Hyatt Hotels Corporation (H) Cash Flow Statement
Where H’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $379.0M −40.1% vs 2024
- Capital expenditures
- $220.0M 3.1% of revenue
- Free cash flow
- $159.0M 2.2% margin
- Returned to shareholders
- $350.0M 220% of free cash flow
- Change in cash
- −$227.0M cash at year-end $788.0M
Cash from operations
$379.0M
Capital expenditures
−$220.0M
Investments (net)
+$244.0M
Acquisitions & other
+$333.0M
Dividends
−$57.0M
Share buybacks (net)
−$293.0M
Net borrowing (repayment)
−$549.0M
Other financing
−$55.0M
Currency & other
−$9.0M
Change in cash
−$227.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
H operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
H cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $462.0M2016 | $379.0M2025 | −2.2%/yr | |
| Capital expenditures | $211.0M2016 | $220.0M2025 | +0.5%/yr | |
| Free cash flow | $251.0M2016 | $159.0M2025 | −4.9%/yr | |
| Free cash flow margin | 9.9%2016 | 2.2%2025 | −7.7 pts | |
| Operating cash flow / net income | 2.242016 | 0.492024 | −1.75 | |
| Stock-based compensation | $26.0M2016 | $74.0M2025 | +12.3%/yr | |
| Dividends paid | $68.0M2016 | $57.0M2025 | −1.9%/yr | |
| Share buybacks (net) | $272.0M2016 | $293.0M2025 | +0.8%/yr | |
| Capex / revenue | 8.3%2016 | 3.1%2025 | −5.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
H cash flow by activity
OperatingInvestingFinancingChange in cash
H net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
H cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$49.0M | $1.30B | $220.0M | $455.0M | −$222.0M | −$703.0M | $766.0M | $769.0M | $390.0M | $206.0M |
| Depreciation & amortization | $359.0M | $369.0M | $439.0M | $461.0M | $337.0M | $341.0M | $364.0M | $327.0M | $348.0M | $326.0M |
| Stock-based compensation | $74.0M | $64.0M | $75.0M | $61.0M | $59.0M | $28.0M | $35.0M | $28.0M | $32.0M | $26.0M |
| Change in working capital | −$115.0M | $188.0M | $203.0M | $167.0M | $388.0M | −$404.0M | −$8.0M | −$79.0M | $125.0M | −$36.0M |
| Other non-cash items | $110.0M | −$1.28B | −$137.0M | −$470.0M | −$247.0M | $127.0M | −$761.0M | −$704.0M | −$308.0M | −$60.0M |
| Cash from operating activities | $379.0M | $633.0M | $800.0M | $674.0M | $315.0M | −$611.0M | $396.0M | $341.0M | $587.0M | $462.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$220.0M | −$170.0M | −$198.0M | −$201.0M | −$111.0M | −$122.0M | −$369.0M | −$297.0M | −$298.0M | −$211.0M |
| Investments (net) | $244.0M | $81.0M | −$318.0M | −$8.0M | −$14.0M | −$32.0M | $28.0M | −$2.0M | $347.0M | $18.0M |
| Acquisitions & other investing | $333.0M | $170.0M | $151.0M | $625.0M | −$1.65B | −$582.0M | $926.0M | $673.0M | $408.0M | −$179.0M |
| Cash from investing activities | $357.0M | $81.0M | −$365.0M | $416.0M | −$1.77B | −$736.0M | $585.0M | $374.0M | $457.0M | −$372.0M |
| Financing activities | ||||||||||
| Dividends paid | −$57.0M | −$60.0M | −$47.0M | −$16.0M | $0 | −$20.0M | −$80.0M | −$68.0M | −$68.0M | −$68.0M |
| Share repurchases & issuance (net) | −$293.0M | −$1.19B | −$453.0M | −$369.0M | $575.0M | −$69.0M | −$421.0M | −$946.0M | −$743.0M | −$272.0M |
| Net borrowing (repayment) | −$549.0M | $674.0M | −$64.0M | −$711.0M | $742.0M | $1.64B | −$9.0M | $189.0M | −$112.0M | $182.0M |
| Shares issued | $0 | $0 | $0 | $0 | $575.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$55.0M | −$42.0M | −$14.0M | −$10.0M | −$604.0M | −$30.0M | −$31.0M | −$25.0M | $65.0M | $62.0M |
| Cash from financing activities | −$954.0M | −$618.0M | −$578.0M | −$1.11B | $1.29B | $1.52B | −$541.0M | −$850.0M | −$858.0M | −$96.0M |
| Summary | ||||||||||
| Net change in cash | −$227.0M | $93.0M | −$145.0M | $2.0M | −$172.0M | $174.0M | $441.0M | −$130.0M | $179.0M | $6.0M |
| Cash at end of period | $788.0M | $1.01B | $919.0M | $1.07B | $1.06B | $1.24B | $1.06B | $622.0M | $752.0M | $573.0M |
| Free cash flow | $159.0M | $463.0M | $602.0M | $473.0M | $204.0M | −$733.0M | $27.0M | $44.0M | $289.0M | $251.0M |
| Free cash flow margin | 2.2% | 14.0% | 16.7% | 14.5% | 14.1% | −94.0% | 1.1% | 1.8% | 10.7% | 9.9% |
| Capex / revenue | 3.1% | 5.2% | 5.5% | 6.1% | 7.7% | 15.6% | 14.4% | 11.9% | 11.0% | 8.3% |
| Operating cash flow / net income | — | 0.49 | 3.64 | 1.48 | — | — | 0.52 | 0.44 | 1.51 | 2.24 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $109.0M | $41.0M | −$20.0M | −$50.0M | −$4.0M | $24.0M | −$56.0M | $471.0M | $359.0M | $522.0M | $26.0M | $68.0M |
