Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share ("EPS"):

Year Ended December 31,
202520242023
(in millions, except per share amounts)
Basic EPS:
Numerator:
Net income attributable to Hilton stockholders
$1,457 $1,535 $1,141 
Denominator:
Weighted average shares outstanding236 248 262 
Basic EPS$6.18 $6.20 $4.36 
Diluted EPS:
Numerator:
Net income attributable to Hilton stockholders
$1,457 $1,535 $1,141 
Denominator:
Weighted average shares outstanding(1)
238 250 264 
Diluted EPS(1)
$6.12 $6.14 $4.33 
____________
(1)Amounts for all periods include less than 1 million shares related to share-based compensation that were excluded from the calculations of diluted EPS because their effect would have been anti-dilutive under the treasury stock method.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2019Feb 11, 2020
2018Feb 13, 2019
2017Feb 14, 2018
2016Feb 15, 2017
2015Feb 26, 2016

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.