v3.25.3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
REVENUES
Revenue	$ 6,489	$ 6,255	$ 19,496	$ 18,671
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other	50	45	154	137
General, administrative, and other	234	276	724	785
Restructuring and merger-related (recoveries) charges, and other	(40)	9	(31)	25
Costs and expenses	5,309	5,311	16,132	15,656
OPERATING INCOME	1,180	944	3,364	3,015
Gains and other income, net	3	7	6	15
Interest expense	(206)	(179)	(601)	(515)
Interest income	12	11	33	30
Equity in earnings	5	3	10	8
INCOME BEFORE INCOME TAXES	994	786	2,812	2,553
Provision for income taxes	(266)	(202)	(656)	(633)
NET INCOME	$ 728	$ 584	$ 2,156	$ 1,920
EARNINGS PER SHARE
Earnings per share - basic (in USD per share)	$ 2.68	$ 2.08	$ 7.86	$ 6.71
Earnings per share - diluted (in USD per share)	$ 2.67	$ 2.07	$ 7.84	$ 6.69
Net fee revenues
REVENUES
Gross fee revenues	$ 1,338	$ 1,283	$ 4,013	$ 3,836
Contract investment amortization	(29)	(26)	(86)	(76)
Revenue	1,309	1,257	3,927	3,760
Base management fees
REVENUES
Gross fee revenues	314	312	979	955
Franchise fees
REVENUES
Gross fee revenues	876	812	2,482	2,318
Incentive management fees
REVENUES
Gross fee revenues	148	159	552	563
Owned, leased, and other revenue
REVENUES
Revenue	420	381	1,222	1,133
OPERATING COSTS AND EXPENSES
Operating costs	326	300	950	882
Reimbursements
REVENUES
Revenue	4,760	4,617	14,347	13,778
OPERATING COSTS AND EXPENSES
Operating costs	$ 4,739	$ 4,681	$ 14,335	$ 13,827

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