| Depreciation & amortization | $81.0M | $85.0M | $80.0M | $91.0M | $82.0M | $88.0M | $84.0M | $90.0M | $93.0M | $92.0M | $100.0M | $109.0M |
| Stock-based compensation | $17.0M | $28.0M | $13.0M | $15.0M | $15.0M | $31.0M | $9.0M | $9.0M | $15.0M | $31.0M | $15.0M | $12.0M |
| Change in working capital | −$311.0M | −$109.0M | $98.0M | −$152.0M | −$138.0M | −$59.0M | $188.0M | −$125.0M | −$17.0M | $139.0M | $316.0M | −$113.0M |
| Other non-cash items | $154.0M | $55.0M | $142.0M | $76.0M | −$22.0M | $69.0M | $10.0M | −$466.0M | −$273.0M | −$545.0M | −$86.0M | −$21.0M |
| Cash from operating activities | $50.0M | $100.0M | $313.0M | −$20.0M | −$67.0M | $153.0M | $235.0M | −$21.0M | $177.0M | $239.0M | $371.0M | $55.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$68.0M | −$23.0M | −$77.0M | −$69.0M | −$44.0M | −$30.0M | −$51.0M | −$43.0M | −$42.0M | −$34.0M | −$64.0M | −$54.0M |
| Investments (net) | −$1.0M | −$78.0M | −$32.0M | −$67.0M | −$1.36B | $239.0M | −$902.0M | $1.29B | −$348.0M | $42.0M | −$61.0M | $6.0M |
| Acquisitions & other investing | $18.0M | −$21.0M | $1.65B | $69.0M | $44.0M | $30.0M | $51.0M | $43.0M | $42.0M | $68.0M | $64.0M | −$256.0M |
| Cash from investing activities | −$51.0M | −$122.0M | $1.54B | −$67.0M | −$1.36B | $239.0M | −$902.0M | $1.29B | −$348.0M | $76.0M | −$61.0M | −$304.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$14.0M | −$14.0M | −$14.0M | −$15.0M | −$14.0M | −$14.0M | −$14.0M | −$15.0M | −$16.0M | −$15.0M | −$15.0M | −$16.0M |
| Share repurchases & issuance (net) | −$12.0M | −$135.0M | −$114.0M | −$30.0M | −$149.0M | −$149.0M | −$11.0M | −$657.0M | −$134.0M | −$388.0M | −$95.0M | −$144.0M |
| Net borrowing (repayment) | −$1.0M | −$1.0M | −$1.68B | −$23.0M | $618.0M | $539.0M | $593.0M | −$747.0M | — | — | — | −$43.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$27.0M | −$24.0M | −$10.0M | −$1.0M | $141.0M | −$36.0M | −$2.0M | −$2.0M | $831.0M | −$41.0M | −$2.0M | $0 |
| Cash from financing activities | −$54.0M | −$174.0M | −$1.82B | −$69.0M | $596.0M | $340.0M | $566.0M | −$1.42B | $681.0M | −$444.0M | −$112.0M | −$203.0M |
| Summary | ||||||||||||
| Net change in cash | −$56.0M | −$194.0M | $90.0M | −$153.0M | −$888.0M | $724.0M | −$93.0M | −$160.0M | $508.0M | −$159.0M | $201.0M | −$213.0M |
| Cash at end of period | $538.0M | $594.0M | $788.0M | $698.0M | $851.0M | $1.74B | $1.01B | $1.11B | $1.27B | $760.0M | $919.0M | $718.0M |
| Free cash flow | −$18.0M | $77.0M | $286.0M | −$89.0M | −$163.0M | $123.0M | $184.0M | −$64.0M | $135.0M | $205.0M | $307.0M | $1.0M |
| Free cash flow margin | −1.0% | 4.4% | 15.9% | −10.1% | −9.0% | 14.8% | 24.2% | −8.4% | 15.7% | 22.5% | 35.3% | 0.1% |
| Capex / revenue | 3.7% | 1.3% | 4.3% | 7.8% | 2.4% | 3.6% | 6.7% | 5.6% | 4.9% | 3.7% | 7.4% | 6.2% |
| Operating cash flow / net income | 0.46 | 2.44 | — | — | — | 6.38 | — | −0.04 | 0.49 | 0.46 | 14.27 | 0.81 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
H cash generation
In fiscal 2025 (ended December 31, 2025), Hyatt generated $379.0 million of cash from operations (down 40.1%) and spent $220.0 million on capital expenditures, leaving free cash flow of $159.0 million, 2.2% of revenue. It returned $350.0 million to shareholders through dividends ($57.0 million) and net share buybacks ($293.0 million). Cash and equivalents fell by $227.0 million over the year.
Related: H income statement, H balance sheet, H dividend history. See the H stock overview for the latest quote and news.
H cash flow FAQ
What is Hyatt's free cash flow?
Hyatt's free cash flow was $159.0 million in fiscal 2025: $379.0 million of operating cash flow minus $220.0 million of capital expenditures It was $463.0 million a year earlier..
How much cash does Hyatt generate from operations?
Hyatt generated $379.0 million of cash from operating activities in fiscal 2025.
How much does Hyatt spend on capital expenditures?
Hyatt spent $220.0 million on capital expenditures in fiscal 2025, 3.1% of revenue, compared with $170.0 million the year before.
How much stock does Hyatt buy back?
Hyatt spent $293.0 million on net share repurchases in fiscal 2025.
How much does Hyatt pay in dividends?
Hyatt paid $57.0 million in dividends in fiscal 2025, 35.8% of free cash flow.