Hyatt Hotels Corp.: First Look at 2Q26 Results; FY26 Guide Maintained but NRG Guide Softened

研报英文原文证据摘录

Hyatt Hotels Corp.: First Look at 2Q26 Results; FY26 Guide Maintained but NRG Guide Softened

J P M O R G A N North America Equity Research

30 July 2026

Hyatt Hotels Corp. Overweight

H, H US

First Look at 2Q26 Results; FY26 Guide Maintained but Price (29 Jul 26):$186.02

NRG Guide Softened

Gaming & Lodging

H’s 2Q adj. EBITDA of $297m was ~2% above JPMe/Str’s $290m and +9% y/y, Daniel Politzer, CFA AC

coming in better than H’s guidance for “up MSD” due to upside RevPAR (+5.9% (1-212) 622-0110

vs. Str’s 3.5-4%) from luxury/upper upscale. Offsetting this, and likely the focus daniel.politzer@jpmorgan.com

of today’s call, is H’s updated guidance, where pretty much all the financial metrics Michael Hirsh, CFA

were maintained (gross fees, adj. EBITDA, adj. FCF), but NRG was lowered to (1-212) 622-0295

“approximately 6%” from H’s prior 6-7%; more positively, FY26 RevPAR was michael.hirsh@jpmchase.com

raised 100bps to a MP of 4.0%. Coming off H’s investor day just two months ago Samuel Nielsen

where mgmt set annual target for 6-8% NRG from 2026-2028, the lowering of (1-212) 622-1366

samuel.nielsen@jpmchase.com

FY26 to 6% will likely be viewed as a setback. H attributed the lower NRG to J.P. Morgan Securities LLC

“weighting of expected openings in [2H26]” and some openings potentially

shifting to early 2027. We think shares could be pressured this morning.

The authors wish to thank Kartik Sood of

Other key elements of the release: (1) H maintained FY26 EBITDA guidance of the J.P. Morgan Global Research Center

$1.155-1.205b (MP: $1.18b), despite 2Q coming in ~$7m above original guide, for contributions to this report.

potentially implying 2H unch to slightly lower; (2) H entered a strategic MFA w/

Dossen Group to support its growth in China; somewhat surprising given peers’