Hilton vs Walmart: Revenue, Profit and Business Model
Hilton reported $12B of revenue in FY2025 and $1.5B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B 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.
Walmart
Walmart's FY2026 total revenues rose 4.7% to $713.2 billion and net income attributable to Walmart rose to $21.9 billion from $19.4 billion in FY2025. In Q2 FY27 (quarter ended July 31, 2026), total revenues rose 5.9% to $187.9 billion and adjusted EPS was $0.81 versus $0.68 a year earlier. Adjusted operating income growth of about 17% in constant currency included a benefit from roughly $2.9 billion in IEEPA tariff refunds, much of which Walmart said it reinvested in prices. Walmart raised its full-year sales and operating income growth guidance with the Q2 report.
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 |
Walmart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $713.2B | $21.9B | 3.1% | +4.7% | Source |
| FY2025 | $681B | $19.4B | 2.9% | +5.1% | Source |
| FY2024 | $648.1B | $15.5B | 2.4% | +6.0% | Source |
| FY2023 | $611.3B | $11.7B | 1.9% | +6.7% | Source |
| FY2022 | $572.8B | $13.7B | 2.4% | +2.4% | Source |
| FY2021 | $559.2B | $13.5B | 2.4% | +6.7% | Source |
| FY2020 | $524B | $14.9B | 2.8% | +1.9% | Source |
| FY2019 | $514.4B | $6.7B | 1.3% | +2.8% | Source |
| FY2018 | $500.3B | $9.9B | 2.0% | +3.0% | Source |
| FY2017 | $485.9B | $13.6B | 2.8% | — | 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.
Walmart
- Walmart U.S.
Largest segment, roughly two-thirds of revenue
U.S. supercenters, discount stores, Neighborhood Markets, Walmart.com, marketplace, and Walmart Connect.
- Walmart International
Second-largest segment
Operations including Walmex in Mexico and Central America, Flipkart in India, Walmart Canada, and Walmart China.
- Sam's Club U.S.
Smallest segment
Membership warehouse club sales, fuel, and membership fees.
- Advertising, Membership, and Marketplace Services
Higher-margin income across segments
Global advertising grew 38% and membership fee revenue 17% in Q2 FY27.
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.
Walmart
How it makes money
Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce. Walmart U.S. is the largest segment at roughly two-thirds of revenue, followed by Walmart International (including Walmex, Flipkart, Walmart Canada, and Walmart China) and Sam's Club U.S.
Growth strategy
Walmart is pushing store-fulfilled delivery, marketplace assortment, advertising, and membership while keeping its price position. In Q2 FY27 it reported 23% global ecommerce growth, 38% global advertising growth, 17% higher membership fee revenue, and U.S. marketplace sales up 52%.
Competitive advantage
Walmart's edge is purchasing scale, a dense U.S. store network that doubles as a fulfillment network, frequent grocery trips, and first-party purchase data that supports its advertising business.
Questions about Hilton vs Walmart
Which company has higher revenue — Hilton Worldwide Holdings Inc. or Walmart Inc.?
Hilton Worldwide Holdings Inc. reported $12.0B (FY2025), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with Hilton Worldwide Holdings Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Hilton Worldwide Holdings Inc. vs Walmart Inc.?
Hilton Worldwide Holdings Inc.'s market capitalisation stands at $70.7B, while Walmart Inc.'s is $790.0B. Walmart 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 Walmart Inc.?
Hilton Worldwide Holdings Inc. generates $66k / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Walmart 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 Walmart Inc. make money?
Hilton Worldwide Holdings Inc. and Walmart Inc. generate revenue in fundamentally different ways. Hilton Worldwide Holdings Inc.: Hilton runs an asset-light, fee-based model. Walmart Inc.: Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce.
Which company is valued higher relative to revenue — Hilton Worldwide Holdings Inc. or Walmart Inc.?
On a price-to-sales (P/S) basis, Hilton Worldwide Holdings Inc. trades at 5.9x P/S and Walmart Inc. at 1.1x P/S. Hilton Worldwide Holdings Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Walmart 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 Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) 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 Walmart overview