CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Revenue		$ 26,186	$ 25,100	$ 23,713
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other		213	183	189
General and administrative	[1]	870	945	867
Restructuring and merger-related (recoveries) charges, and other		(2)	77	60
Costs and expenses		22,045	21,333	19,849
OPERATING INCOME		4,141	3,767	3,864
Gains and other income, net		9	31	40
Interest expense		(809)	(695)	(565)
Interest income		42	40	30
Equity in earnings	[2]	11	8	9
INCOME BEFORE INCOME TAXES		3,394	3,151	3,378
Provision for income taxes		(793)	(776)	(295)
NET INCOME		$ 2,601	$ 2,375	$ 3,083
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)		$ 9.53	$ 8.36	$ 10.23
Earnings per share - diluted (in USD per share)		$ 9.51	$ 8.33	$ 10.18
Net fee revenues
REVENUES
Gross fee revenues		$ 5,438	$ 5,170	$ 4,824
Contract investment amortization		(135)	(103)	(88)
Revenue		5,303	5,067	4,736
Franchise fees
REVENUES
Gross fee revenues		3,325	3,113	2,831
Base management fees
REVENUES
Gross fee revenues		1,322	1,288	1,238
Incentive management fees
REVENUES
Gross fee revenues		791	769	755
Owned, leased, and other
REVENUES
Revenue		1,679	1,551	1,564
OPERATING COSTS AND EXPENSES
Operating costs	[1]	1,461	1,329	1,309
Reimbursements
REVENUES
Revenue	[2]	19,204	18,482	17,413
OPERATING COSTS AND EXPENSES
Operating costs	[2]	$ 19,503	$ 18,799	$ 17,424

[1] In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. See Note 1 for additional information.

[2] See Note 15 for disclosure of related party amounts.