v3.26.3
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Net revenues        
Net revenues $ 410 $ 382 $ 1,112 $ 1,095
Expenses        
Operating 29 29 79 73
General and administrative 36 26 95 87
Depreciation and amortization 14 15 45 46
Transaction-related 0 1 3 2
Restructuring and other-related 2 2 12 16
Separation-related 0 0 (1) 1
Total expenses 238 204 652 657
Operating income 172 178 460 438
Interest expense, net 37 36 108 103
Income before income taxes 135 142 352 335
Provision for income taxes 36 37 90 82
Net income $ 99 $ 105 $ 262 $ 253
Earnings per share        
Basic (in usd per share) $ 1.34 $ 1.37 $ 3.50 $ 3.28
Diluted (in usd per share) $ 1.33 $ 1.36 $ 3.49 $ 3.26
Royalties and franchise fees        
Net revenues        
Net revenues $ 156 $ 147 $ 409 $ 420
Marketing, reservation and loyalty        
Net revenues        
Net revenues 158 149 426 431
Expenses        
Cost of revenues 157 131 419 432
Management and other fees        
Net revenues        
Net revenues 8 2 16 7
License and other fees        
Net revenues        
Net revenues 36 35 97 95
Other        
Net revenues        
Net revenues $ 52 $ 49 $ 164 $ 142