7Baggers

Hilton
(NYSE:HLT) 

HLT stock logo

Hilton Worldwide Holdings Inc., a hospitality company, owns, leases, manages, develops, and franchises hotels and resorts. It operates through two segments, Management and Franchise, and Ownership. The company engages in the hotel management and licensing of its brands. It operates hotels under the ...

Founded: 1919
Full Time Employees: 159,000 (Dec 2022)
Sector: Consumer Cyclical
Industry: Lodging
HotelsConsumer Cyclical
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At a glance:
  • Global Brand Portfolio and Scale Drive Demand: Hilton benefits from a large, diversified set of brands across segments and geographies, supporting steady occupancy and pricing power across business and leisure travel cycles.
  • Asset-Light, Fee-Based Model Supports Margins: A significant portion of earnings comes from management and franchise fees rather than hotel ownership, generally improving capital efficiency and providing more resilient cash generation.
  • Loyalty Program and Direct Channels Strengthen Customer Retention: Hilton Honors and direct booking channels can enhance repeat stays, reduce reliance on third-party intermediaries, and support better unit economics for owners and the company.
  • Development Pipeline and Conversions Fuel Unit Growth: Ongoing new-build additions and brand conversions can expand the system, increasing fee revenue and market presence, though growth depends on financing conditions and owner returns.
  • Key Risks: Cyclicality, Labor/Operating Costs, and Geopolitical Exposure: Travel demand can soften in downturns, while wage inflation and higher operating costs may pressure hotel profitability; international exposure adds currency and geopolitical risks.
Bull Thesis:
  • Robust Asset-Light Business Model: Hilton's predominantly franchised and managed property model minimizes capital expenditure, leading to higher margins, strong free cash flow generation, and greater resilience during economic fluctuations. This allows for rapid expansion without significant balance sheet risk.
  • Sustained Global Travel Demand & Recovery: The ongoing recovery in global travel, particularly business and international segments, continues to drive strong occupancy rates and Average Daily Rate (ADR). Hilton is well-positioned to capitalize on this sustained demand, benefiting from pent-up travel desires and increasing corporate activity.
  • Powerful Brand Portfolio & Loyalty Program: Hilton boasts a diverse portfolio of globally recognized brands spanning luxury to economy, appealing to a wide range of travelers. Its highly successful Hilton Honors loyalty program fosters strong customer retention and direct bookings, reducing reliance on costly Online Travel Agencies (OTAs).
  • Strategic Expansion & Digital Innovation: Hilton continues to strategically expand its footprint, particularly in high-growth international markets and underserved segments. Coupled with ongoing investments in digital platforms, mobile technology, and personalized guest experiences, this enhances operational efficiency and customer engagement.
Bear Thesis:
  • Vulnerability to Economic Downturns: As travel is largely discretionary, a significant economic slowdown or recession could lead to reduced leisure and business travel, impacting occupancy rates, ADR, and ultimately Hilton's fee-based revenues. High inflation could also squeeze consumer spending on travel.
  • Intense Competition & OTA Pressure: Hilton faces fierce competition from traditional hotel chains, independent hotels, and alternative accommodations like Airbnb. Additionally, the power of Online Travel Agencies (OTAs) can put pressure on pricing and commissions, potentially eroding profitability despite efforts to drive direct bookings.
  • Rising Operating Costs & Labor Shortages: Inflationary pressures on labor, utilities, food & beverage, and other operating expenses can squeeze the profitability of franchised and managed properties. Persistent labor shortages in the hospitality sector could also lead to increased wage costs and operational challenges for its partners.
  • Geopolitical & Macroeconomic Risks: Global geopolitical instability, new health crises, or other unforeseen macroeconomic shocks (e.g., energy price spikes, currency fluctuations) could disrupt international travel patterns, impact consumer confidence, and negatively affect Hilton's global operations and development pipeline.
Main Competitors:
  • Marriott International ($MAR) (Marriott Bonvoy loyalty program, diverse hotel brands (e.g., Marriott Hotels, Sheraton, Westin, Ritz-Carlton, Courtyard)), Marriott is Hilton's largest direct global competitor, vying for market share across virtually all segments from luxury to select-service and extended stay. They compete on brand portfolio size, loyalty program strength, global footprint, and development pipeline, often targeting the same guests and property owners.
  • IHG Hotels & Resorts ($IHG) (IHG One Rewards loyalty program, diverse hotel brands (e.g., InterContinental, Holiday Inn, Crowne Plaza, Kimpton, Staybridge Suites)), IHG is a major global competitor with a strong presence in the mid-scale and upscale segments, and a growing luxury portfolio. They compete on brand recognition, loyalty program benefits, and geographic reach, particularly strong in certain international markets and with a focus on owner returns and operational efficiency.
  • Hyatt Hotels Corporation ($H) (World of Hyatt loyalty program, diverse hotel brands (e.g., Park Hyatt, Grand Hyatt, Hyatt Regency, Andaz, Hyatt Place)), Hyatt primarily competes with Hilton in the upscale and luxury segments, offering a more curated and often premium brand experience. They compete on loyalty program value, personalized service, and a focus on high-end leisure and business travelers, with a growing presence in select-service and all-inclusive resorts.
  • Accor ($AC) (ALL - Accor Live Limitless loyalty program, diverse hotel brands (e.g., Fairmont, Sofitel, Novotel, Mercure, Ibis, Raffles)), Accor is a significant global player, particularly strong in Europe and Asia-Pacific. They compete across all segments, from economy to luxury, with a vast and diverse brand portfolio. Accor differentiates through its strong international presence, lifestyle brands, and a comprehensive loyalty program that extends beyond hotels.
  • Wyndham Hotels & Resorts ($WH) (Wyndham Rewards loyalty program, diverse hotel brands (e.g., Days Inn, Super 8, Ramada, La Quinta, Wyndham Grand)), Wyndham is the world's largest hotel franchisor by number of properties, primarily competing with Hilton in the economy and mid-scale segments. They compete on sheer scale of properties, accessibility, and value proposition, appealing to road travelers and budget-conscious guests, leveraging a vast network of easily accessible locations.
Moat:
Hilton's primary competitive moat is built upon its powerful global brand equity, extensive distribution network of thousands of properties, and the highly successful Hilton Honors loyalty program, which fosters significant customer loyalty and repeat business. These factors create substantial barriers to entry and provide economies of scale in marketing and operations. However, Hilton operates in a fiercely competitive global hospitality market. It faces intense direct competition from other major diversified hotel chains like Marriott, IHG, Hyatt, Accor, and Wyndham, which compete across various segments (luxury, upscale, mid-scale, economy) on brand portfolio, loyalty program benefits, geographic reach, and development pipeline. Beyond traditional hotel chains, Hilton also contends with independent hotels, the influence of Online Travel Agencies (OTAs) like Booking.com and Expedia, and the growing challenge from alternative accommodation providers such as Airbnb, which offer different lodging experiences and pricing models.
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 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 
                                                     
      revenues
    		                                                 
      franchise and licensing fees
    		696,000,000 739,000,000 745,000,000 625,000,000 642,000,000 698,000,000 689,000,000 571,000,000 601,000,000 643,000,000 618,000,000 508,000,000 537,000,000 573,000,000 545,000,000 413,000,000 431,000,000 451,000,000 369,000,000 242,000,000 233,000,000 241,000,000 132,000,000 339,000,000 412,000,000 443,000,000 444,000,000 382,000,000                      
      base and other management fees
    		95,000,000 93,000,000 97,000,000 88,000,000 82,000,000 88,000,000 93,000,000 106,000,000 95,000,000 81,000,000 86,000,000 80,000,000 88,000,000 76,000,000 75,000,000 55,000,000 60,000,000 49,000,000 42,000,000 25,000,000 31,000,000 24,000,000 8,000,000 60,000,000 83,000,000 80,000,000 89,000,000 80,000,000 80,000,000 80,000,000 84,000,000 77,000,000 81,000,000 87,000,000 85,000,000 83,000,000              
      incentive management fees
    		76,000,000 65,000,000 75,000,000 72,000,000 86,000,000 66,000,000 68,000,000 70,000,000 77,000,000 63,000,000 69,000,000 65,000,000 64,000,000 52,000,000 46,000,000 34,000,000 38,000,000 26,000,000 21,000,000 13,000,000 13,000,000 7,000,000 -5,000,000 23,000,000 63,000,000 54,000,000 58,000,000 55,000,000 64,000,000 57,000,000 59,000,000 55,000,000 62,000,000 52,000,000 56,000,000 52,000,000              
      ownership
    		249,000,000 322,000,000 332,000,000 234,000,000                                              
      other revenues
    		66,000,000 64,000,000 77,000,000 46,000,000 53,000,000 58,000,000 71,000,000 50,000,000 52,000,000 45,000,000 46,000,000 35,000,000 31,000,000 28,000,000 25,000,000 18,000,000 23,000,000 18,000,000 21,000,000 17,000,000 21,000,000 19,000,000 10,000,000 23,000,000 26,000,000 23,000,000 26,000,000 26,000,000 26,000,000 27,000,000 22,000,000 23,000,000 27,000,000 21,000,000 20,000,000 37,000,000              
      revenues - sum
    		1,182,000,000 1,283,000,000 1,326,000,000 1,065,000,000 1,196,000,000 1,240,000,000 1,258,000,000 1,052,000,000 1,145,000,000 1,167,000,000          353,000,000    655,000,000                          
      cost reimbursement revenues
    		1,755,000,000 1,837,000,000 1,811,000,000 1,630,000,000                                              
      total revenues
    		2,937,000,000 3,120,000,000 3,137,000,000 2,695,000,000 2,783,000,000 2,867,000,000 2,951,000,000 2,573,000,000 2,609,000,000 2,673,000,000 2,660,000,000 2,293,000,000 2,444,000,000 2,368,000,000 2,240,000,000 1,721,000,000 1,836,000,000 1,749,000,000 1,329,000,000 874,000,000 890,000,000 933,000,000 564,000,000 1,920,000,000 2,369,000,000 2,395,000,000 2,484,000,000 2,204,000,000 2,288,000,000 2,253,000,000 2,291,000,000 2,074,000,000 2,279,000,000 2,354,000,000 2,346,000,000 2,161,000,000 2,920,000,000 2,942,000,000 3,051,000,000 2,750,000,000 2,856,000,000 2,895,000,000 2,922,000,000 2,599,000,000 2,828,000,000 2,644,000,000 2,667,000,000 2,363,000,000  
      yoy
    		5.53% 8.82% 6.30% 4.74% 6.67% 7.26% 10.94% 12.21% 6.75% 12.88% 18.75% 33.24% 33.12% 35.39% 68.55% 96.91% 106.29% 87.46% 135.64% -54.48% -62.43% -61.04% -77.29% -12.89% 3.54% 6.30% 8.42% 6.27% 0.39% -4.29% -2.34% -4.03% -21.95% -19.99% -23.11% -21.42% 2.24% 1.62% 4.41% 5.81% 0.99% 9.49% 9.56% 9.99%      
      qoq
    		-5.87% -0.54% 16.40% -3.16% -2.93% -2.85% 14.69% -1.38% -2.39% 0.49% 16.01% -6.18% 3.21% 5.71% 30.16% -6.26% 4.97% 31.60% 52.06% -1.80% -4.61% 65.43% -70.63% -18.95% -1.09% -3.58% 12.70% -3.67% 1.55% -1.66% 10.46% -9.00% -3.19% 0.34% 8.56% -25.99% -0.75% -3.57% 10.95% -3.71% -1.35% -0.92% 12.43% -8.10% 6.96% -0.86% 12.87%   
      expenses
    		                                                 
