Hilton Worldwide (NYSE:HLT) posted first-quarter earnings that beat analyst expectations, but a softer revenue figure and a cautious second-quarter forecast tempered investor enthusiasm.

The hotel giant reported adjusted earnings of $1.72 per share, beating the consensus estimate of $1.62. Revenue came in slightly below expectations at $2.7 billion, compared to the projected $2.73 billion. System-wide comparable RevPAR grew 2.5% year-over-year on a currency-neutral basis, reflecting steady, though modest, demand growth.

For the second quarter of 2025, Hilton expects earnings per share between $1.97 and $2.02, falling short of the $2.11 analysts had anticipated. Its full-year 2025 EPS forecast was set at $7.76 to $7.94, bracketing the current consensus estimate of $7.93.

The company projects system-wide RevPAR growth to be flat to up 2.0% for the full year, highlighting a more cautious view on global travel momentum. Adjusted EBITDA is expected to range from $3.65 billion to $3.71 billion in 2025.