Free cash flow margins have demonstrated extreme instability, swinging from a peak of 35.3% in 2023Q4 to a negative 10.1% in 2025Q3, reflecting inconsistent cash generation capabilities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 276M | 379M | 636M | 797M | 674M | 315M | -611M | 396M | 341M | 587M | 462M | 538M | 473M | 456M | 499M | 393M | 450M | 276M | 291M | 386M |
| Operating CF Margin % | - | 5.3% | 19.3% | 22.08% | 20.61% | 21.8% | -78.33% | 15.47% | 13.65% | 21.74% | 18.23% | 21.16% | 17.47% | 17.8% | 20.74% | 10.63% | 12.76% | 8.28% | 7.58% | 10.33% |
| Operating CF Growth % | -200.88% | -40.41% | -20.2% | 18.25% | 113.97% | 151.55% | -254.29% | 16.13% | -41.91% | 27.06% | -14.13% | 13.74% | 3.73% | -8.62% | 26.97% | -12.67% | 63.04% | -5.15% | -24.61% | - |
| Net Income | -34M | -49M | 1.3B | 220M | 455M | -222M | -703M | 766M | 769M | 390M | 206M | 124M | 346M | 205M | 87M | 111M | 51M | -43M | 114M | 266M |
| Depreciation & Amortization | 348M | 359M | 369M | 439M | 461M | 337M | 341M | 364M | 327M | 348M | 326M | 320M | 354M | 345M | 353M | 305M | 279M | 269M | 249M | 214M |
| Stock-Based Compensation | -64M | 22M | 64M | 75M | 61M | 59M | 28M | 35M | 28M | 32M | 26M | 26M | 52M | 27M | 22M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -28M | -60M | -123M | -125M | -259M | 200M | -59M | 28M | -33M | 56M | -12M | -103M | -28M | -7M | 65M | -137M | -8M | 73M | 6M | -100M |
| Other Non-Cash Items | -284M | 222M | -1.16B | -15M | -211M | -447M | 206M | -784M | -671M | -364M | -48M | 146M | -275M | -83M | 39M | 79M | 58M | 59M | 101M | -41M |
| Working Capital Changes | 335M | -115M | 188M | 203M | 167M | 388M | -424M | -13M | -79M | 125M | -36M | 25M | 24M | -31M | -67M | 35M | 70M | -82M | -179M | 47M |
| Change in Receivables | 58M | 58M | -15M | 0 | -209M | -85M | 120M | -26M | 14M | -37M | -14M | 29M | -28M | -9M | -33M | -17M | 22M | 57M | 4M | -19M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 12M | 2M | 1M | 8M | 3M | 8M | 7M | 4M | -10M | -21M | 14M |
| Change in Payables | 0 | -176M | 56M | -29M | 96M | 87M | -256M | -33M | -130M | 102M | 7M | -7M | 186M | 71M | 81M | 10M | 11M | -19M | -10M | -19M |
| Cash from Investing | -4M | 357M | 81M | -365M | 416M | -1.77B | -736M | 585M | 374M | 457M | -372M | -47M | 373M | -147M | -489M | -1.01B | -663M | -427M | -284M | -389M |
| Capital Expenditures | -213M | 0 | -170M | -10M | -201M | -111M | -122M | -369M | -297M | -474M | -211M | -269M | -870M | -498M | -44M | -35M | -210M | -109M | -28M | -617M |
| CapEx % of Revenue | 3.42% | 3.08% | 5.16% | 0.28% | 6.14% | 7.68% | 15.64% | 14.42% | 11.89% | 17.56% | 8.33% | 10.58% | 32.13% | 19.44% | 1.83% | 0.95% | 5.95% | 3.27% | 0.73% | 16.51% |
| Acquisitions | -1.26B | 0 | -635M | -211M | -128M | -2.85B | -60M | -38M | -687M | 77M | -467M | -3M | -548M | -814M | -233M | -716M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.61B | 357M | 1.32B | -237M | 637M | 739M | 47M | 993M | 1.4B | 843M | 313M | 252M | 1.95B | 1.07B | -310M | -137M | 29M | -186M | -124M | 148M |
| Cash from Financing | -1.47B | -954M | -618M | -578M | -1.11B | 1.29B | 1.52B | -541M | -850M | -858M | -96M | -715M | -607M | -264M | -124M | 56M | -39M | 1.06B | -20M | -374M |
| Debt Issued (Net) | -1.07B | -530M | 674M | -64M | -711M | 731M | 1.63B | -9M | 185M | -112M | 182M | 7M | -150M | 17M | 10M | 465M | -39M | -389M | 6M | 228M |
| Equity Issued (Net) | -282M | -320M | -1.19B | -453M | -369M | 575M | -69M | -421M | -946M | -743M | -272M | -715M | -443M | -275M | -136M | -396M | 0 | 1.48B | 0 | -601M |
| Dividends Paid | -57M | -57M | -60M | -47M | 0 | 0 | -20M | -80M | -68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -2M | -1M |
| Share Repurchases | -282M | -320M | -1.19B | -453M | -369M | 0 | -69M | -421M | -946M | -743M | -272M | -715M | -443M | -275M | -136M | -396M | 0 | 0 | 0 | -1.1B |
| Other Financing | -60M | -47M | -42M | -14M | -26M | -18M | -15M | -31M | -21M | -3M | -6M | -7M | -14M | -6M | 2M | -13M | 0 | -36M | -24M | 0 |
| Net Change in Cash | -1.14B | -227M | 97M | -148M | 2M | -172M | 174M | 441M | -130M | 21M | 25M | -228M | 231M | 41M | -121M | -576M | -217M | 899M | 12M | -391M |
