v3.25.4
Revenues from Contracts with Customers
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customer Revenues from Contracts with Customers
Contract Liabilities

The following table summarizes the activity of our contract liabilities during the year ended December 31, 2025:

(in millions)
Balance as of December 31, 2024
$1,829 
Cash received in advance and not recognized as revenue
869 
Revenue recognized(1)
(570)
Other(2)
226 
Balance as of December 31, 2025
$2,354 
____________
(1)Primarily related to Hilton Honors, including co-branded credit card arrangements.
(2)Represents the changes in estimated transaction prices for our performance obligations related to the issuance of Hilton Honors points, which had no effect on revenues.

Performance Obligations

As of December 31, 2025, deferred revenues for unsatisfied performance obligations consisted of: (i) $1,514 million related to Hilton Honors that will be recognized as revenue over approximately the next two years; (ii) $825 million related to advance consideration received from hotel owners for application, initiation and other fees and system implementation fees; and (iii) $15 million related to other obligations. These performance obligations are recognized as revenue as discussed in Note 2: Basis of Presentation and Summary of Significant Accounting Policies.