      depreciation and amortization
    		50,000,000 46,000,000 43,000,000 41,000,000 39,000,000 37,000,000 34,000,000 36,000,000 33,000,000 40,000,000 37,000,000 37,000,000 39,000,000 39,000,000 40,000,000 44,000,000 45,000,000 46,000,000 46,000,000 51,000,000 62,000,000 90,000,000 88,000,000 91,000,000 90,000,000 86,000,000 86,000,000 84,000,000 83,000,000 81,000,000 79,000,000 82,000,000 88,000,000 83,000,000 87,000,000 89,000,000 177,000,000 169,000,000 171,000,000 169,000,000 173,000,000 171,000,000 173,000,000 175,000,000 158,000,000 159,000,000 158,000,000 153,000,000  
      general and administrative
    		103,000,000 95,000,000 109,000,000 94,000,000 97,000,000 101,000,000 113,000,000 104,000,000 110,000,000 96,000,000 111,000,000 91,000,000 95,000,000 93,000,000 103,000,000 91,000,000 103,000,000 107,000,000 98,000,000 97,000,000 122,000,000 66,000,000 63,000,000 60,000,000 114,000,000 107,000,000 113,000,000 107,000,000 115,000,000 109,000,000 115,000,000 104,000,000 108,000,000 104,000,000 117,000,000 105,000,000              
      other expenses
    		22,000,000 23,000,000 26,000,000 26,000,000 44,000,000 26,000,000 37,000,000 30,000,000 32,000,000 26,000,000 33,000,000 21,000,000 25,000,000 13,000,000 11,000,000 11,000,000 14,000,000 12,000,000 9,000,000 10,000,000 12,000,000 21,000,000 13,000,000 14,000,000 11,500,000 11,000,000 15,000,000 20,000,000 15,000,000 10,000,000 12,000,000 14,000,000 15,000,000 7,000,000 11,000,000 23,000,000              
      expenses - sum
    		410,000,000 441,000,000 464,000,000 400,000,000 473,000,000 452,000,000 482,000,000 417,000,000 505,000,000 463,000,000          268,000,000    516,000,000                          
      reimbursed expenses
    		1,849,000,000 1,902,000,000 1,895,000,000 1,759,000,000                                              
      total expenses
    		2,259,000,000 2,343,000,000 2,359,000,000 2,159,000,000 2,294,000,000 2,242,000,000 2,226,000,000 2,047,000,000 2,209,000,000 2,020,000,000 1,986,000,000 1,795,000,000 1,940,000,000 1,745,000,000 1,642,000,000 1,352,000,000 1,504,000,000 1,309,000,000 1,105,000,000 853,000,000 1,085,000,000 922,000,000 866,000,000 1,852,000,000 2,021,000,000 1,957,000,000 2,006,000,000 1,892,000,000 1,926,000,000 1,868,000,000 1,885,000,000 1,795,000,000 1,931,000,000 1,972,000,000 1,981,000,000 1,884,000,000 2,521,000,000 2,449,000,000 2,500,000,000 2,341,000,000 2,365,000,000 2,396,000,000 2,492,000,000 2,254,000,000 2,373,000,000 2,199,000,000 2,232,000,000 2,025,000,000  
      operating income
    		678,000,000 777,000,000 778,000,000 536,000,000 489,000,000 623,000,000 725,000,000 533,000,000 400,000,000 653,000,000 674,000,000 498,000,000 504,000,000 623,000,000 598,000,000 369,000,000 333,000,000 432,000,000 224,000,000 21,000,000 -195,000,000 11,000,000 -302,000,000 68,000,000 348,000,000 519,000,000 478,000,000 312,000,000 362,000,000 385,000,000 406,000,000 279,000,000 348,000,000 382,000,000 365,000,000 277,000,000 406,000,000 493,000,000 553,000,000 409,000,000 491,000,000 663,000,000 427,000,000 490,000,000 455,000,000 445,000,000 435,000,000 338,000,000  
      yoy
    		38.65% 24.72% 7.31% 0.56% 22.25% -4.59% 7.57% 7.03% -20.63% 4.82% 12.71% 34.96% 51.35% 44.21% 166.96% 1657.14% -270.77% 3827.27% -174.17% -69.12% -156.03% -97.88% -163.18% -78.21% -3.87% 34.81% 17.73% 11.83% 4.02% 0.79% 11.23% 0.72% -14.29% -22.52% -34.00% -32.27% -17.31% -25.64% 29.51% -16.53% 7.91% 48.99% -1.84% 44.97%      
      qoq
    		-12.74% -0.13% 45.15% 9.61% -21.51% -14.07% 36.02% 33.25% -38.74% -3.12% 35.34% -1.19% -19.10% 4.18% 62.06% 10.81% -22.92% 92.86% 966.67% -110.77% -1872.73% -103.64% -544.12% -80.46% -32.95% 8.58% 53.21% -13.81% -5.97% -5.17% 45.52% -19.83% -8.90% 4.66% 31.77% -31.77% -17.65% -10.85% 35.21% -16.70% -25.94% 55.27% -12.86% 7.69% 2.25% 2.30% 28.70%   
      operating margin %
    		23.08% 24.90% 24.80% 19.89% 17.57% 21.73% 24.57% 20.72% 15.33% 24.43% 25.34% 21.72% 20.62% 26.31% 26.70% 21.44% 18.14% 24.70% 16.85% 2.40% -21.91% 1.18% -53.55% 3.54% 14.69% 21.67% 19.24% 14.16% 15.82% 17.09% 17.72% 13.45% 15.27% 16.23% 15.56% 12.82% 13.90% 16.76% 18.13% 14.87% 17.19% 22.90% 14.61% 18.85% 16.09% 16.83% 16.31% 14.30%  
      interest expense
    		-162,000,000 -159,000,000 -151,000,000 -145,000,000 -157,000,000 -140,000,000 -141,000,000 -131,000,000 -124,000,000 -113,000,000 -111,000,000 -116,000,000 -120,000,000 -106,000,000 -99,000,000 -90,000,000 -95,000,000 -98,000,000 -101,000,000 -103,000,000 -113,000,000 -116,000,000 -106,000,000 -94,000,000 -110,000,000 -105,000,000 -101,000,000 -98,000,000 -94,000,000 -99,000,000 -95,000,000 -83,000,000 -104,000,000 -100,000,000 -100,000,000 -104,000,000 -153,000,000 -148,000,000 -147,000,000 -139,000,000 -144,000,000 -138,000,000 -149,000,000 -144,000,000 -151,000,000 -156,000,000 -158,000,000 -153,000,000  
      gain on foreign currency transactions
    		-5,000,000  -1,000,000 2,000,000     -3,000,000 -7,000,000 -6,000,000  1,000,000  8,000,000 -4,000,000 250,000  -1,000,000 2,000,000 -4,000,000 -12,000,000  9,000,000 -6,000,000 7,000,000   -4,000,000 -6,000,000 -12,000,000 11,000,000  2,000,000 5,000,000    -13,000,000  -20,000,000 -8,000,000 5,000,000 -18,000,000 -15,000,000 -5,000,000 32,000,000 14,000,000  
      other non-operating income
    		7,000,000 -5,000,000 3,000,000 17,000,000 11,000,000 11,000,000 8,000,000 -36,000,000 1,000,000 15,000,000 11,000,000 12,000,000 18,000,000 10,000,000 6,000,000 16,000,000 7,000,000 6,000,000 5,000,000 5,000,000 18,000,000 3,000,000   11,000,000  -12,000,000 4,000,000 2,000,000 13,000,000 -1,000,000 14,000,000 12,000,000 5,000,000 5,000,000 1,000,000              
      income before income taxes
    		518,000,000 604,000,000 629,000,000 410,000,000 336,000,000 491,000,000 591,000,000 365,000,000 274,000,000 548,000,000 568,000,000 302,000,000 403,000,000 527,000,000 513,000,000 291,000,000 237,000,000 340,000,000 127,000,000 -144,000,000 -349,000,000 -114,000,000 -444,000,000 -17,000,000 243,000,000 421,000,000 362,000,000 218,000,000 203,000,000 293,000,000 298,000,000 221,000,000     254,000,000 337,000,000 400,000,000 264,000,000 341,000,000 530,000,000 312,000,000 313,000,000 293,000,000 314,000,000 333,000,000 207,000,000  
      income tax expense
    		-135,000,000 -183,000,000 -187,000,000 -110,000,000 169,000,000 -147,000,000 -169,000,000 -97,000,000 -124,000,000 -169,000,000 -155,000,000 -93,000,000 -101,750,000 -181,000,000           -72,750,000 -131,000,000 -101,000,000 -59,000,000 -67,000,000 -129,000,000 -81,000,000 -58,000,000 -62,750,000 -108,000,000   -636,000,000 -145,000,000 -156,000,000  475,000,000 -247,000,000 -145,000,000 -163,000,000 -134,000,000 -127,000,000 -121,000,000 -83,000,000  
      net income
    		383,000,000 421,000,000 442,000,000 300,000,000 505,000,000 344,000,000 422,000,000 268,000,000 150,000,000 379,000,000 413,000,000 209,000,000 333,000,000 346,000,000 367,000,000 211,000,000 148,000,000 240,000,000 128,000,000 -109,000,000 -225,000,000 -81,000,000 -432,000,000 18,000,000 176,000,000 290,000,000 261,000,000 159,000,000 225,000,000 164,000,000 217,000,000 163,000,000 841,000,000 181,000,000 167,000,000 75,000,000 -382,000,000 192,000,000 244,000,000 310,000,000 816,000,000 283,000,000 167,000,000 150,000,000 159,000,000 187,000,000 212,000,000 124,000,000  
      yoy
    		-24.16% 22.38% 4.74% 11.94% 236.67% -9.23% 2.18% 28.23% -54.95% 9.54% 12.53% -0.95% 125.00% 44.17% 186.72% -293.58% -165.78% -396.30% -129.63% -705.56% -227.84% -127.93% -265.52% -88.68% -21.78% 76.83% 20.28% -2.45% -73.25% -9.39% 29.94% 117.33% -320.16% -5.73% -31.56% -75.81% -146.81% -32.16% 46.11% 106.67% 413.21% 51.34% -21.23% 20.97%      
      qoq
    		-9.03% -4.75% 47.33% -40.59% 46.80% -18.48% 57.46% 78.67% -60.42% -8.23% 97.61% -37.24% -3.76% -5.72% 73.93% 42.57% -38.33% 87.50% -217.43% -51.56% 177.78% -81.25% -2500.00% -89.77% -39.31% 11.11% 64.15% -29.33% 37.20% -24.42% 33.13% -80.62% 364.64% 8.38% 122.67% -119.63% -298.96% -21.31% -21.29% -62.01% 188.34% 69.46% 11.33% -5.66% -14.97% -11.79% 70.97%   
      net income margin %
    		13.04% 13.49% 14.09% 11.13% 18.15% 12.00% 14.30% 10.42% 5.75% 14.18% 15.53% 9.11% 13.63% 14.61% 16.38% 12.26% 8.06% 13.72% 9.63% -12.47% -25.28% -8.68% -76.60% 0.94% 7.43% 12.11% 10.51% 7.21% 9.83% 7.28% 9.47% 7.86% 36.90% 7.69% 7.12% 3.47% -13.08% 6.53% 8.00% 11.27% 28.57% 9.78% 5.72% 5.77% 5.62% 7.07% 7.95% 5.25%  
      net loss attributable to redeemable and nonredeemable noncontrolling interests
    		2,000,000                                                 
      net income attributable to hilton stockholders
    		385,000,000 420,000,000 440,000,000 300,000,000 505,000,000 344,000,000 421,000,000 265,000,000 147,000,000 377,000,000 411,000,000 206,000,000 328,000,000 347,000,000 368,000,000 212,000,000 147,000,000 241,000,000 130,000,000 -108,000,000 -224,000,000 -79,000,000 -430,000,000 18,000,000 175,000,000 288,000,000 260,000,000 158,000,000 224,000,000 162,000,000 217,000,000 161,000,000 840,000,000 179,000,000 166,000,000 74,000,000 -387,000,000 187,000,000 239,000,000 309,000,000 814,000,000 279,000,000 161,000,000 150,000,000 158,000,000 183,000,000 209,000,000 123,000,000  
      earnings per share:
    		                                                 