| Free Cash Flow | 63M | 159M | 466M | 599M | 473M | 204M | -733M | 27M | 44M | 289M | 282M | 191M | 238M | 224M | 198M | 62M | 140M | 60M | 172M | -15M |
| FCF Margin % | 1.01% | 2.22% | 14.14% | 16.6% | 14.46% | 14.12% | -93.97% | 1.06% | 1.76% | 10.7% | 11.13% | 7.51% | 8.79% | 8.74% | 8.23% | 1.68% | 3.97% | 1.8% | 4.48% | -0.4% |
| FCF Growth % | -83.59% | -65.88% | -22.2% | 26.64% | 131.86% | 127.83% | -2814.81% | -38.64% | -84.78% | 2.48% | 47.64% | -19.75% | 6.25% | 13.13% | 219.35% | -55.71% | 133.33% | -65.12% | 1246.67% | - |
| FCF per Share | 0.65 | 1.66 | 4.55 | 5.56 | 4.25 | 1.96 | -7.23 | 0.25 | 0.38 | 2.29 | 2.11 | 1.33 | 1.54 | 1.41 | 1.20 | 0.37 | 0.80 | 0.39 | 1.34 | -0.11 |
| FCF Conversion (FCF/Net Income) | -1.85x | -7.29x | 0.49x | 3.62x | 1.48x | -1.42x | 0.87x | 0.52x | 0.44x | 2.36x | 2.26x | 4.34x | 1.38x | 2.20x | 5.67x | 3.48x | 6.82x | -6.42x | 1.71x | 1.42x |
| Interest Paid | 141M | 277M | 167M | 115M | 138M | 0 | 105M | 79M | 73M | 80M | 75M | 69M | 71M | 66M | 68M | 49M | 57M | 50M | 62M | 0 |
| Taxes Paid | 80M | 214M | 106M | 153M | 101M | 0 | 63M | 175M | 292M | 175M | 95M | 145M | 267M | 119M | 50M | 60M | 63M | 60M | 198M | 0 |
Inconsistent Cash Conversion Cycles
As reported in financial statements, Hyatt’s operating cash flow to net income ratio has fluctuated wildly, reaching an extreme 39.00x in 2025Q2, which suggests that reported net income is a poor proxy for the company's actual ability to generate cash from its core hospitality operations.
The massive divergence between net income and operating cash flow indicates that non-cash charges and significant working capital swings are distorting the bottom line. Investors should monitor whether this volatility is a byproduct of the Apple Leisure Group integration or a more permanent feature of the company's complex revenue recognition model.
Based on Hyatt’s reported figures, free cash flow margins have swung from a peak of 35.3% in 2023Q4 to a negative 10.1% in 2025Q3, highlighting a highly inconsistent cash generation trajectory that appears sensitive to both seasonal demand and significant inorganic capital outflows.
The inability to maintain a consistent FCF margin suggests that the company's transition to an asset-light model is not yet yielding the predictable cash flow profile typical of its peers. This erratic performance may indicate that the underlying business remains burdened by high fixed costs that are not scaling efficiently with revenue.
According to recent SEC filings, Hyatt’s working capital changes have been highly erratic, ranging from a $372 million inflow in 2025Q4 to a $148 million outflow in 2024Q3, which suggests that the company's cash flow is heavily reliant on timing differences rather than sustainable operational efficiency.
These large, periodic swings in working capital often obscure the true underlying cash-generating capacity of the hotel management business. Analysts should investigate whether these fluctuations are driven by the seasonality of the all-inclusive leisure segment or by shifts in the timing of management fee collections.
As indicated by the provided data, Hyatt has continued to prioritize share repurchases, including a $657 million outflow in 2024Q3, even as operating cash flow has turned negative in multiple periods, suggesting a capital allocation strategy that may be disconnected from current cash generation realities.
The decision to return significant capital to shareholders while simultaneously navigating large acquisition-related outflows warrants further investigation into the sustainability of this policy. It appears that management is relying on balance sheet capacity or asset sales to fund these repurchases rather than relying solely on organic free cash flow.
Quick answers to the most common questions about buying H stock.
Hyatt Hotels Corporation (H) generated $379.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hyatt Hotels Corporation (H) generated $159.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Hyatt Hotels Corporation (H) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Hyatt Hotels Corporation (H) returned $57.0M to shareholders via cash dividends and spent $320.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.