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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-34521

HYATT HOTELS CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware

20-1480589

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

150 North Riverside Plaza

8th Floor, Chicago, Illinois 60606

(Address of Principal Executive Offices) (Zip Code)

(312) 750-1234

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At ~~April~~July 24, 2026, there were 41,~~030~~600,~~133~~929 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 5352,~~131~~635,~~473~~807 shares of the registrant's Class B common stock, $0.01 par value, outstanding.

Table of Contents

HYATT HOTELS CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED ~~MARCH~~JUNE 3130, 2026

TABLE OF CONTENTS

	PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	1
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3237
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4656
Item 4.	Controls and Procedures	4656
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	4758
Item 1A.	Risk Factors	4758
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4758
Item 3.	Defaults Upon Senior Securities	4758
Item 4.	Mine Safety Disclosures	4758
Item 5.	Other Information	4758
Item 6.	Exhibits	4860
Signatures		4961

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In millions of dollars, except per share amounts)

(Unaudited)

	Three Months Ended		~~Three Months Ended~~		Six Months Ended
					March 31, 2026		March 31, 2025
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
REVENUES:
Base management fees	$	124	$	113	$	~~127~~251	$	~~114~~227
Incentive management fees	64		62		86150		76138
Franchise and other fees	136		126		~~120~~256		~~117~~243
Gross fees	324		301		~~333~~657		~~307~~608
Contra revenue	(17)		(15)		(2340)		(2035)
Net fees	307		286		~~310~~617		~~287~~573
Owned and leased	274		304		~~219~~493		~~219~~523
Distribution	225		262		~~274~~499		~~315~~577
Other revenues	—		11		—		1122
Revenues for reimbursed costs	1,023		945		~~945~~1,968		~~886~~1,831
Total revenues	1,829		1,808		13,~~748~~577		13,~~718~~526
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative	180		152		~~130~~310		~~126~~278
Owned and leased	223		246		~~200~~423		~~194~~440
Distribution	198		219		~~245~~443		~~266~~485
Other direct costs	—		20		—		2444
Transaction and integration costs	8		82		1624		23105
Depreciation and amortization	73		82		76149		80162
Reimbursed costs	1,020		949		~~963~~1,983		~~902~~1,851
Total direct and general and administrative expenses	1,702		1,750		13,~~630~~332		13,~~615~~365
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	58		31		~~(12)~~46		~~(12)~~19
Equity earnings (losses) from unconsolidated hospitality ventures	11		6		(132)		(126)
Interest expense	(64)		(74)		(65129)		(66140)
Asset impairments					(21)		(4)
Gains (losses) on sales of real estate and other	2		(2)		2		(2)
Other income (loss), net					50		43
Asset impairments	(5)		(10)		(26)		(14)
Income before income taxes					57		52
Other income (loss), net	53		29		103		72
Provision for income taxes					(16)		(28)
Income before income taxes	182		38		239		90
Net income					$	41	$	24
Provision for income taxes	(73)		(42)		(89)		(70)
Net income attributable to noncontrolling interests					$	3	$	4
Net income (loss)	$	109	$	(4)	$	150	$	20
Net income attributable to Hyatt Hotels Corporation					$	38	$	20
Net income (loss) attributable to noncontrolling interests	$	(1)	$	(1)	$	2	$	3
EARNINGS PER CLASS A AND CLASS B SHARE:
Net income (loss) attributable to Hyatt Hotels Corporation	$	110	$	(3)	$	148	$	17
Net income attributable to Hyatt Hotels Corporation—Basic					$	0.41	$	0.20
EARNINGS (LOSSES) PER CLASS A AND CLASS B SHARE:
Net income attributable to Hyatt Hotels Corporation—Diluted					$	0.40	$	0.19
Net income (loss) attributable to Hyatt Hotels Corporation—Basic	$	1.17	$	(0.03)	$	1.57	$	0.17
Net income (loss) attributable to Hyatt Hotels Corporation—Diluted	$	1.14	$	(0.03)	$	1.53	$	0.17

See accompanying Notes to condensed consolidated financial statements.

Table of Contents

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions of dollars)

(Unaudited)

	Three Months Ended				Six Months Ended
	March 31, 2026		March 31, 2025
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Net income	$	41	$	24
Net income (loss)	$	109	$	(4)	$	150	$	20
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $1 and $(1) for the three months ended March 31, 2026 and March 31, 2025, respectively	(8)		61
Foreign currency translation adjustments, net of tax of $— and $1 for the three and six months ended June 30, 2026, respectively, and $(4) and $(5) for the three and six months ended June 30, 2025, respectively	(12)		111		(20)		172
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $2 and $1 for the three months ended March 31, 2026 and March 31, 2025, respectively	(4)		(4)
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $1 and $3 for the three and six months ended June 30, 2026, respectively, and $(1) and $— for the three and six months ended June 30, 2025, respectively	(15)		3		(19)		(1)
Derivative instrument adjustments, net of tax of $— for both the three months ended March 31, 2026 and March 31, 2025	1		1
Derivative instrument adjustments, net of tax of $(1) for both the three and six months ended June 30, 2026 and $(1) for both the three and six months ended June 30, 2025	1		2		2		3
Other comprehensive income (loss)	(1126)		58116		(37)		174
Comprehensive income	$	3083	$	82112	$	113	$	194
Comprehensive income (loss) attributable to noncontrolling interests	$	(25)	$	1725	$	(7)	$	42
Comprehensive income attributable to Hyatt Hotels Corporation	$	3288	$	6587	$	120	$	152

See accompanying Notes to condensed consolidated financial statements.

Table of Contents

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars, except share and per share amounts)

(Unaudited)

	March 31, 2026		December 31, 2025
	June 30, 2026		December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	~~593~~537	$	787
Short-term investments	7869		26
Receivables, net of allowances of $82 and $79 at March 31, 2026 and December 31, 2025, respectively	1,117		1,123
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	~~295~~286		241
Total current assets	2,~~083~~036		2,177
Equity method investments	~~192~~196		186
Property and equipment, net	1,~~565~~547		1,577
Financing receivables, net of allowances of $58 and $50 at March 31, 2026 and December 31, 2025, respectively	443		442
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	~~315~~310		328
Goodwill	3,~~450~~451		3,454
Intangibles, net	2,~~164~~121		2,229
Deferred tax assets	~~550~~573		518
Other assets	3,~~141~~278		3,125
TOTAL ASSETS	$	13,~~903~~976	$	14,036
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	605	$	6
Accounts payable	~~612~~530		451
Accrued expenses and other current liabilities	~~529~~504		627
Current contract liabilities	1,~~526~~465		1,584
Accrued compensation and benefits	~~176~~182		226
Total current liabilities	3,~~448~~286		2,894
Long-term debt	3,~~675~~676		4,272
Long-term contract liabilities	1,~~072~~107		1,012
Long-term operating lease liabilities	~~234~~228		243
Other long-term liabilities	12,~~923~~055		1,956
Total liabilities	10,352		10,377
Commitments and contingencies (Note 12)
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 March 31, 2026 and December 31, 2025	—		—
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	—		—
Class A common stock, $0.01 par value per share; 1,000,000,000 shares authorized and 41,009,576 shares issued and outstanding at March 31, 2026; 1,000,000,000 shares authorized and 41,460,839 shares issued and outstanding at December 31, 2025	1		1
Class A common stock, $0.01 par value per share; 1,000,000,000 shares authorized and 41,525,307 shares issued and outstanding at June 30, 2026; 1,000,000,000 shares authorized and 41,460,839 shares issued and outstanding at December 31, 2025	1		1
Class B common stock, $0.01 par value per share; 385,125,885 shares authorized and 53,131,473 shares issued and outstanding at March 31, 2026; 385,137,885 shares authorized and 53,143,473 shares issued and outstanding at December 31, 2025	—		—
Class B common stock, $0.01 par value per share; 384,750,219 shares authorized and 52,755,807 shares issued and outstanding at June 30, 2026; 385,137,885 shares authorized and 53,143,473 shares issued and outstanding at December 31, 2025	—		—
Additional paid-in capital	—4		—
Retained earnings	3,~~382~~478		3,482
Accumulated other comprehensive loss	(~~155~~177)		(149)
Total stockholders' equity	3,~~228~~306		3,334
Noncontrolling interests	~~323~~318		325
Total equity	3,~~551~~624		3,659
TOTAL LIABILITIES AND EQUITY	$	13,~~903~~976	$	14,036

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

	Three Months Ended
	Six Months Ended
	March 31, 2026		March 31, 2025
	June 30, 2026		June 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	41150	$	2420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	76149		80162
Amortization of share awards	2845		3146
Amortization of operating lease right-of-use assets	917		817
Deferred income taxes	(2749)		(2425)
Asset impairments	2126		414
Equity (earnings) losses from unconsolidated hospitality ventures	13		12
Contra revenue	40		35
Contra revenue	23		20
(Gains) losses, net on marketable securities	(1)		(15)
(Gains) losses, net on marketable securities	—		(10)
Contingent consideration liabilities fair value adjustments	(33)		(8)
Contingent consideration liabilities fair value adjustments	(31)		(5)
Payments for key money assets	(77)		(56)
Payments for key money assets	(49)		(18)
Deferred revenue related to the loyalty program	194		136
Deferred revenue related to the loyalty program	105		90
Working capital changes and other	(311)		(240)
Working capital changes and other	(109)		(59)
Net cash provided by operating activities	150		86
Net cash provided by operating activities	100		153
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(~~153~~323)		(~~172~~355)
Proceeds from marketable securities and short-term investments	75244		~~481~~623
Contributions to equity method and other investments	(1833)		(4653)
Return of equity method and other investments	—7		810
Capital expenditures	(23)		(30)
Acquisitions, net of cash acquired	(8)		(1,267)
Capital expenditures	(45)		(74)
Proceeds from sales of real estate and other, net (1)	(9)		(9)
Issuance of financing receivables	(2133)		—(7)
Proceeds from financing receivables	26		15
Other investing activities	1		67
Net cash provided by (used in) investing activities	(122)		239
Net cash used in investing activities	(173)		(1,120)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt, net of issuance costs of $— and $9 for the three months ended March 31, 2026 and March 31, 2025, respectively	—		990
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	(12)		(~~451~~1,527)
Repurchases of common stock	(~~135~~147)		(149)
Dividends paid	(1428)		(1428)
Payment of withholding taxes for stock-based compensation	(2331)		(23)
Other financing activities	(1)		(13)
Payment of deferred consideration liability	(21)		—
Net cash provided by (used in) financing activities	(174)		340
Other financing activities	1		(21)
Effect of exchange rate changes on cash	2		(8)
Net cash provided by (used in) financing activities	(228)		936
Net increase (decrease) in cash, cash equivalents, and restricted cash	(194)		724
Effect of exchange rate changes on cash	1		(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	$	~~594~~538	$	~~1,739~~851
(1) Includes cash paid for transaction costs and proration adjustments, as applicable.
(1) Primarily includes cash paid for transaction costs and proration adjustments.

