v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues $ 12,039 $ 11,174 $ 10,235
Ownership expenses 1,094 1,126 1,141
Depreciation and amortization expenses 177 146 147
General and administrative 393 415 408
Impairment losses 0 0 38
Other expenses 132 137 112
Total expenses excluding reimbursable expenses 1,796 1,824 1,846
Reimbursed expenses [1] 7,550 6,985 6,164
Total expenses 9,346 8,809 8,010
Gain on sales of assets, net 0 5 0
Operating income 2,693 2,370 2,225
Interest expense (620) (569) (464)
Loss on foreign currency transactions (11) (12) (16)
Loss on investments in unconsolidated affiliate 0 0 (92)
Other non-operating income (loss), net 10 (6) 39
Income before income taxes 2,072 1,783 1,692
Income tax expense (611) (244) (541)
Net income 1,461 1,539 1,151
Net income attributable to redeemable and nonredeemable noncontrolling interests (4) (4) (10)
Net income attributable to Hilton stockholders $ 1,457 $ 1,535 $ 1,141
Basic EPS:      
Basic EPS $ 6.18 $ 6.20 $ 4.36
Diluted EPS:      
Diluted EPS [2] 6.12 6.14 4.33
Cash dividends declared per share $ 0.60 $ 0.60 $ 0.60
Total revenues excluding reimbursable revenues      
Revenues $ 4,954 $ 4,746 $ 4,408
Franchise and licensing fees      
Revenues 2,780 2,600 2,370
Base and other management fees      
Revenues 376 369 342
Incentive management fees      
Revenues 313 290 274
Ownership      
Revenues 1,233 1,255 1,244
Other revenues      
Revenues 252 232 178
Cost reimbursement revenues      
Revenues $ 7,085 $ 6,428 $ 5,827
[1] Amounts include results from the operation of programs conducted for the benefit of property owners and exclude cash receipts recorded as deferred revenues on our consolidated balance sheets related to these programs. Under the terms of the related contracts, we do not operate these programs to generate a profit and have contractual rights to adjust future collections to recover prior period expenditures.
[2] 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.