Hilton vs Visa: Revenue, Profit and Business Model
Hilton reported $12B of revenue in FY2025 and $1.5B of net income. Visa reported $40B of revenue in FY2025 and $20.1B of net income.
Latest financial snapshot
Financial summary
Hilton
Hilton's results reflect its shift from owning hotels to collecting fees. Revenue rose from $4.31 billion in pandemic-hit 2020 to $12.04 billion in 2025, while net income reached $1.46 billion in 2025 against $1.54 billion in 2024 (which included a tax benefit). Adjusted EBITDA grew about 9% to $3.73 billion in 2025, and Hilton returned $3.3 billion to shareholders through buybacks and dividends that year. In Q2 2026 revenue was about $3.34 billion, net income was $482 million, and adjusted EBITDA was $1.05 billion. Hilton raised its full-year 2026 guidance to 3.0% to 3.5% RevPAR growth and $4.04 billion to $4.08 billion of adjusted EBITDA, with about $3.5 billion of planned capital return.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.
Revenue and profit by year
Hilton
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12B | $1.5B | 12.1% | +7.7% | Source |
| FY2024 | $11.2B | $1.5B | 13.7% | +9.2% | Source |
| FY2023 | $10.2B | $1.1B | 11.1% | +16.7% | Source |
| FY2022 | $8.8B | $1.3B | 14.3% | +51.6% | Source |
| FY2021 | $5.8B | $410M | 7.1% | +34.4% | Source |
| FY2020 | $4.3B | -$715M | -16.6% | -54.4% | Source |
| FY2019 | $9.5B | $881M | 9.3% | +6.1% | Source |
| FY2018 | $8.9B | $764M | 8.6% | +9.5% | Source |
| FY2017 | $8.1B | $1.1B | 13.3% | +23.6% | Source |
| FY2016 | $6.6B | $338M | 5.1% | — | Source |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | Source |
Where the revenue comes from
Hilton
- Franchise and Licensing Fees
Largest fee stream
Royalties from owners of franchised Hilton hotels, typically a percentage of room revenue, plus licensing fees such as those from co-branded Hilton Honors credit cards and Hilton Grand Vacations.
- Base and Incentive Management Fees
Second fee stream
Fees for operating hotels on behalf of owners: a base fee tied to hotel revenue and an incentive fee tied to hotel profitability.
- Cost Reimbursement Revenues
Majority of reported revenue
Reimbursements from managed and franchised hotels for payroll and system costs Hilton pays on their behalf; largely offset by matching expenses.
- Owned and Leased Hotels
Small share
Room, food and beverage revenue from the limited number of hotels Hilton still owns or leases.
- Other Revenues
Small share
Purchasing, timeshare and other ancillary revenue tied to Hilton's platform.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
Business model and strategy
Hilton
How it makes money
Hilton runs an asset-light, fee-based model. Third-party owners pay to build and own hotels; Hilton supplies the brand, design standards, central reservations, revenue management tools, procurement, and access to Hilton Honors, which had 243 million members at the end of 2025. In return Hilton collects franchise fees, typically a percentage of room revenue, plus management fees on hotels it operates.
Growth strategy
Hilton grows by adding rooms rather than buying buildings. Its main levers are new brands aimed at gaps in the market (Spark by Hilton in premium economy, LivSmart Studios in extended stay, Tempo and Motto in lifestyle, Outset Collection for independent hotels, Apartment Collection and Undergraduate by Hilton in 2026), conversions of independent hotels into Hilton brands, and expansion into new countries.
Competitive advantage
Hilton's advantage is scale on both sides of its network. Guests join Hilton Honors because it covers more than 9,000 hotels, and owners sign Hilton franchise agreements because Honors members and Hilton's booking channels deliver demand. That loop is hard to copy: a new brand would need thousands of owners to risk capital before it had the loyalty base to justify it.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about Hilton vs Visa
Which company has higher revenue — Hilton Worldwide Holdings Inc. or Visa Inc.?
Hilton Worldwide Holdings Inc. reported $12.0B (FY2025), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Visa Inc. is the larger business, with Hilton Worldwide Holdings Inc. reporting a smaller revenue base.
What is the market cap of Hilton Worldwide Holdings Inc. vs Visa Inc.?
Hilton Worldwide Holdings Inc.'s market capitalisation stands at $70.7B, while Visa Inc.'s is $676.0B. Visa Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hilton Worldwide Holdings Inc..
Which is more financially efficient — Hilton Worldwide Holdings Inc. or Visa Inc.?
Hilton Worldwide Holdings Inc. generates $66k / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. Visa Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Hilton Worldwide Holdings Inc. and Visa Inc. make money?
Hilton Worldwide Holdings Inc. and Visa Inc. generate revenue in fundamentally different ways. Hilton Worldwide Holdings Inc.: Hilton runs an asset-light, fee-based model. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — Hilton Worldwide Holdings Inc. or Visa Inc.?
On a price-to-sales (P/S) basis, Hilton Worldwide Holdings Inc. trades at 5.9x P/S and Visa Inc. at 16.9x P/S. Visa Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Hilton Worldwide Holdings Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Hilton Worldwide Holdings Inc. bigger than Visa Inc.?
By last reported revenue, Visa Inc. ($40.0B (FY2025)) is the larger company compared to Hilton Worldwide Holdings Inc. ($12.0B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Hilton vs Visa overview