v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 1,414 $ 1,428
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses) 384 279
Stock-based compensation 123 110
Income taxes 138 (145)
Contract acquisition costs (251) (213)
Restructuring and merger-related (recoveries) charges, and other 13 (18)
Working capital changes (405) (469)
Other 51 62
Net cash provided by operating activities 1,806 1,290
INVESTING ACTIVITIES    
Capital and technology expenditures (282) (290)
Dispositions 93 0
Loan advances (14) (12)
Loan collections 102 15
Other (77) 1
Net cash used in investing activities (178) (286)
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net 65 179
Issuance of long-term debt 1,425 1,960
Repayment of long-term debt (755) (954)
Issuance of Class A Common Stock 53 45
Dividends paid (370) (357)
Purchase of treasury stock (1,819) (1,500)
Stock-based compensation withholding taxes (126) (110)
Net cash used in financing activities (1,527) (737)
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 101 267
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 371 425
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] 472 692
Liability for guest loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 339 $ 256
[1] The 2026 amounts include beginning restricted cash of $13 million as of December 31, 2025, and ending restricted cash of $10 million as of June 30, 2026, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.