      basic
    		1.68 1.79 1.85 1.25 2.07 1.4 1.69 1.05 0.59 1.45 1.56 0.77 1.21 1.27 1.33 0.76 0.53 0.86 0.47 -0.39 -0.81 -0.29 -1.55 0.06 0.63 1.01 0.9 0.54 0.443 0.55 0.72 0.51     0.32 0.19 0.24 0.31 0.82 0.28 0.16       
      diluted
    		1.66 1.78 1.84 1.23 2.05 1.38 1.67 1.04 0.59 1.44 1.55 0.77 1.21 1.26 1.32 0.75 0.52 0.86 0.46 -0.39 -0.8 -0.28 -1.55 0.06 0.62 1 0.89 0.54 0.44 0.54 0.71 0.51     0.31 0.19 0.24 0.31 0.82 0.28 0.16       
      cash dividends declared per share
    		0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15         0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.63 0.07 0.07 0.07 0.07 0.07        
      gain on sales of assets
    		     -2,000,000  7,000,000                             7,000,000  2,000,000   164,000,000 -3,000,000 145,000,000      
      loss on foreign currency transactions
    		 -9,000,000   -1,250,000 -3,000,000 -1,000,000 -1,000,000               -13,000,000    -3,000,000         -4,000,000 -8,250,000 -8,000,000  -12,000,000          
      net income attributable to redeemable and nonredeemable noncontrolling interests
    		 -1,000,000 -2,000,000    -1,000,000                                           
      owned and leased hotels
    		    333,000,000 330,000,000 337,000,000 255,000,000 320,000,000 335,000,000 341,000,000 248,000,000 349,000,000 295,000,000 282,000,000 150,000,000 222,000,000 199,000,000 121,000,000 56,000,000 86,000,000 94,000,000 31,000,000 210,000,000 362,000,000 361,000,000 387,000,000 312,000,000 385,000,000 373,000,000 392,000,000 334,000,000 385,000,000 388,000,000 377,000,000 300,000,000 1,021,000,000 1,033,000,000 1,105,000,000 967,000,000 1,059,000,000 1,082,000,000 1,135,000,000 957,000,000 1,098,000,000 1,079,000,000 1,117,000,000 945,000,000  
      other revenues from managed and franchised properties
    		    1,587,000,000 1,627,000,000 1,693,000,000 1,521,000,000 1,464,000,000 1,506,000,000 1,500,000,000 1,357,000,000 1,375,000,000 1,344,000,000 1,267,000,000 1,051,000,000 1,062,000,000 1,006,000,000 755,000,000 521,000,000 506,000,000 548,000,000 388,000,000 1,265,000,000 1,423,000,000 1,434,000,000 1,480,000,000 1,349,000,000 1,345,000,000 1,309,000,000 1,330,000,000 1,254,000,000 1,381,000,000 1,433,000,000 1,436,000,000 1,395,000,000 1,104,000,000 1,105,000,000 1,166,000,000 1,071,000,000 1,056,000,000 1,063,000,000 1,061,000,000 950,000,000 1,038,000,000 906,000,000 920,000,000 827,000,000  
      other expenses from managed and franchised properties
    		    1,821,000,000 1,790,000,000 1,744,000,000 1,630,000,000 1,704,000,000 1,557,000,000 1,508,000,000 1,395,000,000 1,487,000,000 1,337,000,000 1,231,000,000 1,021,000,000 1,115,000,000 944,000,000 810,000,000 585,000,000 622,000,000 592,000,000 554,000,000 1,336,000,000 1,071,000,000 1,443,000,000 1,458,000,000 1,383,000,000 1,384,000,000 1,337,000,000 1,327,000,000 1,275,000,000 1,381,000,000 1,433,000,000 1,436,000,000 1,395,000,000 1,104,000,000 1,105,000,000 1,166,000,000 1,071,000,000 1,056,000,000 1,063,000,000 1,061,000,000 950,000,000 663,250,000 906,000,000 920,000,000 827,000,000  
      loss on investments in unconsolidated affiliate
    		           -92,000,000                                      
      net income attributable to noncontrolling interests
    		       -3,000,000                 -1,000,000 -2,000,000 -1,000,000 -1,000,000 -1,000,000 -2,000,000  -2,000,000 -1,000,000 -2,000,000 -1,000,000 -1,000,000 -5,000,000 -5,000,000 -5,000,000 -1,000,000 -2,000,000 -4,000,000 -6,000,000  -1,000,000 -4,000,000 -3,000,000 -1,000,000  
      net loss attributable to noncontrolling interests
    		        -3,000,000 -2,000,000 -2,000,000 -3,000,000 -5,000,000 1,000,000 1,000,000 1,000,000 -1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 2,000,000 2,000,000                           
      loss on sale of assets
    		                -2,000,000 -8,000,000                                
      loss on debt extinguishment
    		                -17,250,000   -69,000,000                -60,000,000              
      income tax benefit
    		              -146,000,000 -80,000,000 -89,000,000 -100,000,000 1,000,000 35,000,000 124,000,000 33,000,000 12,000,000 35,000,000           -108,000,000 -35,000,000    46,000,000          
      reorganization costs
    		                    3,000,000  38,000,000                           
      impairment losses
    		                    122,000,000 9,000,000 15,000,000 112,000,000                          
      gain on sale of assets
    		                         81,000,000                        
      other non-operating loss
    		                      -23,000,000                           
      franchise fees
    		                            285,500,000 407,000,000 404,000,000 331,000,000 343,000,000 373,000,000 372,000,000 294,000,000              
      impairment loss
    		                                       15,000,000          
      income from continuing operations before income taxes
    		                                256,000,000 289,000,000 275,000,000 110,000,000              
      income from continuing operations, net of taxes
    		                                841,000,000 181,000,000 167,000,000 75,000,000              
      income from discontinued operations, net of taxes
    		                                                 
      earnings per share
    		                                                 
      basic:
    		                                                 
      net income from continuing operations per share
    		                                2.59 0.56 0.51 0.22              
      net income from discontinued operations per share
    		                                                 
      net income per share
    		                                2.59 0.56 0.51 0.22              
      diluted:
    		                                                 
      management and franchise fees and other
    		                                    425,000,000 446,000,000 444,000,000 386,000,000 407,000,000 416,000,000 407,000,000 371,000,000 371,000,000 364,000,000 354,000,000 312,000,000  
      timeshare
    		                                    370,000,000 358,000,000 336,000,000 326,000,000 334,000,000 334,000,000 319,000,000 321,000,000 321,000,000 295,000,000 276,000,000 279,000,000  
      general, administrative and other
    		                                    224,000,000 147,000,000 132,000,000 113,000,000 118,000,000 145,000,000 221,000,000 127,000,000 142,000,000 119,000,000 133,000,000 97,000,000  
      interest income
    		                                    2,000,000 3,000,000 4,000,000 3,000,000 8,000,000 3,000,000 2,000,000 6,000,000 2,000,000 2,000,000 5,000,000 1,000,000  
      equity in earnings from unconsolidated affiliates
    		                                    -10,000,000 7,000,000 8,000,000 3,000,000 1,000,000 9,000,000 9,000,000 4,000,000 4,000,000 4,000,000 8,000,000 4,000,000  
      other gain
    		                                    -11,000,000 -10,000,000 -5,000,000  5,000,000 1,000,000 18,000,000 -25,000,000 -1,000,000 24,000,000 11,000,000 3,000,000  
      earnings per share
    		                                                 
      basic
    		1.68 1.79 1.85 1.25 2.07 1.4 1.69 1.05 0.59 1.45 1.56 0.77 1.21 1.27 1.33 0.76 0.53 0.86 0.47 -0.39 -0.81 -0.29 -1.55 0.06 0.63 1.01 0.9 0.54 0.443 0.55 0.72 0.51     0.32 0.19 0.24 0.31 0.82 0.28 0.16       
      diluted
    		1.66 1.78 1.84 1.23 2.05 1.38 1.67 1.04 0.59 1.44 1.55 0.77 1.21 1.26 1.32 0.75 0.52 0.86 0.46 -0.39 -0.8 -0.28 -1.55 0.06 0.62 1 0.89 0.54 0.44 0.54 0.71 0.51     0.31 0.19 0.24 0.31 0.82 0.28 0.16       
      other loss
    		                                                 
      earnings per share
    		                                                 
      basic and diluted
    		                                           0.15 0.16 0.19 0.21 0.12  
                                                     
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 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 
                                                       
        assets
      		                                                 
        current assets:
      		                                                 
