v3.25.4

BUSINESS SEGMENTS | 12 Months Ended
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Dec. 31, 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 and administrative expenses, or restructuring and merger-related recoveries/charges, and other expenses. We assign gains and losses, equity in earnings or losses, and direct general and administrative 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, indirect general and administrative 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 each of the last three fiscal years:
| 2025
(in millions) | U.S. & Canada | EMEA | Greater China | APEC
Gross fee revenues | $ | 3,004 |  | $ | 640 |  | $ | 261 |  | $ | 376 |
Contract investment amortization | (83) |  | (19) |  | (1) |  | (6) |
Net fee revenues | 2,921 |  | 621 |  | 260 |  | 370 |
Owned, leased, and other revenue | 528 |  | 592 |  | 26 |  | 162 |
Cost reimbursement revenue | 15,900 |  | 1,194 |  | 304 |  | 541 |
Total reportable segment revenue | 19,349 |  | 2,407 |  | 590 |  | 1,073 |
Less: |  |  |  |
Owned, leased, and other expense | 434 |  | 530 |  | 28 |  | 146 |
Depreciation, amortization, and other | 108 |  | 40 |  | 12 |  | 9 |
General and administrative | 118 |  | 104 |  | 52 |  | 63 |
Reimbursed expenses | 16,015 |  | 1,211 |  | 315 |  | 552 |
Other segment items (primarily non-operating income and expenses) | (5) |  | (3) |  | (2) |  | 2 |
Total reportable segment profit | $ | 2,679 |  | $ | 525 |  | $ | 185 |  | $ | 301 |
| 2024
(in millions) | U.S. & Canada | EMEA | Greater China | APEC
Gross fee revenues | $ | 2,951 |  | $ | 589 |  | $ | 250 |  | $ | 345 |
Contract investment amortization | (76) |  | (14) |  | (1) |  | (5) |
Net fee revenues | 2,875 |  | 575 |  | 249 |  | 340 |
Owned, leased, and other revenue | 437 |  | 595 |  | 27 |  | 141 |
Cost reimbursement revenue | 15,300 |  | 1,236 |  | 306 |  | 495 |
Total reportable segment revenue | 18,612 |  | 2,406 |  | 582 |  | 976 |
Less: |  |  |  |
Owned, leased, and other expense | 399 |  | 519 |  | 24 |  | 129 |
Depreciation, amortization, and other | 84 |  | 38 |  | 9 |  | 8 |
General and administrative | 113 |  | 90 |  | 45 |  | 53 |
Reimbursed expenses | 15,381 |  | 1,252 |  | 319 |  | 510 |
Other segment items (primarily non-operating income and expenses) | (5) |  | (5) |  | (1) |  | (4) |
Total reportable segment profit | $ | 2,640 |  | $ | 512 |  | $ | 186 |  | $ | 280 |
| 2023
(in millions) | U.S. & Canada | EMEA | Greater China | APEC
Gross fee revenues | $ | 2,799 |  | $ | 529 |  | $ | 265 |  | $ | 288 |
Contract investment amortization | (65) |  | (13) |  | — |  | (4) |
Net fee revenues | 2,734 |  | 516 |  | 265 |  | 284 |
Owned, leased, and other revenue | 506 |  | 574 |  | 18 |  | 135 |
Cost reimbursement revenue | 14,456 |  | 1,178 |  | 317 |  | 411 |
Total reportable segment revenue | 17,696 |  | 2,268 |  | 600 |  | 830 |
Less: |  |  |  |
Owned, leased, and other expense | 380 |  | 537 |  | 25 |  | 130 |
Depreciation, amortization, and other | 84 |  | 40 |  | 10 |  | 9 |
General and administrative | 114 |  | 84 |  | 42 |  | 47 |
Reimbursed expenses | 14,399 |  | 1,168 |  | 317 |  | 409 |
Other segment items (primarily non-operating income and expenses) | (5) |  | (2) |  | (2) |  | (8) |
Total reportable segment profit | $ | 2,724 |  | $ | 441 |  | $ | 208 |  | $ | 243 |
The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for each of the last three fiscal years:
(in millions) | 2025 |  | 2024 |  | 2023 |
Reconciliation of revenue |  |  |  |  |  |
Total reportable segment revenue | $ | 23,419 |  |  | $ | 22,576 |  |  | $ | 21,394 |  |
Unallocated corporate and other | 2,767 |  |  | 2,524 |  |  | 2,319 |  |
Consolidated revenue | $ | 26,186 |  |  | $ | 25,100 |  |  | $ | 23,713 |  |
Reconciliation of income before income taxes |  |  |  |  |  |
Total reportable segment profit | $ | 3,690 |  |  | $ | 3,618 |  |  | $ | 3,616 |  |
Unallocated corporate and other | 471 |  |  | 188 |  |  | 297 |  |
Interest expense, net of interest income | (767) |  |  | (655) |  |  | (535) |  |
Consolidated income before income taxes | $ | 3,394 |  |  | $ | 3,151 |  |  | $ | 3,378 |  |
Revenues attributed to operations located outside the U.S. were $5,672 million in 2025, $5,512 million in 2024, and $5,160 million in 2023, including cost reimbursement revenue outside the U.S. of $3,077 million in 2025, $3,018 million in 2024, and $2,806 million in 2023. Segment profits attributed to operations located outside the U.S. were $1,382 million in 2025, $1,329 million in 2024, and $1,258 million in 2023, including cost reimbursements, net (cost reimbursement revenue, net of reimbursed expenses) outside the U.S. of $(54) million in 2025, $(55) million in 2024, and $23 million in 2023.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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