7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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 
      
    		                                   
      operating activities:
    		                                   
      net income
    		-14,000,000 -2,000,000 -57,000,000 73,000,000 57,000,000 67,000,000 29,000,000 188,000,000 31,000,000 -146,000,000 33,000,000 35,000,000 40,000,000 154,000,000 -56,000,000 -65,000,000 -82,000,000 -114,000,000 -191,000,000 -218,000,000 -276,000,000 -261,000,000 -689,000,000 126,000,000 9,000,000 84,000,000 97,000,000 55,000,000 55,000,000 218,000,000 149,000,000 61,000,000 105,000,000 115,000,000 2,350,000,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                   
      depreciation and amortization
    		78,000,000 122,000,000 69,000,000 65,000,000 63,000,000 64,000,000 65,000,000 94,000,000 65,000,000 64,000,000 64,000,000 65,000,000 67,000,000 68,000,000 69,000,000 68,000,000 68,000,000 71,000,000 74,000,000 73,000,000 75,000,000 75,000,000 75,000,000 80,000,000 61,000,000 61,000,000 62,000,000 69,000,000 69,000,000 69,000,000 70,000,000 71,000,000 74,000,000 73,000,000 70,000,000 
      gain on sales of assets
    		0          -15,000,000     0 11,000,000   0 1,000,000 -1,000,000 -62,000,000 1,000,000 -1,000,000 12,000,000 -31,000,000 2,000,000 -2,000,000 -7,000,000 -89,000,000     
      gain on derecognition of assets
    		-16,000,000 -16,000,000 -16,000,000 -16,000,000 -15,000,000 -15,000,000 -14,000,000                             
      impairment loss
    		0 0 70,000,000                                 
      equity in earnings from investments in affiliates
    		0   -2,000,000 -28,000,000    -2,000,000 -3,000,000 -4,000,000            1,000,000 4,000,000 -3,000,000 -10,000,000 -5,000,000 -2,000,000 -4,000,000 -8,000,000 -4,000,000 -22,000,000 -6,000,000 -8,000,000 -4,000,000 
      other loss
    		1,000,000    0            5,000,000    3,000,000            2,000,000   
      share-based compensation expense
    		5,000,000 5,000,000 4,000,000 5,000,000 5,000,000 5,000,000 4,000,000 4,000,000 5,000,000 5,000,000 4,000,000 4,000,000 4,000,000 5,000,000 4,000,000 4,000,000 5,000,000 4,000,000 6,000,000 10,000,000 4,000,000 4,000,000 2,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 3,000,000 4,000,000   
      amortization of deferred financing costs
    		2,000,000 1,000,000 3,000,000 3,000,000 2,000,000   2,000,000 3,000,000 2,000,000 2,000,000 3,000,000 1,000,000 3,000,000 3,000,000 3,000,000 4,000,000 3,000,000 2,000,000 3,000,000 3,000,000 2,000,000 1,000,000 2,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 1,000,000 
      distributions from unconsolidated affiliates
    		3,000,000   4,000,000    1,000,000 2,000,000 1,000,000 6,000,000 1,000,000 0       0 0 1,000,000 4,000,000 6,000,000 3,000,000 7,000,000 6,000,000 6,000,000 6,000,000 5,000,000 1,000,000 5,000,000 7,000,000 3,000,000 4,000,000 
      deferred income taxes
    		   -49,000,000 0           0    -32,000,000 0      -1,000,000 -17,000,000 0 2,000,000 -5,000,000 -18,000,000 -48,000,000 -24,000,000 -2,288,000,000 
      changes in operating assets and liabilities
    		36,000,000 -1,000,000 13,000,000  52,000,000 -4,000,000 3,000,000  23,000,000 20,000,000 13,000,000  47,000,000 6,000,000 25,000,000  54,000,000 -57,000,000 34,000,000  65,000,000 23,000,000 -40,000,000  22,000,000 11,000,000 -60,000,000  16,000,000 -75,000,000 -83,000,000     
      net cash from operating activities
    		99,000,000 108,000,000 86,000,000 80,000,000 140,000,000 117,000,000 92,000,000 126,000,000 127,000,000 146,000,000 104,000,000 70,000,000 148,000,000 147,000,000 44,000,000 -42,000,000 66,000,000 -90,000,000 -71,000,000 -164,000,000 -116,000,000 -145,000,000 -13,000,000 150,000,000 105,000,000 172,000,000 72,000,000 149,000,000 147,000,000 105,000,000 43,000,000 195,000,000 184,000,000 133,000,000 141,000,000 
      capex
    		-68,000,000 -43,000,000 -77,000,000 -63,000,000 -43,000,000 -51,000,000 -70,000,000 -90,000,000 -71,000,000 -70,000,000 -54,000,000 -64,000,000 -52,000,000 -31,000,000 -21,000,000 -26,000,000 -15,000,000 -8,000,000 -5,000,000 -16,000,000 -14,000,000 -30,000,000 -26,000,000 -58,000,000 -62,000,000 -56,000,000 -64,000,000 -55,000,000 -47,000,000 -33,000,000 -53,000,000 -60,000,000 -39,000,000 -49,000,000 -37,000,000 
      free cash flows
    		31,000,000 65,000,000 9,000,000 17,000,000 97,000,000 66,000,000 22,000,000 36,000,000 56,000,000 76,000,000 50,000,000 6,000,000 96,000,000 116,000,000 23,000,000 -68,000,000 51,000,000 -98,000,000 -76,000,000 -180,000,000 -130,000,000 -175,000,000 -39,000,000 92,000,000 43,000,000 116,000,000 8,000,000 94,000,000 100,000,000 72,000,000 -10,000,000 135,000,000 145,000,000 84,000,000 104,000,000 
      investing activities:
    		                                   
