Hyatt
(NYSE:H)

Hyatt Hotels Corporation operates as a hospitality company in the United States and internationally. It operates through four segments: Owned and Leased Hotels, Americas Management and Franchising, ASPAC Management and Franchising, and EAME/SW Asia Management and Franchising. The company develops, o...

Website: http://www.hyatt.com

Founded: 1957

Full Time Employees: 55,000

Founder: Jay Pritzker, Hyatt von Dehn, Jack D. Crouch

CEO: Mark Hoplamazian

Sector: Consumer Cyclical

Industry: Lodging

Hotels Consumer Cyclical

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At a glance:

Global Footprint with Strong Leisure Mix: Hyatt is a major global hotel operator with a broad portfolio of brands and a sizable presence in key leisure and business destinations, benefiting from travel demand and mix shifts toward leisure and group segments.
Asset-Light Strategy Drives Fee-Based Earnings: Hyatt has been emphasizing management and franchise growth over owned real estate, which can support higher-margin, more stable fee revenue and improve returns on invested capital over time.
Growth Pipeline Supports Long-Term Unit Expansion: The company continues to add hotels and sign new agreements across brands and regions, providing a forward-looking pipeline that can translate into room growth and incremental fee income.
Results Sensitive to Macro Cycles and Travel Demand: Performance can swing with economic conditions, corporate and group travel trends, and geopolitical factors; revenue per available room (RevPAR) and occupancy are key near-term drivers.
Capital Allocation Balances Renovations, Debt, and Shareholder Returns: Hyatt’s financial profile depends on ongoing reinvestment in the portfolio and development commitments while managing leverage; buybacks, dividends, and asset sales can influence free cash flow and valuation.

Bull Thesis:

Strong Luxury & Lifestyle Portfolio: Hyatt's strategic focus on high-end luxury and lifestyle brands (e.g., Park Hyatt, Andaz, Thompson Hotels) positions it well to capture resilient demand from affluent travelers. This segment typically commands higher average daily rates (ADR) and is less susceptible to economic downturns compared to economy or mid-scale segments.
Asset-Light Transformation & Fee-Based Growth: Hyatt continues to execute its asset-light strategy, divesting owned real estate and expanding its portfolio through management and franchise agreements. This shift generates recurring, high-margin fee revenue with reduced capital expenditure, improving free cash flow generation and return on invested capital over time.
Strategic Expansion into All-Inclusive & Leisure: The acquisition of Apple Leisure Group (ALG) significantly expanded Hyatt's presence in the all-inclusive resort segment and leisure travel, diversifying its revenue streams and geographic footprint. This move capitalizes on the strong and sustained demand for leisure and experiential travel.
Robust Post-Pandemic Travel Demand: The global travel industry, particularly leisure and luxury segments, has demonstrated strong recovery and sustained demand following the pandemic. Hyatt's portfolio is well-positioned to benefit from this trend, driving occupancy rates and ADR growth across its properties worldwide.

Bear Thesis:

Macroeconomic Headwinds & Recession Risk: As a global hospitality company, Hyatt is highly sensitive to macroeconomic conditions. A potential economic downturn, rising inflation, or reduced consumer spending could lead to decreased travel demand, lower occupancy rates, and pressure on ADRs across its portfolio, impacting profitability.
Elevated Debt Levels Post-Acquisition: The acquisition of Apple Leisure Group (ALG) significantly increased Hyatt's debt load. While strategic, this higher leverage makes the company more vulnerable to rising interest rates, potentially increasing debt servicing costs and limiting financial flexibility for future investments or shareholder returns.
Intense Competition in Hospitality: The hospitality industry is highly competitive, with major global players like Marriott, Hilton, and IHG, as well as numerous boutique hotels and alternative accommodation providers. This intense competition can put pressure on pricing, market share, and the ability to attract and retain guests.
Uncertainty in Business & Group Travel Recovery: While leisure travel has largely recovered, the full rebound of business travel, corporate events, and large group conventions remains somewhat uncertain. Many of Hyatt's urban and convention-focused properties rely heavily on these segments, and a slower-than-expected recovery could hinder overall revenue growth.

Main Competitors:

Marriott International ($MAR) (Marriott Bonvoy (loyalty program), extensive brand portfolio (e.g., Ritz-Carlton, St. Regis, JW Marriott, Marriott Hotels)), Marriott is the largest hotel chain globally and Hyatt's most direct and formidable competitor across virtually all segments, from luxury to select-service. They compete for the same leisure, business, and group travel customers with a significantly larger global footprint, a more extensive brand portfolio, and a highly successful loyalty program (Marriott Bonvoy), often having properties in the same key markets and destinations.
Hilton Worldwide Holdings ($HLT) (Hilton Honors (loyalty program), brands like Waldorf Astoria, Conrad, Hilton Hotels & Resorts, DoubleTree), Hilton is another global hospitality giant that competes directly with Hyatt, particularly in the upper-upscale and luxury segments, as well as full-service and lifestyle hotels. With strong brand recognition and a large loyalty program (Hilton Honors), they vie for corporate accounts, leisure travelers, and meeting planners in similar geographic markets and property types.
IHG Hotels & Resorts ($IHG) (IHG One Rewards (loyalty program), brands like InterContinental, Kimpton, Regent, Crowne Plaza), IHG competes with Hyatt through its luxury and upscale brands (e.g., InterContinental, Kimpton, Regent), targeting discerning travelers and group business. They offer a diverse portfolio and a global presence, directly challenging Hyatt for market share in key urban and resort destinations, particularly in the international luxury and lifestyle hotel space.
Accor ($AC.PA) (ALL - Accor Live Limitless (loyalty program), brands like Fairmont, Sofitel, Raffles, Pullman), Accor, a European-based global hospitality group, is a significant competitor, especially in the luxury and premium segments with brands like Fairmont, Raffles, and Sofitel. They compete with Hyatt for high-end leisure and business travelers, offering unique experiences and a strong presence in Europe, Asia, and the Middle East, often through distinctive properties and a growing lifestyle portfolio.

Moat:

Hyatt's competitive moat primarily stems from its strong brand reputation for quality, service, and a curated portfolio, particularly in the luxury and upper-upscale segments. Its World of Hyatt loyalty program is highly regarded for its value and personalized service, fostering strong customer retention. However, the hospitality industry is intensely competitive, dominated by a few global giants (Marriott, Hilton, IHG, Accor) that possess significantly larger scale, more extensive loyalty program memberships, and broader geographic reach. These competitors directly challenge Hyatt for market share, corporate contracts, and talent, often by offering similar amenities, diverse brand portfolios, and aggressive expansion strategies. Hyatt differentiates itself through a more focused, often asset-light growth strategy and a commitment to a premium guest experience, but faces constant pressure from larger rivals leveraging their scale and network effects.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31

