Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net revenues      
Fee-related and other revenues $ 1,404 $ 1,384 $ 1,354
Net revenues 1,408 1,397 1,498
Expenses      
Operating 81 94 106
General and administrative 130 130 123
Depreciation and amortization 71 76 77
Gain on asset sale, net 0 0 (35)
Separation-related (11) 1 1
Impairment 12 0 0
Transaction-related, net 47 11 0
Total expenses 913 894 940
Operating income 495 503 558
Interest expense, net 124 102 80
Early extinguishment of debt 3 3 2
Income before income taxes 368 398 476
Provision for income taxes 79 109 121
Net income $ 289 $ 289 $ 355
Earnings per share      
Basic (in usd per share) $ 3.64 $ 3.43 $ 3.93
Diluted (in usd per share) $ 3.61 $ 3.41 $ 3.91
Restructuring $ 15 $ 0 $ 0
Royalties and franchise fees      
Net revenues      
Fee-related and other revenues 555 532 512
Marketing, reservation and loyalty      
Net revenues      
Fee-related and other revenues 563 578 544
Expenses      
Cost of revenues 564 569 524
Management and other fees      
Net revenues      
Fee-related and other revenues 10 14 57
License and other fees      
Net revenues      
Fee-related and other revenues 119 112 100
Cost reimbursements      
Net revenues      
Cost reimbursements 4 13 144
Expenses      
Cost of revenues 4 13 144
Other      
Net revenues      
Fee-related and other revenues $ 157 $ 148 $ 141