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

Supplemental disclosure of cash flow information:

	March 31, 2026		March 31, 2025
	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	~~593~~537	$	~~1,735~~846
Restricted cash included in prepaids and other assets	1		1
Restricted cash included in other assets	—		34
Total cash, cash equivalents, and restricted cash	$	~~594~~538	$	~~1,739~~851

	Three Months Ended
	Six Months Ended
	March 31, 2026		March 31, 2025
	June 30, 2026		June 30, 2025
Cash paid during the period for interest	$	54117	$	47105
Cash paid during the period for income taxes, net	$	81134	$	~~134~~163
Cash paid for amounts included in the measurement of operating lease liabilities	$	1122	$	1121
Non-cash investing and financing activities:
Change in accrued capital expenditures	$	(2)	$	4
Right-of-use assets obtained in exchange for operating lease liabilities	$	5	$	10
Contributions to equity method and other investments	$	4	$	—
Purchase consideration for the Playa Hotels Acquisition (Note 7)	$	—	$	20

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

(In millions of dollars, except share and per share amounts)

(Unaudited)

	Stockholders' equity attributable to Hyatt Hotels Corporation
	Common Shares Outstanding		Common Stock Amount				Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
	Class	Class	Class		Class
	A	B	A		B
BALANCE—January 1, 2025	42,613,090	53,531,579	$	1	$	—	$	—	$	3,815	$	(269)	$	279	$	3,826
Net income	—	—	—		—		—		20		—		4		24
Other comprehensive income	—	—	—		—		—		—		45		13		58
Measurement period adjustment for noncontrolling interest (1)	—	—	—		—		—		—		—		5		5
Repurchases of common stock (2)	(1,078,511)	—	—		—		(13)		(137)		—		—		(150)
Employee stock plan issuance	12,982	—	—		—		2		—		—		—		2
Share-based payment activity	351,159	—	—		—		11		—		—		—		11
Cash dividends declared of $0.15 per share (Note 13)	—	—	—		—		—		(14)		—		—		(14)
Dividends declared (3)	—	—	—		—		—		(14)		—		—		(14)
Class share conversions	19,001	(19,001)	—		—		—		—		—		—		—
BALANCE—March 31, 2025	41,917,721	53,512,578	$	1	$	—	$	—	$	3,684	$	(224)	$	301	$	3,762
Net loss	—	—	—		—		—		(3)		—		(1)		(4)
Other comprehensive income	—	—	—		—		—		—		90		26		116
Employee stock plan issuance	21,695	—	—		—		2		—		—		—		2
Share-based payment activity (4)	17,454	—	—		—		25		—		—		—		25
Dividends declared (3)	—	—	—		—		—		(14)		—		—		(14)
BALANCE—June 30, 2025	41,956,870	53,512,578	$	1	$	—	$	27	$	3,667	$	(134)	$	326	$	3,887
BALANCE—January 1, 2026	41,460,839	53,143,473	$	1	$	—	$	—	$	3,482	$	(149)	$	325	$	3,659
Net income	—	—	—		—		—		38		—		3		41
Other comprehensive loss	—	—	—		—		—		—		(6)		(5)		(11)
Repurchases of common stock (2)	(840,249)	—	—		—		(12)		(124)		—		—		(136)
Employee stock plan issuance	13,224	—	—		—		2		—		—		—		2
Share-based payment activity	363,762	—	—		—		10		—		—		—		10
Cash dividends declared of $0.15 per share (Note 13)	—	—	—		—		—		(14)		—		—		(14)
Dividends declared (3)	—	—	—		—		—		(14)		—		—		(14)
Class share conversions	12,000	(12,000)	—		—		—		—		—		—		—
BALANCE—March 31, 2026	41,009,576	53,131,473	$	1	$	—	$	—	$	3,382	$	(155)	$	323	$	3,551
Net income (loss)	—	—	—		—		—		110		—		(1)		109
Other comprehensive loss	—	—	—		—		—		—		(22)		(4)		(26)
Repurchases of common stock	(62,605)	—	—		—		(12)		—		—		—		(12)
Employee stock plan issuance	18,695	—	—		—		3		—		—		—		3
Share-based payment activity	183,975	—	—		—		13		—		—		—		13
Dividends declared (3)	—	—	—		—		—		(14)		—		—		(14)
Class share conversions	375,666	(375,666)	—		—		—		—		—		—		—
BALANCE—June 30, 2026	41,525,307	52,755,807	$	1	$	—	$	4	$	3,478	$	(177)	$	318	$	3,624
(1) Relates to an acquisition that was completed during the year ended December 31, 2024.
(2) Includes a $1 million liability recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets at both March 31, 2026 and March 31, 2025 related to the 1% U.S. federal excise tax.
(2) Includes a $1 million liability recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets at the respective balance sheet dates related to the 1% U.S. federal excise tax.
(3) Cash dividends declared of $0.15 per share includes $6 million and $8 million to Class A and Class B stockholders, respectively.
(4) Includes $3 million of additional paid-in capital related to time-vested restricted stock units granted to certain Playa Hotels & Resorts N.V. employees as part of the total purchase consideration on the acquisition date (see Note 7).

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in millions of dollars, unless otherwise indicated)

(Unaudited)

1. ORGANIZATION

Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries have offerings that consist of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. We also offer distribution and destination management services through ALG Vacations and distribution services through Mr & Mrs Smith, a boutique and luxury global travel platform. At ~~March~~June 3130, 2026, our hotel portfolio included 1,~~548~~559 hotels and all-inclusive resorts (~~375~~377,~~260~~886 rooms), and our portfolio of properties operated in 83 countries around the world. Additionally, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other trade names or marks owned by such hotels or licensed by third parties.

Unless otherwise specified or required by the context, references in this Quarterly Report on Form 10-Q ("Quarterly Report") to "we," "our," "us," "Hyatt," or the "Company" refer to Hyatt Hotels Corporation and its consolidated subsidiaries. As used in this Quarterly Report:

•"hospitality ventures" refer to entities in which we own less than a 100% equity interest;

•"hotel portfolio" refers to our full service hotels, our select service hotels, and our all-inclusive resorts;

•"loyalty program" refers to the World of Hyatt loyalty program that is operated for the benefit of participating properties and is designed to drive guest engagement and repeat business by rewarding members with points and other benefits;

•"properties" or "portfolio of properties" refer to our hotel portfolio and residential and vacation units that we operate, manage, franchise, own, lease, develop, license, or to which we provide services or license our trademarks, including under the Park Hyatt, Alila, Miraval, Impression by Secrets, The Unbound Collection by Hyatt, Andaz, Thompson Hotels, The Standard, Dream Hotels, The StandardX, Breathless Resorts & Spas, JdV by Hyatt, Bunkhouse Hotels, Me and All Hotels, Zoëtry Wellness & Spa Resorts, Hyatt Ziva, Hyatt Zilara, Secrets Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Bahia Principe Hotels & Resorts, Alua Hotels & Resorts, Sunscape Resorts & Spas, Grand Hyatt, Hyatt Regency, Destination by Hyatt, Hyatt Centric, Hyatt Vacation Club, Hyatt, Caption by Hyatt, Unscripted by Hyatt, Hyatt Place, Hyatt House, Hyatt Studios, Hyatt Select, and UrCove brands;

•"residential units" refer to residential units that we manage, own, or to which we provide services or license our trademarks, including Hyatt-branded residential units that are either for sale or owned by a third-party and participating in a voluntary rental management program, which are typically located within or adjacent to a full service hotel that is a member of our portfolio of properties or in stand-alone developments; and

•"vacation units" refer to the fractional and timeshare vacation properties we license our trademarks to and that are part of Hyatt Vacation Club.

The unaudited condensed consolidated financial statements and accompanying footnotes (the "Notes") include Hyatt Hotels Corporation and its majority owned and controlled subsidiaries as well as entities consolidated under the variable interest entity ("VIE") model and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying footnotes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K").

Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation.

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2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Future Adoption of Accounting Standards

Disclosure Improvements—In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-06 ("ASU 2023-06"), Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. ASU 2023-06 modifies the disclosure and presentation requirements for certain FASB Accounting Standards Codification topics to align with Securities and Exchange Commission ("SEC") regulations. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from its regulations becomes effective, if the SEC removes the disclosure by June 30, 2027. The provisions of ASU 2023-06 are to be applied prospectively, with early adoption prohibited. We do not expect the adoption of ASU 2023-06 to have a material impact on our condensed consolidated financial statements and accompanying Notes.

Expense Disaggregation Disclosures—In November 2024, the FASB issued Accounting Standards Update No. 2024-03 ("ASU 2024-03"), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of disaggregated information about certain costs and expenses presented on the consolidated statements of income (loss), including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, as clarified by Accounting Standards Update No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, and may be applied either prospectively or retrospectively for any or all prior periods presented. We are currently assessing the impact of adopting ASU 2024-03.

Internal-Use Software—In September 2025, the FASB issued Accounting Standards Update No. 2025-06 ("ASU 2025-06"), Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 removes all references to prescriptive and sequential software development stages and requires entities to begin capitalizing software costs when both of the following occur: (1) management authorizes and commits to funding the software project and (2) it is probable that the project will be completed and the software will be used for its intended purpose. The provisions of ASU 2025-06 are effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years, with early adoption permitted, and may be applied prospectively, retrospectively, or with a modified transition approach. We are currently assessing the impact of adopting ASU 2025-06.

Government Grants—In December 2025, the FASB issued Accounting Standards Update No. 2025-10 ("ASU 2025-10"), Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. ASU 2025-10 establishes authoritative guidance on the accounting and presentation of government grants received by a business entity. The provisions of ASU 2025-10 are effective for fiscal years beginning after December 15, 2028 and interim periods within those fiscal years, with early adoption permitted, and may be applied retrospectively or with a modified prospective or retrospective approach. We are currently assessing the impact of adopting ASU 2025-10.

Interim Reporting—In December 2025, the FASB issued Accounting Standards Update No. 2025-11 ("ASU 2025-11"), Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies the applicability of interim reporting guidance, provides a comprehensive list of required interim disclosures, and establishes a disclosure principle that requires disclosure of material events that occurred after the end of the last annual reporting period. The provisions of ASU 2025-11 are effective for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied prospectively or retrospectively. We are currently assessing the impact of adopting ASU 2025-11.

Codification Improvements—In December 2025, the FASB issued Accounting Standards Update No. 2025-12 ("ASU 2025-12"), Codification Improvements. The amendments in ASU 2025-12 represent changes to certain FASB Accounting Standards Codification topics that clarify, correct errors, or make minor improvements. The provisions of ASU 2025-12 are effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted, and may be applied prospectively or retrospectively. Early adoption and transition method may be elected on an issue-by-issue basis. We do not expect the adoption of ASU 2025-12 to have a material impact on our condensed consolidated financial statements and accompanying Notes.

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3. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Revenues

See Note 1617 for our revenues disaggregated by the nature of the product or service.

Contract Balances

~~Contract~~At ~~assets~~June 30, ~~related~~2026 toand ~~incentive~~December 31, ~~management~~2025, ~~fees~~we had a $10 million and $14 million, respectively, contingent consideration receivable recorded as a contract asset in ~~receivables,~~other ~~net~~assets on our condensed consolidated balance sheets ~~were~~related $2to ~~million~~the ~~and~~Tortuga ~~insignificant~~sale, atas ~~March 31,~~defined ~~2026~~in Note 7. We estimate contingent consideration on a recurring basis using the expected value method. During the three and ~~December~~six months ended June 3130, ~~2025~~2026, ~~respectively.~~we Asrecognized ~~our~~a ~~profitability~~$4 million ~~hurdles~~loss ~~are~~in ~~generally~~gains ~~calculated~~(losses) on asales ~~full-year~~of ~~basis,~~real weestate ~~expect~~and ~~these~~other ~~contract~~due ~~assets~~ to bea ~~insignificant~~change atin ~~year end~~estimate.

At both March 31, 2026 and December 31, 2025, we had a $14 million contingent consideration receivable recorded as a contract asset in other assets on our condensed consolidated balance sheets related to an asset disposition that occurred in the fourth quarter of 2025. We estimate contingent consideration on a recurring basis using the expected value method. During the three months ended March 31, 2026, there were no changes in estimate recognized.

Contract liabilities were comprised of the following:

	March 31, 2026		December 31, 2025
	June 30, 2026		December 31, 2025
Deferred revenue related to the loyalty program	$	1,~~709~~798	$	1,604
Deferred revenue related to distribution and destination management services	~~543~~464		643
Deferred revenue related to insurance programs	80		102
Advanced deposits	72		59
Advanced deposits	78		59
Initial application fees from franchisees	51		50
Initial application fees from franchisees	50		50
Deferred revenue related to insurance programs	49		102
Other deferred revenue	138		138
Total	$	2,~~598~~572	$	2,596

Revenue recognized during both the three months ended ~~March~~June 3130, 2026 and ~~March~~June 3130, 2025 included in the contract liabilities balance at the beginning of each year was $~~637~~260 million. Revenue recognized during the six months ended June 30, 2026 and June 30, 2025 included in the contract liabilities balance at the beginning of each year was $~~661~~897 million and $921 million, respectively. This revenue primarily related to distribution and destination management services and the loyalty program.

Revenue Allocated to Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $~~130~~135 million at ~~March~~June 3130, 2026. This was primarily related to design services fees from third-party owners and initial application fees from franchisees. Design services fees are recognized as revenues over multiple years, typically over a period of less than five years, using the percentage-of-completion method based on the achievement of design and/or renovation or construction milestones, timing of which is inherently uncertain. Initial application fees are recognized as revenues using the straight-line method over the initial term of the franchise agreement, which is generally 20 years. Of the $~~130~~135 million of contracted revenue, we expect to recognize approximately 1015% within the next 12 months, with the remainder to be recognized thereafter.