revenues:
base management fees	127,000,000	112,000,000	107,000,000	113,000,000	114,000,000	104,000,000	97,000,000	100,000,000	98,000,000
incentive management fees	86,000,000	81,000,000	53,000,000	62,000,000	76,000,000	72,000,000	52,000,000	54,000,000	64,000,000
franchise and other fees	120,000,000	114,000,000	123,000,000	126,000,000	117,000,000	118,000,000	119,000,000	121,000,000	100,000,000
gross fees	333,000,000	307,000,000	283,000,000	301,000,000	307,000,000	294,000,000	268,000,000	275,000,000	262,000,000
contra revenue	-23,000,000	-17,000,000	-34,000,000	-15,000,000	-20,000,000	-13,000,000	-27,000,000	-16,000,000	-13,000,000	-13,000,000	-12,000,000	-12,000,000	-10,000,000	-4,000,000	-9,000,000	-9,000,000	-9,000,000	-9,000,000	-9,000,000	-9,000,000	-8,000,000
net fees	310,000,000	290,000,000	249,000,000	286,000,000	287,000,000	281,000,000	241,000,000	259,000,000	249,000,000
owned and leased	219,000,000	423,000,000	429,000,000	304,000,000	219,000,000	264,000,000	287,000,000	314,000,000	309,000,000
distribution	274,000,000	177,000,000	192,000,000	262,000,000	315,000,000	205,000,000	221,000,000	278,000,000	319,000,000
other revenues		4,000,000	13,000,000	11,000,000	11,000,000	11,000,000	13,000,000	10,000,000	35,000,000	62,000,000	79,000,000	71,000,000	88,000,000	67,000,000	68,000,000	61,000,000	77,000,000	40,000,000	28,000,000	22,000,000	19,000,000	13,000,000	7,000,000	3,000,000	35,000,000	27,000,000	25,000,000	28,000,000	45,000,000	21,000,000	7,000,000	9,000,000	11,000,000	17,000,000	16,000,000	15,000,000	22,000,000	9,000,000	11,000,000	11,000,000	9,000,000	10,000,000	10,000,000	9,000,000	7,000,000	7,000,000	24,000,000	23,000,000	21,000,000	15,000,000	22,000,000	21,000,000	20,000,000
revenues for reimbursed costs	945,000,000	895,000,000	903,000,000	945,000,000	886,000,000	841,000,000	867,000,000	842,000,000	802,000,000
total revenues	1,748,000,000	1,789,000,000	1,786,000,000	1,808,000,000	1,718,000,000	1,602,000,000	1,629,000,000	1,703,000,000	1,714,000,000	1,660,000,000	1,622,000,000	1,705,000,000	1,680,000,000	1,588,000,000	1,541,000,000	1,483,000,000	1,279,000,000	1,076,000,000	851,000,000	663,000,000	438,000,000	424,000,000	399,000,000	250,000,000	993,000,000	1,275,000,000	1,215,000,000	1,289,000,000	1,241,000,000	1,138,000,000	1,074,000,000	1,133,000,000	1,109,000,000	1,184,000,000	1,119,000,000	1,195,000,000	1,187,000,000	1,087,000,000	1,088,000,000	1,165,000,000	1,089,000,000	1,109,000,000	1,053,000,000	1,112,000,000	1,054,000,000	1,079,000,000	1,104,000,000	1,158,000,000	1,074,000,000	1,091,000,000	1,026,000,000	1,092,000,000	975,000,000
yoy	1.75%	11.67%	9.64%	6.17%	0.23%	-3.49%	0.43%	-0.12%	2.02%	4.53%	5.26%	14.97%	31.35%	47.58%	81.08%	123.68%	192.01%	153.77%	113.28%	165.20%	-55.89%	-66.75%	-67.16%	-80.61%	-19.98%	12.04%	13.13%	13.77%	11.90%	-3.89%	-4.02%	-5.19%	-6.57%	8.92%	2.85%	2.58%	9.00%	-1.98%	3.32%	4.77%	3.32%	2.78%	-4.62%	-3.97%	-1.86%	-1.10%	7.60%	6.04%	10.15%
qoq	-2.29%	0.17%	-1.22%	5.24%	7.24%	-1.66%	-4.35%	-0.64%	3.25%	2.34%	-4.87%	1.49%	5.79%	3.05%	3.91%	15.95%	18.87%	26.44%	28.36%	51.37%	3.30%	6.27%	59.60%	-74.82%	-22.12%	4.94%	-5.74%	3.87%	9.05%	5.96%	-5.21%	2.16%	-6.33%	5.81%	-6.36%	0.67%	9.20%	-0.09%	-6.61%	6.98%	-1.80%	5.32%	-5.31%	5.50%	-2.32%	-2.26%	-4.66%	7.82%	-1.56%	6.34%	-6.04%	12.00%
direct and general and administrative expenses:
general and administrative	130,000,000	139,000,000	138,000,000	152,000,000	126,000,000	136,000,000	126,000,000	117,000,000	172,000,000
other direct costs		7,000,000	22,000,000	20,000,000	24,000,000	13,000,000	19,000,000	17,000,000	45,000,000	70,000,000	81,000,000	87,000,000	98,000,000	71,000,000	73,000,000	69,000,000	67,000,000	49,000,000	31,000,000	24,000,000	23,000,000	15,000,000	9,000,000	7,000,000	34,000,000	30,000,000	28,000,000	30,000,000	45,000,000	25,000,000	8,000,000	7,000,000	8,000,000	12,000,000	9,000,000	6,000,000	19,000,000	7,000,000	8,000,000	9,000,000	6,000,000	9,000,000	8,000,000	7,000,000	5,000,000	6,000,000	11,000,000	10,000,000	8,000,000	7,000,000	10,000,000	8,000,000	7,000,000
transaction and integration costs	16,000,000	43,000,000	25,000,000	82,000,000	23,000,000	16,000,000	8,000,000	10,000,000
depreciation and amortization	76,000,000	80,000,000	83,000,000	82,000,000	80,000,000	76,000,000	81,000,000	84,000,000	92,000,000	100,000,000	100,000,000	99,000,000	98,000,000	106,000,000	96,000,000	105,000,000	119,000,000	91,000,000	71,000,000	74,000,000	74,000,000	77,000,000	80,000,000	73,000,000	80,000,000	81,000,000	85,000,000	83,000,000	80,000,000	84,000,000	81,000,000	79,000,000	83,000,000	92,000,000	92,000,000	91,000,000	91,000,000	88,000,000	87,000,000	86,000,000	81,000,000	87,000,000	78,000,000	76,000,000	79,000,000	85,000,000	91,000,000	83,000,000	95,000,000	91,000,000	81,000,000	85,000,000	88,000,000
reimbursed costs	963,000,000	926,000,000	905,000,000	949,000,000	902,000,000	887,000,000	881,000,000	853,000,000	836,000,000
total direct and general and administrative expenses	1,630,000,000	1,700,000,000	1,688,000,000	1,750,000,000	1,615,000,000	1,522,000,000	1,525,000,000	1,553,000,000	1,673,000,000
net gains and interest income from marketable securities held to fund rabbi trusts	-12,000,000	9,000,000	22,000,000	31,000,000	-12,000,000	3,000,000	18,000,000	4,000,000	24,000,000	29,000,000	-9,000,000	17,000,000	18,000,000	14,000,000	-12,000,000	-46,000,000	-31,000,000	8,000,000	-1,000,000	24,000,000	12,000,000	37,000,000	22,000,000	49,000,000	-48,000,000	21,000,000		11,000,000	30,000,000	-30,000,000	10,000,000	6,000,000	3,000,000
equity earnings from unconsolidated hospitality ventures	-13,000,000	-6,000,000	-34,000,000	6,000,000	-12,000,000	-1,000,000	-13,000,000	-30,000,000	75,000,000	-5,000,000	7,000,000	-1,000,000	-2,000,000	11,000,000	2,000,000	1,000,000	-9,000,000	20,000,000	-12,000,000	-34,000,000	54,000,000			-23,000,000				6,000,000		25,000,000	-6,000,000	2,000,000		221,000,000	1,000,000	1,000,000	-3,000,000	22,000,000	25,000,000	19,000,000	2,000,000	-18,000,000	-17,000,000	-23,000,000		3,000,000	6,000,000	23,000,000		-11,000,000	16,000,000
interest expense	-65,000,000	-87,000,000	-90,000,000	-74,000,000	-66,000,000	-52,000,000	-50,000,000	-40,000,000	-38,000,000	-40,000,000	-41,000,000	-31,000,000	-33,000,000	-34,000,000	-38,000,000	-38,000,000	-40,000,000	-40,000,000	-40,000,000	-42,000,000	-41,000,000	-41,000,000	-35,000,000	-35,000,000	-17,000,000	-17,000,000	-19,000,000	-20,000,000	-19,000,000	-19,000,000	-19,000,000	-19,000,000	-19,000,000	-19,000,000	-20,000,000	-20,000,000	-21,000,000	-19,000,000	-20,000,000	-20,000,000	-17,000,000	-17,000,000	-17,000,000	-17,000,000	-17,000,000	-17,000,000	-17,000,000	-18,000,000	-19,000,000	-17,000,000	-15,000,000	-16,000,000	-17,000,000
asset impairments	-21,000,000	-17,000,000	-9,000,000	-10,000,000	-4,000,000	-161,000,000	-35,000,000		-17,000,000	-17,000,000	-6,000,000	-5,000,000	-2,000,000	-19,000,000	-9,000,000	-7,000,000	-3,000,000	-6,000,000		-2,000,000		-10,000,000		-49,000,000	-3,000,000	-5,000,000	-9,000,000	-1,000,000	-3,000,000	-4,000,000	-21,000,000												-5,000,000			-10,000,000		-7,000,000		-11,000,000		-3,000,000	-8,000,000
other income	50,000,000	33,000,000	-4,000,000	29,000,000	43,000,000	105,000,000	70,000,000	28,000,000	53,000,000	28,000,000	24,000,000	8,000,000	48,000,000	13,000,000	-24,000,000	-19,000,000	-10,000,000	-53,000,000	-3,000,000	25,000,000	12,000,000	22,000,000	-19,000,000	-14,000,000	-81,000,000	23,000,000	25,000,000	28,000,000	51,000,000	-27,000,000	-9,000,000	5,000,000	-18,000,000	10,000,000	-19,000,000	2,000,000	40,000,000	1,000,000	4,000,000	1,000,000		-2,000,000	11,000,000	4,000,000		-6,000,000	2,000,000		-12,000,000	29,000,000	2,000,000	-16,000,000	2,000,000
income before income taxes	57,000,000	8,000,000	-17,000,000	38,000,000	52,000,000	-48,000,000	608,000,000	462,000,000	541,000,000	9,000,000	101,000,000	95,000,000	105,000,000	59,000,000	63,000,000	312,000,000	-71,000,000	-102,000,000	258,000,000	6,000,000	-118,000,000	-272,000,000	-220,000,000	-330,000,000	-138,000,000	413,000,000	405,000,000	105,000,000	83,000,000	32,000,000	256,000,000	102,000,000	561,000,000	299,000,000	31,000,000	132,000,000	111,000,000	61,000,000	90,000,000	88,000,000	50,000,000	35,000,000	45,000,000	80,000,000	34,000,000	261,000,000	63,000,000	121,000,000	80,000,000	57,000,000	94,000,000	167,000,000	3,000,000
provision for income taxes	-16,000,000	-27,000,000	-33,000,000	-42,000,000	-28,000,000	-64,750,000	-137,000,000	-103,000,000	-19,000,000	-26,750,000	-33,000,000	-27,000,000	-47,000,000	-35,750,000	-35,000,000	-106,000,000	-2,000,000									-37,000,000	-109,000,000	-19,000,000	-20,000,000	12,000,000	-19,000,000	-25,000,000	-150,000,000	-223,000,000	-14,000,000	-45,000,000	-41,000,000	-20,000,000	-28,000,000	-21,000,000	-16,000,000	2,000,000	-20,000,000	-40,000,000	-12,000,000	-79,000,000	-30,000,000	-46,000,000				-55,000,000
net income	41,000,000	-19,000,000	-50,000,000	-4,000,000	24,000,000	-56,000,000	471,000,000	359,000,000	522,000,000	26,000,000	68,000,000	68,000,000	58,000,000	294,000,000	28,000,000	206,000,000	-73,000,000	-29,000,000	120,000,000	-9,000,000	-304,000,000	-203,000,000	-161,000,000	-236,000,000	-103,000,000	321,000,000	296,000,000	86,000,000	63,000,000	44,000,000	237,000,000	77,000,000	411,000,000	76,000,000	17,000,000	87,000,000	70,000,000	41,000,000	62,000,000	67,000,000	34,000,000	37,000,000	25,000,000	40,000,000	22,000,000	182,000,000	33,000,000	75,000,000	56,000,000	30,000,000	55,000,000	112,000,000	8,000,000