        cash and cash equivalents
      		564,000,000 1,057,000,000 371,000,000 731,000,000 1,301,000,000 1,580,000,000 731,000,000 1,346,000,000 800,000,000 698,000,000 806,000,000 901,000,000 1,209,000,000 1,282,000,000 1,175,000,000 1,432,000,000 1,427,000,000 1,288,000,000 1,044,000,000 2,402,000,000 3,218,000,000 3,405,000,000 3,503,000,000 1,734,000,000 538,000,000 719,000,000 635,000,000 382,000,000 403,000,000 621,000,000 423,000,000 610,000,000 570,000,000 670,000,000 784,000,000 862,000,000 1,418,000,000 859,000,000 810,000,000 692,000,000 609,000,000 628,000,000 511,000,000 547,000,000 566,000,000 543,000,000 545,000,000 435,000,000 594,000,000 
        restricted cash and cash equivalents
      		55,000,000 69,000,000 77,000,000 76,000,000 75,000,000 75,000,000 71,000,000 74,000,000 75,000,000 81,000,000 77,000,000 77,000,000 77,000,000 80,000,000 79,000,000 78,000,000 85,000,000 99,000,000 83,000,000 45,000,000 45,000,000 63,000,000 72,000,000 71,000,000 92,000,000 90,000,000 83,000,000 79,000,000 81,000,000 79,000,000 82,000,000 73,000,000 100,000,000 126,000,000 125,000,000 124,000,000 266,000,000 272,000,000 271,000,000 281,000,000 247,000,000 276,000,000 248,000,000 269,000,000 202,000,000 288,000,000 284,000,000 287,000,000 266,000,000 
        accounts receivable
      		1,684,000,000 1,652,000,000 1,676,000,000 1,575,000,000 1,583,000,000 1,597,000,000 1,578,000,000 1,467,000,000 1,487,000,000 1,396,000,000 1,402,000,000 1,298,000,000 1,327,000,000 1,278,000,000 1,289,000,000 1,054,000,000 1,068,000,000 1,012,000,000 952,000,000 797,000,000 771,000,000 890,000,000 827,000,000 1,111,000,000 1,261,000,000 1,193,000,000 1,190,000,000 1,102,000,000 1,150,000,000 1,051,000,000 1,041,000,000 980,000,000 998,000,000 928,000,000 921,000,000 911,000,000 1,005,000,000 1,021,000,000 1,005,000,000 913,000,000 876,000,000 929,000,000 937,000,000 899,000,000 844,000,000 862,000,000 858,000,000 784,000,000 731,000,000 
        prepaid expenses
      		266,000,000 225,000,000 207,000,000 234,000,000 193,000,000 191,000,000 166,000,000 193,000,000 131,000,000 157,000,000 146,000,000 158,000,000 105,000,000 139,000,000 128,000,000 165,000,000 89,000,000 124,000,000 116,000,000 104,000,000 70,000,000 113,000,000 91,000,000 138,000,000 130,000,000 115,000,000 117,000,000 140,000,000 160,000,000 166,000,000 151,000,000 161,000,000 111,000,000 130,000,000 123,000,000 129,000,000 137,000,000 171,000,000 186,000,000 193,000,000 147,000,000 182,000,000 146,000,000 153,000,000 133,000,000 172,000,000 166,000,000 182,000,000 148,000,000 
        other
      		203,000,000 116,000,000 138,000,000 148,000,000 120,000,000 130,000,000 143,000,000 103,000,000 121,000,000 152,000,000 149,000,000 127,000,000 152,000,000 197,000,000 169,000,000 132,000,000 202,000,000 171,000,000 184,000,000 120,000,000 98,000,000 113,000,000 84,000,000 95,000,000 72,000,000 138,000,000 190,000,000 173,000,000 169,000,000 79,000,000 136,000,000 184,000,000 171,000,000 46,000,000 46,000,000 43,000,000 39,000,000 48,000,000 52,000,000 38,000,000 38,000,000 38,000,000 52,000,000 31,000,000 70,000,000 56,000,000 65,000,000 68,000,000 104,000,000 
        total current assets
      		2,772,000,000 3,119,000,000 2,469,000,000 2,764,000,000 3,272,000,000 3,573,000,000 2,689,000,000 3,183,000,000 2,614,000,000 2,484,000,000 2,580,000,000 2,561,000,000 2,870,000,000 2,976,000,000 2,840,000,000 2,861,000,000 2,871,000,000 2,694,000,000 2,379,000,000 3,468,000,000 4,202,000,000 4,584,000,000 4,577,000,000 3,149,000,000 2,093,000,000 2,255,000,000 2,215,000,000 1,876,000,000 1,983,000,000 2,035,000,000 1,844,000,000 2,008,000,000 1,986,000,000 1,905,000,000 1,999,000,000 2,069,000,000 3,557,000,000 3,024,000,000 2,930,000,000 2,738,000,000 2,585,000,000 2,646,000,000 2,501,000,000 2,489,000,000 2,499,000,000 2,414,000,000 2,417,000,000 2,295,000,000 2,383,000,000 
        intangibles and other assets:
      		                                                 
        goodwill
      		5,070,000,000 5,079,000,000 5,084,000,000 5,049,000,000 5,035,000,000 5,065,000,000 5,042,000,000 5,044,000,000 5,052,000,000 5,033,000,000 5,048,000,000 5,041,000,000 5,032,000,000 4,990,000,000 5,030,000,000 5,061,000,000 5,071,000,000 5,078,000,000 5,090,000,000 5,084,000,000 5,095,000,000 5,169,000,000 5,147,000,000 5,146,000,000 5,159,000,000 5,137,000,000 5,157,000,000 5,162,000,000 5,160,000,000 5,170,000,000 5,174,000,000 5,211,000,000 5,190,000,000 5,183,000,000 5,164,000,000 5,135,000,000 5,822,000,000 5,855,000,000 5,862,000,000 5,890,000,000 5,887,000,000 5,902,000,000 5,945,000,000 5,916,000,000 6,154,000,000 6,185,000,000 6,227,000,000 6,222,000,000 6,220,000,000 
        brands
      		5,014,000,000 5,022,000,000 5,027,000,000 5,000,000,000 4,990,000,000 5,015,000,000 4,994,000,000 4,831,000,000 4,846,000,000 4,831,000,000 4,842,000,000 4,841,000,000 4,840,000,000 4,814,000,000 4,847,000,000 4,875,000,000 4,883,000,000 4,890,000,000 4,899,000,000 4,895,000,000 4,904,000,000 4,884,000,000 4,869,000,000 4,867,000,000 4,877,000,000 4,864,000,000 4,874,000,000 4,872,000,000 4,869,000,000 4,876,000,000 4,878,000,000 4,902,000,000 4,890,000,000 4,887,000,000 4,872,000,000 4,856,000,000 4,848,000,000 4,908,000,000 4,911,000,000 4,920,000,000 4,919,000,000 4,929,000,000 4,940,000,000 4,925,000,000 4,963,000,000 4,987,000,000 5,016,000,000 5,013,000,000 5,013,000,000 
        management and franchise contracts
      		1,476,000,000 1,366,000,000 1,262,000,000 1,238,000,000 1,235,000,000 1,211,000,000 1,213,000,000 1,087,000,000 1,064,000,000 986,000,000 958,000,000 960,000,000 887,000,000 874,000,000 873,000,000 778,000,000 758,000,000 730,000,000 724,000,000 691,000,000 653,000,000 652,000,000 688,000,000 734,000,000 780,000,000 794,000,000 817,000,000 841,000,000 872,000,000 892,000,000 893,000,000 928,000,000 909,000,000 924,000,000 930,000,000 930,000,000 1,019,000,000 1,044,000,000 1,077,000,000 1,114,000,000 1,149,000,000 1,176,000,000 1,217,000,000 1,252,000,000 1,306,000,000 1,346,000,000 1,390,000,000 1,425,000,000 1,452,000,000 
        other intangible assets
      		200,000,000 224,000,000 192,000,000 194,000,000 194,000,000 187,000,000 175,000,000 173,000,000 173,000,000 167,000,000 164,000,000 161,000,000 161,000,000 158,000,000 167,000,000 178,000,000 194,000,000 208,000,000 224,000,000 241,000,000 266,000,000 287,000,000 328,000,000 353,000,000 421,000,000 404,000,000 400,000,000 408,000,000 415,000,000 417,000,000 419,000,000 428,000,000 433,000,000 428,000,000 432,000,000 431,000,000 507,000,000 525,000,000 543,000,000 563,000,000 586,000,000 603,000,000 629,000,000 639,000,000 674,000,000 695,000,000 727,000,000 739,000,000 751,000,000 
        operating lease right-of-use assets
      		556,000,000 558,000,000 584,000,000 565,000,000 567,000,000 620,000,000 610,000,000 594,000,000 618,000,000 645,000,000 668,000,000 661,000,000 662,000,000 624,000,000 610,000,000 659,000,000 694,000,000 719,000,000 758,000,000 763,000,000 772,000,000 769,000,000 740,000,000 770,000,000 867,000,000 839,000,000 891,000,000 916,000,000                      
        property and equipment
      		665,000,000 447,000,000 437,000,000 420,000,000 411,000,000 395,000,000 378,000,000 377,000,000 382,000,000 305,000,000 297,000,000 287,000,000 280,000,000 254,000,000 271,000,000 290,000,000 305,000,000 303,000,000 318,000,000 327,000,000 346,000,000 349,000,000 355,000,000 356,000,000 380,000,000 380,000,000 418,000,000 412,000,000 367,000,000 361,000,000 351,000,000 358,000,000 353,000,000 346,000,000 338,000,000 341,000,000 8,930,000,000 9,020,000,000 9,107,000,000 9,098,000,000 9,119,000,000 9,132,000,000 9,191,000,000 9,193,000,000 7,483,000,000 9,124,000,000 9,036,000,000 9,031,000,000 9,058,000,000 
        deferred income tax assets
      		233,000,000 318,000,000 318,000,000 318,000,000 318,000,000 140,000,000 140,000,000 140,000,000 140,000,000 204,000,000 204,000,000 204,000,000 204,000,000 213,000,000 213,000,000 213,000,000 213,000,000 244,000,000 257,000,000 194,000,000 194,000,000 120,000,000 118,000,000 116,000,000 100,000,000 146,000,000 146,000,000 146,000,000 90,000,000 111,000,000 111,000,000 111,000,000 113,000,000 82,000,000 82,000,000 82,000,000 117,000,000 75,000,000 76,000,000 77,000,000 78,000,000 20,000,000 20,000,000 20,000,000 20,000,000 23,000,000 23,000,000 23,000,000 23,000,000 
        total intangibles and other assets
      		13,613,000,000 13,522,000,000 13,435,000,000 13,279,000,000 13,250,000,000 13,116,000,000 13,048,000,000 12,749,000,000 12,787,000,000 12,716,000,000 12,717,000,000 12,650,000,000 12,642,000,000 12,532,000,000 12,542,000,000 12,598,000,000 12,570,000,000 12,620,000,000 12,711,000,000 12,506,000,000 12,553,000,000 12,545,000,000 12,549,000,000 12,639,000,000 12,864,000,000 12,812,000,000 12,925,000,000 12,977,000,000 12,012,000,000 12,108,000,000 12,142,000,000 12,252,000,000 12,322,000,000 12,318,000,000 12,270,000,000 12,218,000,000              
        total assets
      		16,385,000,000 16,641,000,000 15,904,000,000 16,043,000,000 16,522,000,000 16,689,000,000 15,737,000,000 15,932,000,000 15,401,000,000 15,200,000,000 15,297,000,000 15,211,000,000 15,512,000,000 15,508,000,000 15,382,000,000 15,459,000,000 15,441,000,000 15,314,000,000 15,090,000,000 15,974,000,000 16,755,000,000 17,129,000,000 17,126,000,000 15,788,000,000 14,957,000,000 15,067,000,000 15,140,000,000 14,853,000,000 13,995,000,000 14,143,000,000 13,986,000,000 14,260,000,000 14,308,000,000 14,223,000,000 14,269,000,000 14,287,000,000 26,211,000,000 25,871,000,000 25,853,000,000 25,721,000,000 25,716,000,000 25,932,000,000 26,051,000,000 25,905,000,000 26,125,000,000 26,324,000,000 26,497,000,000 26,393,000,000 26,562,000,000 
        liabilities, redeemable noncontrolling interests and equity
      		                                                 
        current liabilities:
      		                                                 
