CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and equivalents	$ 358	$ 396
Accounts and notes receivable, net	2,909	2,795
Prepaid expenses and other	317	294
Total current assets	3,584	3,485
Property and equipment, net	1,954	1,833
Intangible assets
Intangible assets	10,336	9,488
Goodwill	8,907	8,731
Goodwill and intangible assets, net, total	19,243	18,219
Equity method investments	298	298
Notes receivable, net	151	136
Deferred tax assets	570	650
Operating lease assets	941	845
Other noncurrent assets	799	716
Total assets	27,540	26,182
Current liabilities
Current portion of long-term debt	1,209	1,309
Accounts payable	814	763
Accrued payroll and benefits	1,438	1,449
Accrued expenses and other	1,440	1,641
Total current liabilities	8,398	8,649
Long-term debt	14,995	13,138
Deferred tax liabilities	79	81
Operating lease liabilities	879	794
Other noncurrent liabilities	1,265	1,377
Stockholders’ deficit
Class A Common Stock	5	5
Additional paid-in-capital	6,352	6,179
Retained earnings	18,414	16,531
Treasury stock, at cost	(27,900)	(24,644)
Accumulated other comprehensive loss	(642)	(1,063)
Stockholders’ deficit	(3,771)	(2,992)
Liabilities and equity, total	27,540	26,182
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	3,497	3,487
Contract with customer liabilities	4,495	4,032
Deferred revenue
Current liabilities
Contract with customer liabilities	1,200	1,103
Brands
Intangible assets
Intangible assets	6,207	5,770
Contract acquisition costs and other
Intangible assets
Intangible assets	$ 4,129	$ 3,718