v3.25.4
BUSINESS SEGMENTS
 12 Months Ended
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. & CanadaEMEA
Greater China
APEC
Gross fee revenues$3,004 $640 $261 $376 
Contract investment amortization(83)(19)(1)(6)
Net fee revenues2,921 621 260 370 
Owned, leased, and other revenue528 592 26 162 
Cost reimbursement revenue15,900 1,194 304 541 
Total reportable segment revenue19,349 2,407 590 1,073 
Less:
Owned, leased, and other expense434 530 28 146 
Depreciation, amortization, and other108 40 12 9 
General and administrative118 104 52 63 
Reimbursed expenses16,015 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 revenues2,875 575 249 340 
Owned, leased, and other revenue437 595 27 141 
Cost reimbursement revenue15,300 1,236 306 495 
Total reportable segment revenue18,612 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 revenues2,734 516 265 284 
Owned, leased, and other revenue506 574 18 135 
Cost reimbursement revenue14,456 1,178 317 411 
Total reportable segment revenue17,696 2,268 600 830 
Less:
Owned, leased, and other expense380 537 25 130 
Depreciation, amortization, and other84 40 10 9 
General and administrative114 84 42 47 
Reimbursed expenses14,399 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)202520242023
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 other471 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.