        accounts payable, accrued expenses and other
      		2,376,000,000 2,597,000,000 2,304,000,000 2,160,000,000 2,124,000,000 2,074,000,000 1,913,000,000 1,935,000,000 1,979,000,000 1,876,000,000 1,694,000,000 1,704,000,000 1,790,000,000 1,728,000,000 1,647,000,000 1,604,000,000 1,568,000,000 1,433,000,000 1,351,000,000 1,271,000,000 1,302,000,000 1,387,000,000 1,372,000,000 1,460,000,000 1,703,000,000 1,784,000,000 1,657,000,000 1,679,000,000 1,530,000,000 1,358,000,000 1,312,000,000 1,344,000,000 2,150,000,000 1,911,000,000 1,879,000,000 1,798,000,000 2,453,000,000 2,354,000,000 2,370,000,000 2,251,000,000 2,206,000,000 2,261,000,000 2,260,000,000 2,132,000,000 2,099,000,000 2,003,000,000 1,999,000,000 1,936,000,000 2,079,000,000 
        current maturities of long-term debt
      		25,000,000 35,000,000 35,000,000 535,000,000 535,000,000 538,000,000 539,000,000 38,000,000 39,000,000 37,000,000 35,000,000 35,000,000 39,000,000 39,000,000 41,000,000 45,000,000 54,000,000 54,000,000 50,000,000 48,000,000 56,000,000 51,000,000 45,000,000 41,000,000 37,000,000 38,000,000 37,000,000 35,000,000 16,000,000 15,000,000 11,000,000 47,000,000 46,000,000 49,000,000 48,000,000 41,000,000 98,000,000 101,000,000 98,000,000 97,000,000 111,000,000 116,000,000 10,000,000 10,000,000 10,000,000 3,000,000 3,000,000 3,000,000 4,000,000 
        current portion of deferred revenues
      		845,000,000 637,000,000 712,000,000 660,000,000 664,000,000 543,000,000 501,000,000 513,000,000 502,000,000 460,000,000 460,000,000 444,000,000 433,000,000 266,000,000 260,000,000 271,000,000 350,000,000 298,000,000 387,000,000 364,000,000 370,000,000 245,000,000 242,000,000 242,000,000 332,000,000 290,000,000 298,000,000 323,000,000 350,000,000 299,000,000 308,000,000 342,000,000                  
        current portion of liability for guest loyalty program
      		1,310,000,000 1,429,000,000 1,534,000,000 1,480,000,000 1,377,000,000 1,336,000,000 1,273,000,000 1,288,000,000 1,202,000,000 1,188,000,000 1,246,000,000 1,207,000,000 1,110,000,000 1,332,000,000 1,247,000,000 1,165,000,000 1,047,000,000 837,000,000 991,000,000 793,000,000 703,000,000 616,000,000 647,000,000 477,000,000 799,000,000 788,000,000 788,000,000 757,000,000 700,000,000 723,000,000 725,000,000 692,000,000                  
        total current liabilities
      		4,556,000,000 4,698,000,000 4,585,000,000 4,835,000,000 4,700,000,000 4,491,000,000 4,226,000,000 3,774,000,000 3,722,000,000 3,561,000,000 3,435,000,000 3,390,000,000 3,372,000,000 3,365,000,000 3,195,000,000 3,085,000,000 3,019,000,000 2,622,000,000 2,779,000,000 2,476,000,000 2,431,000,000 2,299,000,000 2,306,000,000 2,220,000,000 2,871,000,000 2,900,000,000 2,780,000,000 2,794,000,000 2,615,000,000 2,413,000,000 2,378,000,000 2,488,000,000 2,208,000,000 2,033,000,000 1,989,000,000 1,967,000,000 2,684,000,000 2,598,000,000 2,663,000,000 2,545,000,000 2,467,000,000 2,558,000,000 2,426,000,000 2,298,000,000 2,257,000,000 2,140,000,000 2,120,000,000 1,986,000,000 2,142,000,000 
        long-term debt
      		12,334,000,000 11,603,000,000 10,909,000,000 10,617,000,000 10,616,000,000 10,626,000,000 9,633,000,000 10,135,000,000 9,157,000,000 8,682,000,000 8,696,000,000 8,706,000,000 8,708,000,000 8,692,000,000 8,702,000,000 8,720,000,000 8,712,000,000 8,713,000,000 8,716,000,000 9,908,000,000 10,431,000,000 10,439,000,000 10,437,000,000 9,455,000,000 7,956,000,000 7,767,000,000 7,772,000,000 7,330,000,000 7,266,000,000 7,559,000,000 7,564,000,000 6,558,000,000 6,556,000,000 6,564,000,000 6,572,000,000 6,588,000,000 10,020,000,000 9,883,000,000 9,900,000,000 9,878,000,000 9,710,000,000 9,945,000,000 10,400,000,000 10,572,000,000 10,803,000,000 11,124,000,000 11,314,000,000 11,551,000,000 11,751,000,000 
        operating lease liabilities
      		699,000,000 713,000,000 749,000,000 728,000,000 735,000,000 798,000,000 786,000,000 775,000,000 808,000,000 804,000,000 839,000,000 831,000,000 832,000,000 786,000,000 753,000,000 823,000,000 870,000,000 899,000,000 955,000,000 970,000,000 971,000,000 954,000,000 926,000,000 966,000,000 1,037,000,000 1,004,000,000 1,066,000,000 1,103,000,000                      
        deferred revenues
      		1,697,000,000 1,418,000,000 1,337,000,000 1,311,000,000 1,300,000,000 1,241,000,000 1,202,000,000 1,152,000,000 1,132,000,000 1,098,000,000 1,022,000,000 992,000,000 986,000,000 845,000,000 855,000,000 846,000,000 896,000,000 790,000,000 798,000,000 930,000,000 1,004,000,000 1,410,000,000 1,445,000,000 929,000,000 827,000,000 834,000,000 822,000,000 830,000,000 826,000,000 814,000,000 819,000,000 828,000,000 97,000,000 95,000,000 99,000,000 22,000,000 64,000,000 96,000,000 161,000,000 228,000,000 283,000,000 341,000,000 395,000,000 447,000,000 495,000,000 544,000,000 593,000,000 632,000,000 674,000,000 
        deferred income tax liabilities
      		278,000,000 335,000,000 287,000,000 296,000,000 322,000,000 357,000,000 368,000,000 373,000,000 401,000,000 706,000,000 710,000,000 715,000,000 735,000,000 794,000,000 727,000,000 719,000,000 700,000,000 718,000,000 685,000,000 616,000,000 649,000,000 658,000,000 669,000,000 750,000,000 795,000,000 873,000,000 861,000,000 850,000,000 898,000,000 980,000,000 908,000,000 901,000,000 1,063,000,000 1,650,000,000 1,673,000,000 1,723,000,000 4,575,000,000 4,487,000,000 4,533,000,000 4,593,000,000 4,630,000,000 5,293,000,000 5,192,000,000 5,344,000,000 5,216,000,000 5,137,000,000 5,058,000,000 5,111,000,000 5,053,000,000 
        liability for guest loyalty program
      		1,711,000,000 1,763,000,000 1,626,000,000 1,639,000,000 1,597,000,000 1,617,000,000 1,625,000,000 1,553,000,000 1,530,000,000 1,411,000,000 1,328,000,000 1,306,000,000 1,285,000,000 1,251,000,000 1,252,000,000 1,271,000,000 1,317,000,000 1,739,000,000 1,593,000,000 1,733,000,000 1,766,000,000 1,657,000,000 1,626,000,000 1,437,000,000 1,060,000,000 1,004,000,000 986,000,000 987,000,000 969,000,000 906,000,000 876,000,000 841,000,000 839,000,000 879,000,000 884,000,000 898,000,000 889,000,000 853,000,000 833,000,000 803,000,000 784,000,000 754,000,000 744,000,000 742,000,000 720,000,000 637,000,000 630,000,000 621,000,000 597,000,000 
        total liabilities
      		22,252,000,000 21,532,000,000 20,453,000,000 20,382,000,000 20,211,000,000 20,119,000,000 18,815,000,000 18,749,000,000 17,748,000,000 16,953,000,000 16,720,000,000 16,624,000,000 16,610,000,000 16,422,000,000 16,171,000,000 16,156,000,000 16,260,000,000 16,442,000,000 16,506,000,000 17,594,000,000 18,241,000,000 18,448,000,000 18,417,000,000 16,692,000,000 15,429,000,000 15,266,000,000 15,163,000,000 14,745,000,000 13,437,000,000 13,563,000,000 13,426,000,000 12,513,000,000 12,233,000,000 12,775,000,000 12,754,000,000 12,691,000,000 20,362,000,000 19,380,000,000 19,507,000,000 19,516,000,000 19,765,000,000 20,752,000,000 20,982,000,000 21,283,000,000 21,411,000,000 21,574,000,000 21,750,000,000 21,946,000,000 22,286,000,000 
        commitments and contingencies – see note 11
      		                                                 
        redeemable noncontrolling interests
      		11,000,000 14,000,000 15,000,000 16,000,000 17,000,000 20,000,000 21,000,000                                           
        equity
      		                                                 
        common stock, 0.01 par value...
      		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 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 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 
        treasury stock
      		-15,259,000,000 -13,672,000,000 -12,907,000,000 -12,154,000,000 -11,256,000,000 -10,514,000,000 -9,781,000,000 -9,060,000,000 -8,393,000,000 -7,647,000,000 -6,956,000,000 -6,489,000,000 -6,040,000,000 -5,545,000,000 -5,048,000,000 -4,573,000,000 -4,443,000,000 -4,447,000,000 -4,447,000,000 -4,453,000,000 -4,453,000,000 -4,457,000,000 -4,457,000,000 -4,462,000,000 -4,169,000,000 -3,726,000,000 -3,304,000,000 -2,921,000,000 -2,625,000,000 -2,452,000,000 -2,330,000,000 -1,001,000,000 -891,000,000 -625,000,000 -352,000,000 -70,000,000              
        additional paid-in capital
      		11,254,000,000 11,220,000,000 11,174,000,000 11,101,000,000 11,130,000,000 11,072,000,000 11,022,000,000 10,954,000,000 10,968,000,000 10,925,000,000 10,879,000,000 10,815,000,000 10,831,000,000 10,791,000,000 10,753,000,000 10,702,000,000 10,720,000,000 10,654,000,000 10,603,000,000 10,547,000,000 10,552,000,000 10,491,000,000 10,465,000,000 10,443,000,000 10,489,000,000 10,460,000,000 10,419,000,000 10,374,000,000 10,372,000,000 10,349,000,000 10,321,000,000 10,288,000,000 10,298,000,000 10,273,000,000 10,245,000,000 10,214,000,000 10,213,000,000 10,198,000,000 10,175,000,000 10,153,000,000 10,151,000,000 10,134,000,000 10,115,000,000 10,028,000,000 10,028,000,000 10,000,000,000 10,009,000,000 9,970,000,000 9,948,000,000 
        accumulated deficit
      		-1,158,000,000 -1,770,000,000 -2,155,000,000 -2,559,000,000 -2,822,000,000 -3,290,000,000 -3,597,000,000 -3,981,000,000 -4,207,000,000 -4,316,000,000 -4,654,000,000 -5,025,000,000 -5,190,000,000 -5,477,000,000 -5,783,000,000 -6,110,000,000 -6,322,000,000 -6,469,000,000 -6,710,000,000 -6,840,000,000 -6,732,000,000 -6,508,000,000 -6,429,000,000 -5,999,000,000 -5,965,000,000 -6,097,000,000 -6,342,000,000 -6,558,000,000 -6,417,000,000 -6,580,000,000 -6,697,000,000 -6,868,000,000 -6,596,000,000 -7,384,000,000 -7,514,000,000 -7,631,000,000 -3,323,000,000 -2,866,000,000 -2,984,000,000 -3,152,000,000 -3,392,000,000 -4,137,000,000 -4,347,000,000 -4,508,000,000 -4,658,000,000 -4,816,000,000 -4,999,000,000 -5,208,000,000 -5,331,000,000 
        accumulated other comprehensive loss
      		-745,000,000 -713,000,000 -705,000,000 -769,000,000 -782,000,000 -741,000,000 -763,000,000 -749,000,000 -731,000,000 -728,000,000 -703,000,000 -724,000,000 -706,000,000 -685,000,000 -714,000,000 -720,000,000 -779,000,000 -869,000,000 -866,000,000 -880,000,000 -860,000,000 -853,000,000 -881,000,000 -899,000,000 -840,000,000 -848,000,000 -806,000,000 -798,000,000 -782,000,000 -746,000,000 -742,000,000 -680,000,000 -742,000,000 -820,000,000 -867,000,000 -918,000,000 -1,001,000,000 -826,000,000 -826,000,000 -774,000,000 -784,000,000 -793,000,000 -673,000,000 -868,000,000 -628,000,000 -404,000,000 -186,000,000 -236,000,000 -264,000,000 
        total hilton stockholders' deficit
      		-5,905,000,000 -4,932,000,000 -4,590,000,000 -4,378,000,000 -3,727,000,000 -3,470,000,000 -3,116,000,000 -2,833,000,000 -2,360,000,000 -1,763,000,000 -1,431,000,000 -1,420,000,000 -1,102,000,000 -913,000,000 -789,000,000 -698,000,000 -821,000,000 -1,128,000,000 -1,417,000,000 -1,623,000,000 -1,490,000,000 -1,324,000,000 -1,299,000,000 -914,000,000                          
        noncontrolling interests
      		27,000,000 27,000,000 26,000,000 23,000,000 21,000,000 20,000,000 17,000,000 16,000,000 13,000,000 10,000,000 8,000,000 7,000,000 4,000,000 -1,000,000  1,000,000 2,000,000  1,000,000 3,000,000 4,000,000 5,000,000 8,000,000 10,000,000 10,000,000 9,000,000 7,000,000 8,000,000 7,000,000 6,000,000 5,000,000 5,000,000 3,000,000 1,000,000  -2,000,000 -50,000,000 -25,000,000 -29,000,000 -32,000,000 -34,000,000 -34,000,000 -36,000,000 -40,000,000 -38,000,000 -40,000,000 -87,000,000 -89,000,000 -87,000,000 
        total deficit
      		-5,878,000,000 -4,905,000,000 -4,564,000,000 -4,355,000,000 -3,706,000,000 -3,450,000,000 -3,099,000,000 -2,817,000,000 -2,347,000,000 -1,753,000,000 -1,423,000,000 -1,413,000,000 -1,098,000,000 -914,000,000 -789,000,000 -697,000,000 -819,000,000 -1,128,000,000 -1,416,000,000 -1,620,000,000 -1,486,000,000 -1,319,000,000 -1,291,000,000 -904,000,000                          
        total liabilities, redeemable noncontrolling interests and equity
      		16,385,000,000 16,641,000,000 15,904,000,000 16,043,000,000 16,522,000,000 16,689,000,000 15,737,000,000                                           
        commitments and contingencies – see note 12
      		                                                 
