v3.26.1
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
We discuss our operations in the following four reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in “Unallocated corporate and other.”
Our President and Chief Executive Officer, who is our “chief operating decision maker” (“CODM”), evaluates the performance of our operating segments using “segment profits,” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general and administrative expenses, or restructuring and merger-related charges, and other expenses. We assign gains and losses, equity in earnings or losses, and direct general and administrative expenses to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (such as fees we receive from our credit card programs and timeshare licensing agreements), revenues and expenses for our Loyalty Program, indirect general and administrative expenses, restructuring and merger-related charges, and other expenses, equity in earnings or losses, and other gains or losses that we do not allocate to our segments, as well as results of our CALA operating segment.
Our CODM uses segment profits to allocate resources (including employees and investment spending) to each segment, primarily as part of the annual budget process. Our CODM reviews budget-to-actual variances on a quarterly basis to assess segment performance. Additionally, our CODM uses segment profits to compare the results of each segment with one another and in the determination of compensation for segment leadership.
Our CODM monitors assets for the consolidated Company but does not use assets by operating segment when assessing performance or making operating segment resource allocations.

Segment Revenues, Expenses, and Profits
The following tables present our revenues (disaggregated by segment and major revenue stream), segment expenses, and segment profits for the 2026 second quarter, 2025 second quarter, 2026 first half, and 2025 first half:
Three Months Ended June 30, 2026
(in millions)U.S. & Canada
EMEA
Greater China
APEC
Gross fee revenues$906 $159 $68 $86 
Contract investment amortization(23)(5)— (1)
Net fee revenues883 154 68 85 
Owned, leased, and other revenue148 158 12 47 
Cost reimbursement revenue4,232 298 84 141 
Total reportable segment revenue5,263 610 164 273 
Less:
Owned, leased, and other expense
131 135 10 47 
Depreciation, amortization, and other90 9 2 2 
General and administrative
33 25 13 15 
Reimbursed expenses4,241 298 84 142 
Other segment items (primarily non-operating income and expenses)(2)(1)— (2)
Total reportable segment profit$770 $144 $55 $69 
Three Months Ended June 30, 2025
(in millions)U.S. & CanadaEMEAGreater ChinaAPEC
Gross fee revenues$800 $168 $64 $83 
Contract investment amortization(21)(4)— (2)
Net fee revenues779 164 64 81 
Owned, leased, and other revenue140 164 10 43 
Cost reimbursement revenue4,043 327 78 132 
Total reportable segment revenue4,962 655 152 256 
Less:
Owned, leased, and other expense
107 142 7 34 
Depreciation, amortization, and other27 9 3 2 
General and administrative
29 26 12 15 
Reimbursed expenses4,015 323 77 130 
Other segment items (primarily non-operating income and expenses)(2)(2)— (1)
Total reportable segment profit$786 $157 $53 $76 
Six Months Ended June 30, 2026
(in millions)U.S. & CanadaEMEAGreater ChinaAPEC
Gross fee revenues$1,679 $291 $137 $190 
Contract investment amortization(44)(10)(1)(3)
Net fee revenues1,635 281 136 187 
Owned, leased, and other revenue288 274 20 86 
Cost reimbursement revenue8,295 562 160 287 
Total reportable segment revenue10,218 1,117 316 560 
Less:
Owned, leased, and other expense
252 255 20 88 
Depreciation, amortization, and other114 19 5 4 
General and administrative
63 52 25 31 
Reimbursed expenses8,375 577 168 297 
Other segment items (primarily non-operating income and expenses)(2)(2)(2)— 
Total reportable segment profit$1,416 $216 $100 $140 
Six Months Ended June 30, 2025
(in millions)U.S. & CanadaEMEAGreater ChinaAPEC
Gross fee revenues$1,509 $286 $124 $181 
Contract investment amortization(41)(8)— (3)
Net fee revenues1,468 278 124 178 
Owned, leased, and other revenue260 278 17 78 
Cost reimbursement revenue7,932 613 147 263 
Total reportable segment revenue9,660 1,169 288 519 
Less:
Owned, leased, and other expense
217 257 15 66 
Depreciation, amortization, and other54 19 5 4 
General and administrative
59 51 24 29 
Reimbursed expenses7,903 611 147 263 
Other segment items (primarily non-operating income and expenses)(3)— (1)1 
Total reportable segment profit$1,430 $231 $98 $156 
The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for the 2026 second quarter, 2025 second quarter, 2026 first half, and 2025 first half:
Three Months EndedSix Months Ended
(in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Reconciliation of revenue
Total reportable segment revenue
$6,310 $6,025 $12,211 $11,636 
Unallocated corporate and other
761 719 1,514 1,371 
Consolidated revenue
$7,071 $6,744 $13,725 $13,007 
Reconciliation of income before income taxes
Total reportable segment profit
$1,038 $1,072 $1,872 $1,915 
Unallocated corporate and other207 173 435 277 
Interest expense, net of interest income(201)(191)(405)(374)
Consolidated income before income taxes
$1,044 $1,054 $1,902 $1,818