      capital expenditures for property and equipment
    		-68,000,000 -43,000,000 -77,000,000 -63,000,000 -43,000,000 -51,000,000 -70,000,000 -90,000,000 -71,000,000 -70,000,000 -54,000,000 -64,000,000 -52,000,000 -31,000,000 -21,000,000 -26,000,000 -15,000,000 -8,000,000 -5,000,000 -16,000,000 -14,000,000 -30,000,000 -26,000,000 -58,000,000 -62,000,000 -56,000,000 -64,000,000 -55,000,000 -47,000,000 -33,000,000 -53,000,000 -60,000,000 -39,000,000 -49,000,000 -37,000,000 
      proceeds from asset dispositions
    		0       0 0 0 116,000,000 0 45,000,000   0 286,000,000   0 0 2,000,000 205,000,000 199,000,000 1,000,000 164,000,000 65,000,000 0 1,000,000 8,000,000 360,000,000     
      contributions to unconsolidated affiliates
    		   -4,000,000    -6,000,000 0 -2,000,000 -2,000,000     -1,000,000 0 -3,000,000 -2,000,000 -2,000,000 0               
      net cash from investing activities
    		-68,000,000 32,000,000 -77,000,000 -32,000,000 -13,000,000 -51,000,000 -70,000,000 -126,000,000 -71,000,000 -69,000,000 49,000,000 -53,000,000 -7,000,000 168,000,000 -21,000,000 -31,000,000 271,000,000 157,000,000 -3,000,000 -17,000,000 -14,000,000 -30,000,000 180,000,000 220,000,000 -966,000,000 109,000,000 2,000,000 -54,000,000 6,000,000 142,000,000 325,000,000 -40,000,000 -39,000,000 -49,000,000 -37,000,000 
      financing activities:
    		                                   
