Hyatt Hotels Corp

CIK:0001468174|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Total revenues	$ 1,829	$ 1,808	$ 3,577	$ 3,526
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative	180	152	310	278
Other direct costs	0	20	0	44
Transaction and integration costs	8	82	24	105
Depreciation and amortization	73	82	149	162
Total direct and general and administrative expenses	1,702	1,750	3,332	3,365
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	58	31	46	19
Equity earnings (losses) from unconsolidated hospitality ventures	11	6	(2)	(6)
Interest expense	(64)	(74)	(129)	(140)
Gains (losses) on sales of real estate and other	2	(2)	2	(2)
Asset impairments	(5)	(10)	(26)	(14)
Other income (loss), net	53	29	103	72
Income before income taxes	182	38	239	90
Provision for income taxes	(73)	(42)	(89)	(70)
Net income (loss)	109	(4)	150	20
Net income (loss) attributable to noncontrolling interests	(1)	(1)	2	3
Net income (loss) attributable to Hyatt Hotels Corporation	$ 110	$ (3)	$ 148	$ 17
EARNINGS (LOSSES) PER CLASS A AND CLASS B SHARE:
Net income (loss) attributable to Hyatt Hotels Corporation—Basic (in dollars per share)	$ 1.17	$ (0.03)	$ 1.57	$ 0.17
Net income (loss) attributable to Hyatt Hotels Corporation—Diluted (in dollars per share)	$ 1.14	$ (0.03)	$ 1.53	$ 0.17
Net fees
REVENUES:
Total revenues	$ 307	$ 286	$ 617	$ 573
Gross fees
REVENUES:
Total revenues	324	301	657	608
Base management fees
REVENUES:
Total revenues	124	113	251	227
Incentive management fees
REVENUES:
Total revenues	64	62	150	138
Franchise and other fees
REVENUES:
Total revenues	136	126	256	243
Contra revenue
REVENUES:
Total revenues	(17)	(15)	(40)	(35)
Owned and leased
REVENUES:
Total revenues	274	304	493	523
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	223	246	423	440
Distribution
REVENUES:
Total revenues	225	262	499	577
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	198	219	443	485
Other revenues
REVENUES:
Total revenues	0	11	0	22
Revenues for reimbursed costs
REVENUES:
Total revenues	1,023	945	1,968	1,831
Reimbursed costs
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	$ 1,020	$ 949	$ 1,983	$ 1,851

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$ 150

$ 20

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

149

162

Amortization of share awards

Amortization of operating lease right-of-use assets

Deferred income taxes

(49)

(25)

Asset impairments

Contra revenue

(Gains) losses, net on marketable securities

(1)

(15)

Contingent consideration liabilities fair value adjustments

(33)

(8)

Payments for key money assets

(77)

(56)

Deferred revenue related to the loyalty program

194

136

Working capital changes and other

(311)

(240)

Net cash provided by operating activities

150

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of marketable securities and short-term investments

(323)

(355)

Proceeds from marketable securities and short-term investments

244

623

Contributions to equity method and other investments

(33)

(53)

Return of equity method and other investments

Acquisitions, net of cash acquired

(8)

(1,267)

Capital expenditures

(45)

(74)

Proceeds from sales of real estate and other, net

^[1]

(9)

Issuance of financing receivables

(33)

(7)

Proceeds from financing receivables

Other investing activities

Net cash used in investing activities

(173)

(1,120)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from debt, net of issuance costs of $— and $15 for the six months ended June 30, 2026 and June 30, 2025, respectively

2,684

Repayments of debt

(2)

(1,527)

Repurchases of common stock

(147)

(149)

Dividends paid

(28)

Payment of withholding taxes for stock-based compensation

(31)

(23)

Payment of deferred consideration liability

(21)

Other financing activities

(21)

Net cash provided by (used in) financing activities

(228)

936

Effect of exchange rate changes on cash

(16)

Net decrease in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale

(250)

(114)

Change in cash, cash equivalents, and restricted cash classified within current assets held for sale

(50)

Net decrease in cash, cash equivalents, and restricted cash

(250)

(164)

Cash, cash equivalents, and restricted cash—Beginning of period

788

1,015

Cash, cash equivalents, and restricted cash—End of period

538

851

Supplemental disclosure of cash flow information:

Cash and cash equivalents

537

846

Restricted cash included in prepaids and other assets

Restricted cash included in other assets

Total cash, cash equivalents, and restricted cash

538

851

Cash paid during the period for interest

117

105

Cash paid during the period for income taxes, net

134

163

Cash paid for amounts included in the measurement of operating lease liabilities

Non-cash investing and financing activities:

Change in accrued capital expenditures

(2)

Right-of-use assets obtained in exchange for operating lease liabilities

Contributions to equity method and other investments

Purchase consideration for the Playa Hotels Acquisition (Note 7)

$ 0

$ 20

[1]	(1) Primarily includes cash paid for transaction costs and proration adjustments.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 537	$ 787
Short-term investments	69	26
Receivables, net of allowances of $81 and $79 at June 30, 2026 and December 31, 2025, respectively	1,144	1,123
Prepaids and other assets	286	241
Total current assets	2,036	2,177
Equity method investments	196	186
Property and equipment, net	1,547	1,577
Financing receivables, net of allowances of $51 and $50 at June 30, 2026 and December 31, 2025, respectively	464	442
Operating lease right-of-use assets	310	328
Goodwill	3,451	3,454
Intangibles, net	2,121	2,229
Deferred tax assets	573	518
Other assets	3,278	3,125
TOTAL ASSETS	13,976	14,036
CURRENT LIABILITIES:
Current maturities of long-term debt	605	6
Accounts payable	530	451
Accrued expenses and other current liabilities	504	627
Current contract liabilities	1,465	1,584
Accrued compensation and benefits	182	226
Total current liabilities	3,286	2,894
Long-term debt	3,676	4,272
Long-term contract liabilities	1,107	1,012
Long-term operating lease liabilities	228	243
Other long-term liabilities	2,055	1,956
Total liabilities	10,352	10,377
Commitments and contingencies (Note 13)
EQUITY:
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized and none issued and outstanding at both June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	4	0
Retained earnings	3,478	3,482
Accumulated other comprehensive loss	(177)	(149)
Total stockholders' equity	3,306	3,334
Noncontrolling interests	318	325
Total equity	3,624	3,659
TOTAL LIABILITIES AND EQUITY	13,976	14,036
Class A Common Stock
EQUITY:
Common stock	1	1
Class B Common Stock
EQUITY:
Common stock	$ 0	$ 0