4. DEBT AND EQUITY SECURITIES

Variable Interest Entities

Bahia Principe—We ~~consolidate~~hold ~~the~~a ~~operating~~variable ~~results~~interest ~~and~~in ~~financial position of~~ a ~~joint~~VIE ~~venture~~ that owns the Bahia Principe brand and manages Bahia Principe Hotels & Resorts-branded properties., ~~The~~and ~~resorts~~we ~~managed~~provide bycertain ~~the~~commercial ~~joint~~and ~~venture~~management ~~increase~~support ~~our~~services ~~all-inclusive~~to ~~portfolio~~the ~~and~~entity. ~~provide~~We ~~guests~~consolidate the operating results and ~~loyalty~~financial ~~program~~position ~~members~~of ~~more~~the ~~opportunities~~VIE toas ~~experience~~we ~~all-inclusive~~are ~~travel~~the primary beneficiary. WeThe ~~provide~~following ~~certain~~table ~~commercial~~summarizes ~~and~~the ~~management~~VIE's ~~support~~assets ~~services~~and toliabilities, including the ~~joint~~effect ~~venture~~of toforeign ~~support~~currency ~~the~~translation, ~~growth~~recorded on our condensed consolidated balance sheets. The assets may only be used to settle obligations of the ~~Bahia~~consolidated ~~Principe~~VIE, ~~brand~~if ~~and~~any. ~~the~~In ~~operation~~addition, ofthere ~~Bahia~~is ~~Principe~~no ~~Hotels~~recourse &to ~~Resorts-branded~~us ~~properties~~for the consolidated VIE's liabilities.

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We hold a variable interest in the joint venture, which is a VIE, and we are the primary beneficiary. The following table summarizes the VIE's assets and liabilities, including the effect of foreign currency translation, recorded on our condensed consolidated balance sheets. The assets may only be used to settle obligations of the consolidated VIE, if any. In addition, there is no recourse to us for the consolidated VIE's liabilities.


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	36	$	23
Receivables	2		7

Total current assets	38		30
Operating lease right-of-use assets	—		1
Goodwill	173		178
Intangibles, net	537		561


Other assets	60		59
Total assets	$	808	$	829

Accounts payable	$	1	$	2
Accrued expenses and other current liabilities	5		5
Accrued compensation and benefits	1		1
Total current liabilities	7		8
Long-term operating lease liabilities	—		1

Other long-term liabilities	175		180
Total liabilities	$	182	$	189

	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	27	$	23
Receivables	11		7
Total current assets	38		30
Operating lease right-of-use assets	—		1
Goodwill	175		178
Intangibles, net	547		561
Other assets	59		59
Total assets	$	819	$	829
Accounts payable	$	2	$	2
Accrued expenses and other current liabilities	5		5
Accrued compensation and benefits	1		1
Total current liabilities	8		8
Long-term operating lease liabilities	—		1
Other long-term liabilities	178		180
Total liabilities	$	186	$	189

Unlimited Vacation Club—The entity that owns the Unlimited Vacation Club business is classified as a VIE in which we hold a variable interest but are not the primary beneficiary, and we account for our common ownership interest as an equity method investment. We manage the Unlimited Vacation Club business under a long-term management agreement and license and royalty agreement.

At ~~March~~June 3130, 2026 and December 31, 2025, we had $8378 million and $80 million, respectively, recorded in other long-term liabilities (see Note 1011) on our condensed consolidated balance sheets related to our guaranteed obligations of this unconsolidated VIE. At ~~March~~June 3130, 2026 and December 31, 2025, our maximum exposure to loss was $~~151~~132 million and $149 million, respectively, which includes the maximum exposure of our guaranteed obligations (see Note 1213).

Equity Method Investments

At ~~March~~June 3130, 2026 and December 31, 2025, we had $~~192~~196 million and $186 million, respectively, of equity method investments recorded on our condensed consolidated balance sheets. One of our unconsolidated hospitality ventures has its equity shares listed on the BSE Limited and National Stock Exchange of India Limited stock exchanges. At ~~March~~June 3130, 2026, the aggregate value of our equity shares was $~~173~~177 million based on the price per share of the principal market.

During the ~~three~~six months ended ~~March~~June 3130, 2026, an equity method investment, in which we hold an ownership interest, sold the underlying hotel to a third party, and we recognized an insignificant gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss). At the time of sale, we had $10 million of outstanding financing receivables related to the unconsolidated hospitality venture, which were repaid in conjunction with the sale. Additionally, the unconsolidated hospitality venture repaid its third-party mortgage loan on the property, and we were released from our debt repayment guarantee ~~(see Note 12)~~. Upon sale, we entered into a long-term franchise agreement for the property.

During the three and six months ended June 30, 2025, we recognized $6 million and $7 million, respectively, of impairment charges in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss). The impairment charges were related to certain investments in unconsolidated hospitality ventures in which the estimated fair values were less than the carrying values, and the impairments were deemed other than temporary. We estimated the fair values of our investments, which are classified as Level Three in the hierarchy, using pending third-party offers or internally developed cash flow models.

Marketable Securities and Other Investments

We hold various forms of debt and equity securities for investment purposes and to fund our loyalty program, deferred compensation plans held in rabbi trusts, and captive insurance company. We also periodically transfer available cash and cash equivalents to purchase marketable securities.

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Trading Securities—Our trading securities are recorded at fair value based on listed market prices or dealer quotations, where available. At both ~~March~~June 3130, 2026 and December 31, 2025, our interest-bearing money market funds were recorded in cash and cash equivalents and all other trading securities were recorded in other assets on our condensed consolidated balance sheets. The following table summarizes the fair values of our trading securities:

	March 31, 2026		December 31, 2025
	June 30, 2026		December 31, 2025
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	~~204~~183	$	441
Exchange-traded funds	78		7
Common shares	13		13
Marketable securities held to fund rabbi trusts	~~566~~648		594
Level Two—Significant Other Observable Inputs
U.S. government obligations	6759		68
U.S. government agencies	86		9
Corporate debt securities	76		7
Mortgage-backed securities	5		4
Asset-backed securities	2		1
Municipal and provincial notes and bonds	21		2
Total	$	~~881~~931	$	1,146

~~The~~Changes ~~impact~~in ~~from~~the fair value of marketable securities held to fund rabbi trusts ~~was~~were recognized in the following financial statement line items on our condensed consolidated statements of income (loss) and had no impact on net income (loss): revenues for reimbursed costs; general and administrative expenses; owned and leased expenses; reimbursed costs; and net gains (losses) and interest income from marketable securities held to fund rabbi trusts.

Net unrealized ~~losses~~ and realized gains recognized in revenues for reimbursed costs, net gains (losses) and interest income from marketable securities held to fund rabbi trusts, and other income (loss), net on our condensed consolidated statements of income (loss) were as follows:

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net losses	$	(18)	$	(8)
Net gains	$	86	$	51	$	68	$	43
Less: net gains recognized on securities sold during the period	(4)		(3)
Less: net gains recognized on securities during the period	(1)		(4)		(5)		(15)
Unrealized losses, net recognized on securities held at period end	$	(22)	$	(11)
Unrealized net gains recognized on securities held at period end	$	85	$	47	$	63	$	28

Available-for-Sale Debt Securities—We hold various available-for-sale ("AFS") debt investments, including fixed income instruments and time deposits with contractual maturity dates ranging from 2026 through ~~2070~~2071, which are recorded at fair value based on listed market prices or dealer quotations, where available. Additionally, we hold a preferred equity investment that is mandatorily redeemable at the earlier of March 31, 2033 or the occurrence of a contractual redemption event, which includes a change in control, at an amount that can vary based on the profitability of the underlying properties. The fair value of the preferred equity investment was estimated using a Monte Carlo simulation to model the probability of possible outcomes. The model included assumptions and judgments regarding discount rates, volatility, expected timing of cash flows, estimated probability of achieving the contractual objectives, and hotel operating results.

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Except as noted below, our AFS debt securities were recorded in other assets on our condensed consolidated balance sheets. The following tables summarize the fair values of our AFS debt securities:

	March 31, 2026
	June 30, 2026
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Level Two—Significant Other Observable Inputs
U.S. government obligations (1)	$	~~231~~230	$	1—	$	(34)	$	~~229~~226
U.S. government agencies	2628		—		—		2628
Corporate debt securities (2)	~~321~~326		21		(2)		~~321~~325
Mortgage-backed securities	3740		—		(1)		3639
Asset-backed securities	34		—		—		34
Municipal and provincial notes and bonds	4		—		—		4
Time deposits (3)	4324		—		—		4324
Level Three—Significant Unobservable Inputs
Preferred equity	~~108~~111		—		—(13)		~~108~~98
Total	$	~~804~~797	$	31	$	(620)	$	~~801~~778
(1) Includes $3 million and $7 million recorded in cash and cash equivalents and short-term investments, respectively.
(1) Includes $7 million recorded in short-term investments.
(2) Includes $7 million and $59 million recorded in cash and cash equivalents and short-term investments, respectively.
(2) Includes $52 million recorded in short-term investments.
(3) Includes $27 million and $12 million recorded in cash and cash equivalents and short-term investments, respectively.
(3) Includes $10 million recorded in both cash and cash equivalents and short-term investments.


	December 31, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Level Two—Significant Other Observable Inputs
U.S. government obligations	$	224	$	2	$	(2)	$	224
U.S. government agencies	23		—		—		23
Corporate debt securities (1)	262		4		(1)		265
Mortgage-backed securities	33		—		—		33
Asset-backed securities	35		—		—		35
Municipal and provincial notes and bonds	3		—		—		3
Time deposits (2)	23		—		—		23
Level Three—Significant Unobservable Inputs
Preferred equity	104		—		—		104
Total	$	707	$	6	$	(3)	$	710

(1) Includes $18 million recorded in short-term investments.
(2) Includes $12 million and $8 million recorded in cash and cash equivalents and short-term investments, respectively.

During both the three and six months ended ~~March~~June 3130, 2026 and ~~March~~June 3130, 2025, we recognized an insignificant amount of net realized gains in other income (loss), net on our condensed consolidated statements of income (loss). Net unrealized gains (losses) recognized on our condensed consolidated financial statements were as follows:

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Other comprehensive income (loss) (Note 13)	$	(6)	$	(5)
Other comprehensive income (loss) (Note 14)	$	(16)	$	4	$	(22)	$	(1)

During the year ended December 31, 2025, a $30 million convertible debt investment associated with one of our franchised properties was extinguished in conjunction with the recapitalization of the franchisee. During the three months ended March 31, 2025, we recognized $12 million of net unrealized losses in other comprehensive income (loss) and a $5 million credit loss provision in other income (loss), net on our condensed consolidated financial statements related to this investment.

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During the year ended December 31, 2025, a $30 million convertible debt investment associated with one of our franchised properties was extinguished in conjunction with the recapitalization of the franchisee. During the three and six months ended June 30, 2025, we recognized no amount and $12 million, respectively, of net unrealized losses in other comprehensive income (loss) and $25 million and $30 million, respectively, of credit loss provisions in other income (loss), net on our condensed consolidated financial statements related to this investment.

Held-to-Maturity Debt Securities—We hold time deposits and investments in third-party entities associated with certain of our hotels. The investments are recorded at amortized cost, net of expected credit losses and unamortized discounts, as held-to-maturity ("HTM") debt securities. Except as noted below, our HTM debt securities were recorded in other assets on our condensed consolidated balance sheets:

	March 31, 2026
	June 30, 2026
	Amortized cost		Allowance for credit losses		Net carrying value		Gross carrying value on nonaccrual status		Year of contractual maturity date
Time deposits	$	175	$	—	$	175	$	—	2027
Preferred equity (1)	~~335~~351		(15)		~~320~~336		1610		various, through 2033
Total	$	~~510~~526	$	(15)	$	~~495~~511	$	1610
(1) Includes $26 million recorded in prepaids and other assets.
(1) Includes $27 million recorded in prepaids and other assets.


	December 31, 2025
	Amortized cost		Allowance for credit losses		Net carrying value		Gross carrying value on nonaccrual status		Year of contractual maturity date
Time deposits	$	153	$	—	$	153	$	—	2027
Preferred equity	322		(9)		313		16		various, through 2062
Total	$	475	$	(9)	$	466	$	16

At ~~March~~June 3130, 2026 and December 31, 2025, our preferred equity included a $~~197~~199 million and $196 million, respectively, investment recorded net of a $2826 million and $29 million, respectively, unamortized discount. Accretion of the discount was recognized in interest income within other income (loss), net on our condensed consolidated statements of income (loss) (see Note 1819) and was based on an imputed interest rate of 8.9%.

