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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Total revenue $ 25,100 $ 23,713 $ 20,773
OPERATING COSTS AND EXPENSES      
Depreciation, amortization, and other 183 189 193
General, administrative, and other 1,074 1,011 891
Restructuring and merger-related charges 77 60 12
Costs and expenses, total 21,333 19,849 17,311
OPERATING INCOME 3,767 3,864 3,462
Gains and other income, net 31 40 11
Interest expense (695) (565) (403)
Interest income 40 30 26
Equity in earnings [1] 8 9 18
INCOME BEFORE INCOME TAXES 3,151 3,378 3,114
Provision for income taxes (776) (295) (756)
NET INCOME $ 2,375 $ 3,083 $ 2,358
EARNINGS PER SHARE      
Earnings per share - basic (in USD per share) $ 8.36 $ 10.23 $ 7.27
Earnings per share - diluted (in USD per share) $ 8.33 $ 10.18 $ 7.24
Net fee revenues      
REVENUES      
Gross fee revenues $ 5,170 $ 4,824 $ 4,078
Contract investment amortization (103) (88) (89)
Total revenue 5,067 4,736 3,989
Base management fees      
REVENUES      
Gross fee revenues 1,288 1,238 1,044
Franchise fees      
REVENUES      
Gross fee revenues 3,113 2,831 2,505
Incentive management fees      
REVENUES      
Gross fee revenues 769 755 529
Owned, leased, and other      
REVENUES      
Total revenue 1,551 1,564 1,367
OPERATING COSTS AND EXPENSES      
Cost of revenues 1,200 1,165 1,074
Reimbursements      
REVENUES      
Total revenue [1] 18,482 17,413 15,417
OPERATING COSTS AND EXPENSES      
Cost of revenues [1] $ 18,799 $ 17,424 $ 15,141
[1] See Note 15 for disclosure of related party amounts.