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BUSINESS SEGMENTS
 9 Months Ended
Sep. 30, 2025
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, administrative, and other expenses, or restructuring and merger-related recoveries/charges, and other expenses. We assign gains and losses, equity in earnings or losses, and direct general, administrative, and other 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, general, administrative, and other expenses, restructuring and merger-related recoveries/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 2025 third quarter, 2024 third quarter, 2025 first three quarters, and 2024 first three quarters:
Three Months Ended September 30, 2025
(in millions)U.S. & Canada
EMEA
Greater China
APEC
Gross fee revenues$740 $172 $64 $86 
Contract investment amortization(19)(5)(1)(1)
Net fee revenues721 167 63 85 
Owned, leased, and other revenue130 161 4 32 
Cost reimbursement revenue3,890 285 75 130 
Total reportable segment revenue4,741 613 142 247 
Less:
Owned, leased, and other - direct
96 132 5 32 
Depreciation, amortization, and other23 9 5 2 
General, administrative, and other40 32 15 19 
Reimbursed expenses3,903 284 74 131 
Other segment items (primarily non-operating income and expenses)(1)(2)(1)— 
Total reportable segment profit$680 $158 $44 $63 
Three Months Ended September 30, 2024
(in millions)U.S. & CanadaEMEAGreater ChinaAPEC
Gross fee revenues$747 $153 $62 $82 
Contract investment amortization(19)(3)— (2)
Net fee revenues728 150 62 80 
Owned, leased, and other revenue95 169 5 30 
Cost reimbursement revenue3,773 316 75 120 
Total reportable segment revenue4,596 635 142 230 
Less:
Owned, leased, and other - direct
82 132 3 27 
Depreciation, amortization, and other21 9 2 2 
General, administrative, and other59 25 14 15 
Reimbursed expenses3,820 317 76 120 
Other segment items (primarily non-operating income and expenses)(3)— 1 — 
Total reportable segment profit$617 $152 $46 $66 
Nine Months Ended September 30, 2025
(in millions)U.S. & CanadaEMEAGreater ChinaAPEC
Gross fee revenues$2,249 $458 $188 $267 
Contract investment amortization(60)(13)(1)(4)
Net fee revenues2,189 445 187 263 
Owned, leased, and other revenue390 439 21 110 
Cost reimbursement revenue11,822 898 222 393 
Total reportable segment revenue14,401 1,782 430 766 
Less:
Owned, leased, and other - direct292 373 13 93 
Depreciation, amortization, and other77 28 10 6 
General, administrative, and other120 99 46 53 
Reimbursed expenses11,806 895 221 394 
Other segment items (primarily non-operating income and expenses)(4)(2)(2)1 
Total reportable segment profit$2,110 $389 $142 $219 
Nine Months Ended September 30, 2024
(in millions)U.S. & CanadaEMEAGreater ChinaAPEC
Gross fee revenues$2,227 $425 $186 $243 
Contract investment amortization(57)(10)— (4)
Net fee revenues2,170 415 186 239 
Owned, leased, and other revenue314 444 18 98 
Cost reimbursement revenue11,367 916 226 359 
Total reportable segment revenue13,851 1,775 430 696 
Less:
Owned, leased, and other - direct240 369 10 84 
Depreciation, amortization, and other63 28 7 6 
General, administrative, and other145 80 41 47 
Reimbursed expenses11,379 915 228 361 
Other segment items (primarily non-operating income and expenses)(5)(3)— (2)
Total reportable segment profit$2,029 $386 $144 $200 
The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for the 2025 third quarter, 2024 third quarter, 2025 first three quarters, and 2024 first three quarters:
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Reconciliation of revenue
Total reportable segment revenue
$5,743 $5,603 $17,379 $16,752 
Unallocated corporate and other
746 652 2,117 1,919 
Consolidated revenue
$6,489 $6,255 $19,496 $18,671 
Reconciliation of income before income taxes
Total reportable segment profit
$945 $881 $2,860 $2,759 
Unallocated corporate and other243 73 520 279 
Interest expense, net of interest income(194)(168)(568)(485)
Consolidated income before income taxes
$994 $786 $2,812 $2,553