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Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue [abstract]  
Summary of Group Revenue Disaggregated By Type of Revenue Stream and By Reportable Segment Disaggregation of revenue
Americas
EMEAA
Greater
China
Central
Group
Year ended 31 December 2025
$m
$m
$m
$m
$m
Franchise and base management fees
943
299
129
–
1,371
Incentive management fees
20
134
36
–
190
Central revenue
–
–
–
336
336
Revenue from fee business
963
433
165
336
1,897
Revenue from owned & leased hotels
166
378
–
–
544
Revenue from insurance activities
–
–
–
27
27
1,129
811
165
363
2,468
System Fund revenues (note 31)
1,717
Reimbursable revenues (note 31)
1,004
Total revenue
5,189
Americas
EMEAA
Greater
China
Central
Group
Year ended 31 December 2024
$m
$m
$m
$m
$m
Franchise and base management fees
958
277
122
–
1,357
Incentive management fees
21
118
39
–
178
Central revenue
–
–
–
239
239
Revenue from fee business
979
395
161
239
1,774
Revenue from owned & leased hotels
162
353
–
–
515
Revenue from insurance activities
–
–
–
23
23
1,141
748
161
262
2,312
System Fund revenues (note 31)
1,611
Reimbursable revenues (note 31)
1,000
Total revenue
4,923
Americas
EMEAA
Greater
China
Central
Group
Year ended 31 December 2023
$m
$m
$m
$m
$m
Franchise and base management fees
936
253
115
–
1,304
Incentive management fees
21
101
46
–
168
Central revenue
–
–
–
200
200
Revenue from fee business
957
354
161
200
1,672
Revenue from owned & leased hotels
148
323
–
–
471
Revenue from insurance activities
–
–
–
21
21
1,105
677
161
221
2,164
System Fund revenues (note 31)
1,564
Reimbursable revenues (note 31)
896
Total revenue
4,624
Summary of Information About Trade Receivables, Contract Assets, and Deferred Revenue Contract balances
2025
2024
31 December
$m
$m
Trade receivables (note 16)
698
651
Contract assets
798
650
Deferred revenue
(2,169)
(2,060)
Summary of Changes in Contract Assets and Deferred Revenue Contract assets
2025
2024
$m
$m
At 1 January
650
459
Additions
183
237
Recognised as a deduction to revenue
(52)
(43)
Impairment reversals (note 6)
–
3
Repayments
(2)
–
Exchange and other adjustments
19
(6)
At 31 December
798
650
Analysed as:
Current
47
38
Non-current
751
612
798
650
Deferred revenue
Loyalty
programme
Other co-
brand fees
Application
& re-
licensing
fees
Other
Total
$m
$m
$m
$m
$m
At 1 January 2024
1,529
22
171
126
1,848
Increase in deferred revenue
726
97
23
61
907
Recognised as revenue
(602)
(8)
(23)
(58)
(691)
Exchange and other adjustments
–
–
–
(4)
(4)
At 31 December 2024
1,653
111
171
125
2,060
Increase in deferred revenue
784
36
24
69
913
Recognised as revenue
(710)
(12)
(22)
(65)
(809)
Exchange and other adjustments
–
–
–
5
5
At 31 December 2025
1,727
135
173
134
2,169
Analysed as:
Current
715
13
22
79
829
Non-current
1,012
122
151
55
1,340
1,727
135
173
134
2,169
At 31 December 2024 analysed as:
Current
661
12
23
70
766
Non-current
992
99
148
55
1,294
1,653
111
171
125
2,060
Summary of Amounts Received and Not Yet Recognised Relating to Performance Obligations The expected timing of recognition of amounts received and not yet recognised relating to performance obligations that were
unsatisfied at the year end are as follows:
2025
2024
Loyalty and
co-brand
Other
Total
Loyalty and
co-brand
Other
Total
$m
$m
$m
$m
$m
$m
Less than one year
728
101
829
673
93
766
Between one and two years
364
41
405
355
43
398
Between two and three years
221
32
253
214
30
244
Between three and four years
146
25
171
140
24
164
Between four and five years
100
22
122
95
22
117
More than five years
303
86
389
287
84
371
1,862
307
2,169
1,764
296
2,060
Summary of Contract Costs Contract costs
2025
2024
$m
$m
At 1 January
95
87
Costs incurred
20
18
Charged to income statement
(9)
(8)
Exchange and other adjustments
2
(2)
At 31 December
108
95
Analysed as:
Current
5
5
Non-current
103
90
108
95