Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Income

v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net revenues      
Fee-related and other revenues $ 1,429,000 $ 1,404,000 $ 1,384,000
Net revenues 1,429,000 1,408,000 1,397,000
Expenses      
Operating 168,000 81,000 94,000
General and administrative 125,000 130,000 130,000
Depreciation and amortization 62,000 71,000 76,000
Separation-related 1,000 (11,000) 1,000
Impairment 86,000 12,000 0
Transaction-related, net 2,000 47,000 11,000
Total expenses 1,027,000 913,000 894,000
Operating income 402,000 495,000 503,000
Interest expense, net 139,000 124,000 102,000
Early extinguishment of debt 0 3,000 3,000
Income before income taxes 263,000 368,000 398,000
Provision for income taxes 70,000 79,000 109,000
Net income $ 193,000 $ 289,000 $ 289,000
Earnings per share      
Basic (in usd per share) $ 2.51 $ 3.64 $ 3.43
Diluted (in usd per share) $ 2.50 $ 3.61 $ 3.41
Costs Recognized $ 18,000 $ 15,000 $ 0
Royalties and franchise fees      
Net revenues      
Fee-related and other revenues 541,000 555,000 532,000
Marketing, reservation and loyalty      
Net revenues      
Fee-related and other revenues 562,000 563,000 578,000
Expenses      
Cost of revenues 565,000 564,000 569,000
Management and other fees      
Net revenues      
Fee-related and other revenues 9,000 10,000 14,000
License and other fees      
Net revenues      
Fee-related and other revenues 126,000 119,000 112,000
Cost reimbursements      
Net revenues      
Fee-related and other revenues 0 4,000 13,000
Cost reimbursements   4,000 13,000
Expenses      
Cost of revenues 0 4,000 13,000
Other      
Net revenues      
Fee-related and other revenues $ 191,000 $ 157,000 $ 148,000