The following table summarizes the activity in our HTM debt securities allowance for credit losses:

	2026		2025
Allowance at January 1	$	9	$	9
Provisions	6		—
Allowance at March 31	$	15	$	9
Provisions	—		—
Allowance at June 30	$	15	$	9

The following table summarizes the fair values of our HTM debt securities:

	March 31, 2026		December 31, 2025
	June 30, 2026		December 31, 2025
Level Two—Significant Other Observable Inputs
Time deposits	$	175	$	153
Preferred equity	—		1
Level Three—Significant Unobservable Inputs
Preferred equity	~~322~~338		314

Equity Securities Without A Readily Determinable Fair Value—At ~~March~~June 3130, 2026 and December 31, 2025, we held $6 million and $11 million, respectively, of investments in equity securities without a readily determinable fair value, which were recorded in other assets on our condensed consolidated balance sheets and represent investments in entities where we do not have the ability to significantly influence the operations of the entity.

During the three months ended March 31, 2026 and March 31, 2025, we recognized $5 million and an insignificant amount, respectively, of impairment charges in other income (loss), net on our condensed consolidated statements of income (see Note 18) as the estimated fair values of the investments were less than the carrying values. We estimated the fair values, which are classified as Level Three in the fair value hierarchy, using internally developed cash flow models.

Fair Value Measurement—During both the three months ended March 31, 2026 and March 31, 2025, there were no transfers between levels of the fair value hierarchy for any of our securities.

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During the six months ended June 30, 2026 and June 30, 2025, we recognized $5 million and an insignificant amount, respectively, of impairment charges in other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19) as the estimated fair values of the investments were less than the carrying values. ~~RECEIVABLES~~ We estimated the fair values, which are classified as Level Three in the fair value hierarchy, using internally developed cash flow models.

Fair Value Measurement—During both the six months ended June 30, 2026 and June 30, 2025, there were no transfers between levels of the fair value hierarchy for any of our securities.

5. PROPERTY AND EQUIPMENT, NET


	June 30, 2026		December 31, 2025
Total property and equipment	$	3,295	$	3,262
Less: accumulated depreciation	(1,748)		(1,685)
Total property and equipment, net	$	1,547	$	1,577

During the three and six months ended June 30, 2025, we assessed the recoverability of certain asset groups, including property and equipment and operating lease right-of-use ("ROU") assets, and determined that the carrying values were not fully recoverable. We then estimated the fair values of these assets, which are classified as Level Three in the hierarchy, using pending third-party offers or internally developed cash flow models, which incorporated cash flow assumptions based on current economic trends, historical experience, and future growth projections. We determined that the carrying values of certain asset groups were in excess of the fair values, and we allocated the impairment charges to the long-lived assets within the asset groups. During the three and six months ended June 30, 2025, we recognized $6 million and $2 million of impairment charges related to property and equipment and operating lease ROU assets, respectively, in asset impairments on our condensed consolidated statements of income (loss) within our owned and leased segment.

6. RECEIVABLES

Receivables

	March 31, 2026		December 31, 2025
	June 30, 2026		December 31, 2025
Total receivables	$	1,~~199~~225	$	1,202
Less: allowance for credit losses	(8281)		(79)
Total receivables, net of allowances	$	1,~~117~~144	$	1,123

The following table summarizes the activity in our receivables allowance for credit losses:

	2026		2025
Allowance at January 1	$	79	$	62
Provisions (reversals), net	7		4
Write-offs	(4)		(2)
Allowance at March 31	$	82	$	64
Write-offs	(1)		(1)
Provisions (reversals), net	—		5
Allowance at June 30	$	81	$	68

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Financing Receivables

	March 31, 2026		December 31, 2025
	June 30, 2026		December 31, 2025
Secured financing to hotel owners	$	~~174~~185	$	163
Unsecured financing to hotel owners and unconsolidated hospitality ventures (1)	~~229~~231		255
Deferred fee arrangements	~~119~~134		104
Total financing receivables	$	~~522~~550	$	522
Less: current portion of financing receivables included in receivables, net	(2135)		(30)
Less: allowance for credit losses	(5851)		(50)
Total long-term financing receivables, net of allowances	$	~~443~~464	$	442
(1) Includes a $40 million and $39 million loan, net of a $10 million and $11 million unamortized discount, at March 31, 2026 and December 31, 2025, respectively, related to seller financing issued in conjunction with a prior asset disposition. Accretion of the discount was recognized in interest income within other income (loss), net on our condensed consolidated statements of income (see Note 18) and was based on an imputed interest rate of 9.4%.
(1) Includes a $41 million and $39 million loan, net of a $9 million and $11 million unamortized discount, at June 30, 2026 and December 31, 2025, respectively, related to seller financing issued in conjunction with a prior asset disposition. Accretion of the discount was recognized in interest income within other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19) and was based on an imputed interest rate of 9.4%.

The following table summarizes the activity in our financing receivables allowance for credit losses:

	2026		2025
Allowance at January 1	$	50	$	36
Provisions (reversals), net	9		6
Write-offs	(1)		—
Allowance at March 31	$	58	$	42
Provisions (reversals), net	(7)		—
Foreign currency exchange, net	—		1
Allowance at June 30	$	51	$	43

Our financing receivables were comprised of the following:

	March 31, 2026
	June 30, 2026
	Amortized cost		Allowance for credit losses		Net carrying value		Gross carrying value on nonaccrual status
Junior and senior mortgage loans	$	~~174~~185	$	—	$	~~174~~185	$	—
Unsecured loans	~~229~~231		(4841)		~~181~~190		46
Deferred fee arrangements (1)	~~119~~134		(10)		~~109~~124		~~111~~126
Total	$	~~522~~550	$	(5851)	$	~~464~~499	$	~~157~~172
(1) Primarily greater than 90 days past due based on the nature of the financing receivables class.

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	December 31, 2025
	Amortized cost		Allowance for credit losses		Net carrying value		Gross carrying value on nonaccrual status





Junior and senior mortgage loans	$	163	$	—	$	163	$	—
Unsecured loans	255		(41)		214		46
Deferred fee arrangements (1)	104		(9)		95		96
Total	$	522	$	(50)	$	472	$	142

(1) Primarily greater than 90 days past due based on the nature of the financing receivables class.

We estimated the fair value of financing receivables, which are classified as Level Three in the fair value hierarchy, to be approximately $~~496~~521 million and $493 million at ~~March~~June 3130, 2026 and December 31, 2025, respectively.

~~6. ACQUISITIONS AND DISPOSITIONS~~15

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7. ACQUISITIONS AND DISPOSITIONS

Acquisitions

Playa Hotels & Resorts N.V.—During the ~~year~~three months ended ~~December~~June 3130, 2025, we completed a tender offer process to purchase all of the issued and outstanding ordinary shares of Playa Hotels & Resorts N.V. ("Playa Hotels," and such acquisition, the "Playa Hotels Acquisition") at a cash price of $13.50 per share (the "Offer Consideration"). Immediately prior to the acquisition date, we held 9.9% of Playa Hotels' outstanding shares, which were accounted for as trading securities. On June 11, 2025, the acquisition date, we paid cash of $1,497 million, obtained control over a majority of the outstanding shares, and repaid Playa Hotels' existing term loan for $1,078 million, inclusive of $3 million of accrued interest (see Note 10). All remaining shares were acquired from June 12, 2025 to June 17, 2025. The impact of the noncontrolling interest during the intervening period was insignificant. On June 17, 2025, we completed the acquisition, which was financed through proceeds from debt (see Note 910). We accounted for the transaction as a business combination.

Upon acquisition, each unvested restricted share and restricted stock unit award held by non-executive directors of Playa Hotels and certain terminating employees (collectively, the "Terminating Employees") became fully vested and was automatically converted into the right to receive cash, equal to the Offer Consideration multiplied by the total number of unvested ordinary shares as of immediately prior to the closing of the Playa Hotels Acquisition. Vesting for awards eligible to vest based on performance goals was determined based on relevant provisions in underlying award agreements, with such vesting occurring either (i) as though the greater of target performance or actual performance had been achieved or (ii) as though target performance had been achieved, except that, all such awards granted during 2024 vested at the applicable maximum performance level. We paid $55 million to Terminating Employees, of which $25 million was attributable to pre-combination vesting and ~~was therefore~~ included in the purchase consideration. The remaining $30 million was attributable to post-combination vesting, of which $28 million was recognized in transaction and ~~expensed~~integration costs on our condensed consolidated statements of income (loss) during the ~~year~~three months ended ~~December~~June 30, 312025, and the remaining amount was expensed during the fourth quarter of 2025.

Additionally, we assumed outstanding unvested restricted shares and restricted stock unit awards (the "Continuing Awards") that were previously granted to continuing employees under the Playa Hotels N.V. 2017 Omnibus Incentive Plan (the "Playa Hotels Plan") and converted each award into time-vested restricted stock units ("RSUs," and such awards, the "Assumed Awards"). The number of shares issued for the Assumed Awards was based on the number of ordinary shares subject to such Continuing Award immediately prior to the closing of the Playa Hotels Acquisition multiplied by the applicable exchange ratio. Vesting for awards eligible to vest based on performance goals was determined based on relevant provisions in underlying award agreements, with such vesting occurring either (i) as though the greater of target performance or actual performance had been achieved or (ii) as though target performance had been achieved, except that, all such awards granted during 2024 vested at the applicable maximum performance level. The Assumed Awards continue to be governed by the terms of the Playa Hotels Plan and are subject to the same vesting and other terms and conditions as were applicable to the corresponding Continuing Awards, except that if the holder of an Assumed Award is terminated without "cause" or terminates employment for "good reason" within 12 to 24 months, as applicable for specified holders, following the closing of the Playa Hotels Acquisition, such holder's Assumed Awards will vest in full, subject to execution of a release.

The fair value of the Assumed Awards, which was estimated based on the closing stock price of our Class A common stock on the acquisition date, was $17 million, of which $3 million was attributable to pre-combination vesting and included in the purchase consideration. The remaining $14 million was attributable to post-combination vesting and will be recognized as compensation expense on a straight-line basis over the requisite service period on our condensed consolidated statements of income (loss) (see Note 15).

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The fair value of the Assumed Awards, which was estimated based on the closing stock price of our Class A common stock on the acquisition date, was $17 million, of which $3 million was attributable to pre-combination vesting and was therefore included in the purchase consideration. The remaining $14 million was attributable to post-combination vesting and will be recognized as compensation expense on a straight-line basis over the requisite service period on our condensed consolidated statements of income (see Note 14).

Total purchase consideration was determined as follows:


Ordinary shares outstanding	123,013,382
Less: Hyatt's previously-held ordinary shares	(12,143,621)
Total number of ordinary shares acquired	110,869,761
Offer Consideration per share	$	13.50
Cash paid to shareholders	$	1,497
Cash settlement of share-based payment awards to Terminating Employees	25
Fair value of Continuing Awards	3
Settlement of preexisting relationship (1)	8
Total purchase consideration	$	1,533

(1) Represents the effective settlement of existing receivables and key money assets related to Playa Hotels, which was determined based on the respective carrying values at the acquisition date.

The acquisition primarily consisted of 15 all-inclusive resorts across Mexico, the Dominican Republic, and Jamaica (the "Playa Hotels Portfolio"). During the year ended December 31, 2025, we sold the entirety of the Playa Hotels Portfolio to unrelated third parties for approximately $2,000 million, inclusive of a $200 million preferred equity investment in the parent of one of the third-party entities that owns the properties, and up to an additional $143 million of contingent consideration, if certain operating thresholds are met. ~~Upon~~See ~~sale,~~"—Dispositions" webelow ~~entered into long-term management agreements~~ for 13additional ~~of the 15 properties~~information.

Upon acquisition, we recorded estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. Assets and liabilities associated with the Playa Hotels Portfolio were classified as held for sale and were recorded at their estimated fair values less costs to sell.

The fair value of the acquired property and equipment that was classified as held for sale was estimated using a market approach and market participant assumptions, which incorporated the following:

•The agreed-upon sales price of the Playa Hotels Portfolio, less amounts for committed capital expenditures to be incurred prior to the sale.

•The fair value of the preferred equity investment and contingent consideration, both of which were estimated using a Monte Carlo simulation to model the probability of possible outcomes. The valuation methodology included assumptions and judgments, as applicable, regarding discount rates, volatility, expected timing of cash flows, estimated probability of achieving the contractual objectives, and hotel operating results, which are primarily Level Three inputs.