      proceeds from issuance of senior notes
    		   0 0                               
      repurchase or redemption of senior notes
    		   0 0                               
      borrowings from credit facilities
    		   0 0               0                
      repayments of mortgage debt
    		-2,000,000 -2,000,000 -2,000,000 -16,000,000 -2,000,000 -3,000,000 -1,000,000 -1,000,000 -2,000,000 -78,000,000 -2,000,000 -28,000,000 -2,000,000 -32,000,000 -2,000,000 -2,000,000 -4,000,000 -13,000,000 -1,000,000                 
      debt issuance costs
    		   0 0   0 0 0 -1,000,000 -8,000,000 0 0 -3,000,000 0 0   0 -24,000,000               
      dividends paid
    		-49,000,000 -50,000,000 -131,000,000 -53,000,000 -52,000,000 -52,000,000 -355,000,000 -32,000,000 -32,000,000 -32,000,000 -56,000,000 -2,000,000 -3,000,000       0 0 -105,000,000 -136,000,000 -112,000,000 -91,000,000 -90,000,000 -201,000,000 -85,000,000 -175,000,000 -85,000,000 -119,000,000 -92,000,000 -92,000,000 -92,000,000 -110,000,000 
      distributions to noncontrolling interests
    		-2,000,000 -1,000,000 -7,000,000 -1,000,000 -4,000,000 0 -2,000,000 -3,000,000 -3,000,000 0 -1,000,000 -3,000,000 -3,000,000   -4,000,000    0 0 0 -1,000,000 -4,000,000 -2,000,000 0 -3,000,000 -1,000,000 0   -3,000,000 -1,000,000   
      tax withholdings on share-based compensation
    		0 0 -4,000,000 0 0 -1,000,000 -4,000,000 0 0 0 -2,000,000 0 0 0 -3,000,000 0 -1,000,000 2,000,000 -6,000,000 -5,000,000 1,000,000 0 -6,000,000 0 -1,000,000 -1,000,000 -5,000,000 0 0 -1,000,000 -1,000,000 -1,000,000 0   
      repurchase of common stock
    		0 0 -45,000,000 -56,000,000 -35,000,000   0 -75,000,000 0 -105,000,000 -9,000,000 0 -157,000,000 -61,000,000     0 0 0 -66,000,000     0 0 0 -348,000,000     
      net cash from financing activities
    		-69,000,000 -53,000,000 -189,000,000 -126,000,000 -93,000,000 8,000,000 -362,000,000 -36,000,000 -112,000,000 -110,000,000 -217,000,000 -78,000,000 -8,000,000 -165,000,000 -69,000,000 -6,000,000 -439,000,000 -23,000,000 -7,000,000 -7,000,000 -10,000,000 142,000,000 789,000,000 -348,000,000 745,000,000 -91,000,000 -209,000,000 -86,000,000 -175,000,000 -87,000,000 -468,000,000 -144,000,000 -95,000,000 -96,000,000 -124,000,000 
      net decrease in cash and cash equivalents and restricted cash
    		-38,000,000 87,000,000 -180,000,000  34,000,000 74,000,000 -340,000,000    -64,000,000    -46,000,000            -135,000,000    -99,000,000     
      cash and cash equivalents and restricted cash, beginning of period
    		0 0 440,000,000 0 0 0 750,000,000 0 0 0 939,000,000 0 0 0 763,000,000 0 0 0 981,000,000 0 0 0 386,000,000 0 0 0 425,000,000 0 0 0 379,000,000     
      cash and cash equivalents and restricted cash, end of period
    		-38,000,000 87,000,000 260,000,000 -78,000,000 34,000,000 74,000,000 410,000,000 -36,000,000 -56,000,000 -33,000,000 875,000,000 -61,000,000 133,000,000 150,000,000 717,000,000 -79,000,000 -102,000,000 44,000,000 900,000,000 -188,000,000 -140,000,000 -33,000,000 1,342,000,000 22,000,000 -116,000,000 190,000,000 290,000,000 10,000,000 -23,000,000 158,000,000 280,000,000     
      supplemental disclosures
    		                                   
      non-cash investing and financing activities:
    		                                   
      accrued capital expenditures
    		8,000,000 12,000,000 18,000,000                                 
      dividends declared but unpaid
    		0 0 50,000,000  -1,000,000 0 52,000,000  -1,000,000 0 32,000,000  0 0 2,000,000        106,000,000  17,000,000 0 90,000,000  -91,000,000 91,000,000 86,000,000  0 0 92,000,000 
      other gain
    		              -1,000,000        -1,000,000 -45,000,000   -1,000,000         
      changes in operating assets and liabilities:
    		                                   
      accounts receivable
    		                                   
      prepaid expenses
    		                                   
      other assets
    		                                   
      accounts payable and accrued expenses
    		                                   
      due to hotel managers
    		                                   
      other liabilities
    		                                   
      other
    		                                   
      acquisitions
    		       0 0 0 -11,000,000                         
      proceeds from the sale of investments in affiliates
    		       0 0   0 0               0 0       
      reduction of restricted cash from derecognition of assets
    		                                   
      repayments of credit facilities
    		       0 0 0 -50,000,000     0 -432,000,000   0                
      proceeds from issuance of mortgage debt
    		           0 0    0                   
      net increase in cash and cash equivalents and restricted cash
    		       -36,000,000 -56,000,000   -61,000,000 133,000,000   -79,000,000 -102,000,000 44,000,000 -81,000,000 -188,000,000 -140,000,000 -33,000,000 956,000,000 22,000,000 -116,000,000   10,000,000 -23,000,000       
      impairment and casualty loss
    		    0 7,000,000 5,000,000 0 0                           
      non-cash financing activities:
    		                                   
