EARNINGS (LOSSES) PER SHARE
The calculation of basic and diluted earnings (losses) per Class A and Class B share, including a reconciliation of the numerator and denominator, is as follows:
| | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Numerator: | | | | | |
| | | | | |
| | | | | |
| Net income (loss) | $ | (49) | | | $ | 1,296 | | | $ | 220 | |
| Net income attributable to noncontrolling interests | $ | 3 | | | $ | — | | | $ | — | |
| Net income (loss) attributable to Hyatt Hotels Corporation | $ | (52) | | | $ | 1,296 | | | $ | 220 | |
| Denominator: | | | | | |
| Basic weighted-average shares outstanding | 95,504,061 | | | 99,791,270 | | | 104,861,037 | |
| Stock-based compensation | — | | | 2,632,830 | | | 2,865,924 | |
| Diluted weighted-average shares outstanding | 95,504,061 | | | 102,424,100 | | | 107,726,961 | |
| Basic Earnings (Losses) Per Class A and Class B Share: | | | | | |
| | | | | |
| | | | | |
| Net income (loss) | $ | (0.52) | | | $ | 12.99 | | | $ | 2.10 | |
| Net income attributable to noncontrolling interests | $ | 0.03 | | | $ | — | | | $ | — | |
| Net income (loss) attributable to Hyatt Hotels Corporation | $ | (0.55) | | | $ | 12.99 | | | $ | 2.10 | |
| Diluted Earnings (Losses) Per Class A and Class B Share: | | | | | |
| | | | | |
| | | | | |
| Net income (loss) | $ | (0.52) | | | $ | 12.65 | | | $ | 2.05 | |
| Net income attributable to noncontrolling interests | $ | 0.03 | | | $ | — | | | $ | — | |
| Net income (loss) attributable to Hyatt Hotels Corporation | $ | (0.55) | | | $ | 12.65 | | | $ | 2.05 | |
|
The computations of diluted earnings (losses) per Class A and Class B share do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs, and PSUs because they are anti-dilutive.
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| SARs | 1,515,900 | | | 100 | | | 57,200 | |
| RSUs | 462,400 | | | 1,500 | | | 2,400 | |
| PSUs | 168,600 | | | — | | | — | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.