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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES    
Net income $ 2,156 $ 1,920
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses) [1] 422 363
Stock-based compensation 171 173
Income taxes (136) (96)
Contract acquisition costs (301) (256)
Restructuring and merger-related (recoveries) charges, and other (66) 24
Working capital changes (345) (162)
Other 181 100
Net cash provided by operating activities 2,383 2,431
INVESTING ACTIVITIES    
Capital and technology expenditures (432) (408)
Asset acquisition (349) 0
Dispositions 9 4
Loan advances (31) (10)
Loan collections 16 10
Other 12 15
Net cash used in investing activities (775) (389)
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net (960) (648)
Issuance of long-term debt 3,436 2,948
Repayment of long-term debt (957) (556)
Issuance of Class A Common Stock 92 73
Dividends paid (539) (506)
Purchase of treasury stock (2,300) (3,176)
Stock-based compensation withholding taxes (111) (127)
Net cash used in financing activities (1,339) (1,992)
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 269 50
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [2] 425 366
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [2] 694 416
Loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 301 $ 365
[1] The 2024 first three quarters reflect the reclassification of $150 million of depreciation and amortization classified in reimbursed expenses from the “Other” caption within operating activities to the “Depreciation, amortization, and other” caption of our Statements of Cash Flows to conform to our current presentation.
[2] The 2025 amounts include beginning restricted cash of $29 million at December 31, 2024, and ending restricted cash of $16 million at September 30, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.