        commitments and contingencies – see note 20
      		                                                 
        commitments and contingencies – see note 13
      		                                                 
        liabilities and equity
      		                                                 
        total liabilities and equity
      		       15,932,000,000 15,401,000,000 15,200,000,000 15,297,000,000 15,211,000,000 15,512,000,000 15,508,000,000 15,382,000,000 15,459,000,000 15,441,000,000 15,314,000,000 15,090,000,000 15,974,000,000 16,755,000,000 17,129,000,000 17,126,000,000 15,788,000,000 14,957,000,000 15,067,000,000 15,140,000,000 14,853,000,000 13,995,000,000 14,143,000,000 13,986,000,000 14,260,000,000 14,308,000,000 14,223,000,000 14,269,000,000 14,287,000,000 26,211,000,000 25,871,000,000 25,853,000,000 25,721,000,000 25,716,000,000 25,932,000,000 26,051,000,000 25,905,000,000 26,125,000,000 26,324,000,000 26,497,000,000 26,393,000,000 26,562,000,000 
        commitments and contingencies – see note 19
      		                                                 
        commitments and contingencies – see note 18
      		                                                 
        preferred stock, 0.01 par value...
      		                                                 
        commitments and contingencies – see note 15
      		                                                 
        commitments and contingencies – see note 14
      		                                                 
        total hilton stockholders' equity
      		                        -482,000,000 -208,000,000 -30,000,000 100,000,000 551,000,000 574,000,000 555,000,000 1,742,000,000 2,072,000,000 1,447,000,000 1,515,000,000 1,598,000,000 5,899,000,000 6,516,000,000 6,375,000,000 6,237,000,000 5,985,000,000 5,214,000,000 5,105,000,000 4,662,000,000 4,752,000,000 4,790,000,000 4,834,000,000 4,536,000,000 4,363,000,000 
        total equity
      		                        -472,000,000 -199,000,000 -23,000,000 108,000,000 558,000,000 580,000,000 560,000,000 1,747,000,000 2,075,000,000 1,448,000,000 1,515,000,000 1,596,000,000 5,849,000,000 6,491,000,000 6,346,000,000 6,205,000,000 5,951,000,000 5,180,000,000 5,069,000,000 4,622,000,000 4,714,000,000 4,750,000,000 4,747,000,000 4,447,000,000 4,276,000,000 
        commitments and contingencies - see note 15
      		                                                 
        commitments and contingencies - see note 14
      		                                                 
        equity:
      		                                                 
        income taxes receivable
      		                            20,000,000 39,000,000 11,000,000  36,000,000 5,000,000   13,000,000 17,000,000 18,000,000 28,000,000 97,000,000 19,000,000 38,000,000 29,000,000 132,000,000     
        income taxes payable
      		                            19,000,000 18,000,000 22,000,000 63,000,000 12,000,000 73,000,000 62,000,000 128,000,000 60,000,000 63,000,000 107,000,000 101,000,000 33,000,000 49,000,000 20,000,000 19,000,000 21,000,000 10,000,000 11,000,000 6,000,000 11,000,000 
        current assets of discontinued operations
      		                                                 
        non-current assets of discontinued operations
      		                                                 
        current liabilities of discontinued operations
      		                                                 
        non-current liabilities of discontinued operations
      		                                                 
        commitments and contingencies - see note 20
      		                                                 
        inventories
      		                                    541,000,000 508,000,000 459,000,000 469,000,000 442,000,000 430,000,000 424,000,000 421,000,000 404,000,000 350,000,000 359,000,000 397,000,000 396,000,000 
        current portion of financing receivables
      		                                    138,000,000 128,000,000 129,000,000 124,000,000 74,000,000 68,000,000 66,000,000 60,000,000 66,000,000 56,000,000 52,000,000 93,000,000 94,000,000 
        property, intangibles and other assets:
      		                                                 
        financing receivables
      		                                    963,000,000 929,000,000 905,000,000 897,000,000 592,000,000 544,000,000 502,000,000 451,000,000 416,000,000 381,000,000 359,000,000 634,000,000 635,000,000 
        investments in affiliates
      		                                    114,000,000 132,000,000 129,000,000 127,000,000 138,000,000 154,000,000 156,000,000 156,000,000 170,000,000 174,000,000 257,000,000 264,000,000 260,000,000 
        total property, intangibles and other assets
      		                                    22,654,000,000 22,847,000,000 22,923,000,000 22,983,000,000 23,131,000,000 23,286,000,000 23,550,000,000       
        current maturities of timeshare debt
      		                                    73,000,000 80,000,000 88,000,000 96,000,000          
        timeshare debt
      		                                    621,000,000 337,000,000 357,000,000 377,000,000          
        commitments and contingencies - see note 24
      		                                                 
        commitments and contingencies - see note 18
      		                                                 
        current portion of securitized financing receivables
      		                                        55,000,000 56,000,000 59,000,000 60,000,000 62,000,000 64,000,000 65,000,000 26,000,000 27,000,000 
        property and equipment, net held for sale
      		                                          111,000,000  1,543,000,000     
        securitized financing receivables
      		                                        295,000,000 321,000,000 347,000,000 376,000,000 406,000,000 433,000,000 462,000,000 184,000,000 194,000,000 
        current maturities of non-recourse debt
      		                                        117,000,000 132,000,000 136,000,000 137,000,000 127,000,000 124,000,000 107,000,000 41,000,000 48,000,000 
        non-recourse debt
      		                                        609,000,000 623,000,000 644,000,000 711,000,000 752,000,000 813,000,000 890,000,000 918,000,000 920,000,000 
        property, investments and other assets:
      		                                                 
        total property, investments and other assets
      		                                           23,416,000,000 23,626,000,000 23,910,000,000 24,080,000,000 24,098,000,000 24,179,000,000 
        commitments and contingencies - see note 25
      		                                                 
        commitments and contingencies - see note 17
      		                                                 
        commitments and contingencies - see note 16
      		                                                 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 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 
                                                        
          operating activities:
        		                                                
          net income
        		383,000,000 421,000,000 442,000,000 300,000,000 505,000,000 344,000,000 422,000,000 268,000,000 150,000,000 379,000,000 413,000,000 209,000,000 333,000,000 346,000,000 367,000,000 211,000,000 148,000,000 240,000,000 128,000,000 -109,000,000 -225,000,000 -81,000,000 -432,000,000 18,000,000 176,000,000 290,000,000 261,000,000 159,000,000 225,000,000 164,000,000 217,000,000 163,000,000 841,000,000 181,000,000 167,000,000 75,000,000 -382,000,000 192,000,000 244,000,000 310,000,000 816,000,000 283,000,000 167,000,000 150,000,000 159,000,000 187,000,000 212,000,000 124,000,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                                                
          amortization of contract acquisition costs
        		15,000,000 15,000,000 13,000,000 14,000,000 13,000,000 12,000,000 13,000,000 12,000,000 11,000,000 11,000,000 11,000,000 10,000,000 10,000,000 10,000,000 10,000,000 8,000,000 9,000,000 9,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 8,000,000 8,000,000 7,000,000 7,000,000 7,000,000 7,000,000 6,000,000 7,000,000 7,000,000                 
          depreciation and amortization expenses
        		50,000,000 46,000,000 43,000,000 41,000,000 39,000,000 37,000,000 34,000,000 36,000,000 33,000,000 40,000,000 37,000,000 37,000,000 39,000,000 39,000,000 40,000,000 44,000,000                                 
          loss on foreign currency transactions
        		5,000,000 9,000,000 1,000,000 -2,000,000 7,000,000 3,000,000 1,000,000 1,000,000 3,000,000 7,000,000      4,000,000     11,000,000 12,000,000    -7,000,000    6,000,000 12,000,000 -11,000,000 0 -2,000,000 -5,000,000 4,000,000 -20,000,000 8,000,000 13,000,000 12,000,000 20,000,000 8,000,000 -5,000,000 18,000,000  5,000,000 -32,000,000 -14,000,000 
          share-based compensation expense
        		45,000,000 44,000,000 55,000,000 36,000,000 36,000,000 44,000,000 55,000,000 41,000,000 36,000,000 48,000,000 52,000,000 33,000,000 36,000,000 42,000,000 47,000,000 37,000,000 49,000,000 52,000,000 53,000,000 39,000,000                             
          deferred income taxes
        		-25,000,000 48,000,000 3,000,000 -21,000,000 -216,000,000 5,000,000 -6,000,000 -30,000,000 -226,000,000 -8,000,000 -10,000,000 -20,000,000 -20,000,000 57,000,000 0 -3,000,000 -10,000,000 41,000,000 4,000,000 -39,000,000 -93,000,000 -24,000,000 -81,000,000 -37,000,000 -42,000,000 21,000,000 27,000,000 -26,000,000 -43,000,000 68,000,000 -2,000,000 -37,000,000 -604,000,000 -25,000,000 -47,000,000 -51,000,000 68,000,000 -47,000,000 -68,000,000 -32,000,000 -513,000,000 24,000,000 -30,000,000 40,000,000 76,000,000 -20,000,000 10,000,000 -52,000,000 
          contract acquisition costs, net of refunds
        		-26,000,000 -31,000,000 -42,000,000 -30,000,000 -18,000,000 -10,000,000 -40,000,000 -37,000,000 -69,000,000 -25,000,000 -34,000,000 -105,000,000 -20,000,000 -20,000,000 -26,000,000 -15,000,000                                 
          change in deferred revenues
        		36,000,000 6,000,000 78,000,000 7,000,000 180,000,000    75,000,000        158,000,000 -97,000,000 -109,000,000 -80,000,000 -281,000,000 -32,000,000                           
          change in liability for guest loyalty program
        		108,000,000 32,000,000 41,000,000 145,000,000 21,000,000    133,000,000        -212,000,000 -8,000,000 58,000,000 57,000,000 197,000,000 0                           
          working capital changes and other
        		27,000,000 226,000,000 24,000,000 -38,000,000  -144,000,000 -58,000,000 62,000,000  -109,000,000 -11,000,000 74,000,000  197,000,000 -97,000,000 -91,000,000  40,000,000 -245,000,000 -52,000,000  -92,000,000 254,000,000 -31,000,000  180,000,000 -117,000,000 121,000,000  66,000,000 -40,000,000 25,000,000  13,000,000 90,000,000 -129,000,000  -57,000,000 -42,000,000 -161,000,000  19,000,000 -1,000,000 -2,000,000  61,000,000 -5,000,000 -67,000,000 
          net cash from operating activities
        		618,000,000 816,000,000 658,000,000 452,000,000 582,000,000 664,000,000 421,000,000 346,000,000 465,000,000 687,000,000 464,000,000 330,000,000 482,000,000 671,000,000 333,000,000 195,000,000 131,000,000 278,000,000 -129,000,000 -171,000,000 -138,000,000 -100,000,000 817,000,000 129,000,000 202,000,000 532,000,000 286,000,000 364,000,000 341,000,000 382,000,000 289,000,000 243,000,000 278,000,000 270,000,000 313,000,000 63,000,000 414,000,000 281,000,000 343,000,000 312,000,000 403,000,000 343,000,000 362,000,000 286,000,000 467,000,000 387,000,000 365,000,000 147,000,000 
          capital expenditures
        		-31,000,000 -50,000,000 -43,000,000 -40,000,000 -79,000,000 -47,000,000 -38,000,000 -34,000,000 -70,000,000 -61,000,000 -53,000,000 -63,000,000 -40,000,000 -26,000,000 -22,000,000 -14,000,000 -34,000,000 -20,000,000 -14,000,000 -11,000,000 -16,000,000 -13,000,000 -34,000,000 -29,000,000 -60,000,000 -55,000,000 -48,000,000 -42,000,000 -46,000,000 -47,000,000 -41,000,000 -25,000,000 -52,000,000 -34,000,000 -29,000,000 -18,000,000 -115,000,000 -79,000,000 -109,000,000 -95,000,000 -96,000,000 -55,000,000 -71,000,000 -88,000,000 -84,000,000 -74,000,000 -67,000,000 -43,000,000 
          free cash flows
        		587,000,000 766,000,000 615,000,000 412,000,000 503,000,000 617,000,000 383,000,000 312,000,000 395,000,000 626,000,000 411,000,000 267,000,000 442,000,000 645,000,000 311,000,000 181,000,000 97,000,000 258,000,000 -143,000,000 -182,000,000 -154,000,000 -113,000,000 783,000,000 100,000,000 142,000,000 477,000,000 238,000,000 322,000,000 295,000,000 335,000,000 248,000,000 218,000,000 226,000,000 236,000,000 284,000,000 45,000,000 299,000,000 202,000,000 234,000,000 217,000,000 307,000,000 288,000,000 291,000,000 198,000,000 383,000,000 313,000,000 298,000,000 104,000,000 
          investing activities:
        		                                                
