Quarterly report [Sections 13 or 15(d)]

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

v3.25.3
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net revenues        
Net revenues $ 382 $ 396 $ 1,095 $ 1,067
Expenses        
Operating 29 23 73 59
General and administrative 26 30 87 91
Depreciation and amortization 15 17 46 54
Transaction-related   1 2 46
Impairment 0 0 0 12
Restructuring 2 2 16 11
Separation-related 0 1 1 (11)
Total expenses 204 225 657 701
Operating income 178 171 438 366
Interest expense, net 36 34 103 93
Early extinguishment of debt 0 0 0 3
Income before income taxes 142 137 335 270
Provision for income taxes 37 35 82 66
Net income $ 105 $ 102 $ 253 $ 204
Earnings per share        
Basic (in usd per share) $ 1.37 $ 1.30 $ 3.28 $ 2.55
Diluted (in usd per share) $ 1.36 $ 1.29 $ 3.26 $ 2.54
Fee-related and other revenues        
Net revenues        
Net revenues $ 382 $ 394 $ 1,095 $ 1,063
Royalties and franchise fees        
Net revenues        
Net revenues 147 159 420 419
Marketing, reservation and loyalty        
Net revenues        
Net revenues 149 161 431 429
Expenses        
Cost of revenues 131 149 432 435
Management and other fees        
Net revenues        
Net revenues 2 3 7 7
License and other fees        
Net revenues        
Net revenues 35 32 95 89
Other        
Net revenues        
Net revenues 49 39 142 119
Cost reimbursements        
Net revenues        
Net revenues 0 2 0 4
Expenses        
Cost of revenues $ 0 $ 2 $ 0 $ 4