•The fair value of agreed-upon tax indemnifications, which was estimated using a probability-based weighting approach to determine the likelihood of payment of the potential tax liabilities. The valuation methodology included assumptions and judgments regarding probability weighting, discount rates, outcomes of tax assessments, and expected timing of cash flows, which are primarily Level Three inputs.

We recorded an assumed liability in accrued expenses and other current liabilities related to tax liabilities triggered by the acquisition. The liability was estimated using the cumulative-probability approach to determine the expected payment amount. The valuation methodology included assumptions and judgments regarding the cumulative probabilities, which are primarily Level Three inputs. The remaining assets and liabilities were recorded at their carrying values, which approximated their fair values.

~~During~~We finalized the ~~three~~fair ~~months~~values ~~ended~~of ~~March~~the ~~31,~~assets ~~2026,~~acquired weand ~~recorded~~liabilities aassumed ~~$2 million~~in ~~increase~~the tosecond ~~goodwill~~quarter of 2026. Measurement period adjustments recorded on our condensed consolidated balance sheet ~~related~~at June 30, 2026 primarily included a $6 million decrease to ~~measurement~~current ~~period~~assets ~~adjustments~~held ~~that~~for ~~resulted~~sale inand a corresponding increase in ~~current~~goodwill. ~~liabilities~~The ~~held~~measurement ~~for~~period ~~sale~~adjustments primarily resulted from the refinement of certain assumptions and were based on facts and circumstances that existed at the acquisition date.

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We will finalize the fair values of the assets acquired and liabilities assumed in the second quarter of 2026. We will continue to evaluate the fair values and classification of the assets acquired and liabilities assumed. Accordingly, these estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the date of acquisition.

The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:

Purchase consideration	$	1,533
Fair value of Hyatt's previously-held ordinary shares	164
Total to be allocated	$	1,697
Cash and cash equivalents	$	195
Receivables	7
Prepaids and other assets	4
Current assets held for sale	141
Property and equipment	2
Operating lease right-of-use assets	6
Goodwill (1)	969
Deferred tax assets	2
Other assets	1
Long-term assets held for sale	1,761
Total assets acquired	$	3,088
Accounts payable	$	34
Accrued expenses and other current liabilities	113
Accrued compensation and benefits	8
Current liabilities held for sale	120
Debt	1,075
Long-term operating lease liabilities	5
Other long-term liabilities	1
Long-term liabilities held for sale	35
Total liabilities assumed	$	1,391
Total net assets acquired attributable to Hyatt Hotels Corporation	$	1,697
(1) The goodwill is attributable to securing the ability for us to manage certain properties in the Playa Hotels Portfolio over the long term as well as the growth opportunities we expect to realize by introducing the properties to our all-inclusive platform offerings, including our distribution and destination management services and the Unlimited Vacation Club business that we manage. The goodwill, of which $861 million was recorded within our management and franchising segment and $108 million was recorded within our distribution segment, was not tax deductible at the acquisition date.

Following the acquisition date, the operating results of Playa Hotels were recognized on our condensed consolidated statements of income.

Unaudited Pro Forma Combined Financial Information

The following table presents the unaudited pro forma combined results of Hyatt and Playa Hotels for the three months ended March 31, 2025 as if the Playa Hotels Acquisition had occurred on January 1, 2024:

Total revenues						$	1,972
Net income attributable to Hyatt Hotels Corporation						58

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The following table summarizes the fair value of the identifiable net assets acquired at the acquisition date:


Purchase consideration	$	1,533
Fair value of Hyatt's previously-held ordinary shares	164
Total to be allocated	$	1,697

Cash and cash equivalents	$	195
Receivables	7
Prepaids and other assets	4
Current assets held for sale	135
Property and equipment	2
Operating lease right-of-use assets	6
Goodwill (1)	973
Deferred tax assets	2
Other assets	1
Long-term assets held for sale	1,761
Total assets acquired	$	3,086

Accounts payable	$	34
Accrued expenses and other current liabilities	111
Accrued compensation and benefits	8
Current liabilities held for sale	120
Debt	1,075

Long-term operating lease liabilities	5
Other long-term liabilities	1
Long-term liabilities held for sale	35
Total liabilities assumed	$	1,389
Total net assets acquired attributable to Hyatt Hotels Corporation	$	1,697

(1) The goodwill is attributable to securing the ability for us to manage certain properties in the Playa Hotels Portfolio over the long term as well as the growth opportunities we expect to realize by introducing the properties to our all-inclusive platform offerings, including our distribution and destination management services and the Unlimited Vacation Club business that we manage. The goodwill, of which $865 million was recorded within our management and franchising segment and $108 million was recorded within our distribution segment, was not tax deductible at the acquisition date.

Following the acquisition date, the operating results of Playa Hotels were recognized on our condensed consolidated statements of income (loss). For the period from the acquisition date through June 30, 2025, total revenues attributable to Playa Hotels were $47 million and the net loss attributable to Playa Hotels was $36 million, including $45 million of non-recurring transaction costs that were incurred and recognized by Playa Hotels, as included below.

During the three and six months ended June 30, 2025, we recognized $65 million and $79 million, respectively, of transaction costs, including the costs incurred and recognized in Playa Hotels' operating results above, in transaction and integration costs on our condensed consolidated statements of income (loss). The costs primarily related to financial advisory and legal fees, severance payments to Terminating Employees, and payments made to settle unvested awards of Terminating Employees.

Additionally, during the year ended December 31, 2025, we terminated Playa Hotels' third-party owned and operated membership program and acquired certain contracts with customers. During the three months ended June 30, 2026, we paid $8 million of consideration related to the asset acquisition.

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Unaudited Pro Forma Combined Financial Information

The following table presents the unaudited pro forma combined results of Hyatt and Playa Hotels as if the Playa Hotels Acquisition had occurred on January 1, 2024:


	Three Months Ended		Six Months Ended
	June 30, 2025		June 30, 2025
Total revenues	$	1,969	$	3,941
Net income attributable to Hyatt Hotels Corporation	38		106

The unaudited pro forma combined financial information was based on the historical financial information of Hyatt and Playa Hotels, excluding Playa Hotels properties sold prior to the acquisition, and includes adjustments for the following factually supportable transactions, directly attributable to the acquisition:

•Elimination of historical related-party transactions between Hyatt and Playa Hotels that would be considered intercompany transactions;

•Incremental interest expense associated with the ~~delayed~~DDTL ~~draw~~Facility, ~~term loan facility as well as the~~ 2028 Notes, and 2032 Notes, ~~both~~each as defined in Note 910, that were used to finance the acquisition, repay certain indebtedness of Playa Hotels and its subsidiaries in connection with the acquisition, and pay related fees and expenses as well as the removal of Playa Hotels' historical interest expense;

•Recognition of stock-based compensation expense related to Assumed Awards issued to continuing employees;

•Recognition of $79 million of non-recurring transaction costs related to the acquisition; as of the beginning of the earliest period presented;

•~~Removal~~Recognition of ~~the~~expected ~~unrealized~~transaction ~~gains~~ and ~~losses~~integration ~~related~~costs directly attributable to ~~our~~the ~~previously-held~~acquisition, ~~ordinary~~including ~~shares~~contractual inseverance ~~Playa~~payments ~~Hotels~~to ~~historically~~certain ~~recognized~~Terminating byEmployees ~~Hyatt~~and retention payments to certain continuing employees; ~~and~~

•Recognition of a non-recurring realized gain related to our previously-held ordinary shares in Playa Hotels as of the beginning of the earliest period presented, and removal of the unrealized gains and losses historically recognized by Hyatt; and

•Tax effects of the acquisition as if Playa Hotels had been part of the combined company since January 1, 2024.

The unaudited pro forma combined financial information does not necessarily reflect what the combined company's financial condition or results of operations would have been had the transaction and the related financing occurred on January 1, 2024. The unaudited pro forma combined financial information also may not be useful in predicting the future financial condition and results of operations of the combined company following the acquisition. In addition, the unaudited pro forma combined financial information does not give effect to any cost savings, operating synergies, or revenue synergies that may result from the transaction, including the impact of the sale of the Playa Hotels Portfolio, or the costs to achieve any synergies.

~~7. INTANGIBLES, NET~~Dispositions

		March 31, 2026
	Weighted-average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	21	$	1,506	$	(380)	$	1,126
Brand and other indefinite-lived intangibles	—	807		—		807
Customer relationships intangibles	11	354		(138)		216
Other intangibles	9	28		(13)		15
Total		$	2,695	$	(531)	$	2,164

Playa Hotels Portfolio—During the year ended December 31, 2025, we sold one of the properties in the Playa Hotels Portfolio to an unrelated third party, and we sold the shares of the entities that own the remaining 14 properties to Tortuga Resorts, an unrelated third party, (the "Tortuga sale" and, collectively, the "sale of the Playa Hotels Portfolio"). In conjunction with the Tortuga sale, we entered into long-term management agreements for 13 of 14 hotels.

	December 31, 2025
	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	$	1,545	$	(367)	$	1,178
Brand and other indefinite-lived intangibles	809		—		809
Customer relationships intangibles	354		(129)		225
Other intangibles	29		(12)		17
Total	$	2,737	$	(508)	$	2,229

	Three Months Ended March 31,
	2026		2025
Amortization expense	$	33	$	36

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The following table summarizes impairment charges recognized in asset impairments on our condensed consolidated statements of income:

	Three Months Ended March 31,
	2026		2025
Management and hotel services agreement and franchise agreement intangibles (1)	$	21	$	4
(1) Primarily the result of contract terminations and recognized within our management and franchising segment.

8. OTHER ASSETS

	March 31, 2026		December 31, 2025
Key money assets	$	1,125	$	1,095
AFS debt securities (Note 4)	686		672
Marketable securities held to fund rabbi trusts (Note 4)	566		594
HTM debt securities (Note 4)	469		466
Other trading securities (Note 4)	111		111
Indemnification asset (Note 4)	59		59
Other	125		128
Total	$	3,141	$	3,125

9. DEBT

	March 31, 2026		December 31, 2025
$600 million senior unsecured notes maturing in 2027—5.750%	$	600	$	600
$400 million senior unsecured notes maturing in 2028—4.375%	399		399
$500 million senior unsecured notes maturing in 2028—5.050%	500		500
$600 million senior unsecured notes maturing in 2029—5.250%	600		600
$450 million senior unsecured notes maturing in 2030—5.750%	440		440
$450 million senior unsecured notes maturing in 2031—5.375%	450		450
$500 million senior unsecured notes maturing in 2032—5.750%	500		500
$350 million senior unsecured notes maturing in 2034—5.500%	350		350
$400 million senior unsecured notes maturing in 2035—5.400%	400		400
Variable rate term loan	51		51
Floating average rate loan	19		19
Total debt excluding finance lease obligations, unamortized discounts, and unamortized deferred financing fees	4,309		4,309
Finance lease obligations	3		3
Unamortized discounts and deferred financing fees	(32)		(34)
Total debt	4,280		4,278
Less: current maturities of long-term debt	(605)		(6)
Total long-term debt	$	3,675	$	4,272

Senior Notes Issuances—During the three months ended March 31, 2025, we issued $500 million of 5.050% senior notes due 2028 at an issue price of 99.905% (the "2028 Notes") and $500 million of 5.750% senior notes due 2032 at an issue price of 99.936% (the "2032 Notes"). We received $990 million of net proceeds, after deducting $10 million of underwriting discounts and other offering expenses. We used the net proceeds to fund a portion of the purchase consideration for the Playa Hotels Acquisition (see Note 6). Interest is payable semi-annually on March 30 and September 30 of each year and commenced on September 30, 2025.

Senior Notes Repayment—During the three months ended March 31, 2025, we repaid the outstanding $450 million of 5.375% senior notes due 2025 (the "2025 Notes") at maturity for $460 million, inclusive of $10 million of accrued interest.