          capital expenditures for property and equipment
        		-9,000,000 -29,000,000 -23,000,000 -19,000,000 -48,000,000 -17,000,000 -15,000,000 -16,000,000 -42,000,000 -35,000,000 -30,000,000 -44,000,000 -20,000,000 -8,000,000 -7,000,000 -4,000,000 -18,000,000 -8,000,000 -6,000,000 -3,000,000 -8,000,000 -8,000,000 -18,000,000 -12,000,000 -15,000,000 -20,000,000 -23,000,000 -23,000,000 -21,000,000 -23,000,000 -18,000,000 -10,000,000 -22,000,000 -18,000,000 -9,000,000 -9,000,000 -90,000,000 -58,000,000 -85,000,000 -84,000,000 -96,000,000 -55,000,000 -71,000,000 -88,000,000 -84,000,000 -74,000,000 -67,000,000 -43,000,000 
          issuance of financing receivables
        		-10,000,000    0 0   -14,000,000 0 0 -8,000,000                                     
          settlements of undesignated derivative financial instruments
        		3,000,000   -9,000,000                                             
          capitalized software costs
        		-22,000,000 -21,000,000 -20,000,000 -21,000,000 -31,000,000 -30,000,000 -23,000,000 -18,000,000 -28,000,000 -26,000,000 -23,000,000 -19,000,000 -20,000,000 -18,000,000 -15,000,000 -10,000,000 -16,000,000 -12,000,000 -8,000,000 -8,000,000 -8,000,000 -5,000,000 -16,000,000 -17,000,000 -45,000,000 -35,000,000 -25,000,000 -19,000,000 -25,000,000 -24,000,000 -23,000,000 -15,000,000 -30,000,000 -16,000,000 -20,000,000 -9,000,000 -25,000,000 -21,000,000 -24,000,000 -11,000,000         
          other
        		-1,000,000            -71,000,000 -41,000,000 31,000,000 8,000,000 -89,000,000 0 16,000,000 -5,000,000 74,000,000 0 5,000,000 -18,000,000 24,000,000 -17,000,000 -3,000,000 -2,000,000 12,000,000 -7,000,000 -8,000,000 -1,000,000 49,000,000 4,000,000 1,000,000 -19,000,000             
          net cash from investing activities
        		-39,000,000 -44,000,000 -36,000,000 -50,000,000 -79,000,000 -49,000,000 -291,000,000 -27,000,000 -77,000,000 -74,000,000 -69,000,000 -85,000,000 -25,000,000 -4,000,000 -68,000,000 -26,000,000 -23,000,000 -20,000,000 2,000,000 -16,000,000 -18,000,000 -13,000,000 -29,000,000 -47,000,000 -76,000,000 48,000,000 -51,000,000 -44,000,000 -51,000,000 -5,000,000 -49,000,000 -26,000,000 -76,000,000 -49,000,000 -47,000,000 -50,000,000 -146,000,000 -110,000,000 -126,000,000 -96,000,000 -123,000,000 257,000,000 -207,000,000 465,000,000 -110,000,000 -79,000,000 -48,000,000 -73,000,000 
          financing activities:
        		                                                
          repayment of debt
        		-8,000,000 -526,000,000 -871,000,000 -10,000,000 -15,000,000 -14,000,000 -92,000,000 -209,000,000 -143,000,000 -19,000,000 -9,000,000 -12,000,000 -13,000,000 -10,000,000 -12,000,000 -13,000,000 -9,000,000 -3,000,000 -1,202,000,000 -2,016,000,000 -1,907,000,000 -1,000,000 -8,000,000 -205,000,000 -220,000,000 -10,000,000 -981,000,000 -336,000,000 -304,000,000 -29,000,000 -658,000,000 -14,000,000 -12,000,000 -12,000,000 -12,000,000 -1,824,000,000 -3,265,000,000 -1,030,000,000 -32,000,000 -32,000,000 -282,000,000 -381,000,000 -251,000,000 -710,000,000 -349,000,000 -292,000,000 -564,000,000 -219,000,000 
          debt issuance costs
        		-6,000,000    -2,000,000 -14,000,000 -3,000,000 -13,000,000  0 0 -9,000,000          0    -2,000,000           -41,000,000        0 -7,000,000 0 -2,000,000 
          dividends paid
        		-35,000,000 -35,000,000 -36,000,000 -37,000,000 -37,000,000 -37,000,000 -37,000,000 -39,000,000 -38,000,000 -39,000,000 -40,000,000 -41,000,000 -41,000,000 -41,000,000       0 0 0 -42,000,000 -42,000,000 -43,000,000 -43,000,000 -44,000,000 -44,000,000 -45,000,000 -45,000,000 -47,000,000 -48,000,000 -49,000,000 -49,000,000 -49,000,000 -70,000,000 -69,000,000 -69,000,000 -69,000,000 -69,000,000        
          repurchases of common stock
        		-821,000,000 -759,000,000 -769,000,000 -875,000,000  -725,000,000 -736,000,000 -666,000,000 -743,000,000 -675,000,000 -470,000,000 -450,000,000 -498,000,000 -506,000,000 -465,000,000 -121,000,000     0 0 0 -296,000,000 -452,000,000 -433,000,000 -357,000,000 -296,000,000 -160,000,000 -122,000,000 -1,329,000,000 -110,000,000 -266,000,000 -273,000,000 -282,000,000 -70,000,000             
          share-based compensation tax withholdings
        		-71,000,000 0 -1,000,000 -71,000,000 0 -2,000,000 -1,000,000 -69,000,000 -1,000,000 -1,000,000 -1,000,000 -51,000,000 -2,000,000 0 -1,000,000 -55,000,000                                 
          proceeds from share-based compensation
        		11,000,000 7,000,000 31,000,000 9,000,000 36,000,000 10,000,000 27,000,000 20,000,000 19,000,000 4,000,000 23,000,000 5,000,000 13,000,000 0 12,000,000 4,000,000                                 
          settlements of interest rate swap with financing component
        		7,000,000 11,000,000 10,000,000 10,000,000 13,000,000 14,000,000 15,000,000 14,000,000 15,000,000 14,000,000 13,000,000 11,000,000 6,000,000 1,000,000                                   
          net cash from financing activities
        		-923,000,000 -92,000,000 -986,000,000 -974,000,000 -771,000,000 232,000,000 -744,000,000 238,000,000 -296,000,000 -713,000,000 -484,000,000 -547,000,000 -535,000,000 -551,000,000 -512,000,000 -167,000,000 21,000,000 4,000,000 -1,194,000,000 -624,000,000 -55,000,000 5,000,000 982,000,000 1,100,000,000 -305,000,000 -485,000,000 20,000,000 -343,000,000 -510,000,000 -174,000,000 -405,000,000 -211,000,000 -328,000,000 -335,000,000 -345,000,000 -716,000,000 332,000,000 -123,000,000 -101,000,000 -137,000,000 -297,000,000 -475,000,000 -191,000,000 -761,000,000 -327,000,000 -302,000,000 -209,000,000 -232,000,000 
          effect of exchange rate changes on cash, restricted cash and cash equivalents
        		-7,000,000 -2,000,000 5,000,000 3,000,000 -11,000,000 6,000,000 -4,000,000 -12,000,000 4,000,000 -4,000,000 -6,000,000 -6,000,000 2,000,000 -8,000,000 -9,000,000 -4,000,000 -4,000,000 -2,000,000 1,000,000 -5,000,000  1,000,000 0 -7,000,000 0 -4,000,000   4,000,000 -8,000,000 -13,000,000 7,000,000 0 1,000,000 2,000,000 5,000,000             
          net decrease in cash, restricted cash and cash equivalents
        		-351,000,000        96,000,000 -104,000,000 -95,000,000 -308,000,000  108,000,000 -256,000,000 -2,000,000                                 
          cash, restricted cash and cash equivalents, beginning of period
        		970,000,000 0 0 1,376,000,000 0 0 0 875,000,000 0 0 0 1,286,000,000 0 0 0 1,512,000,000 0 0 0 3,263,000,000 0 0 0 630,000,000 0 0 0 484,000,000 0 0 0 670,000,000 0 0 0 1,684,000,000             
          cash, restricted cash and cash equivalents, end of period
        		619,000,000 678,000,000 -359,000,000 807,000,000 -279,000,000 853,000,000 -618,000,000 1,420,000,000 96,000,000 -104,000,000 -95,000,000 978,000,000 -76,000,000 108,000,000 -256,000,000 1,510,000,000 125,000,000 260,000,000 -1,320,000,000 2,447,000,000 -205,000,000 -107,000,000 1,770,000,000 1,805,000,000 -179,000,000 91,000,000 257,000,000 461,000,000 -216,000,000 195,000,000 -178,000,000 683,000,000 -126,000,000 -113,000,000 -77,000,000 986,000,000             
          gain on sales of assets
        		    0 2,000,000 0 -7,000,000                             -7,000,000 0   0 -164,000,000       
          cash paid for acquisitions, net of cash acquired
        		 0   0 0                                           
          proceeds from asset dispositions
        		    0 0 0 8,000,000                             10,000,000 0   8,000,000 328,000,000 0 1,869,000,000 4,000,000 5,000,000   
          investments in unconsolidated affiliates
        		 -1,000,000 0 -1,000,000 0 -3,000,000 -1,000,000 -1,000,000 0 -11,000,000 -2,000,000 -2,000,000 0 -2,000,000 -31,000,000 -20,000,000                                 
          borrowings
        		 1,225,000,000   0 1,000,000,000 83,000,000 1,200,000,000 606,000,000    0 5,000,000 0 18,000,000 5,000,000 5,000,000 0 1,500,000,000 1,900,000,000 0 1,000,000,000 1,690,000,000 405,000,000 0 1,420,000,000 375,000,000 0 26,000,000   1,000,000 0 0 1,823,000,000 3,715,000,000    13,000,000 1,000,000   0 0   
          net increase in cash, restricted cash and cash equivalents
        		   -569,000,000 -279,000,000   545,000,000         125,000,000 260,000,000 -1,320,000,000 -816,000,000 -205,000,000 -107,000,000 1,770,000,000 1,175,000,000 -179,000,000 91,000,000 257,000,000 -23,000,000 -216,000,000   13,000,000 -126,000,000 -113,000,000 -77,000,000 -698,000,000             
          impairment losses
        		                    122,000,000 9,000,000 15,000,000 112,000,000                         
          loss on investments in unconsolidated affiliate
        		        0 0 0 92,000,000                                     
          amortization of deferred financing costs and discounts
        		                                                
