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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and equivalents $ 678 $ 396
Accounts and notes receivable, net 3,101 2,795
Prepaid expenses and other 332 294
Assets, current, total 4,111 3,485
Property and equipment, net 1,917 1,833
Intangible assets    
Goodwill 8,886 8,731
Goodwill and intangible assets, net, total 19,089 18,219
Equity method investments 298 298
Notes receivable, net 153 136
Deferred tax assets 571 650
Operating lease assets 947 845
Other noncurrent assets 747 716
Total assets 27,833 26,182
Current liabilities    
Current portion of long-term debt 1,557 1,309
Accounts payable 759 763
Accrued payroll and benefits 1,323 1,449
Accrued expenses and other 1,609 1,641
Liabilities, current, total 8,798 8,649
Long-term debt 14,442 13,138
Deferred tax liabilities 117 81
Operating lease liabilities 887 794
Other noncurrent liabilities 1,280 1,377
Stockholders’ deficit    
Class A Common Stock 5 5
Additional paid-in-capital 6,291 6,179
Retained earnings 18,148 16,531
Treasury stock, at cost (26,890) (24,644)
Accumulated other comprehensive loss (673) (1,063)
Stockholders’ deficit (3,119) (2,992)
Liabilities and equity, total 27,833 26,182
Liability for guest loyalty program    
Current liabilities    
Liability for guest loyalty program 3,550 3,487
Contract with customer liabilities 4,270 4,032
Deferred revenue    
Current liabilities    
Contract with customer liabilities 1,158 1,103
Brands    
Intangible assets    
Intangible assets 6,188 5,770
Contract acquisition costs and other    
Intangible assets    
Intangible assets $ 4,015 $ 3,718