v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and equivalents $ 462 $ 358
Accounts and notes receivable, net 3,338 2,909
Prepaid expenses and other 426 317
Assets, current, total 4,226 3,584
Property and equipment, net 1,837 1,954
Intangible assets    
Goodwill 8,876 8,907
Goodwill and intangible assets, net, total 19,341 19,243
Equity method investments 340 298
Notes receivable, net 62 151
Deferred tax assets 524 570
Operating lease assets 922 941
Other noncurrent assets 833 799
Total assets 28,085 27,540
Current liabilities    
Current portion of long-term debt 460 1,209
Accounts payable 819 814
Accrued payroll and benefits 1,300 1,438
Accrued expenses and other 1,645 1,440
Liabilities, current, total 7,904 8,398
Long-term debt 16,455 14,995
Deferred tax liabilities 99 79
Operating lease liabilities 859 879
Other noncurrent liabilities 1,242 1,265
Stockholders’ deficit    
Class A Common Stock 5 5
Additional paid-in-capital 6,374 6,352
Retained earnings 19,458 18,414
Treasury stock, at cost (29,677) (27,900)
Accumulated other comprehensive loss (685) (642)
Stockholders’ deficit (4,525) (3,771)
Liabilities and equity, total 28,085 27,540
Liability for guest loyalty program    
Current liabilities    
Liability for guest loyalty program 3,680 3,497
Contract with customer liabilities 4,764 4,495
Deferred revenue    
Current liabilities    
Contract with customer liabilities 1,287 1,200
Brands    
Intangible assets    
Intangible assets 6,182 6,207
Contract acquisition costs and other    
Intangible assets    
Intangible assets $ 4,283 $ 4,129