yoy	70.83%	-66.07%	-110.62%	-101.11%	-95.40%	-315.38%	592.65%	427.94%	800.00%	-91.16%	142.86%	-66.99%	-179.45%	-1113.79%	-76.67%	-2388.89%	-75.99%	-85.71%	-174.53%	-96.19%	195.15%	-163.24%	-154.39%	-374.42%	-263.49%	629.55%	24.89%	11.69%	-84.67%	-42.11%	1294.12%	-11.49%	487.14%	85.37%	-72.58%	29.85%	105.88%	10.81%	148.00%	67.50%	54.55%	-79.67%	-24.24%	-46.67%	-60.71%	506.67%	-40.00%	-33.04%	600.00%
qoq	-315.79%	-62.00%	1150.00%	-116.67%	-142.86%	-111.89%	31.20%	-31.23%	1907.69%	-61.76%	0.00%	17.24%	-80.27%	950.00%	-86.41%	-382.19%	151.72%	-124.17%	-1433.33%	-97.04%	49.75%	26.09%	-31.78%	129.13%	-132.09%	8.45%	244.19%	36.51%	43.18%	-81.43%	207.79%	-81.27%	440.79%	347.06%	-80.46%	24.29%	70.73%	-33.87%	-7.46%	97.06%	-8.11%	48.00%	-37.50%	81.82%	-87.91%	451.52%	-56.00%	33.93%	86.67%	-45.45%	-50.89%	1300.00%
net income margin %	2.35%	-1.06%	-2.80%	-0.22%	1.40%	-3.50%	28.91%	21.08%	30.46%	1.57%	4.19%	3.99%	3.45%	18.51%	1.82%	13.89%	-5.71%	-2.70%	14.10%	-1.36%	-69.41%	-47.88%	-40.35%	-94.40%	-10.37%	25.18%	24.36%	6.67%	5.08%	3.87%	22.07%	6.80%	37.06%	6.42%	1.52%	7.28%	5.90%	3.77%	5.70%	5.75%	3.12%	3.34%	2.37%	3.60%	2.09%	16.87%	2.99%	6.48%	5.21%	2.75%	5.36%	10.26%	0.82%
net income attributable to noncontrolling interests	3,000,000	1,000,000	-1,000,000	-1,000,000	4,000,000																																									-500,000	-1,000,000	-1,000,000
net income attributable to hyatt hotels corporation	38,000,000	-20,000,000	-49,000,000	-3,000,000	20,000,000	-56,000,000	471,000,000	359,000,000	522,000,000	26,000,000	68,000,000	68,000,000	58,000,000	294,000,000	28,000,000	206,000,000		-29,000,000	120,000,000			-203,000,000	-161,000,000	-236,000,000	-103,000,000	321,000,000	296,000,000	86,000,000	63,000,000	44,000,000	237,000,000	77,000,000	411,000,000	76,000,000	16,000,000	87,000,000	70,000,000	41,000,000	62,000,000	67,000,000	34,000,000	37,000,000	25,000,000	40,000,000	22,000,000	182,000,000	32,000,000	74,000,000	56,000,000	32,000,000	55,000,000	112,000,000	8,000,000
earnings per class a and class b share:
net income attributable to hyatt hotels corporation—basic	410,000	-210,000	-510,000	-30,000	200,000	-390,000	4,750,000	3,550,000	5,080,000
net income attributable to hyatt hotels corporation—diluted	400,000	-210,000	-510,000	-30,000	190,000	-390,000	4,630,000	3,460,000	4,930,000
gains on sales of real estate and other		-13,000,000		-2,000,000		-22,000,000	514,000,000	350,000,000	403,000,000		18,000,000							2,000,000	307,000,000	105,000,000
integration costs									4,000,000
owned and leased hotels										355,000,000	329,000,000	341,000,000	314,000,000	324,000,000	309,000,000	331,000,000	271,000,000	280,000,000	263,000,000	191,000,000	104,000,000	91,000,000	80,000,000	19,000,000	323,000,000	458,000,000	430,000,000	490,000,000	470,000,000	468,000,000	450,000,000	485,000,000	515,000,000	525,000,000	518,000,000	577,000,000	572,000,000	514,000,000	519,000,000	559,000,000	516,000,000	530,000,000	500,000,000	540,000,000	509,000,000	551,000,000	555,000,000	592,000,000	548,000,000	557,000,000	521,000,000	572,000,000	492,000,000
management, franchise, license, and other fees										256,000,000	250,000,000	248,000,000	231,000,000
net management, franchise, license, and other fees										243,000,000	238,000,000	236,000,000	221,000,000
distribution and destination management										209,000,000	222,000,000	273,000,000	328,000,000	240,000,000	244,000,000	256,000,000	246,000,000
revenues for the reimbursement of costs incurred on behalf of managed and franchised properties										791,000,000	754,000,000	784,000,000	729,000,000	735,000,000	705,000,000	640,000,000	540,000,000	501,000,000	456,000,000	366,000,000	260,000,000	271,000,000	267,000,000	215,000,000	533,000,000	635,000,000	617,000,000	619,000,000	590,000,000	509,000,000	489,000,000	502,000,000	456,000,000
direct and selling, general, and administrative expenses:
selling, general, and administrative										181,000,000	131,000,000	142,000,000	161,000,000	169,000,000	108,000,000	76,000,000	111,000,000	116,000,000	69,000,000	86,000,000	95,000,000	104,000,000	69,000,000	101,000,000	47,000,000	111,000,000	83,000,000	95,000,000	128,000,000	60,000,000	82,000,000	83,000,000	95,000,000	101,000,000	89,000,000	90,000,000	99,000,000	78,000,000	74,000,000	75,000,000	88,000,000	87,000,000	54,000,000	73,000,000	94,000,000	105,000,000	77,000,000	80,000,000	87,000,000	87,000,000	77,000,000	75,000,000	84,000,000
costs incurred on behalf of managed and franchised properties										842,000,000	764,000,000	789,000,000	749,000,000	751,000,000	697,000,000	628,000,000	556,000,000	522,000,000	465,000,000	375,000,000	277,000,000	307,000,000	278,000,000	235,000,000	555,000,000	649,000,000	633,000,000	633,000,000	605,000,000	534,000,000	487,000,000	500,000,000	460,000,000
direct and selling, general, and administrative expenses										1,646,000,000	1,514,000,000	1,598,000,000	1,604,000,000	1,527,000,000	1,396,000,000	1,313,000,000	1,257,000,000	1,109,000,000	844,000,000	733,000,000	593,000,000	635,000,000	567,000,000	508,000,000	988,000,000	1,225,000,000	1,175,000,000	1,208,000,000	1,215,000,000	1,054,000,000	1,012,000,000	1,026,000,000	1,030,000,000	1,124,000,000	1,062,000,000	1,090,000,000	1,107,000,000	1,027,000,000	1,019,000,000	1,063,000,000	1,021,000,000	1,047,000,000	965,000,000	998,000,000	995,000,000	1,040,000,000	1,032,000,000	1,043,000,000	1,021,000,000	1,036,000,000	973,000,000	984,000,000	958,000,000
earnings per share—basic
earnings per share—diluted
gains on sales of real estate														62,500,000	-1,000,000	251,000,000						2,000,000			8,000,000	349,000,000	373,000,000		1,000,000	3,000,000	239,000,000	1,000,000	529,000,000	17,000,000		34,000,000		-5,250,000		-21,000,000		2,250,000		1,000,000	8,000,000	16,250,000	3,000,000	1,000,000	61,000,000		26,000,000	99,000,000
management, franchise, and other fees														145,500,000	224,000,000	204,000,000	154,000,000	149,000,000	113,000,000	93,000,000	63,000,000	59,000,000	52,000,000	20,000,000	108,000,000	161,000,000	148,000,000	158,000,000	141,000,000	145,000,000	133,000,000	142,000,000	132,000,000
net management, franchise, and other fees														138,750,000	215,000,000	195,000,000	145,000,000	140,000,000	104,000,000	84,000,000	55,000,000	49,000,000	45,000,000	13,000,000	102,000,000	155,000,000	143,000,000	152,000,000	136,000,000	140,000,000	128,000,000	137,000,000	127,000,000
net loss attributable to noncontrolling interests
net loss attributable to hyatt hotels corporation																	-73,000,000			-9,000,000	-304,000,000
losses per share—basic
losses per share—diluted
benefit for income taxes																		73,000,000	-138,000,000	-15,000,000	-186,000,000	69,000,000	59,000,000	94,000,000	35,000,000																								-24,000,000	-27,000,000	-39,000,000		5,000,000
amortization of management and franchise agreement assets constituting payments to customers																						-5,000,000	-7,000,000	-7,000,000	-6,000,000	-6,000,000	-5,000,000	-6,000,000	-5,000,000	-5,000,000	-5,000,000	-5,000,000	-5,000,000
equity losses from unconsolidated hospitality ventures																						-11,250,000	-20,000,000		-2,000,000	-500,000	-5,000,000		-3,000,000				-13,000,000												-6,000,000				-7,000,000			-5,000,000	-1,000,000
net income and accretion attributable to noncontrolling interests																																			-1,000,000
cash dividends declared per share																														0.113	0.15	0.15	0.15
management and franchise fees																																		131,000,000	122,000,000	130,000,000	122,000,000	116,000,000	110,000,000	115,000,000	107,000,000	107,000,000	103,000,000	112,000,000	105,000,000	101,000,000	94,000,000	103,000,000	89,000,000	94,000,000	77,000,000	96,000,000	75,000,000
other revenues from managed properties																																		351,750,000	463,000,000	473,000,000	471,000,000	448,000,000	448,000,000	480,000,000	457,000,000	462,000,000	440,000,000	451,000,000	433,000,000	420,000,000	431,000,000	440,000,000	416,000,000	425,000,000	406,000,000	403,000,000	388,000,000
other costs from managed properties																																		351,750,000	463,000,000	473,000,000	471,000,000	448,000,000	448,000,000	480,000,000	457,000,000	462,000,000	440,000,000	451,000,000	433,000,000	420,000,000	431,000,000	440,000,000	416,000,000	425,000,000	406,000,000	403,000,000	388,000,000
net gains and interest income from marketable securities held to fund operating programs																																		10,000,000	12,000,000	10,000,000	15,000,000	-1,000,000	12,000,000	7,000,000	1,000,000	10,000,000	-15,000,000	1,000,000	8,000,000	6,000,000	-3,000,000	8,000,000	4,000,000	12,000,000	12,000,000		10,000,000
gain on sale of real estate
other loss																																									-4,000,000				-18,000,000			-1,000,000
earnings per share - basic
earnings per share - diluted