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~~Revolving Credit Facility—~~During ~~both~~ the three and six months ended ~~March~~June 3130, 2026, ~~and~~we ~~March~~recognized a $6 ~~31,~~million ~~2025,~~net wepre-tax ~~had~~gain noprimarily ~~borrowings~~related orto ~~repayments~~proration adjustments and transaction costs in gains (losses) on sales of real estate and other on our ~~revolving~~condensed ~~credit~~consolidated ~~facility~~statements inof ~~effect~~income ~~for~~(loss). ~~each~~The operating results and financial position of the ~~respective~~hotels ~~periods.~~in Atthe ~~both~~Playa ~~March 31,~~Hotels ~~2026~~Portfolio ~~and~~prior ~~December 31,~~to ~~2025,~~the wesale ~~had~~remain nowithin ~~balance~~our ~~outstanding.~~owned Atand ~~March 31,~~leased ~~2026,~~segment. Although we ~~had~~concluded ~~$1,497 million~~the disposal of ~~borrowing~~these ~~capacity~~properties ~~available~~did ~~under~~not ~~our~~qualify ~~revolving~~as ~~credit~~discontinued ~~facility~~operations, the disposal was considered individually significant. Pre-tax net ofloss ~~letters~~attributable ofto ~~credit~~the ~~outstanding~~Playa ~~(see~~Hotels ~~Note~~Portfolio ~~12)~~was $14 million during the three and six months ended June 30, 2025.

~~Fair Value—~~The following table summarizes ~~the~~amounts ~~fair~~recorded ~~value~~on of our ~~debt,~~condensed ~~which~~consolidated ~~includes~~balance ~~the~~sheets ~~senior~~related ~~unsecured~~to ~~notes~~proration ~~above~~adjustments ~~(collectively, the "Senior Notes")~~ and other ~~long-term~~amounts ~~debt~~to ~~and~~be ~~excludes~~settled ~~finance~~with ~~lease~~Tortuga ~~obligations,~~Resorts ~~unamortized~~in ~~discounts,~~the ~~and deferred financing fees~~future:

	March 31, 2026		December 31, 2025
	June 30, 2026		December 31, 2025
Level Two—Significant Other Observable Inputs
Receivables, net	$	41	$	41
Senior Notes	$	4,286	$	4,349
Other assets	14		14
Level Three—Significant Unobservable Inputs
Accrued expenses and other current liabilities	4		—
Other long-term debt	71		71

108. ~~OTHER~~INTANGIBLES, ~~LONG-TERM LIABILITIES~~NET

	March 31, 2026		December 31, 2025
			June 30, 2026
Income taxes payable	$	584	$	562
	Weighted-average useful lives in years		Gross carrying value		Accumulated amortization		Net carrying value
Deferred compensation plans funded by rabbi trusts (Note 4 and Note 8)	566		594
Management and hotel services agreement and franchise agreement intangibles	21		$	1,489	$	(396)	$	1,093
Deferred income taxes (Note 11)	214		216
Brand and other indefinite-lived intangibles	—		806		—		806
Guarantee liabilities (Note 12)	180		186
Customer relationships intangibles	11		355		(148)		207
Contingent consideration liabilities (Note 12)	145		177
Other intangibles	9		28		(13)		15
Self-insurance liabilities (Note 12)	94		91
Total			$	2,678	$	(557)	$	2,121
Deferred consideration liability (1)	45		45
Other	95		85
Total	$	1,923	$	1,956
(1) At both March 31, 2026 and December 31, 2025, we had $23 million related to the deferred consideration liability recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The total deferred consideration liability was net of a $1 million and $2 million unamortized discount at March 31, 2026 and December 31, 2025, respectively. Accretion of the discount was recognized in interest expense on our condensed consolidated statements of income and was based on an imputed interest rate of 4.8%.

11. TAXES


	December 31, 2025
	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	$	1,545	$	(367)	$	1,178
Brand and other indefinite-lived intangibles	809		—		809
Customer relationships intangibles	354		(129)		225
Other intangibles	29		(12)		17
Total	$	2,737	$	(508)	$	2,229

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Provision for income taxes	$	16	$	28
Amortization expense	$	33	$	37	$	66	$	73

~~Provision~~The ~~for~~following ~~income~~table ~~taxes~~summarizes ~~decreased~~impairment ~~during~~charges ~~the~~recognized ~~three~~in ~~months~~asset ~~ended~~impairments ~~March 31,~~on ~~2026,~~our ~~compared~~condensed toconsolidated ~~the~~statements ~~three~~of ~~months~~income ~~ended March 31~~(loss), ~~2025,~~which were primarily ~~due~~as to a ~~tax~~result ~~benefit recognized in 2026 related to the settlement~~ of ancontract ~~assumed~~terminations ~~tax~~within ~~liability~~our ~~that~~management ~~was~~and ~~triggered~~franchising ~~by the Playa Hotels Acquisition. Additionally, the decrease was driven by tax expense recognized in 2025 related to a foreign tax audit.~~segment:

We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2021 through 2023 are currently under field exam. U.S. tax years 2009 through 2011 have been subject to a U.S. Tax Court case concerning the tax treatment of the loyalty program in which the Internal Revenue Service is asserting that loyalty program contributions are taxable income to the Company. The U.S. Court of Appeals for the Seventh Circuit recently vacated the Tax Court's decision in that case, as discussed below. U.S. tax years 2012 through 2020 are open pending the outcome of the proceedings for U.S. years 2009 through 2011.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Management and hotel services agreement and franchise agreement intangibles	$	5	$	2	$	26	$	6

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The Tax Court issued an opinion on October 2, 2023 related to the loyalty program case and determined that the Company must recognize approximately $12 million in net taxable income for the tax years 2009 through 2011, but that the Company need not recognize approximately $228 million in net taxable income related to tax years that preceded 2009. The Tax Court entered its decision on September 13, 2024. The Company filed a Notice of Appeal to the U.S. Court of Appeals for the Seventh Circuit on December 9~~, 2024 to challenge the Tax Court's rulings that were not in the Company's favor~~. OTHER On April 22, 2026, the Seventh Circuit issued an opinion agreeing with certain of the Company's legal arguments, disagreeing with certain of the Tax Court's conclusions, vacating the decision of the Tax Court, and remanding the case to the Tax Court for further proceedings. If the Tax Court ultimately reaches a conclusion consistent with its prior opinion, the estimated income tax payment due for the subsequent tax years 2012 through 2026 would be $361 million, including $66 million of estimated interest, net of federal benefit. We believe we have an adequate uncertain tax liability recorded for this matter and believe that the ultimate outcome of this matter will not have a material effect on our consolidated financial position, results of operations, or liquidity.ASSETS

At March 31, 2026 and December 31, 2025, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $444 million and $503 million, respectively, of which $170 million and $244 million, respectively, would impact the effective tax rate, if recognized. The decrease was primarily related to the settlement of an assumed tax liability that was triggered by the Playa Hotels Acquisition.


	June 30, 2026		December 31, 2025
Key money assets	$	1,160	$	1,095
AFS debt securities (Note 4)	699		672
Marketable securities held to fund rabbi trusts (Note 4)	648		594
HTM debt securities (Note 4)	484		466
Other trading securities (Note 4)	100		111
Indemnification asset (Note 4)	60		59
Other	127		128
Total	$	3,278	$	3,125

Through a prior acquisition, we assumed an assessment of additional corporate income tax from the Mexican tax authorities, which was in the process of being appealed, primarily related to disallowed deductions taken on historical tax returns10. Our request for appeal to a higher court for one of the tax years was denied on May 15, 2024, and the assessment was finalized. During the three months ended March 31, 2026, the Mexican Circuit Court issued rulings and disallowed deductions for the other tax year. At both March 31, 2026 and December 31, 2025, we had $37 million of tax liabilities recorded in connection with this matter, which included $24 million and $37 million, respectively, recorded in other long-term liabilities and $13 million and no amount, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. DEBT

Further, the Mexican tax authorities disallowed credits taken on historical tax returns and applied value added taxes to certain transactions. The Mexican Circuit Court ruling described above also resulted in a favorable outcome for one of the tax years with respect to this matter. On April 23, 2026, our appeal related to the other tax year was denied. We intend to appeal this decision to a higher court. We have not recorded a liability associated with the additional value added tax for the other tax year as we do not believe a loss is probable. At March 31, 2026, our maximum exposure is not expected to exceed $9 million.


	June 30, 2026		December 31, 2025



$600 million senior unsecured notes maturing in 2027—5.750%	$	600	$	600
$400 million senior unsecured notes maturing in 2028—4.375%	399		399
$500 million senior unsecured notes maturing in 2028—5.050%	500		500
$600 million senior unsecured notes maturing in 2029—5.250%	600		600
$450 million senior unsecured notes maturing in 2030—5.750%	440		440
$450 million senior unsecured notes maturing in 2031—5.375%	450		450
$500 million senior unsecured notes maturing in 2032—5.750%	500		500
$350 million senior unsecured notes maturing in 2034—5.500%	350		350
$400 million senior unsecured notes maturing in 2035—5.400%	400		400
Variable rate term loan	50		51
Floating average rate loan	18		19

Total debt excluding finance lease obligations, unamortized discounts, and unamortized deferred financing fees	4,307		4,309
Finance lease obligations	3		3
Unamortized discounts and unamortized deferred financing fees	(29)		(34)
Total debt	4,281		4,278
Less: current maturities of long-term debt	(605)		(6)
Total long-term debt	$	3,676	$	4,272

Senior Notes Issuances—During the ~~year~~six months ended ~~December 31~~June 30, ~~2018~~2025, we ~~received~~issued a$500 million ~~notice~~of ~~from~~5.050% senior notes due 2028 at an issue price of 99.905% (the ~~Indian~~"2028 ~~tax~~Notes") ~~authorities~~and ~~assessing~~$500 million ~~additional~~of ~~service~~5.750% ~~tax~~senior onnotes ~~our~~due ~~operations~~2032 inat ~~India~~an issue price of 99.936% (the "2032 Notes"). We ~~appealed~~received ~~this~~$990 million ~~decision~~of ~~and~~net doproceeds, ~~not~~after ~~believe~~deducting a$10 million ~~loss~~of isunderwriting ~~probable,~~discounts and ~~therefore,~~other weoffering ~~have~~expenses. ~~not~~We ~~recorded~~used the net proceeds to fund a ~~liability~~portion inof ~~connection~~the ~~with~~purchase ~~this~~consideration ~~matter.~~for Atthe ~~March 31,~~Playa ~~2026,~~Hotels ~~our~~Acquisition ~~maximum~~(see ~~exposure~~Note 7). Interest is ~~not~~payable ~~expected~~semi-annually toon ~~exceed~~March ~~$20 million,~~30 ~~including~~and ~~$15 million~~September 30 of ~~estimated~~each ~~penalties~~year and ~~interest~~commenced on September 30, 2025.

12Senior Notes Repayment—During the six months ended June 30, 2025, we repaid the outstanding $450 million of 5. ~~COMMITMENTS~~375% ~~AND~~senior ~~CONTINGENCIES~~notes due 2025 (the "2025 Notes") at maturity for $460 million, inclusive of $10 million of accrued interest.

Delayed Draw Term Loan Facility—During the three months ended June 30, 2025, we entered into a credit agreement with a syndicate of lenders for a $1,700 million delayed draw term loan facility (the "DDTL Facility") and borrowed $1,700 million (the "DDTL Loans"). We received $1,694 million of proceeds, net of $6 million of issuance costs, which we used to finance the Playa Hotels Acquisition (see Note 7), repay certain indebtedness of Playa Hotels and its subsidiaries as described below, and pay related fees and expenses. During the year ended December 31, 2025, we repaid the outstanding $1,700 million of DDTL Loans.

Playa Hotels Term Loan Repayment—During the three months ended June 30, 2025, in conjunction with the Playa Hotels Acquisition, we repaid the outstanding balance of an assumed term loan for $1,078 million, inclusive of $3 million of accrued interest, on the acquisition date (see Note 7).

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Revolving Credit Facility—During both the six months ended June 30, 2026 and June 30, 2025, we had no borrowings or repayments on our revolving credit facility in effect for each of the respective periods. At both June 30, 2026 and December 31, 2025, we had no balance outstanding. At June 30, 2026, we had $1,497 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding (see Note 13).

Fair Value—The following table summarizes the fair value of our debt, which includes the senior unsecured notes above (collectively, the "Senior Notes") and other long-term debt and excludes finance lease obligations, unamortized discounts, and unamortized deferred financing fees:


	June 30, 2026		December 31, 2025
Level Two—Significant Other Observable Inputs
Senior Notes	$	4,286	$	4,349

Level Three—Significant Unobservable Inputs
Other long-term debt	69		71

11. OTHER LONG-TERM LIABILITIES


	June 30, 2026		December 31, 2025
Deferred compensation plans funded by rabbi trusts (Note 4 and Note 9)	$	648	$	594
Income taxes payable	620		562
Deferred income taxes (Note 12)	213		216
Guarantee liabilities (Note 13)	190		186
Contingent consideration liabilities (Note 13)	142		177
Self-insurance liabilities (Note 13)	97		91
Deferred consideration liability (1)	45		45
Other	100		85
Total	$	2,055	$	1,956

(1) At December 31, 2025, we had $23 million related to the deferred consideration liability recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet, which was paid during the six months ended June 30, 2026. The total deferred consideration liability was net of a $1 million and $2 million unamortized discount at June 30, 2026 and December 31, 2025, respectively. Accretion of the discount was recognized in interest expense on our condensed consolidated statements of income (loss) and was based on an imputed interest rate of 4.8%.

