v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 918 $ 1,301
Restricted cash and cash equivalents 52 75
Accounts receivable, net of allowance for credit losses 1,690 1,583
Prepaid expenses 219 193
Other 117 120
Total current assets 2,996 3,272
Intangibles and Other Assets:    
Goodwill 5,081 5,035
Brands 5,023 4,990
Operating Lease, Right-of-Use Asset [1] 577 567
Property, plant and equipment, net 684 411
Deferred income tax assets 252 318
Other 484 500
Total intangibles and other assets 13,778 13,250
Total assets 16,774 16,522
Current Liabilities:    
Accounts payable, accrued expenses and other 2,336 2,124
Current maturities of long-term debt [2] 25 535
Current portion of deferred revenues 858 664
Total current liabilities 4,508 4,700
Liabilities, Noncurrent [Abstract]    
Long-term debt 12,338 10,616
Operating lease liabilities 730 735
Deferred revenues 1,648 1,300
Deferred income tax liabilities 322 322
Other 950 941
Total liabilities 22,120 20,211
Commitments and contingencies – see Note 19
Redeemable Noncontrolling Interest 13 17
Equity (Deficit):    
Common stock, $0.01 par value; 10,000,000,000 authorized shares, 230,433,192 outstanding as of December 31, 2025 and 241,806,421 outstanding as of December 31, 2024 3 3
Treasury stock, at cost; 106,540,900 shares as of December 31, 2025 and 94,087,917 shares as of December 31, 2024 (14,428) (11,256)
Additional paid-in capital 11,274 11,130
Accumulated deficit (1,508) (2,822)
Accumulated other comprehensive loss (729) (782)
Total Hilton stockholders' deficit (5,388) (3,727)
Noncontrolling interests 29 21
Total deficit [3] (5,359) (3,706)
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (DEFICIT) 16,774 16,522
Management and franchise contracts, net    
Intangibles and Other Assets:    
Finite-lived intangible assets, net 1,471 1,235
Other intangible assets, net    
Intangibles and Other Assets:    
Finite-lived intangible assets, net 206 194
Guest Loyalty Program    
Current Liabilities:    
Current portion of liability for guest loyalty program 1,289 1,377
Liabilities, Noncurrent [Abstract]    
Liability from guest loyalty program $ 1,624 $ 1,597
[1] Includes $86 million and $77 million attributable to U.S. operations as of December 31, 2025 and 2024, respectively, and $491 million and $490 million to operations outside the U.S., respectively, most significantly in the U.K. and Germany for both years.
[2] Amount as of December 31, 2025 represents current maturities of finance lease liabilities. Amount as of December 31, 2024 represents current maturities of finance lease liabilities and the 5.375% Senior Notes due 2025 (the "May 2025 Senior Notes").
[3] As of December 31, 2025 and 2024, 3.0 billion shares of preferred stock with a par value of $0.01 were authorized with no such shares issued.