      (gain) loss on sale of assets
    		                                   
      equity in (earnings) losses from investments in affiliates
    		           -9,000,000 -1,000,000                       
      other (gain) loss
    		           2,000,000 1,000,000               4,000,000 2,000,000       
      insurance proceeds for property damage claims
    		               0 0 0 4,000,000 0 0 0 1,000,000 29,000,000 8,000,000 1,000,000 1,000,000 1,000,000 52,000,000 17,000,000 18,000,000     
      purchase of investment security
    		                                   
      borrowing from credit facilities
    		                                   
      (gain) loss on sales of assets
    		           0                        
      casualty loss
    		          1,000,000                         
      casualty and impairment loss
    		           2,000,000 3,000,000                       
      proceeds from issuance of senior secured notes
    		               0 0   0 724,000,000               
      equity in losses from investments in affiliates
    		                0 2,000,000 4,000,000                 
      impairment loss and casualty (gain) loss
    		                                   
      equity in losses (earnings) from investments in affiliates
    		                   6,000,000                
      acquisitions, net of cash and restricted cash acquired
    		                       -1,000,000            
      proceeds from the issuance of mortgage debt
    		                                   
      impairment loss and casualty gain
    		                     0 694,000,000             
      due to hotel manager
    		                                   
      effect of exchange rate changes on cash and cash equivalents and restricted cash
    		                           1,000,000 -1,000,000 -2,000,000 1,000,000     
      repayment of mortgage debt
    		                    0               
      issuance of common shares in connection with the acquisition of chesapeake lodging trust
    		                                   
      assumption of mortgage loans in connection with acquisitions
    		                                   
      equity in loss (earnings) from investments in affiliates
    		                                   
      borrowings on revolver
    		                                   
      repayments of revolver
    		                                   
      repayment of 2016 term loan
    		                                   
      loss on foreign currency transactions
    		                      2,000,000 -1,000,000     1,000,000    1,000,000   
      borrowings under revolver
    		                      1,000,000,000             
      repayment of debt
    		                      -2,000,000             
      casualty (gain) loss and impairment loss
    		                           0        
      investments in affiliates
    		                               0 0 0 -1,000,000 
      borrowings under credit facilities
    		                       0            
      payments of deferred financing costs
    		                       0            
      net transfers to parent
    		                                   
      casualty gain and impairment loss
    		                                   
      non-cash investing activities:
    		                                   
      transfer of property and equipment to hilton grand vacations
    		                                   
      gain on foreign currency transactions
    		                              -1,000,000    -1,000,000 
      contribution from parent
    		                                   
      borrowings
    		                                   
      net transfers (to) from parent
    		                               0 0 0 -9,000,000 
      cash dividends paid to parent
    		                                   
      dividends paid in stock
    		                                0 0 441,000,000 
      gain on sale of assets
    		                                   
      changes in working capital and other
    		                                44,000,000 -39,000,000 9,000,000 
      change in restricted cash
    		                                   
      effect of exchange rate changes on cash and cash equivalents
    		                                1,000,000 0 1,000,000 
      net increase in cash and cash equivalents
    		                                51,000,000 -12,000,000 -19,000,000 
      cash and cash equivalents, beginning of period
    		                                0 0 337,000,000 
      cash and cash equivalents, end of period
    		                                51,000,000 -12,000,000 318,000,000 
      distribution to parent
    		                                   
      acquisitions, net of cash acquired
    		                                   
      payments received from notes receivable
    		                                   
      proceeds from sales-leaseback transaction
    		                                   
      cash contribution from parent
    		                                   
      capital contribution from hilton affiliate
    		                                   
      net transfers from (to) parent
    		                                   
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.