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31

assets
current assets:
cash and cash equivalents	593,000,000	697,000,000	846,000,000	1,735,000,000	1,011,000,000	1,095,000,000	1,253,000,000	740,000,000	881,000,000	701,000,000	882,000,000	948,000,000	991,000,000	1,223,000,000	1,428,000,000	1,023,000,000	960,000,000	2,418,000,000	1,144,000,000	1,078,000,000	1,207,000,000	1,778,000,000	1,438,000,000	1,194,000,000	893,000,000	660,000,000	515,000,000	547,000,000	570,000,000	1,014,000,000	628,000,000	1,160,000,000	503,000,000	383,000,000	400,000,000	374,000,000	482,000,000	544,000,000	642,000,000	771,000,000	457,000,000	569,000,000	644,000,000	563,000,000	685,000,000	263,000,000	553,000,000	765,000,000	454,000,000	774,000,000	718,000,000	330,000,000
short-term investments	78,000,000	52,000,000	66,000,000	70,000,000	372,000,000	39,000,000	704,000,000	54,000,000	15,000,000	26,000,000	24,000,000	103,000,000	158,000,000	151,000,000	527,000,000	282,000,000	227,000,000	357,000,000	593,000,000	550,000,000	675,000,000	310,000,000	65,000,000	68,000,000	68,000,000	63,000,000	62,000,000	54,000,000	116,000,000	217,000,000	154,000,000	54,000,000	49,000,000	56,000,000	51,000,000	52,000,000	56,000,000	46,000,000	49,000,000	55,000,000	46,000,000	65,000,000	80,000,000	80,000,000	130,000,000	30,000,000	30,000,000	30,000,000	30,000,000	38,000,000	87,000,000	457,000,000
accounts receivable	1,117,000,000	930,000,000	982,000,000	1,239,000,000	1,121,000,000	960,000,000	866,000,000	895,000,000	883,000,000	762,000,000	787,000,000	828,000,000	834,000,000	702,000,000	699,000,000	655,000,000	633,000,000	373,000,000	360,000,000	340,000,000	316,000,000	322,000,000	313,000,000	365,000,000	421,000,000	434,000,000	497,000,000	472,000,000	427,000,000	436,000,000	379,000,000	367,000,000	350,000,000	360,000,000	368,000,000	367,000,000	304,000,000	318,000,000	330,000,000	328,000,000	298,000,000	325,000,000	343,000,000	362,000,000	274,000,000	309,000,000	316,000,000	323,000,000	273,000,000	290,000,000	606,000,000	572,000,000
prepaids and other assets	295,000,000	160,000,000	182,000,000	168,000,000	174,000,000	155,000,000	180,000,000	193,000,000	195,000,000	183,000,000	192,000,000	205,000,000	180,000,000	128,000,000	159,000,000	154,000,000	149,000,000	59,000,000	64,000,000	58,000,000	64,000,000	42,000,000	53,000,000	65,000,000	134,000,000	129,000,000	147,000,000	156,000,000	149,000,000	140,000,000	152,000,000	136,000,000	153,000,000	150,000,000	153,000,000	157,000,000	153,000,000	180,000,000	188,000,000	160,000,000	152,000,000	109,000,000	118,000,000	139,000,000	108,000,000	109,000,000	109,000,000	122,000,000	122,000,000	113,000,000	85,000,000	76,000,000
total current assets	2,083,000,000	2,117,000,000	2,319,000,000	3,283,000,000	2,733,000,000	2,316,000,000	3,084,000,000	2,007,000,000	2,130,000,000	1,751,000,000	1,990,000,000	2,150,000,000	2,250,000,000	2,634,000,000	2,892,000,000	2,597,000,000	2,062,000,000	3,239,000,000	2,474,000,000	2,332,000,000	2,563,000,000	2,638,000,000	1,938,000,000	1,753,000,000	1,706,000,000	1,476,000,000	1,304,000,000	1,302,000,000	1,345,000,000	1,943,000,000	1,727,000,000	2,196,000,000	1,327,000,000	1,268,000,000	1,363,000,000	1,048,000,000	1,139,000,000	1,219,000,000	1,347,000,000	1,462,000,000	1,124,000,000	1,287,000,000	1,483,000,000	1,574,000,000	1,709,000,000	1,113,000,000	1,354,000,000	1,462,000,000	1,163,000,000	1,756,000,000	1,839,000,000	1,696,000,000
equity method investments	192,000,000	188,000,000	221,000,000	209,000,000	189,000,000	272,000,000	279,000,000	277,000,000	211,000,000	212,000,000	182,000,000	180,000,000	178,000,000	182,000,000	185,000,000	209,000,000	216,000,000	249,000,000	262,000,000	259,000,000	260,000,000	260,000,000	259,000,000	259,000,000	232,000,000	229,000,000	222,000,000	230,000,000
property and equipment	1,565,000,000	1,726,000,000	1,729,000,000	1,701,000,000	1,689,000,000	1,634,000,000	2,089,000,000	2,258,000,000	2,340,000,000	2,373,000,000	2,384,000,000	2,371,000,000	2,384,000,000	2,361,000,000	2,286,000,000	2,525,000,000	2,848,000,000	2,876,000,000	3,121,000,000	3,159,000,000	3,126,000,000	3,178,000,000	3,237,000,000	3,294,000,000	3,456,000,000	3,519,000,000	3,615,000,000	3,605,000,000	3,608,000,000	3,570,000,000	3,376,000,000	3,572,000,000	4,034,000,000	4,243,000,000	4,239,000,000	4,472,000,000	4,270,000,000	3,971,000,000	3,959,000,000	4,023,000,000	4,031,000,000	4,032,000,000	4,093,000,000	4,100,000,000	4,186,000,000	4,640,000,000	4,366,000,000	4,378,000,000	4,671,000,000	3,827,000,000	3,942,000,000	4,148,000,000
financing receivables	443,000,000	459,000,000	438,000,000	359,000,000	368,000,000	310,000,000	261,000,000	136,000,000	73,000,000	71,000,000	64,000,000	58,000,000	60,000,000	63,000,000	63,000,000	57,000,000	41,000,000	31,000,000	26,000,000	24,000,000	29,000,000	32,000,000	33,000,000	35,000,000	35,000,000	19,000,000	16,000,000	17,000,000	13,000,000	14,000,000	14,000,000	18,000,000	19,000,000	19,000,000	19,000,000	19,000,000	19,000,000	21,000,000	21,000,000	20,000,000	20,000,000	20,000,000	20,000,000	19,000,000	40,000,000	95,000,000	91,000,000	119,000,000	119,000,000	125,000,000	125,000,000	125,000,000
operating lease right-of-use assets	315,000,000	339,000,000	344,000,000	330,000,000	328,000,000	339,000,000	336,000,000	343,000,000	369,000,000	366,000,000	383,000,000	384,000,000	385,000,000	370,000,000	377,000,000	411,000,000	446,000,000	455,000,000	465,000,000	458,000,000	474,000,000	485,000,000	473,000,000	479,000,000	493,000,000	488,000,000	505,000,000	507,000,000
goodwill	3,450,000,000	3,448,000,000	3,450,000,000	2,462,000,000	2,541,000,000	2,277,000,000	2,272,000,000	2,273,000,000	3,205,000,000	3,202,000,000	3,205,000,000	3,143,000,000	3,101,000,000	3,120,000,000	3,080,000,000	3,006,000,000	2,965,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	326,000,000	326,000,000	322,000,000	322,000,000	320,000,000	283,000,000	132,000,000	152,000,000	154,000,000	150,000,000	152,000,000	145,000,000	147,000,000	125,000,000	127,000,000	128,000,000	129,000,000	129,000,000	130,000,000	132,000,000	132,000,000	133,000,000	135,000,000	136,000,000	147,000,000	147,000,000	133,000,000	133,000,000	144,000,000
intangibles	2,164,000,000	2,265,000,000	2,314,000,000	2,295,000,000	2,167,000,000	1,526,000,000	1,561,000,000	1,565,000,000	1,670,000,000	1,728,000,000	1,785,000,000	1,813,000,000	1,668,000,000	1,749,000,000	1,810,000,000	1,880,000,000	1,977,000,000	363,000,000	369,000,000	378,000,000	385,000,000	412,000,000	418,000,000	427,000,000	437,000,000	453,000,000	471,000,000	481,000,000	628,000,000	296,000,000	294,000,000	305,000,000	683,000,000	682,000,000	671,000,000	658,000,000	599,000,000	591,000,000	541,000,000	546,000,000	547,000,000	541,000,000	546,000,000	532,000,000	552,000,000	569,000,000	587,000,000	595,000,000	591,000,000	529,000,000	512,000,000	499,000,000
deferred tax assets	550,000,000	494,000,000	497,000,000	494,000,000	466,000,000	438,000,000	436,000,000	434,000,000	358,000,000	312,000,000	293,000,000	276,000,000	257,000,000	11,000,000	12,000,000	14,000,000	14,000,000	15,000,000	16,000,000	15,000,000	207,000,000	243,000,000	223,000,000	199,000,000	144,000,000	147,000,000	172,000,000	173,000,000	180,000,000	149,000,000	153,000,000	149,000,000	242,000,000	298,000,000	290,000,000	303,000,000	313,000,000	318,000,000	298,000,000	305,000,000		25,000,000	31,000,000	33,000,000	26,000,000	22,000,000	27,000,000	20,000,000	11,000,000	17,000,000	1,000,000	60,000,000
other assets	3,141,000,000	2,883,000,000	2,816,000,000	2,869,000,000	2,843,000,000	2,753,000,000	2,439,000,000	2,426,000,000	2,477,000,000	2,302,000,000	2,303,000,000	2,243,000,000	2,029,000,000	1,912,000,000	1,945,000,000	1,990,000,000	2,034,000,000	1,961,000,000	1,941,000,000	1,856,000,000	1,797,000,000	1,689,000,000	1,711,000,000	1,526,000,000	1,588,000,000	1,476,000,000	1,455,000,000	1,400,000,000	1,353,000,000	1,395,000,000	1,393,000,000	1,419,000,000	1,006,000,000	1,000,000,000	993,000,000	947,000,000	1,098,000,000	1,094,000,000	1,104,000,000	1,082,000,000	1,117,000,000	1,106,000,000	1,039,000,000	1,024,000,000	993,000,000	983,000,000	987,000,000	972,000,000	959,000,000	884,000,000	638,000,000	641,000,000
total assets	13,903,000,000	15,705,000,000	15,907,000,000	14,002,000,000	13,324,000,000	11,865,000,000	12,757,000,000	11,719,000,000	12,833,000,000	12,317,000,000	12,589,000,000	12,618,000,000	12,312,000,000	12,402,000,000	12,650,000,000	12,689,000,000	12,603,000,000	9,477,000,000	8,962,000,000	8,769,000,000	9,129,000,000	9,225,000,000	8,580,000,000	8,298,000,000	8,417,000,000	8,129,000,000	8,082,000,000	8,035,000,000	7,643,000,000	7,724,000,000	7,316,000,000	7,987,000,000	7,672,000,000	7,861,000,000	7,901,000,000	7,763,000,000	7,749,000,000	7,647,000,000	7,706,000,000	7,899,000,000	7,596,000,000	7,672,000,000	7,842,000,000	7,909,000,000	8,143,000,000	8,069,000,000	8,013,000,000	8,176,000,000	8,177,000,000	7,869,000,000	7,707,000,000	7,722,000,000
liabilities and equity
current liabilities:
current maturities of long-term debt	605,000,000	407,000,000	407,000,000	406,000,000	456,000,000	455,000,000	1,201,000,000	751,000,000	751,000,000	6,000,000	46,000,000	648,000,000	660,000,000	654,000,000	6,000,000	6,000,000	10,000,000	10,000,000	260,000,000	260,000,000	260,000,000	260,000,000	9,000,000	360,000,000	11,000,000	11,000,000	91,000,000	131,000,000	11,000,000	11,000,000	11,000,000	11,000,000	11,000,000	352,000,000	241,000,000	299,000,000	119,000,000	19,000,000	19,000,000	265,000,000	328,000,000	318,000,000	72,000,000	9,000,000	9,000,000	135,000,000	5,000,000	194,000,000	194,000,000	23,000,000	14,000,000	14,000,000
accounts payable	612,000,000	360,000,000	476,000,000	560,000,000	475,000,000	346,000,000	488,000,000	539,000,000	493,000,000	369,000,000	486,000,000	544,000,000	500,000,000	402,000,000	554,000,000	546,000,000	523,000,000	109,000,000	110,000,000	102,000,000	102,000,000	101,000,000	93,000,000	133,000,000	150,000,000	144,000,000	149,000,000	174,000,000	151,000,000	127,000,000	130,000,000	131,000,000	175,000,000	151,000,000	159,000,000	155,000,000	162,000,000	127,000,000	144,000,000	135,000,000	141,000,000	131,000,000	133,000,000	140,000,000	130,000,000	107,000,000	124,000,000	131,000,000	133,000,000	117,000,000	110,000,000	119,000,000
accrued expenses and other current liabilities	529,000,000	603,000,000	625,000,000	629,000,000	565,000,000	617,000,000	468,000,000	439,000,000	468,000,000	461,000,000	444,000,000	475,000,000	415,000,000	445,000,000	392,000,000	317,000,000	299,000,000	305,000,000	198,000,000	180,000,000	200,000,000	228,000,000	223,000,000	279,000,000	304,000,000	315,000,000	312,000,000	263,000,000	361,000,000	296,000,000	300,000,000	466,000,000	635,000,000	564,000,000	550,000,000	552,000,000	514,000,000	565,000,000	551,000,000	516,000,000	516,000,000	472,000,000	458,000,000	449,000,000	468,000,000	413,000,000	402,000,000	419,000,000	411,000,000	411,000,000	386,000,000	337,000,000
current contract liabilities	1,526,000,000	1,332,000,000	1,451,000,000	1,565,000,000	1,553,000,000	1,298,000,000	1,392,000,000	1,464,000,000	1,598,000,000	1,350,000,000	1,442,000,000	1,495,000,000	1,438,000,000	1,219,000,000	1,280,000,000	1,285,000,000	1,178,000,000	306,000,000	311,000,000	281,000,000	282,000,000	246,000,000	248,000,000	291,000,000	445,000,000	404,000,000	400,000,000	395,000,000	388,000,000	332,000,000	335,000,000	334,000,000
accrued compensation and benefits	176,000,000	245,000,000	191,000,000	151,000,000	192,000,000	186,000,000	161,000,000	145,000,000	210,000,000	182,000,000	162,000,000	146,000,000	235,000,000	195,000,000	144,000,000	119,000,000	187,000,000	116,000,000	108,000,000	100,000,000	111,000,000	103,000,000	97,000,000	90,000,000	144,000,000	137,000,000	127,000,000	108,000,000	150,000,000	130,000,000	112,000,000	109,000,000	145,000,000	133,000,000	123,000,000	103,000,000	129,000,000	121,000,000	110,000,000	96,000,000	122,000,000	122,000,000	109,000,000	101,000,000	120,000,000	122,000,000	117,000,000	113,000,000	133,000,000	128,000,000	120,000,000	113,000,000
