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# Hilton Has Spent $2.6 Billion On Buybacks This Year, And Its Stockholder Deficit Is Now $6.6 Billion
- URL: https://www.bullished.co/hilton-has-spent-2-6-billion-on-buybacks-this-year-and-its-stockholder-deficit-is-now-6-6-86e9702d/
- Published: 2026-10-27T14:26:47.000Z
- Updated: 2026-10-27T14:26:47.000Z
- Description: Nine-month operating cash flow slipped as repurchases pushed the deficit wider, and about $2.2 billion of buyback authorization remains.
- Author: Matteo Parrino
- Tags: SEC Filings, HLT, Industry: Consumer Discretionary

[Hilton Worldwide](https://www.bullished.co/tag/hlt/) [repurchased about 8.2 million shares for $2,602 million](https://www.sec.gov/Archives/edgar/data/0001585689/000158568926000054/hlt-20260930.htm?ref=bullished.co) in the first nine months of 2026, and its total stockholders' deficit widened to $6,593 million from $5,388 million at the end of 2025, according to its 10-Q filed Tuesday. Operating cash flow over the period fell to $1,811 million from $1,926 million a year earlier.

## Buybacks outrun earnings

Treasury stock, the cost of shares the company has bought back, rose to $17,044 million from $14,428 million at December 31\. The accumulated deficit narrowed to $208 million from $1,508 million as profit built up, but buybacks and dividends more than absorbed the gain in the broader equity measure.

At the end of the second quarter, the [prior quarterly filing](https://www.sec.gov/Archives/edgar/data/0001585689/000158568926000043/hlt-20260630.htm?ref=bullished.co) showed 5.6 million shares repurchased for $1,757 million. Remaining authorization stood at about $2.2 billion on September 30, down from about $3.0 billion at June 30.

Net income for the nine months was $1,401 million, up from $1,163 million. Diluted earnings per share were $6.13, against $4.84.

## A tax timing hit to cash flow

The 10-Q attributes the drop in operating cash flow to a $401 million increase in income tax payments, which it says reflects timing. Net tax payments were $566 million, compared with $165 million a year earlier. Fee growth from franchised and managed hotels partly offset the hit.

Hilton, which runs and licenses hotels and earns most of its revenue from fees paid by third-party owners, had $13.5 billion of total debt at September 30\. A $600 million 4.875% note due April 2027 is now classed as a current maturity. The company says it believes it has the liquidity and debt-market access to address it at or before maturity.

## Shares and the Nasdaq move

Hilton shares traded at $335.82 in Tuesday trading, down about 4.57% from the prior close of $351.89, the day Hilton reported its third-quarter results. The company said in an [8-K](https://markets.ft.com/data/announce/detail?dockey=600-202610270600BIZWIRE%5FUSPRX%5F%5F%5F%5F20261027%5FBW314186-1&ref=bullished.co) that it will move its listing to Nasdaq, with trading there beginning at market open on November 5.

Hilton said in its [earnings release](https://www.sec.gov/Archives/edgar/data/0001585689/000158568926000049/q32026earningsrelease.htm?ref=bullished.co) that it projects full-year capital return of about $3.5 billion.

### Sources

- [10-Q Filing — Hilton Worldwide (HLT)](https://www.sec.gov/Archives/edgar/data/0001585689/000158568926000054/hlt-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Hilton Worldwide (HLT), Q2 FY2026 filed 2026-07-28 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001585689/000158568926000043/hlt-20260630.htm?ref=bullished.co) — SEC EDGAR
- [8-K Filing — Hilton Worldwide, filed 2026-10-20 (Items 3.01, 7.01, 9.01)](https://www.sec.gov/Archives/edgar/data/0001585689/000158568926000045/hlt-20261020.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, q32026earningsrelease.htm) — Hilton Worldwide, filed 2026-10-27](https://www.sec.gov/Archives/edgar/data/0001585689/000158568926000049/q32026earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Hilton raises full-year revenue per room forecast in Q3 2026 earnings](https://qz.com/hilton-raises-revenue-per-room-forecast-earnings-102726?ref=bullished.co) — qz.com
- [Hilton Raises FY Outlook After World Cup Boosts 3Q Results](https://www.marketwatch.com/story/hilton-raises-fy-outlook-after-world-cup-boosts-3q-results-2163f8b4?ref=bullished.co) — MarketWatch
- [Hilton Reports Third Quarter Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610270600BIZWIRE%5FUSPRX%5F%5F%5F%5F20261027%5FBW314186-1&ref=bullished.co) — Financial Times
- [Hilton shares drop as investors weigh results, full-year outlook (HLT:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4657801-hilton-shares-drop-as-investors-weigh-results-full-year-outlook?ref=bullished.co) — seekingalpha.com
- [Hilton Lifts Sales Forecast but Elections, Iran War Could Hurt 4Q -- Update](https://www.marketwatch.com/story/hilton-lifts-sales-forecast-but-elections-iran-war-could-hurt-4q-update-4724bed8?ref=bullished.co) — MarketWatch

### More on Hilton Worldwide

- [Hilton CEO Concedes Owners Have Had A 'Tough Run' And Says Rise 2 Is Coming In The First Quarter](https://www.bullished.co/hilton-ceo-concedes-owners-have-had-a-tough-run-and-says-rise-2-is-coming-in-the-first-23d95f73/)
- [Hilton CEO Sees 2027 RevPAR Growth Of 3% To 4% Even As Fourth-Quarter Guide Slows](https://www.bullished.co/hilton-ceo-sees-2027-revpar-growth-of-3-to-4-even-as-fourth-quarter-guide-slows-09e29d00/)
- [Hilton Third-Quarter Profit Jumps To $536 Million, But Full-Year Outlook Gets Trimmed](https://www.bullished.co/hilton-third-quarter-profit-jumps-to-536-million-but-full-year-outlook-gets-trimmed-e44da5db/)

[All Hilton Worldwide (HLT) coverage →](https://www.bullished.co/tag/hlt/)