v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 2,601 $ 2,375 $ 3,083
Adjustments to reconcile to cash provided by operating activities:      
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses) [1] 599 492 436
Stock-based compensation 236 237 205
Income taxes (277) (172) (612)
Contract acquisition costs (434) (341) (221)
Restructuring and merger-related (recoveries) charges, and other (15) (278) 47
Working capital changes (147) (82) 69
Other 176 4 (138)
Net cash provided by operating activities 3,212 2,749 3,170
INVESTING ACTIVITIES      
Capital and technology expenditures (604) (750) (452)
Asset acquisitions (350) (26) (101)
Dispositions 9 16 71
Loan advances (35) (10) (77)
Loan collections 22 36 61
Other 10 0 33
Net cash used in investing activities (948) (734) (465)
FINANCING ACTIVITIES      
Commercial paper/Credit Facility, net (403) 163 546
Issuance of long-term debt 3,436 2,948 1,918
Repayment of long-term debt (1,309) (558) (684)
Issuance of Class A Common Stock 92 73 29
Dividends paid (718) (682) (587)
Purchase of treasury stock (3,300) (3,762) (3,953)
Stock-based compensation withholding taxes (116) (138) (108)
Other 0 0 (25)
Net cash used in financing activities (2,318) (1,956) (2,864)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (54) 59 (159)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [2] 425 366 525
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [2] 371 425 366
Liability for guest loyalty program      
Adjustments to reconcile to cash provided by operating activities:      
Liability for guest loyalty program $ 473 $ 514 $ 301
[1] The 2023 amounts reflect the reclassification of $159 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 $13 million at December 31, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.