total current liabilities	3,448,000,000	3,084,000,000	3,294,000,000	3,345,000,000	3,274,000,000	2,936,000,000	3,744,000,000	3,382,000,000	3,578,000,000	2,408,000,000	2,621,000,000	3,347,000,000	3,287,000,000	2,957,000,000	2,411,000,000	2,520,000,000	2,232,000,000	876,000,000	1,017,000,000	950,000,000	984,000,000	970,000,000	701,000,000	1,183,000,000	1,086,000,000	1,044,000,000	1,114,000,000	1,105,000,000	1,061,000,000	897,000,000	916,000,000	1,051,000,000	966,000,000	1,200,000,000	1,073,000,000	1,109,000,000	924,000,000	832,000,000	824,000,000	1,012,000,000	1,107,000,000	1,043,000,000	772,000,000	699,000,000	730,000,000	815,000,000	679,000,000	857,000,000	871,000,000	679,000,000	634,000,000	583,000,000
long-term debt	3,675,000,000	5,607,000,000	5,627,000,000	3,922,000,000	3,326,000,000	2,687,000,000	2,684,000,000	2,304,000,000	2,305,000,000	3,049,000,000	3,053,000,000	2,454,000,000	2,453,000,000	3,150,000,000	3,798,000,000	3,815,000,000	3,968,000,000	2,978,000,000	2,986,000,000	2,982,000,000	2,984,000,000	2,981,000,000	2,491,000,000	1,602,000,000	1,612,000,000	1,612,000,000	1,621,000,000	1,621,000,000	1,623,000,000	1,622,000,000	1,429,000,000	1,439,000,000	1,440,000,000	1,444,000,000	1,446,000,000	1,445,000,000	1,445,000,000	1,447,000,000	1,455,000,000	1,441,000,000	1,047,000,000	1,059,000,000	1,319,000,000	1,370,000,000	1,381,000,000	1,292,000,000	1,298,000,000	1,293,000,000	1,289,000,000	1,283,000,000	1,265,000,000	1,228,000,000
long-term contract liabilities	1,072,000,000	958,000,000	898,000,000	854,000,000	843,000,000	811,000,000	789,000,000	750,000,000	1,759,000,000	1,700,000,000	1,637,000,000	1,572,000,000	1,495,000,000	1,481,000,000	1,463,000,000	1,407,000,000	1,349,000,000	666,000,000	667,000,000	679,000,000	659,000,000	643,000,000	647,000,000	613,000,000	475,000,000	471,000,000	461,000,000	454,000,000	442,000,000	433,000,000	429,000,000	431,000,000
long-term operating lease liabilities	234,000,000	251,000,000	256,000,000	245,000,000	245,000,000	251,000,000	249,000,000	252,000,000	273,000,000	276,000,000	289,000,000	294,000,000	298,000,000	293,000,000	294,000,000	322,000,000	349,000,000	360,000,000	367,000,000	363,000,000	377,000,000	390,000,000	382,000,000	386,000,000	393,000,000	395,000,000	406,000,000	405,000,000
other long-term liabilities	1,923,000,000	1,963,000,000	1,912,000,000	1,874,000,000	1,810,000,000	1,480,000,000	1,438,000,000	1,371,000,000	1,351,000,000	1,295,000,000	1,304,000,000	1,255,000,000	1,077,000,000	1,075,000,000	1,072,000,000	1,101,000,000	1,139,000,000	1,008,000,000	1,016,000,000	907,000,000	911,000,000	888,000,000	866,000,000	806,000,000	884,000,000	846,000,000	833,000,000	822,000,000	840,000,000	837,000,000	841,000,000	872,000,000	1,725,000,000	1,550,000,000	1,530,000,000	1,480,000,000	1,472,000,000	1,451,000,000	1,419,000,000	1,446,000,000	1,447,000,000	1,436,000,000	1,423,000,000	1,414,000,000	1,401,000,000	1,271,000,000	1,257,000,000	1,251,000,000	1,240,000,000	1,154,000,000	1,094,000,000	1,097,000,000
total liabilities	10,352,000,000	11,897,000,000	12,020,000,000	10,240,000,000	9,498,000,000	8,165,000,000	8,904,000,000	8,059,000,000	9,266,000,000	8,728,000,000	8,904,000,000	8,922,000,000	8,610,000,000	8,956,000,000	9,038,000,000	9,165,000,000	9,037,000,000	5,888,000,000	6,053,000,000	5,881,000,000	5,915,000,000	5,872,000,000	5,087,000,000	4,590,000,000	4,450,000,000	4,368,000,000	4,435,000,000	4,407,000,000	3,966,000,000	3,789,000,000	3,615,000,000	3,793,000,000	4,131,000,000	4,194,000,000	4,049,000,000	4,034,000,000	3,841,000,000	3,730,000,000	3,698,000,000	3,899,000,000	3,601,000,000	3,538,000,000	3,514,000,000	3,483,000,000	3,512,000,000	3,378,000,000	3,234,000,000	3,401,000,000	3,400,000,000	3,116,000,000	2,993,000,000	2,908,000,000
commitments and contingencies
equity:
preferred stock, 0.01 par value per share...
class a common stock, 0.01 par value per share...	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
class b common stock, 0.01 par value per share...
additional paid-in capital		15,000,000	27,000,000							25,000,000	155,000,000	235,000,000	318,000,000	404,000,000	573,000,000	657,000,000	640,000,000	630,000,000	47,000,000	36,000,000	13,000,000	7,000,000	3,000,000						50,000,000	339,000,000	399,000,000	906,000,000	967,000,000	1,156,000,000	1,358,000,000	1,352,000,000	1,686,000,000	1,687,000,000	1,820,000,000	1,882,000,000	1,931,000,000	2,103,000,000	2,297,000,000	2,455,000,000	2,621,000,000	2,808,000,000	2,880,000,000	2,959,000,000	3,015,000,000	3,030,000,000	3,052,000,000	3,240,000,000
retained earnings	3,382,000,000	3,603,000,000	3,667,000,000	3,684,000,000	3,815,000,000	3,886,000,000	4,082,000,000	3,853,000,000	3,738,000,000	3,784,000,000	3,732,000,000	3,680,000,000	3,622,000,000	3,328,000,000	3,300,000,000	3,094,000,000	3,167,000,000	3,196,000,000	3,076,000,000	3,085,000,000	3,389,000,000	3,592,000,000	3,753,000,000	3,989,000,000	4,170,000,000	4,003,000,000	3,853,000,000	3,831,000,000	3,819,000,000	3,791,000,000	3,571,000,000	3,511,000,000	2,742,000,000	2,666,000,000	2,650,000,000	2,563,000,000	2,493,000,000	2,452,000,000	2,390,000,000	2,323,000,000	2,289,000,000	2,252,000,000	2,227,000,000	2,187,000,000	2,165,000,000	1,983,000,000	1,951,000,000	1,877,000,000	1,821,000,000	1,789,000,000	1,725,000,000	1,613,000,000
accumulated other comprehensive loss	-155,000,000	-135,000,000	-134,000,000	-224,000,000	-269,000,000	-190,000,000	-233,000,000	-197,000,000	-175,000,000	-224,000,000	-206,000,000	-223,000,000	-242,000,000	-290,000,000	-265,000,000	-231,000,000	-245,000,000	-241,000,000	-218,000,000	-237,000,000	-192,000,000	-250,000,000	-267,000,000	-285,000,000	-209,000,000	-248,000,000	-212,000,000	-210,000,000	-200,000,000	-202,000,000	-276,000,000	-230,000,000	-185,000,000	-172,000,000	-172,000,000	-202,000,000	-277,000,000	-227,000,000	-207,000,000	-210,000,000	-230,000,000	-226,000,000	-201,000,000	-213,000,000	-160,000,000	-109,000,000	-61,000,000	-70,000,000	-68,000,000	-77,000,000	-74,000,000	-50,000,000
total stockholders' equity	3,228,000,000	3,484,000,000	3,561,000,000	3,461,000,000	3,547,000,000	3,697,000,000	3,850,000,000	3,657,000,000	3,564,000,000	3,586,000,000	3,682,000,000	3,693,000,000	3,699,000,000	3,443,000,000	3,609,000,000	3,521,000,000	3,563,000,000	3,586,000,000	2,906,000,000	2,885,000,000	3,211,000,000	3,350,000,000	3,490,000,000	3,705,000,000	3,962,000,000	3,756,000,000	3,642,000,000	3,622,000,000	3,670,000,000
noncontrolling interests	323,000,000	324,000,000	326,000,000	301,000,000	279,000,000
total equity	3,551,000,000	3,808,000,000	3,887,000,000	3,762,000,000	3,826,000,000	3,700,000,000	3,853,000,000	3,660,000,000	3,567,000,000	3,589,000,000	3,685,000,000	3,696,000,000	3,702,000,000	3,446,000,000	3,612,000,000	3,524,000,000	3,566,000,000	3,589,000,000	2,909,000,000	2,888,000,000	3,214,000,000	3,353,000,000	3,493,000,000	3,708,000,000	3,967,000,000	3,761,000,000	3,647,000,000	3,628,000,000	3,677,000,000	3,935,000,000	3,701,000,000	4,194,000,000	3,531,000,000	3,657,000,000	3,843,000,000	3,720,000,000	3,908,000,000	3,917,000,000	4,008,000,000	4,000,000,000	3,995,000,000	4,134,000,000	4,328,000,000	4,426,000,000	4,631,000,000	4,691,000,000	4,779,000,000	4,775,000,000	4,777,000,000	4,753,000,000	4,714,000,000	4,814,000,000
total liabilities and equity	13,903,000,000	15,705,000,000	15,907,000,000	14,002,000,000	13,324,000,000	11,865,000,000	12,757,000,000	11,719,000,000	12,833,000,000	12,317,000,000	12,589,000,000	12,618,000,000	12,312,000,000	12,402,000,000	12,650,000,000	12,689,000,000	12,603,000,000	9,477,000,000	8,962,000,000	8,769,000,000	9,129,000,000	9,225,000,000	8,580,000,000	8,298,000,000	8,417,000,000	8,129,000,000	8,082,000,000	8,035,000,000									7,749,000,000	7,647,000,000	7,706,000,000	7,899,000,000	7,596,000,000	7,672,000,000	7,842,000,000	7,909,000,000	8,143,000,000	8,069,000,000	8,013,000,000	8,176,000,000	8,177,000,000	7,869,000,000	7,707,000,000	7,722,000,000
restricted cash		1,000,000	1,000,000	1,000,000	1,000,000	9,000,000	11,000,000	16,000,000	34,000,000	13,000,000	45,000,000	20,000,000	39,000,000	356,000,000	53,000,000	47,000,000	57,000,000	15,000,000	18,000,000	9,000,000	11,000,000	12,000,000	21,000,000	18,000,000	150,000,000	140,000,000	32,000,000	24,000,000	33,000,000	23,000,000	254,000,000	450,000,000	234,000,000	224,000,000	340,000,000	64,000,000	76,000,000	66,000,000	77,000,000	73,000,000	96,000,000	97,000,000	204,000,000	341,000,000	359,000,000	95,000,000	103,000,000	100,000,000	184,000,000	434,000,000	151,000,000	94,000,000
inventories		9,000,000	9,000,000	8,000,000	8,000,000	8,000,000	9,000,000	9,000,000	9,000,000	10,000,000	10,000,000	10,000,000	9,000,000	9,000,000	8,000,000	8,000,000	10,000,000	9,000,000	9,000,000	9,000,000	9,000,000	14,000,000	11,000,000	12,000,000	12,000,000	12,000,000	13,000,000	14,000,000	14,000,000	13,000,000	13,000,000	13,000,000	14,000,000	15,000,000	15,000,000	16,000,000	28,000,000	16,000,000	16,000,000	16,000,000	12,000,000	13,000,000	15,000,000	16,000,000	17,000,000	18,000,000	17,000,000	75,000,000	77,000,000	71,000,000	74,000,000	77,000,000
prepaid income taxes		130,000,000	95,000,000	62,000,000	46,000,000	50,000,000	61,000,000	58,000,000	51,000,000	56,000,000	50,000,000	36,000,000	39,000,000	35,000,000	18,000,000	53,000,000	26,000,000	8,000,000	286,000,000	288,000,000	281,000,000	160,000,000	37,000,000	31,000,000	28,000,000	21,000,000	38,000,000	35,000,000	36,000,000	56,000,000	12,000,000	16,000,000	24,000,000	80,000,000	36,000,000	18,000,000	40,000,000	49,000,000	45,000,000	59,000,000	63,000,000	84,000,000	48,000,000	35,000,000	47,000,000	46,000,000	24,000,000	27,000,000	12,000,000	19,000,000	22,000,000	26,000,000
current assets held for sale		138,000,000	138,000,000
long-term assets held for sale		1,786,000,000	1,779,000,000
current operating lease liabilities		35,000,000	35,000,000	34,000,000	33,000,000	34,000,000	34,000,000	37,000,000	41,000,000	40,000,000	41,000,000	39,000,000	39,000,000	36,000,000	35,000,000	35,000,000	35,000,000	30,000,000	30,000,000	27,000,000	29,000,000	32,000,000	31,000,000	30,000,000	32,000,000	33,000,000	35,000,000	34,000,000
current liabilities held for sale		102,000,000	109,000,000
long-term liabilities held for sale		34,000,000	33,000,000
assets held for sale								42,000,000	62,000,000					30,000,000		375,000,000										17,000,000				44,000,000	135,000,000													5,000,000	63,000,000	221,000,000	175,000,000				95,000,000	4,000,000
liabilities held for sale								7,000,000	17,000,000					6,000,000		212,000,000														1,000,000	28,000,000														3,000,000	38,000,000	31,000,000				4,000,000
noncontrolling interests in consolidated subsidiaries						3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	5,000,000	5,000,000	5,000,000	6,000,000	7,000,000	6,000,000	6,000,000	6,000,000	6,000,000	6,000,000	6,000,000	6,000,000	5,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	8,000,000	8,000,000	8,000,000	8,000,000	10,000,000	10,000,000	10,000,000
investments																													233,000,000	225,000,000	207,000,000	174,000,000	211,000,000	199,000,000	181,000,000	169,000,000	186,000,000	306,000,000	308,000,000	332,000,000	327,000,000	323,000,000	331,000,000	342,000,000	334,000,000	341,000,000	319,000,000	322,000,000	329,000,000	473,000,000	348,000,000	332,000,000
liabilities, redeemable noncontrolling interest, and equity
redeemable noncontrolling interest in preferred shares of a subsidiary																																	10,000,000	10,000,000	9,000,000	9,000,000
total liabilities, redeemable noncontrolling interest, and equity																													7,643,000,000	7,724,000,000	7,316,000,000	7,987,000,000	7,672,000,000
total stockholders’ equity																														3,929,000,000	3,695,000,000	4,188,000,000	3,525,000,000	3,651,000,000	3,837,000,000	3,714,000,000	3,903,000,000	3,913,000,000	4,004,000,000	3,996,000,000	3,991,000,000	4,130,000,000	4,324,000,000	4,422,000,000	4,627,000,000	4,683,000,000	4,771,000,000	4,767,000,000	4,769,000,000	4,743,000,000	4,704,000,000	4,804,000,000
liabilities, redeemable noncontrolling interest and equity
total liabilities, redeemable noncontrolling interest and equity																																		7,861,000,000	7,901,000,000	7,763,000,000
treasury stock																																												-8,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31