12. TAXES


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Provision for income taxes	$	73	$	42	$	89	$	70

Provision for income taxes increased during the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily due to increased pre-tax income.

We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2021 through 2023 are currently under field exam. U.S. tax years 2009 through 2011 have been subject to a U.S. Tax Court case concerning the tax treatment of the loyalty program in which the Internal Revenue Service ("IRS") is asserting that loyalty program contributions are taxable income to the Company. The litigation remains ongoing before the U.S. Court of Appeals for the Seventh Circuit, as discussed below. U.S. tax years 2012 through 2020 are open pending the outcome of the proceedings for U.S. years 2009 through 2011.

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The Tax Court issued an opinion on October 2, 2023 related to the loyalty program case and determined that the Company must recognize approximately $12 million in net taxable income for the tax years 2009 through 2011, but that the Company need not recognize approximately $228 million in net taxable income related to tax years that preceded 2009. The Tax Court entered its decision on September 13, 2024. The Company filed a Notice of Appeal to the U.S. Court of Appeals for the Seventh Circuit on December 9, 2024 to challenge the Tax Court's rulings that were not in the Company's favor. On April 22, 2026, the Seventh Circuit issued an opinion agreeing with certain of the Company's legal arguments, disagreeing with certain of the Tax Court's conclusions, vacating the decision of the Tax Court, and remanding the case to the Tax Court for further proceedings. On July 8, 2026, the IRS filed a petition for panel rehearing and rehearing en banc with the U.S. Court of Appeals for the Seventh Circuit. If the legal proceedings ultimately reach a conclusion consistent with the Tax Court's prior opinion, the estimated income tax payment due for the subsequent tax years 2012 through 2026 would be $387 million, including $71 million of estimated interest, net of federal benefit. We believe we have an adequate uncertain tax liability recorded for this matter and believe that the ultimate outcome of this matter will not have a material effect on our consolidated financial position, results of operations, or liquidity.

At June 30, 2026 and December 31, 2025, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $470 million and $503 million, respectively, of which $171 million and $244 million, respectively, would impact the effective tax rate, if recognized. The decrease was primarily related to the settlement of an assumed tax liability that was triggered by the Playa Hotels Acquisition, partially offset by an increase related to an accrual for the U.S. tax treatment of the loyalty program.

Through a prior acquisition, we assumed an assessment of additional corporate income tax from the Mexican tax authorities, which was in the process of being appealed, primarily related to disallowed deductions taken on historical tax returns. Our request for appeal to a higher court for one of the tax years was denied on May 15, 2024, and the assessment was finalized. During the six months ended June 30, 2026, the Mexican Circuit Court issued rulings and disallowed deductions for the other tax year, and the Mexican tax authorities issued a final tax assessment. At June 30, 2026 and December 31, 2025, we had $40 million and $37 million, respectively, of tax liabilities recorded in connection with this matter, which included $26 million and $37 million, respectively, recorded in other long-term liabilities and $14 million and no amount, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

Further, the Mexican tax authorities disallowed credits taken on historical tax returns and applied value added taxes to certain transactions. The Mexican Circuit Court ruling described above also resulted in a favorable outcome for one of the tax years with respect to this matter. During the three months ended June 30, 2026, our appeal related to the other tax year was denied, and we appealed the decision to a higher court. We have not recorded a liability associated with the additional value added tax for the other tax year as we do not believe a loss is probable. At June 30, 2026, our maximum exposure is not expected to exceed $9 million.

During the year ended December 31, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We appealed this decision and do not believe a loss is probable, and therefore, we have not recorded a liability in connection with this matter. At June 30, 2026, our maximum exposure is not expected to exceed $20 million, including $15 million of estimated penalties and interest.

13. COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, we enter into various commitments, guarantees, surety and other bonds, and letter of credit agreements.

Commitments—At ~~March~~June 3130, 2026, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in various business ventures up to $~~670~~ 750 million, net of any related letters of credit.

Performance Guarantees and Performance Cure Payments—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. Except as described below, at ~~March~~June 3130, 2026, our performance guarantees had $~~154~~171 million of remaining maximum exposure and expire between 2027 and 2042.

Through acquisitions, we acquired certain management and hotel services agreements with performance guarantees based on annual performance levels and with expiration dates between 2027 and 2045. Contract terms within certain management and hotel services agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments.

At March 31, 2026 and December 31, 2025, we had $104 million and $114 million, respectively, of total performance guarantee liabilities, which included $87 million and $95 million, respectively, recorded in other long-term liabilities and $17 million and $19 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.23

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~~Additionally~~At June 30, we2026 ~~enter into certain management~~ and ~~hotel~~December 31, ~~services~~2025, ~~agreements where~~ we ~~have~~had ~~the~~$119 ~~right,~~million ~~but~~and ~~not~~$114 anmillion, ~~obligation~~respectively, ~~to make payments to certain third-party owners if their hotels do not achieve specified levels~~ of ~~operating~~total ~~profit.~~performance Ifguarantee ~~we choose not to fund the shortfall~~liabilities, ~~the~~which ~~hotel~~included ~~owner~~$107 ~~has~~million ~~the~~and ~~option~~$95 tomillion, ~~terminate~~respectively, ~~the~~recorded ~~contract.~~in Atother ~~both~~long-term ~~March 31,~~liabilities ~~2026~~ and ~~December 31,~~$12 ~~2025,~~million weand ~~had~~ $419 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets ~~related to these performance cure payments~~.

Additionally, we enter into certain management and hotel services agreements where we have the right, but not an obligation, to make payments to certain third-party owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the contract. At both June 30, 2026 and December 31, 2025, we had $4 million recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.

Debt Repayment Guarantees—We enter into various debt repayment guarantees, as summarized below, in order to assist third-party owners, franchisees, and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.

Geographical region	Maximum potential future payments (1)		~~Maximum potential future payments (1)~~		Maximum exposure net of recoverability from third parties (1), (2)		~~Maximum exposure net of recoverability from third parties (1), (2)~~		Other long-term liabilities recorded at June 30, 2026		~~Other long-term liabilities recorded at March 31, 2026~~		Other long-term liabilities recorded at December 31, 2025		~~Other long-term liabilities recorded at December 31, 2025~~		Year of guarantee expiration (3)	~~Year of guarantee expiration (3)~~
United States (4)	$	92	$	94	$	20	$	21	$	26	$	27	$	23	$	23	various, through 2031	~~various, through 2030~~
All foreign	13		13		—		—		7		10		5		5		various, through 2028	~~various, through 2028~~
Total	$	105	$	~~107~~	$	20	$	21	$	33	$	37	$	28	$	28
(1) Our maximum exposure is generally based on a specified percentage of the total principal due upon borrower default.
(2) We have agreements with our unconsolidated hospitality venture partners or the respective third-party owners or franchisees to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash or HTM debt security.
(3) Certain underlying debt agreements have extension periods which are not reflected in the year of guarantee expiration.
(4) Certain agreements give us the ability to assume control of the property if defined funding thresholds are met or if certain events occur.

~~(1)~~At ~~Our~~June 30, ~~maximum~~2026, ~~exposure~~we isare ~~generally~~not ~~based~~aware, nor have we received any notification, that our third-party owners, franchisees, or unconsolidated hospitality ventures are not current on atheir ~~specified~~debt ~~percentage~~service ofobligations ~~the~~where ~~total~~we ~~principal~~have ~~due~~provided ~~upon~~a ~~borrower~~debt ~~default~~repayment guarantee.

~~(2)~~Other Guarantees—We ~~have~~agreed ~~agreements~~to ~~with~~guarantee ~~our~~up ~~unconsolidated~~to $70 million of our hospitality venture ~~partners~~partner's orinvestment in the ~~respective~~Unlimited Vacation Club (see Note 4). Additionally, we have provided indemnifications to third-party ~~owners~~purchasers orin ~~franchisees~~certain todispositions ~~recover~~and an unconsolidated hospitality venture for obligations the related entities may incur as a result of certain ~~amounts~~tax ~~funded~~matters ~~under~~or uncertain tax positions. At June 30, 2026, the ~~debt~~indemnifications ~~repayment~~for ~~guarantee;~~open tax matters had a maximum exposure of $102 million, including $33 million related to an audit assessment received on July 13, 2026 for one of the ~~recoverability~~open ~~mechanism~~indemnified ~~may~~tax bematters, inwhich we intend to appeal on behalf of the ~~form~~third-party purchaser. At June 30, 2026 and December 31, 2025, we had $50 million and $63 million, respectively, of ~~cash~~guarantee orliabilities ~~HTM~~recorded ~~debt~~in ~~security~~other long-term liabilities on our condensed consolidated balance sheets associated with these guarantees.

~~(3)~~Guarantee ~~Certain~~Liabilities ~~underlying~~Fair ~~debt~~Value—We ~~agreements~~estimated ~~have~~the ~~extension~~fair ~~periods~~value of guarantee liabilities, which are ~~not~~classified ~~reflected~~as Level Three in the ~~year~~fair ofvalue ~~guarantee~~hierarchy, ~~expiration~~to be approximately $215 million and $180 million at June 30, 2026 and December 31, 2025, respectively.

~~(4)~~Contingent ~~Certain~~Consideration ~~agreements~~Fair ~~give~~Value—As uspart ~~the~~of ~~ability~~acquisitions, towe ~~assume~~have ~~control~~entered into various contingent consideration arrangements. At June 30, 2026, we had $352 million of ~~the~~potential ~~property~~future ifconsideration ~~defined~~remaining ~~funding~~under ~~thresholds~~these arrangements. However, we have one arrangement where we are ~~met~~unable orto ifreasonably ~~certain~~estimate ~~events~~our ~~occur~~maximum potential future consideration remaining.

At ~~March~~June 3130, 2026 and December 31, 2025, we ~~are~~had ~~not~~$142 million ~~aware~~and $177 million, ~~nor~~respectively, ~~have~~recorded wein ~~received~~other ~~any~~long-term ~~notification,~~liabilities ~~that~~and ~~our~~$1 million ~~third-party~~and ~~owners~~$3 million, ~~franchisees~~respectively, orrecorded ~~unconsolidated~~in ~~hospitality~~accrued ~~ventures~~expenses ~~are~~and ~~not~~other current liabilities on ~~their~~our ~~debt~~condensed ~~service~~consolidated ~~obligations~~balance ~~where~~sheets werelated ~~have~~to ~~provided~~contingent consideration. Our contingent consideration liabilities are remeasured at fair value on a ~~debt~~recurring ~~repayment~~basis ~~guarantee~~and are classified as Level Three in the fair value hierarchy. Changes in fair value were recognized in other income (loss), net on our condensed consolidated statements of income (loss).

Other Guarantees—We agreed to guarantee up to $70 million of our hospitality venture partner's investment in the Unlimited Vacation Club (see Note 4). Additionally, we have provided indemnifications to third-party purchasers in certain dispositions and an unconsolidated hospitality venture for obligations the related entities may incur as a result of certain tax matters or uncertain tax positions. At March 31, 2026, the indemnifications for open tax matters had a maximum exposure of $126 million. At March 31, 2026 and December 31, 2025, we had $56 million and $63 million, respectively, of guarantee liabilities recorded in other long-term liabilities on our condensed consolidated balance sheets associated with these guarantees.24

Guarantee Liabilities Fair Value—We estimated the fair value of guarantee liabilities, which are classified as Level Three in the fair value hierarchy, to be approximately $187 million and $180 million at March 31, 2026 and December 31, 2025, respectively.

Contingent Consideration Fair Value—As part of acquisitions, we have entered into various contingent consideration arrangements. At March 31, 2026, we had $352 million of potential future consideration remaining under these arrangements. However, we have one arrangement where we are unable to reasonably estimate our maximum potential future consideration remaining.

