WH changes
Pick any two versions below to diff them.
- Price
- $75.60 → $75.07(−0.7%)
- Next earnings
- Oct 21, 2026 → Jan 21, 2027
- Next earnings is estimate
- No → Yes
- About
- Wyndham Hotels & Resorts is one of the world's largest hotel franchising companies. It has about removed: 8,400 added: 8,500 hotels with more than removed: 873,000 added: 877,000 rooms in about 100 countries. Most of its hotels are in the economy and midscale segments. Hotel owners pay it royalties and fees to use its brands, reservation system and loyalty program, and it does not own most of the hotels. At removed: June added: September 30, 2026, it had removed: 501,100 added: 500,000 rooms in the United States and removed: 372,300 added: 377,400 rooms in other countries. Its headquarters are in Parsippany, New Jersey. Geoff Ballotti is President and CEO.
- Thesis
- The market prices Wyndham for weak demand at economy and midscale hotels and for slow growth in the United States. Its U.S. system removed: was flat added: shrank 1% in the year removed: over year at June added: to September 30, removed: 2026, and global added: 2026. International RevPAR fell removed: 1% added: 3% in constant currency in removed: Q2 added: Q3 2026, removed: with declines in Latin America, EMEA and removed: China. added: RevPAR in China fell 10%. Revo Hospitality Group, a large European franchisee, entered insolvency, and Wyndham removed all Revo revenue from its 2026 outlook. Net debt leverage is removed: 3.5 added: 3.6 times, removed: in added: near the middle of its target of 3 to 4 times. For the gap to close, three things must be true. U.S. RevPAR must removed: grow about 2% added: keep growing. It rose 6% in removed: the second half of added: Q3 2026, removed: as added: and Wyndham removed: now expects. added: expects Q4 2026 to be near the Q3 level. Global net rooms must grow removed: 4.0% to 4.5% added: about 4% in 2026, and the record pipeline of about removed: 261,000 added: 264,000 rooms must keep opening. Adjusted EBITDA must reach the 2026 outlook of removed: $735 added: $740 million to $745 removed: million. added: million and grow in 2027. The removed: Q3 added: Q4 2026 report removed: on October 21, 2026 gives added: and the removed: first test. The 2027 outlook in removed: February added: early 2027 removed: shows whether growth continues. added: give the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a weaker U.S. economy, which hits economy and midscale hotels first.
- Risks
- Economy and midscale hotels depend on travelers with less money to spend. A weaker U.S. economy can reduce RevPAR, and royalties fall with it. Franchisees can fail. Revo Hospitality Group, a large European franchisee, entered insolvency, and Wyndham deferred its fees and removed its rooms from the growth figures. More franchisee failures reduce fees and rooms. International RevPAR fell removed: 6% added: 3% in constant currency in removed: Q2 added: Q3 2026, removed: with declines added: mainly because RevPAR in removed: Latin America, EMEA and China. added: China fell 10%. Conflict in the Middle East and price pressure in China can extend the decline. Net debt leverage was removed: 3.5 added: 3.6 times at removed: June added: September 30, 2026. Higher interest rates increase interest expense, which removed: already reduced adjusted EPS growth added: was $108 million in removed: Q2 added: the first nine months of 2026.
- Balance sheet
- Cash: removed: $69M added: $71M Debt: $2.7B Net debt: removed: $2.6B added: $2.7B Net debt / EBITDA: removed: 3.5× added: 3.6× (medium) Interest cover: removed: 4.1× Debt due within 12 months: $23M added: 4.3× Wyndham funds its business with senior notes, term loans and a revolving credit facility. At removed: June added: September 30, 2026, added: total debt removed: including finance leases was removed: $2.68 added: $2.73 billion: $1.49 billion added: of term loan B due May 2030, $641 million of 5.625% senior notes due 2033, $498 million of 4.375% senior notes due 2028, $83 million drawn on the revolving credit facility and removed: cash added: $14 million of other debt. Cash was removed: $69 million. Total added: $71 million and total liquidity was removed: about $1.0 billion. added: $988 million. Net debt leverage was removed: 3.5 added: 3.6 times, added: near the middle of the company's target of 3 to 4 times. Interest cover is operating income divided by added: net interest expense for the first removed: six added: nine months of removed: 2026. added: 2026: $460 million against $108 million. In February 2026, Wyndham issued $650 million of 5.625% senior notes due 2033 and used the money to repay all borrowings under its term loan A and its revolving credit facility. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Oct 21, 2026: Q3 2026 earnings: U.S. RevPAR and rooms growth. removed: Pending. added: Passed. Watch: U.S. RevPAR growth near 2% and the 2026 outlook kept or raised pass; a fall in U.S. RevPAR or a lower outlook fails. removed: Feb added: Outcome: U.S. RevPAR rose 6%, and Wyndham raised its 2026 outlook to adjusted EBITDA of $740 million to $745 million and adjusted diluted EPS of $4.84 to $4.92. Jan 21, 2027 (estimate): 2026 results and 2027 outlook. Pending. Watch: Net rooms growth of added: about 4% or more in 2026 and a 2027 outlook for adjusted EBITDA growth pass; lower rooms growth or flat EBITDA guidance fails.
- Recent events
- added: Oct 21, 2026: Wyndham reported Q3 2026 results. U.S. RevPAR rose 6%, and global RevPAR rose 2% in constant currency. Global rooms grew 4% without Revo, and the pipeline reached a record of about 264,000 rooms. Net income fell 6% to $99 million and adjusted EBITDA fell 3% to $207 million. Marketing fund timing reduced the comparison, and on a comparable basis adjusted EBITDA rose 5%. Wyndham raised its 2026 outlook to adjusted EBITDA of $740 million to $745 million and adjusted diluted EPS of $4.84 to $4.92. It now expects rooms growth of about 4%. Sep 29, 2026: The board increased the share buyback authorization by $400 million. The program has no end date. Jul 22, 2026: Wyndham reported Q2 2026 results. U.S. RevPAR rose 2%, and global rooms grew 4% without Revo. Net income rose 17% to $102 million, adjusted diluted EPS rose 11% to $1.48 and adjusted EBITDA rose 9% to $212 million. Wyndham raised its 2026 outlook to adjusted EBITDA of $735 million to $745 million and adjusted diluted EPS of $4.71 to $4.83. Mar 3, 2026: Wyndham appointed Amit Sripathi, its Chief Development Officer for North America, as Chief Financial Officer. Feb 27, 2026: Wyndham completed the sale of $650 million of 5.625% senior notes due 2033. It used the money to repay all borrowings under its term loan A and its revolving credit facility.