cash flows from operating activities:
net income	41,000,000	-50,000,000	-4,000,000	24,000,000	-56,000,000	471,000,000	359,000,000	522,000,000	26,000,000	68,000,000	68,000,000	58,000,000	294,000,000	28,000,000							-203,000,000	-161,000,000	-236,000,000	-103,000,000	321,000,000	296,000,000	86,000,000	63,000,000	44,000,000	237,000,000	77,000,000	411,000,000	76,000,000	17,000,000	87,000,000	70,000,000	41,000,000	62,000,000	67,000,000	34,000,000		25,000,000	40,000,000	22,000,000		33,000,000	75,000,000	56,000,000		55,000,000	112,000,000	8,000,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	76,000,000	83,000,000	82,000,000	80,000,000	76,000,000	81,000,000	84,000,000	92,000,000	100,000,000	100,000,000	99,000,000	98,000,000	106,000,000	96,000,000	105,000,000	119,000,000	91,000,000	71,000,000	74,000,000	74,000,000	77,000,000	80,000,000	73,000,000	80,000,000	81,000,000	85,000,000	83,000,000	80,000,000	84,000,000	81,000,000	79,000,000	83,000,000	92,000,000	92,000,000	91,000,000	91,000,000	88,000,000	87,000,000	86,000,000	81,000,000		78,000,000	76,000,000	79,000,000		91,000,000	83,000,000	95,000,000		81,000,000	85,000,000	88,000,000
amortization of share awards	28,000,000	15,000,000	15,000,000	31,000,000	9,000,000	9,000,000	15,000,000	31,000,000	15,000,000	14,000,000	15,000,000	31,000,000	14,000,000	3,000,000	13,000,000	31,000,000	10,000,000	8,000,000	9,000,000	32,000,000	4,000,000	4,000,000	3,000,000	17,000,000	3,000,000	5,000,000	6,000,000	21,000,000
amortization of operating lease right-of-use assets	9,000,000	8,000,000	9,000,000	8,000,000	8,000,000	9,000,000	9,000,000	10,000,000	14,000,000	9,000,000	10,000,000	9,000,000	10,000,000	8,000,000	8,000,000	9,000,000	7,000,000	6,000,000	6,000,000	8,000,000	8,000,000	7,000,000	8,000,000	8,000,000
deferred income taxes	-27,000,000	1,000,000	-1,000,000	-24,000,000	-28,000,000	-5,000,000	-3,000,000	-87,000,000	-61,000,000	-37,000,000	-8,000,000	-19,000,000	-252,000,000	-5,000,000			-10,000,000	7,000,000	3,000,000	200,000,000	0	-6,000,000	-8,000,000	-45,000,000	-4,000,000	28,000,000	3,000,000	1,000,000	-26,000,000	5,000,000	-2,000,000	-10,000,000				-16,000,000	13,000,000	-14,000,000	-1,000,000	-1,000,000		-36,000,000	-10,000,000	3,000,000		-19,000,000	-2,000,000	5,000,000		0	43,000,000	-2,000,000
asset impairments	21,000,000	9,000,000	10,000,000	4,000,000	161,000,000	35,000,000	0	17,000,000	17,000,000	6,000,000	5,000,000	2,000,000	19,000,000	9,000,000			6,000,000	0			10,000,000	0			5,000,000																					0				0	3,000,000	8,000,000
equity losses from unconsolidated hospitality ventures	13,000,000	34,000,000	-6,000,000	12,000,000		13,000,000	30,000,000	-75,000,000		-7,000,000	1,000,000	2,000,000	-11,000,000	-2,000,000	-1,000,000	9,000,000		12,000,000	34,000,000	-54,000,000		20,000,000	23,000,000	2,000,000		5,000,000	-6,000,000	3,000,000		6,000,000	-2,000,000	13,000,000
contra revenue	23,000,000	34,000,000	15,000,000	20,000,000	13,000,000	27,000,000	16,000,000	13,000,000	13,000,000	12,000,000	12,000,000	10,000,000	4,000,000	9,000,000	9,000,000	9,000,000	9,000,000	9,000,000	9,000,000	8,000,000
losses, net on marketable securities		-3,000,000
contingent consideration liabilities fair value adjustments	-31,000,000	-6,000,000
payments for key money assets	-49,000,000	-44,000,000	-38,000,000	-18,000,000
deferred revenue related to the loyalty program	105,000,000	43,000,000	46,000,000	90,000,000
working capital changes and other	-109,000,000	-144,000,000	-184,000,000	-64,000,000			9,000,000	139,000,000		-116,000,000	-74,000,000	77,000,000		-162,000,000	64,000,000	66,000,000		348,000,000	15,000,000	-47,000,000		-76,000,000	-115,000,000	-138,000,000		23,000,000	-10,000,000	-134,000,000		-46,000,000	-186,000,000	85,000,000		-5,000,000	9,000,000	-35,000,000		-12,000,000	24,000,000	-62,000,000		111,000,000	29,000,000	-94,000,000		-12,000,000	33,000,000	-60,000,000		82,000,000	-20,000,000	-84,000,000
net cash from operating activities	100,000,000	-20,000,000	-67,000,000	153,000,000	235,000,000	-21,000,000	177,000,000	242,000,000	374,000,000	55,000,000	146,000,000	225,000,000	271,000,000	20,000,000	203,000,000	180,000,000	106,000,000	267,000,000	33,000,000	-91,000,000	-148,000,000	-133,000,000	-230,000,000	-100,000,000	122,000,000	95,000,000	166,000,000	13,000,000	209,000,000	102,000,000	-24,000,000	54,000,000	170,000,000	131,000,000	169,000,000	150,000,000	138,000,000	112,000,000	188,000,000	51,000,000		212,000,000	169,000,000	15,000,000		109,000,000	204,000,000	49,000,000		194,000,000	135,000,000	27,000,000
cash flows from investing activities:
purchases of marketable securities and short-term investments	-153,000,000	-141,000,000	-183,000,000	-172,000,000	-454,000,000	-308,000,000	-703,000,000	-310,000,000	-105,000,000	-148,000,000	-195,000,000	-35,000,000	-172,000,000	-118,000,000	-467,000,000	-195,000,000	-100,000,000	-90,000,000	-180,000,000	-423,000,000	-521,000,000	-322,000,000	-190,000,000	-110,000,000	-154,000,000	-86,000,000	-43,000,000	-67,000,000	-93,000,000	-133,000,000	-342,000,000	-97,000,000	-104,000,000	-114,000,000	-140,000,000	-111,000,000	-99,000,000	-139,000,000	-141,000,000	-85,000,000	-80,000,000	-153,000,000	-140,000,000	-157,000,000	-151,000,000	-56,000,000	-102,000,000	-112,000,000	-55,000,000	-195,000,000	-20,000,000	-31,000,000
proceeds from marketable securities and short-term investments	75,000,000	149,000,000	142,000,000	481,000,000	134,000,000	976,000,000	53,000,000	175,000,000	117,000,000	151,000,000	222,000,000	86,000,000	174,000,000	499,000,000	224,000,000	163,000,000	238,000,000	339,000,000	140,000,000	523,000,000	143,000,000	92,000,000	198,000,000	109,000,000	94,000,000	90,000,000	42,000,000	123,000,000	198,000,000	79,000,000	243,000,000	104,000,000	116,000,000	112,000,000	133,000,000	119,000,000	84,000,000	141,000,000	149,000,000	83,000,000	99,000,000	102,000,000	145,000,000	175,000,000	71,000,000	54,000,000	93,000,000	102,000,000	58,000,000	199,000,000	407,000,000	77,000,000
contributions to equity method and other investments	-18,000,000	-18,000,000	-7,000,000	-46,000,000	-10,000,000	-56,000,000	-16,000,000	-6,000,000	-7,000,000	-1,000,000	-4,000,000	-31,000,000	-1,000,000	-2,000,000	-2,000,000	-3,000,000	-1,000,000	-4,000,000	-8,000,000	-16,000,000	-8,000,000	-10,000,000	-26,000,000	-21,000,000	-9,000,000	-23,000,000	-9,000,000	-7,000,000	-8,000,000	-28,000,000	-14,000,000	-10,000,000
return of equity method and other investments		0	2,000,000	8,000,000	53,000,000	6,000,000			0				16,000,000	15,000,000			73,000,000	0			0	3,000,000	0	2,000,000	2,000,000	2,000,000			27,000,000	11,000,000	1,000,000	12,000,000
capital expenditures	-23,000,000	-69,000,000	-44,000,000	-30,000,000	-51,000,000	-43,000,000	-42,000,000	-34,000,000	-64,000,000	-54,000,000	-50,000,000	-30,000,000	-59,000,000	-38,000,000	-61,000,000	-43,000,000	-46,000,000	-28,000,000	-18,000,000	-19,000,000	-18,000,000	-16,000,000	-33,000,000	-55,000,000	-125,000,000	-98,000,000	-80,000,000	-66,000,000	-102,000,000	-74,000,000	-61,000,000	-60,000,000	-86,000,000	-79,000,000	-83,000,000	-50,000,000	-71,000,000	-55,000,000	-47,000,000	-38,000,000		-63,000,000	-61,000,000	-61,000,000		-57,000,000	-70,000,000	-41,000,000		-58,000,000	-49,000,000	-43,000,000
free cash flows	77,000,000	-89,000,000	-111,000,000	123,000,000	184,000,000	-64,000,000	135,000,000	208,000,000	310,000,000	1,000,000	96,000,000	195,000,000	212,000,000	-18,000,000	142,000,000	137,000,000	60,000,000	239,000,000	15,000,000	-110,000,000	-166,000,000	-149,000,000	-263,000,000	-155,000,000	-3,000,000	-3,000,000	86,000,000	-53,000,000	107,000,000	28,000,000	-85,000,000	-6,000,000	84,000,000	52,000,000	86,000,000	100,000,000	67,000,000	57,000,000	141,000,000	13,000,000		149,000,000	108,000,000	-46,000,000		52,000,000	134,000,000	8,000,000		136,000,000	86,000,000	-16,000,000
proceeds from sales of real estate and other	-9,000,000
issuance of financing receivables	-21,000,000	-9,000,000			-45,000,000	-6,000,000			-12,000,000	-11,000,000	-7,000,000	-13,000,000	-3,000,000	-12,000,000			-1,000,000	-12,000,000																											0
proceeds from financing receivables	26,000,000																								0												37,000,000				0				55,000,000				1,000,000
other investing activities	1,000,000	6,000,000	5,000,000	7,000,000	-10,000,000			3,000,000	9,000,000	0	-5,000,000	-1,000,000	-21,000,000	21,000,000	13,000,000	7,000,000	0	2,000,000	5,000,000	-12,000,000	11,000,000	-21,000,000	-6,000,000	10,000,000	-3,000,000	1,000,000	13,000,000	-7,000,000	2,000,000	-1,000,000	17,000,000	-6,000,000	-12,000,000	-3,000,000	-14,000,000	1,000,000	-11,000,000	8,000,000	-30,000,000	26,000,000	-12,000,000	-8,000,000	-18,000,000	9,000,000	8,000,000	-32,000,000	9,000,000	-7,000,000	-27,000,000	-5,000,000	-16,000,000	10,000,000
net cash from investing activities	-122,000,000	-67,000,000	-1,359,000,000	239,000,000			-348,000,000	42,000,000	-61,000,000	-66,000,000	-89,000,000	-149,000,000	-14,000,000	229,000,000	311,000,000	-110,000,000	-2,510,000,000	691,000,000	78,000,000	-31,000,000	-418,000,000	-274,000,000	-57,000,000	13,000,000	287,000,000	393,000,000	-56,000,000	-39,000,000	-338,000,000	-62,000,000	-161,000,000	935,000,000	494,000,000	-46,000,000	-88,000,000	-94,000,000	-286,000,000	-71,000,000	-11,000,000	-12,000,000	-71,000,000	-87,000,000	70,000,000	41,000,000	623,000,000	-451,000,000	-128,000,000	329,000,000	-325,000,000	-134,000,000	415,000,000	-103,000,000
cash flows from financing activities:
proceeds from debt, net of issuance costs of — and 9 for the three months ended march 31, 2026 and march 31, 2025, respectively
