Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited)

v3.25.2
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net revenues        
Net revenues $ 397 $ 367 $ 713 $ 671
Expenses        
Operating 25 17 45 36
General and administrative 31 32 61 60
Depreciation and amortization 15 17 31 37
Transaction-related   5 1 46
Impairment 0 0 0 12
Restructuring 13 7 13 9
Separation-related 0 (12) 0 (11)
Total expenses 247 222 451 476
Operating income 150 145 262 195
Interest expense, net 34 30 68 59
Early extinguishment of debt 0 3 0 3
Income before income taxes 116 112 194 133
Provision for income taxes 29 26 45 31
Net income $ 87 $ 86 $ 149 $ 102
Earnings per share        
Basic (in usd per share) $ 1.13 $ 1.07 $ 1.92 $ 1.27
Diluted (in usd per share) $ 1.13 $ 1.07 $ 1.90 $ 1.26
Fee-related and other revenues        
Net revenues        
Net revenues $ 397 $ 366 $ 713 $ 669
Royalties and franchise fees        
Net revenues        
Net revenues 147 144 272 260
Marketing, reservation and loyalty        
Net revenues        
Net revenues 165 150 281 267
Expenses        
Cost of revenues 162 155 300 285
Management and other fees        
Net revenues        
Net revenues 2 2 5 5
License and other fees        
Net revenues        
Net revenues 33 31 60 57
Other        
Net revenues        
Net revenues 50 39 95 80
Cost reimbursements        
Net revenues        
Net revenues 0 1 0 2
Expenses        
Cost of revenues $ 0 $ 1 $ 0 $ 2