year target | pending |
| Q2'25 | ⏳ | Deliver 6-7% net unit growth for 2025 On track with 7.5% Q2 growth, Nassetta emphasized 'solidly within our 6% to 7% range' | pending |
| Q1'25 | ⏳ | $3.3B return to shareholders via buybacks and dividends Reaffirmed $3.3B commitment for full year 2025 | pending |
| Q1'25 | ❌ | Continued momentum in luxury lifestyle openings Luxury/lifestyle fell to 30% of Q1 openings vs ~50% full-year 2024 | missed |
| Q1'25 | ✅ | Group outperforming transient RevPAR growth Group up 6%+ vs business transient 2%, leisure 1% in Q1 | delivered |
| Q1'25 | ⏳ | Asia Pacific low to mid-single digit RevPAR growth APAC ex-China at 3.5% in Q1, China improving sequentially to -3.1% | pending |
| Q1'25 | ❌ | Adjusted EBITDA of $3.7B to $3.74B Cut to $3.65B-$3.71B, midpoint down $50M from prior guide | missed |
| Q1'25 | ⏳ | Net unit growth of 6% to 7% in 2025 Reaffirmed guidance, Q1 delivered 7.2% suggesting on track | pending |
| Q1'25 | ❌ | System-wide RevPAR growth of 2% to 3% for 2025 Cut to 0-2% range, midpoint down 150 bps from original guidance | missed |
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