CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income		$ 2,601	$ 2,375	$ 3,083
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses)	[1]	599	492	436
Stock-based compensation		236	237	205
Income taxes		(277)	(172)	(612)
Contract acquisition costs		(434)	(341)	(221)
Restructuring and merger-related (recoveries) charges, and other		(15)	(278)	47
Working capital changes		(147)	(82)	69
Other		176	4	(138)
Net cash provided by operating activities		3,212	2,749	3,170
INVESTING ACTIVITIES
Capital and technology expenditures		(604)	(750)	(452)
Asset acquisitions		(350)	(26)	(101)
Dispositions		9	16	71
Loan advances		(35)	(10)	(77)
Loan collections		22	36	61
Other		10	0	33
Net cash used in investing activities		(948)	(734)	(465)
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net		(403)	163	546
Issuance of long-term debt		3,436	2,948	1,918
Repayment of long-term debt		(1,309)	(558)	(684)
Issuance of Class A Common Stock		92	73	29
Dividends paid		(718)	(682)	(587)
Purchase of treasury stock		(3,300)	(3,762)	(3,953)
Stock-based compensation withholding taxes		(116)	(138)	(108)
Other		0	0	(25)
Net cash used in financing activities		(2,318)	(1,956)	(2,864)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(54)	59	(159)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	[2]	425	366	525
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	[2]	371	425	366
Liability for guest loyalty program
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty program		$ 473	$ 514	$ 301

[1] The 2023 amounts reflect the reclassification of $159 million of depreciation and amortization classified in reimbursed expenses from the “Other” caption within operating activities to the “Depreciation, amortization, and other” caption of our Statements of Cash Flows to conform to our current presentation.

[2] The 2025 amounts include beginning restricted cash of $29 million at December 31, 2024 and ending restricted cash of $13 million at December 31, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.