          changes in operating assets and liabilities:
        		                                                
          accounts receivable
        		                                                
          prepaid expenses
        		                                                
          other current assets
        		                                                
          accounts payable, accrued expenses and other
        		                                                
          change in other liabilities
        		                                                
          payments received on financing receivables
        		                                                
          repurchases of common stock, including excise tax payments
        		                                                
          loss on sales of assets
        		                                                
          loss on debt extinguishment
        		                                0 0 0 60,000,000             
          change in operating lease right-of-use assets
        		                                                
          change in operating lease liabilities
        		                                                
          proceeds from (payments for) undesignated derivative financial instruments
        		                                                
          debt issuance costs and redemption premium
        		                 0 -2,000,000 -74,000,000         0 0   0 -1,000,000 -2,000,000 -66,000,000             
          undesignated derivative financial instruments
        		         -2,000,000 -14,000,000 -12,000,000 14,000,000                                    
          supplemental disclosures:
        		                                                
          cash paid during the period:
        		                                                
          interest
        		           90,000,000 119,000,000 81,000,000 105,000,000 78,000,000 105,000,000 80,000,000 102,000,000 72,000,000  76,000,000 106,000,000 94,000,000  58,000,000 119,000,000 71,000,000  59,000,000 77,000,000 72,000,000  67,000,000 45,000,000 113,000,000  116,000,000 139,000,000 86,000,000  98,000,000 143,000,000 88,000,000  96,000,000 160,000,000 97,000,000 
          income tax refunds, net of payments
        		           -25,000,000                                     
          loss on debt extinguishments
        		                                                
          amortization of deferred financing costs and discount
        		                                                
          debt issuance costs and redemption premiums
        		                                                
          income taxes, net of refunds
        		            136,000,000 123,000,000 174,000,000 -44,000,000 102,000,000 37,000,000 17,000,000 25,000,000  14,000,000 3,000,000 50,000,000  81,000,000 144,000,000 13,000,000  81,000,000 140,000,000 9,000,000  140,000,000 231,000,000 6,000,000  234,000,000 203,000,000 39,000,000  162,000,000 177,000,000 20,000,000  143,000,000 119,000,000 22,000,000 
          gain on foreign currency transactions
        		             0      -2,000,000    -9,000,000                         
          issuance of other financing receivables
        		             0                        -15,000,000 -9,000,000 -9,000,000 -2,000,000 -3,000,000 -4,000,000 -2,000,000 0 0 0 -1,000,000 
          contract acquisition costs
        		                -40,000,000 -45,000,000 -72,000,000 -43,000,000 -13,000,000 -14,000,000 -12,000,000 -11,000,000 -41,000,000 -6,000,000 -28,000,000 -15,000,000 -21,000,000 -44,000,000 -24,000,000 -14,000,000 -24,000,000 -19,000,000 -19,000,000 -13,000,000 -20,000,000 -17,000,000 -9,000,000 -9,000,000 -10,000,000 -8,000,000 -8,000,000 -11,000,000 -11,000,000 -33,000,000 -5,000,000 -16,000,000 
          depreciation and amortization
        		                 46,000,000 46,000,000 51,000,000 62,000,000 90,000,000 88,000,000 91,000,000 90,000,000 86,000,000 86,000,000 84,000,000 83,000,000 81,000,000 79,000,000 82,000,000 88,000,000 83,000,000 87,000,000 89,000,000 177,000,000 169,000,000 171,000,000 169,000,000 173,000,000 171,000,000 173,000,000 175,000,000 158,000,000 159,000,000 158,000,000 153,000,000 
          share-based compensation tax withholdings and other
        		                 2,000,000 10,000,000 -34,000,000 9,000,000 7,000,000 4,000,000 -47,000,000 4,000,000 3,000,000                       
          cash paid during the year:
        		                                                
          gain on sale of assets
        		                        0                   -145,000,000     
          share-based compensation
        		                    60,000,000 25,000,000 24,000,000 -12,000,000 31,000,000 42,000,000 47,000,000 34,000,000 24,000,000 35,000,000 40,000,000 28,000,000 18,000,000 20,000,000 21,000,000 15,000,000 15,000,000 23,000,000 16,000,000 11,000,000 10,000,000 14,000,000 81,000,000 19,000,000 21,000,000 16,000,000 22,000,000 19,000,000 
          amortization of deferred financing costs and other
        		                                                
          payments received on other financing receivables
        		                            1,000,000         1,000,000 0 1,000,000 2,000,000 1,000,000 1,000,000 1,000,000 2,000,000 16,000,000 1,000,000 1,000,000 
          proceeds from asset disposition
        		                        0                        
          distributions from unconsolidated affiliates
        		                                    7,000,000 4,000,000 6,000,000 5,000,000 4,000,000 2,000,000 8,000,000 12,000,000 2,000,000 9,000,000 9,000,000 2,000,000 
          cash transferred in spin-offs
        		                                                
          tax withholdings on share-based compensation
        		                           -42,000,000 -2,000,000 0 -2,000,000 -40,000,000 -3,000,000 0 0 -28,000,000             
          income taxes receivable
        		                                                
          income taxes payable
        		                                                
          change in timeshare financing receivables
        		                                                
          cash transferred in spin-offs of park and hgv
        		                                0 0 0 -501,000,000             
          distributions to noncontrolling interests
        		                            0    0 0 0 -1,000,000 -26,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -2,000,000 -1,000,000 -1,000,000 -1,000,000 
          acquisition of noncontrolling interest
        		                            0                    
          cash, restricted cash and cash equivalents from continuing operations, beginning of period
        		                            0 0 0 670,000,000 0 0 0 1,183,000,000             
          cash, restricted cash and cash equivalents from discontinued operations, beginning of period
        		                                0 0 0 501,000,000             
          cash, restricted cash and cash equivalents from continuing operations, end of period
        		                                -126,000,000 -113,000,000 -77,000,000 986,000,000             
          cash, restricted cash and cash equivalents from discontinued operations, end of period
        		                                                
          non-cash financing activities:
        		                                                
          spin-offs of park and hgv
        		                                 0 0 29,000,000             
          inventories
        		                                                
          acquisitions, net of cash acquired
        		                                        0 0 -112,000,000 -1,298,000,000     
          impairment loss
        		                                    0 0 0 15,000,000         
          non-cash investing activities:
        		                                                
          conversion of park's property and equipment to timeshare inventory of hgv
        		                                                
          equity in earnings from unconsolidated affiliates
        		                                    10,000,000 -7,000,000 -8,000,000 -3,000,000 -1,000,000 -9,000,000 -9,000,000 -4,000,000  -4,000,000 -8,000,000 -4,000,000 
          other loss
        		                                    11,000,000 10,000,000   -5,000,000 -1,000,000 -18,000,000 25,000,000     
          capital contribution
        		                                            0 0   
          excess tax benefits from share-based compensation
        		                                        0 0 0 8,000,000     
          operating activities
        		                                                
          change in restricted cash and cash equivalents
        		                                     -14,000,000 8,000,000 -14,000,000 0 -4,000,000 -7,000,000 -2,000,000 62,000,000 -2,000,000 10,000,000 -11,000,000 
          investing activities
        		                                                
          investments in affiliates
        		                                        0 0   -3,000,000 -1,000,000 -3,000,000 -2,000,000 
          financing activities
        		                                                
          effect of exchange rate changes on cash and cash equivalents
        		                                     1,000,000 2,000,000 4,000,000 -2,000,000 -8,000,000 0 -9,000,000 -7,000,000 -8,000,000 2,000,000 -1,000,000 
          net increase in cash and cash equivalents
        		                                     49,000,000 118,000,000 83,000,000 -19,000,000       -159,000,000 
          cash and cash equivalents, beginning of period
        		                                     0 0 609,000,000 0 0 0 566,000,000 0 0 0 594,000,000 
          cash and cash equivalents, end of period
        		                                     49,000,000 118,000,000 692,000,000 -19,000,000 117,000,000 -36,000,000 547,000,000 23,000,000 -2,000,000 110,000,000 435,000,000 
          supplemental disclosures
        		                                                
          conversion of property and equipment to timeshare inventory
        		                                     -57,000,000 0 -22,000,000         
          long-term debt assumed
        		                                         0 -900,000,000 450,000,000     
          capital lease restructuring
        		                                             0   
          gain on debt extinguishment
        		                                                
          software capitalization costs
        		                                        -24,000,000 -15,000,000 -15,000,000 -8,000,000 -24,000,000 -13,000,000 -17,000,000 -15,000,000 
          net proceeds from issuance of common stock
        		                                                
          acquisition of property and equipment
        		                                                
          acquisition of other intangible assets
        		                                                
          disposition of equity investments
        		                                                
          net decrease in cash and cash equivalents
        		                                          -36,000,000 -19,000,000 23,000,000 -2,000,000   
          equity in losses (earnings) from unconsolidated affiliates
        		                                                
          other gain
        		                                            1,000,000 -24,000,000 -11,000,000 -3,000,000 
          acquisitions
        		                                                
          acquisition of noncontrolling interests
        		                                                
          assumption of long-term debt
        		                                                
          non-cash investing activity:
        		                                                
          non-cash financing activity:
        		                                                
          equity in losses from unconsolidated affiliates