v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities:    
Net income $ 1,401 $ 1,163
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of contract acquisition costs 48 42
Depreciation and amortization expenses 151 130
Loss on foreign currency transactions 19 8
Share-based compensation expense 165 135
Deferred income taxes (30) 30
Contract acquisition costs, net of refunds (155) (103)
Change in deferred revenues 43 91
Working capital changes and other (27) 212
Net cash provided by operating activities 1,811 1,926
Investing Activities:    
Capital expenditures for property and equipment (53) (71)
Issuance of financing receivables (26) 0
Settlements of undesignated derivative financial instruments 0 7
Capitalized software costs (70) (62)
Other 0 (4)
Net cash used in investing activities (149) (130)
Financing Activities:    
Borrowings 1,565 1,875
Repayment of debt (588) (1,407)
Debt issuance costs (21) (15)
Dividends paid (103) (108)
Repurchases of common stock (2,633) (2,403)
Share-based compensation tax withholdings (73) (72)
Proceeds from share-based compensation 55 47
Settlements of interest rate swap with financing component 7 31
Acquisition of redeemable noncontrolling interests (5) 0
Net cash used in financing activities (1,796) (2,052)
Effect of exchange rate changes on cash, restricted cash and cash equivalents (6) 6
Net decrease in cash, restricted cash and cash equivalents (140) (250)
Cash, restricted cash and cash equivalents, beginning of period 970 1,376
Cash, restricted cash and cash equivalents, end of period 830 1,126
Guest Loyalty Program    
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in liability for guest loyalty program $ 196 $ 218