v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net income $ 1,461 $ 1,539 $ 1,151
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of contract acquisition costs 57 50 43
Depreciation and amortization expenses 177 146 147
Impairment losses 0 0 38
Gain on sales of assets, net 0 (5) 0
Loss on foreign currency transactions 11 12 16
Loss on investments in unconsolidated affiliate 0 0 92
Share-based compensation expense 170 176 169
Amortization of deferred financing costs and discounts 19 17 16
Deferred income taxes 64 (247) (264)
Contract acquisition costs, net of refunds (231) (105) (233)
Accounts receivable, net (99) (103) (126)
Prepaid expenses (23) (67) (27)
Other current assets 10 5 16
Accounts payable, accrued expenses and other 212 155 181
Change in deferred revenues 542 330 215
Change in other liabilities (56) (58) 284
Other (124) (74) (109)
Net cash provided by operating activities 2,129 2,013 1,946
Investing Activities:      
Capital expenditures for property and equipment (101) (96) (151)
Cash paid for acquisitions, net of cash acquired (4) (236) 0
Issuance of financing receivables (3) (15) (22)
Payments received on financing receivables 0 7 0
Settlements of undesignated derivative financial instruments 5 (7) (26)
Proceeds from asset dispositions 0 8 5
Capitalized software costs (84) (102) (96)
Investments in unconsolidated affiliates (3) (5) (15)
Net cash used in investing activities (190) (446) (305)
Financing Activities:      
Borrowings 2,875 2,283 609
Repayment of debt (1,916) (330) (183)
Debt issuance costs (27) (32) (20)
Dividends paid (143) (150) (158)
Repurchases of common stock, including excise tax payments (3,182) (2,893) (2,338)
Share-based compensation tax withholdings (72) (72) (54)
Proceeds from share-based compensation 76 93 51
Settlements of interest rate swap with financing component 41 56 53
Net cash used in financing activities (2,348) (1,045) (2,040)
Effect of exchange rate changes on cash, restricted cash and cash equivalents 3 (21) (12)
Net increase (decrease) in cash, restricted cash and cash equivalents (406) 501 (411)
Cash, restricted cash and cash equivalents, beginning of period 1,376 875 1,286
Cash, restricted cash and cash equivalents, end of period 970 1,376 875
Guest Loyalty Program      
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in liability for guest loyalty program $ (61) $ 242 $ 337