repayments of debt	-1,000,000																-960,000,000	-256,000,000	-1,000,000	-1,000,000	-1,000,000	-4,000,000	-350,000,000	-51,000,000	-222,000,000	-145,000,000	-41,000,000	-1,000,000	-1,000,000	-208,000,000	-1,000,000	-21,000,000	-391,000,000	-96,000,000
repurchases of common stock	-135,000,000	-30,000,000	0	-149,000,000	-11,000,000	-657,000,000	-134,000,000	-388,000,000	-95,000,000	-144,000,000	-108,000,000	-106,000,000	-106,000,000	-162,000,000								0	0	-69,000,000		-133,000,000	-45,000,000	-102,000,000		-66,000,000	-513,000,000	-75,000,000
dividends paid	-14,000,000	-15,000,000	-14,000,000	-14,000,000	-14,000,000	-15,000,000	-16,000,000	-15,000,000	-15,000,000	-16,000,000											0	0	0	-20,000,000	-20,000,000	-20,000,000	-20,000,000	-20,000,000	-16,000,000	-17,000,000	-17,000,000	-18,000,000
payment of withholding taxes for stock-based compensation	-23,000,000	-1,000,000	0	-23,000,000	-2,000,000	-1,000,000	0	-40,000,000
other financing activities	-1,000,000	0	-8,000,000	-13,000,000	0	-1,000,000			-1,000,000	0	0	-13,000,000	-1,000,000	0	-3,000,000	-14,000,000	-1,000,000	-3,000,000	-1,000,000	-13,000,000	-1,000,000	0	-7,000,000	-7,000,000	2,000,000	1,000,000	-8,000,000	-2,000,000	2,000,000	-1,000,000	-7,000,000	-5,000,000	-8,000,000	3,000,000	-4,000,000	-3,000,000	-4,000,000	5,000,000	-3,000,000	-4,000,000	-5,000,000	8,000,000	-4,000,000	-6,000,000	-5,000,000	2,000,000	-4,000,000	-7,000,000	-1,000,000	-1,000,000	-2,000,000	-2,000,000
net cash from financing activities	-174,000,000	-69,000,000	596,000,000	340,000,000	566,000,000	-1,421,000,000	681,000,000	-444,000,000	-112,000,000	-203,000,000	-130,000,000	-133,000,000	-801,000,000	-163,000,000	-128,000,000	-14,000,000	988,000,000	316,000,000	-2,000,000	-14,000,000	-2,000,000	741,000,000	533,000,000	253,000,000	-161,000,000	-237,000,000	-138,000,000	-5,000,000	-307,000,000	104,000,000	-538,000,000	-109,000,000	-537,000,000	-100,000,000	-56,000,000	-165,000,000	89,000,000	-138,000,000	-311,000,000	264,000,000	-181,000,000	-190,000,000	-151,000,000	-193,000,000	-320,000,000	50,000,000	-271,000,000	-66,000,000	-91,000,000	2,000,000	-157,000,000	-18,000,000
effect of exchange rate changes on cash	2,000,000	3,000,000	-8,000,000	-8,000,000	8,000,000	-7,000,000	-2,000,000	-2,000,000	3,000,000	1,000,000	-2,000,000	-4,000,000	-8,000,000	15,000,000	6,000,000	5,000,000	0	4,000,000	-12,000,000	5,000,000	-5,000,000	-3,000,000	1,000,000	3,000,000	-5,000,000	2,000,000			2,000,000	2,000,000	4,000,000	-3,000,000			1,000,000	1,000,000		-1,000,000	5,000,000	11,000,000		-10,000,000	-7,000,000	15,000,000	-4,000,000	2,000,000	-5,000,000	-1,000,000			-5,000,000	11,000,000
net increase in cash, cash equivalents, and restricted cash	-194,000,000	-153,000,000	-888,000,000	724,000,000	-93,000,000	-160,000,000			201,000,000	-213,000,000	-75,000,000	-61,000,000	-550,000,000	99,000,000	399,000,000	54,000,000	-1,416,000,000	1,278,000,000	97,000,000	-131,000,000	-573,000,000	331,000,000	247,000,000	169,000,000	243,000,000	253,000,000	-24,000,000	-31,000,000	-434,000,000	155,000,000	-728,000,000	877,000,000
cash, cash equivalents, and restricted cash—beginning of period	788,000,000	0	0	1,015,000,000		0
cash, cash equivalents, and restricted cash—end of period	594,000,000	-153,000,000	-888,000,000	1,739,000,000		-160,000,000	508,000,000	760,000,000		-213,000,000	-75,000,000	1,006,000,000		99,000,000	399,000,000	1,119,000,000		1,278,000,000	97,000,000	1,106,000,000	-573,000,000	331,000,000	247,000,000	1,232,000,000	243,000,000	253,000,000	-24,000,000	591,000,000	-434,000,000	155,000,000	-728,000,000	1,629,000,000
includes cash paid for transaction costs and proration adjustments, as applicable.
losses on sales of real estate and other		0				-514,000,000
acquisitions, net of cash acquired		-7,000,000			-581,000,000	0			0	0			0	-135,000,000	0	-39,000,000	-2,679,000,000	-7,000,000	-146,000,000	-84,000,000					0	0	-3,000,000	-15,000,000	-415,000,000	-258,000,000			0	-16,000,000	2,000,000	-245,000,000	-161,000,000	-93,000,000							-157,000,000				-729,000,000	0	0	-85,000,000
proceeds from sales of real estate, net of cash disposed		22,000,000												-1,000,000				491,000,000				0	0	78,000,000	479,000,000				48,000,000	342,000,000	0	992,000,000	367,000,000	0				49,000,000				0	17,000,000	69,000,000
proceeds from debt, net of issuance costs of 15 and 14 for the nine months ended september 30, 2025 and september 30, 2024, respectively
repayments and repurchases of debt		-23,000,000	-1,076,000,000	-451,000,000	-1,000,000	-747,000,000	-1,000,000	-1,000,000	-1,000,000	-639,000,000	-6,000,000	-14,000,000		-1,000,000
net increase in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale		-153,000,000	-838,000,000	724,000,000	-93,000,000	-160,000,000			204,000,000			-61,000,000				61,000,000
change in cash, cash equivalents, and restricted cash classified within current assets held for sale		0
proceeds from debt, net of issuance costs of 15 and 14 for the six months ended june 30, 2025 and june 30, 2024, respectively
represents a 9 million payment for proration adjustments during the six months ended june 30, 2025 related to the sale of hyatt regency orlando and an adjacent undeveloped land parcel. at december 31, 2024, the liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.
gains on sales of real estate and other								-403,000,000	0									-307,000,000
unrealized gains				-10,000,000				-13,000,000
proceeds from sales of real estate and other, net of cash disposed				-9,000,000	11,000,000	723,000,000	473,000,000	214,000,000	0
proceeds from debt, net of issuance costs of 9 and —, respectively				990,000,000
net increase in cash, cash equivalents, and restricted cash classified within assets held for sale
represents a 9 million payment for proration adjustments during the three months ended march 31, 2025 related to the sale of hyatt regency orlando and an adjacent undeveloped land parcel. at december 31, 2024, the liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.
(gains) losses on sales of real estate and other
equity (earnings) losses from unconsolidated hospitality ventures
unrealized (gains) losses
contingent consideration liability fair value adjustment					-19,000,000	-9,000,000	-7,000,000	-4,000,000
other
increase in cash attributable to changes in assets and liabilities
receivables
prepaid income taxes
prepaids and other assets
other long-term assets
accounts payable, accrued expenses, and other current liabilities
contract liabilities
operating lease liabilities
accrued compensation and benefits
other long-term liabilities
proceeds from debt, net of offering expenses of 14, 4, and —, respectively
cash, cash equivalents, and restricted cash—beginning of year								919,000,000	0	0	0	1,067,000,000	0	0	0	1,065,000,000	0	0	0	1,237,000,000	0	0	0	1,063,000,000	0	0	0	622,000,000	0	0	0	752,000,000
cash, cash equivalents, and restricted cash—end of year
unrealized losses						2,000,000				16,000,000	18,000,000	-43,000,000	-13,000,000	24,000,000	34,000,000	10,000,000		-7,000,000	-5,000,000	-8,000,000		-8,000,000	-35,000,000	79,000,000
distributions from unconsolidated hospitality ventures									1,000,000				5,000,000											2,000,000	3,000,000				7,000,000
net cash from (used) in investing activities
proceeds from debt, net of issuance costs of 14 and 4, respectively
net change in cash, cash equivalents, and restricted cash classified as assets held for sale						0	0	3,000,000
proceeds from debt, net of issuance costs of 14 and 0, respectively
net decrease in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale								-162,000,000
net decrease in cash, cash equivalents, and restricted cash								-159,000,000
loss on extinguishment of debt													1,000,000	0
proceeds from debt, net of issuance costs of 4, —, and 11, respectively
proceeds from issuance of class a common stock, net of offering costs of —, —, and 25, respectively
utilization of restricted cash for legal defeasance of series 2005 bonds													0	0
cash, cash equivalents, and restricted cash reclassified to assets held for sale																-7,000,000
proceeds from debt, net of issuance costs of 4 and —, respectively
gains on sales of real estate														1,000,000								0	0	-8,000,000	-349,000,000	-373,000,000	0	-1,000,000		-239,000,000	-1,000,000	-529,000,000										0	-1,000,000	-8,000,000		-3,000,000	-1,000,000	-61,000,000		-26,000,000
acquisitions												-125,000,000
increase in cash attributable to changes in assets and liabilities and other
proceeds from long-term debt, net of issuance costs of —, 11, and 15, respectively
repurchases and repayments of debt
proceeds from issuance of class a common stock, net of offering costs of —, 25, and —, respectively
proceeds from issuance of class a common stock, net of offering costs of — and 25, respectively
net loss																-73,000,000		120,000,000	-9,000,000	-304,000,000
adjustments to reconcile net loss to net cash from operating activities:
release of contingent consideration liability																									-1,000,000	-2,000,000	-2,000,000	-25,000,000
gain on sale of contractual right
proceeds from sale of contractual right
proceeds from long-term debt, net of issuance costs of 11, 15, and —, respectively
repurchase of common stock																																	-188,000,000	-207,000,000	0	-348,000,000	-4,000,000	-137,000,000	-68,000,000	-63,000,000	-176,000,000	-195,000,000	-157,000,000	-187,000,000	-215,000,000	-79,000,000	-90,000,000	-59,000,000	-23,000,000	-29,000,000	-196,000,000	-27,000,000
proceeds from issuance of class a common stock, net of offering costs of 25, —, and —, respectively
contingent consideration paid																									0	0
proceeds from debt, net of issuance costs of — and 15, respectively
proceeds from issuance of class a common stock, net of offering costs of 25 and —, respectively
proceeds from debt, net of issuance costs of — and 10, respectively
proceeds from debt																											0	120,000,000			0	20,000,000
proceeds from long-term debt, net of issuance costs of 15, —, and 4, respectively
amortization of management and franchise agreement assets constituting payments to customers																						7,000,000	7,000,000	6,000,000	6,000,000	5,000,000	6,000,000	5,000,000	5,000,000	5,000,000
proceeds from debt, net of issuance costs of 15 and — for the nine months ended september 30, 2020 and september 30, 2019, respectively
proceeds from debt, net of issuance costs of 10 and -, respectively
proceeds from long-term debt																								400,000,000																		1,000,000										11,000,000
realized (gains) losses
inventories
pre-condemnation proceeds
proceeds from long-term debt, net of issuance costs of -, 4, and -, respectively
proceeds from redeemable noncontrolling interest in preferred shares in a subsidiary
repayments of redeemable noncontrolling interest in preferred shares in a subsidiary																													0	0	0	-10,000,000
proceeds from long-term debt, net of issuance costs - and 4, respectively
net increase in cash, cash equivalents, and restricted cash, including cash classified within current assets held for sale
impairment of assets																													4,000,000
equity earnings from unconsolidated hospitality ventures
losses on sales of real estate																																	-17,000,000	0				0
realized losses																													1,000,000	0	1,000,000	1,000,000
proceeds from debt, net of issuance costs of 4, -, and 4, respectively
proceeds from debt, net of issuance costs of 4 and -, respectively
realized losses from marketable securities																																	0	0	0	40,000,000
restricted cash
contributions to investments																																	-22,000,000	-44,000,000	-15,000,000	-8,000,000	-76,000,000	-14,000,000	-2,000,000	-15,000,000	-8,000,000	-2,000,000	-15,000,000	-12,000,000	-17,000,000	-36,000,000	-47,000,000	-14,000,000	-12,000,000	-358,000,000	-22,000,000	-36,000,000
return of investments																																	225,000,000	0	0	200,000,000	54,000,000
sales proceeds transferred to escrow as restricted cash																																	-207,000,000	0											-638,000,000	0	0	-232,000,000	-76,000,000	-287,000,000
sales proceeds transferred from escrow to cash and cash equivalents																																	202,000,000				0	0	0	29,000,000	0	0						306,000,000	395,000,000
proceeds from debt, net of issuance costs of -, 4, and -, respectively
net increase in cash and cash equivalents																																	120,000,000	-17,000,000	26,000,000	-108,000,000	-62,000,000	-98,000,000	-129,000,000	314,000,000			81,000,000	-122,000,000	410,000,000	-290,000,000	-200,000,000	311,000,000	-320,000,000	56,000,000	388,000,000	-83,000,000
cash and cash equivalents—beginning of year																																	0	0	0	482,000,000	0	0	0	457,000,000	0	0	0	685,000,000	0	0	0	454,000,000	0	0	0	413,000,000
cash and cash equivalents—end of period																																	120,000,000	-17,000,000	26,000,000	374,000,000	-62,000,000	-98,000,000	-129,000,000	771,000,000	-112,000,000	-75,000,000	81,000,000	563,000,000	422,000,000	-290,000,000	-212,000,000	765,000,000	-320,000,000	56,000,000	388,000,000	330,000,000
supplemental disclosure of cash flow information:
cash paid during the period for interest																																	3,000,000	37,000,000	3,000,000	37,000,000	2,000,000	36,000,000	4,000,000	33,000,000	3,000,000	32,000,000	2,000,000	32,000,000	1,000,000	32,000,000	2,000,000	36,000,000	5,000,000	23,000,000	8,000,000	30,000,000
cash paid during the period for income taxes																																	50,000,000	62,000,000	53,000,000	10,000,000	21,000,000	46,000,000	12,000,000	16,000,000	24,000,000	39,000,000	64,000,000	18,000,000	86,000,000	76,000,000	67,000,000	38,000,000	52,000,000	32,000,000	17,000,000	18,000,000
non-cash investing and financing activities are as follows:
non-cash contributions to investments
non-cash management and franchise agreement intangibles																																	0				9,000,000
change in accrued capital expenditures																																	-10,000,000	-4,000,000	6,000,000	17,000,000	-3,000,000	-1,000,000	2,000,000	4,000,000	7,000,000	3,000,000	2,000,000	-6,000,000	1,000,000	2,000,000	0	1,000,000	-3,000,000	0	-6,000,000	2,000,000
equity losses from unconsolidated hospitality ventures and distributions received																																					-12,000,000	-14,000,000				29,000,000								6,000,000
proceeds from debt, net of issuance costs of - and 4, respectively																																		200,000,000
proceeds from redeemable noncontrolling interest in preferred shares of a subsidiary																																		0	0	9,000,000
proceeds from long-term debt, net of issuance costs of - and 4, respectively																																				180,000,000
repayments of long-term debt																																				-3,000,000	-3,000,000	-7,000,000	-333,000,000	-95,000,000	0	-4,000,000			-165,000,000				-64,000,000	0
increase in cash attributable to changes in assets and liabilities:
accounts payable, accrued expenses and other current liabilities
decrease in restricted cash																																					-5,000,000	5,000,000				2,000,000
proceeds from long-term debt, net of issuance costs of 4, -, and -, respectively
repayment of capital lease obligation																																													0	0
effect of exchange rate changes on cash and cash equivalents
proceeds from long-term debt, net of issuance costs of 4 and - as of september 30, 2016 and september 30, 2015, respectively
foreign currency losses																																										6,000,000	0	7,000,000						1,000,000	1,000,000	2,000,000
return of investment																																									15,000,000				10,000,000
proceeds from long-term debt, net of issuance costs of 4 and 0 as of june 30, 2016 and june 30, 2015, respectively
non-cash investing activities are as follows:
equity losses from unconsolidated hospitality ventures, net of distributions received																																								-1,000,000
gain on sale of real estate
proceeds from sale of real estate, net of cash disposed
decrease in restricted cash—investing																																								-12,000,000
proceeds from long-term debt, net of issuance costs of 4 and 0, respectively																																								426,000,000
proceeds from sale of investments																																									0
proceeds from long-term debt, net of issuance costs of -, -, and 3, respectively
non-cash operating activities are as follows:
non-cash debt repayment guarantees
non-cash performance guarantee																																																	2,000,000	9,000,000
provisions (recoveries) on hotel loans
net decrease in cash and cash equivalents
reclassification of cash and cash equivalents to assets held for sale																																														0
equity losses from unconsolidated hospitality ventures, including distributions received																																												6,000,000				14,000,000				7,000,000
decrease in restricted cash - investing																																												18,000,000				11,000,000
proceeds from long-term debt, net of issuance costs of 0, 3 and 0, respectively
non-cash contract acquisition costs																																																	2,000,000	9,000,000	2,000,000	115,000,000
equity earnings from unconsolidated hospitality ventures and distributions received
income from cost method investments and distributions received
proceeds from sales of real estate and assets held for sale, net of cash disposed																																														8,000,000	0	316,000,000
real estate sales proceeds transferred from escrow to cash and cash equivalents																																														0
proceeds from long-term debt, net of issuance costs of - and 3																																														170,000,000
capital leases																																																3,000,000
proceeds from sales of real estate and assets held for sale																																																	106,000,000	287,000,000
proceeds from long-term debt, net of issuance costs of 3, 0, and 4, respectively
equity contribution of property and equipment
equity contribution of long-term debt
contribution to investment
acquired capital leases
income from cost method investments
realized gains from other marketable securities
net unrealized gains from other marketable securities
issuance of financing receivable
increase in restricted cash - investing																																																				-8,000,000
proceeds from long-term debt, net of issuance costs of 3 million																																																		32,000,000
issuance of notes receivable
real estate sale proceeds transferred from escrow to cash and cash equivalents
proceeds from sale of assets held for sale																																																				36,000,000
proceeds from sale of assets held for sale transferred to escrow as restricted cash																																																				-23,000,000

Hyatt(NYSE:H)

Hyatt
(NYSE:H)