At March 31, 2026 and December 31, 2025, we had $145 million and $177 million, respectively, recorded in other long-term liabilities and no amount and $3 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to contingent consideration. Our contingent consideration liabilities are remeasured at fair value on a recurring basis and are classified as Level Three in the fair value hierarchy. Changes in fair value were recognized in other income (loss), net on our condensed consolidated statements of income.

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The following table summarizes the activity in our contingent consideration liabilities:

	2026		2025
Fair value at January 1	$	180	$	217
Changes in fair value (Note 18)	(31)		(5)
Changes in fair value (Note 19)	(31)		(5)
Payments	(3)		(3)
Foreign currency exchange, net (Note 18)	(1)		—
Foreign currency exchange, net (Note 19)	(1)		—
Fair value at March 31	$	145	$	209
Changes in fair value (Note 19)	(2)		(3)
Foreign currency exchange, net (Note 19)	—		3
Fair value at June 30	$	143	$	209

Insurance—We obtain insurance for potential losses from general liability, property, automobile, aviation, environmental, workers' compensation, employment practices, crime, cyber, and other miscellaneous risks. A portion of these risks is retained through a U.S.-based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. At ~~both March~~June 3130, 2026 and December 31, 2025, we had $150 million and $146 million, respectively, of total reserves for losses in our captive insurance company, which included $5253 million and $55 million, respectively, recorded in accrued expenses and other current liabilities and $9497 million and $91 million, respectively, recorded in other long-term liabilities (see Note 1011) on our condensed consolidated balance sheets.

Collective Bargaining Agreements—At ~~March~~June 3130, 2026, approximately 22% of our U.S.-based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment, and orderly settlement of labor disputes. Certain employees are covered by union-sponsored, multi-employer pension and health plans pursuant to agreements between various unions and us. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.

Surety and Other Bonds—At ~~March~~June 3130, 2026, surety and other bonds issued on our behalf were $~~155~~163 million, which primarily related to our insurance programs, customer deposits associated with ALG Vacations, taxes, licenses, liens, and utilities for certain managed and franchised hotels.

Letters of Credit—At ~~March~~June 3130, 2026, letters of credit outstanding on our behalf were $114 million, which primarily related to our ongoing operations, collateral for customer deposits associated with ALG Vacations, collateral for estimated insurance claims, and securitization of our performance under a certain debt repayment guarantee, which is only called on if the borrower defaults on its obligations. Of the letters of credit outstanding, $3 million reduces the available capacity under our revolving credit facility (see Note 910).

Capital Expenditures—As part of our ongoing business operations, expenditures are required to complete renovation projects that have been approved.

Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender's recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.

In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed or franchised properties, we may provide standard indemnifications to the lender for loss, liability, or damage occurring as a result of our actions, actions of the other unconsolidated hospitality venture partners, or actions by the respective third-party owners or franchisees.

As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed-upon contract terms expire.

We are subject to various claims and contingencies arising in the normal course of business, which are primarily related to lawsuits and taxes (see Note 11), as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. We record a liability when the loss is probable and reasonably estimable, and if the loss is recoverable from third parties, we record a receivable when the realization of the claim is probable. Based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our condensed consolidated financial statements.25

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13We are subject to various claims and contingencies arising in the normal course of business, which are primarily related to lawsuits and taxes (see Note 12), as well as commitments under contractual obligations. ~~EQUITY~~ Many of these claims are covered under our current insurance programs, subject to deductibles. We record a liability when the loss is probable and reasonably estimable, and if the loss is recoverable from third parties, we record a receivable when the realization of the claim is probable. Based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our condensed consolidated financial statements.

14. EQUITY

Accumulated Other Comprehensive Loss—The components of accumulated other comprehensive loss, net of tax impacts, were as follows:

	Foreign currency translation adjustments		AFS debt securities unrealized fair value adjustments		Derivative instruments adjustments		Pension liabilities adjustments		Total
Balance at January 1, 2026	$	(136)	$	2	$	(16)	$	1	$	(149)
Other comprehensive loss before reclassification	(3)		(4)		—		—		(7)
Amounts reclassified from accumulated other comprehensive loss (1)	—		—		1		—		1
Balance at March 31, 2026	$	(139)	$	(2)	$	(15)	$	1	$	(155)
(1) Includes realized losses recognized in interest expense on our condensed consolidated statements of income related to the settlement of interest rate locks. We expect to reclassify $5 million of losses, net of insignificant tax impacts, related to the interest rate locks over the next 12 months.
Other comprehensive loss before reclassification	(8)		(15)		—		—		(23)
Amounts reclassified from accumulated other comprehensive loss (1)	—		—		1		—		1
Balance at June 30, 2026	$	(147)	$	(17)	$	(14)	$	1	$	(177)
(1) Includes realized losses recognized in interest expense on our condensed consolidated statements of income (loss) related to the settlement of interest rate locks. We expect to reclassify $5 million of losses, net of insignificant tax impacts, related to the interest rate locks over the next 12 months.
	Foreign currency translation adjustments		AFS debt securities unrealized fair value adjustments		Derivative instruments adjustments		Pension liabilities adjustments		Total
Balance at January 1, 2025	$	(251)	$	2	$	(20)	$	—	$	(269)
Other comprehensive income (loss) before reclassification	48		(4)		—		—		44
Amounts reclassified from accumulated other comprehensive loss (1)	—		—		1		—		1
Amounts reclassified from accumulated other comprehensive loss (2)	—		—		1		—		1
Balance at March 31, 2025	$	(203)	$	(2)	$	(19)	$	—	$	(224)
(1) Includes realized losses recognized in interest expense on our condensed consolidated statements of income related to the settlement of interest rate locks.
Other comprehensive income before reclassification	85		3		1		—		89
Amounts reclassified from accumulated other comprehensive loss (2)	—		—		1		—		1
Balance at June 30, 2025	$	(118)	$	1	$	(17)	$	—	$	(134)
(2) Includes realized losses recognized in interest expense on our condensed consolidated statements of income (loss) related to the settlement of interest rate locks.

Share Repurchases—On May 8, 2024, our board of directors authorized repurchases of up to $1,000 million of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase ("ASR") transaction, at prices we deem appropriate and subject to market conditions, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and Class B common stock. The share repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time and does not have an expiration date.26

	Three Months Ended March 31,
	2026		2025
Total number of shares repurchased	840,249		1,078,511
Weighted-average price per share	$	160.66	$	138.50
Aggregate purchase price (1)	$	135	$	149
(1) Excludes related insignificant expenses.

The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares. At March 31, 2026, we had approximately $543 million remaining under the share repurchase authorization.

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~~Dividends~~Share Repurchases—~~The~~On ~~following~~both ~~tables~~May ~~summarize~~8, ~~dividends~~2024 ~~declared~~and May 20, 2026, our board of directors approved an expansion of our share repurchase program. Under each approval, we are authorized to purchase up to an additional $1,000 million of Class A and Class B ~~stockholders~~common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase ("ASR") transaction, at prices we deem appropriate and subject to market conditions, applicable law, and other factors deemed relevant in our sole discretion. The share repurchase program does not obligate us to repurchase any dollar amount or number of ~~record:~~shares, and the program may be suspended or discontinued at any time and does not have an expiration date.

	Three Months Ended March 31,
	Six Months Ended June 30,
	2026		2025
Class A common stock	$	6	$	6
Total number of shares repurchased	902,854		1,078,511
Class B common stock	8		8
Weighted-average price per share	$	162.81	$	138.50
Total cash dividends declared	$	14	$	14
Aggregate purchase price (1)	$	147	$	149
(1) Excludes related insignificant expenses.

Date declared

Dividend per share amount for Class A and Class B

Date of record

Date paid

February 13, 2026

0.15

March 2, 2026

March 12, 2026

February 13, 2025

0.15

February 28, 2025

March 12, 2025

The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares. At June 30, 2026, we had $1,531 million remaining under the share repurchase program.

1415. STOCK-BASED COMPENSATION

As part of our Long-Term Incentive Plan (as amended from time to time, "LTIP"), we award time-vested stock appreciation rights ("SARs"), RSUs, and performance-vested restricted stock units ("PSUs") to certain employees and non-employee directors. In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. The Assumed Awards (see Note 67) continue to be governed by the terms of the Playa Hotels Plan.

Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as these expenses have been, and will continue to be, reimbursed by our third-party owners and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income (loss). Stock-based compensation expense recognized in general and administrative expenses, owned and leased expenses, distribution expenses, and transaction and integration costs on our condensed consolidated statements of income (loss) related to our awards was as follows:

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
SARs	$	61	$	13—	$	7	$	13
RSUs	179		179		26		26
PSUs	57		16		12		7
Total	$	2817	$	3115	$	45	$	46

SARs—During the ~~three~~six months ended ~~March~~June 3130, 2026, we granted ~~148~~152,~~405~~377 SARs to employees with a weighted-average grant date fair value of $6465.8614. During the ~~three~~six months ended ~~March~~June 3130, 2025, we granted ~~302~~311,~~439~~519 SARs to employees with a weighted-average grant date fair value of $53.0817.

RSUs—During the ~~three~~six months ended ~~March~~June 3130, 2026, we granted ~~356~~378,~~685~~911 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $~~145~~146.1379. During the ~~three~~six months ended ~~March~~June 3130, 2025, we granted ~~402~~565,~~172~~840 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $~~122~~125.6856.

PSUs—During the ~~three~~six months ended ~~March~~June 3130, 2026, we granted 10114,~~392~~300 PSUs to anemployees ~~employee~~ with a weighted-average grant date fair value of $~~144~~178.3456. During the ~~three~~six months ended ~~March~~June 3130, 2025, we granted 61267,~~714~~389 PSUs to employees with a weighted-average grant date fair value of $~~146~~144.0084.

Unearned Compensation—Our total unearned compensation for our stock-based compensation programs at March 31, 2026 was $5 million for SARs, $58 million for RSUs, and $11 million for PSUs, which will be recognized in general and administrative expenses, distribution expenses, and transaction and integration costs on our condensed consolidated statements of income over a weighted-average period of three years with respect to SARs, three years with respect to RSUs, and one year with respect to PSUs.27

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~~15. RELATED~~Unearned Compensation—Our total unearned compensation for our stock-~~PARTY~~based ~~TRANSACTIONS~~compensation programs at June 30, 2026 was $4 million for SARs, $51 million for RSUs, and $22 million for PSUs, which will be recognized in general and administrative expenses, distribution expenses, and transaction and integration costs on our condensed consolidated statements of income (loss) over a weighted-average period of three years.

~~In addition to those included elsewhere in the Notes to our condensed consolidated financial statements, related~~16. RELATED-~~party~~PARTY ~~transactions entered into by us are summarized as follows:~~TRANSACTIONS

Equity Method Investments—We have certain investments in unconsolidated hospitality ventures accounted for under the equity method, with ownership interests ranging from 20% to 50%. These entities own, operate, manage, or franchise properties or other hospitalityRelated-~~related~~party ~~businesses,~~transactions ~~through~~entered ~~which~~into weby ~~earn~~us ~~management,~~are ~~franchise,~~summarized ~~license,~~as or royalty fees. We may also provide loans or guarantees to these entities (see Note 4, Note 5, and Note 12) and recognize related income. The following tables summarize amounts recorded on our condensed consolidated financial statements related to these investmentsfollows:

	March 31, 2026		December 31, 2025
Receivables, net	$	46	$	44
Financing receivables, net	109		124

Equity Method Investments—We have certain investments in unconsolidated hospitality ventures accounted for under the equity method, with ownership interests ranging from 20% to 50%. These entities own, operate, manage, or franchise properties or other hospitality-related businesses, through which we earn management, franchise, license, or royalty fees. We may also provide loans or guarantees to these entities (see Note 4, Note 6, and Note 13) and recognize related income. The following tables summarize amounts recorded on our condensed consolidated financial statements related to these investments:

	Three Months Ended March 31,
	June 30, 2026		December 31, 2025
	2026		2025
Receivables, net	$	44	$	44
Base management fees	$	4	$	4
Financing receivables, net	124		124
Incentive management fees	3		3
Franchise and other fees	19		17
Other income (loss), net (1)	1		1
(1) Includes income recognized related to loans and guarantees.

In addition to the above fees, we provide services related to sales and revenue management, marketing, global care centers (including reservation and customer support), digital and technology, and digital media (collectively, "system-wide services") on behalf of owners of managed and franchised properties and administer the loyalty program for the benefit of Hyatt's portfolio of properties. These expenses have been, and will continue to be, reimbursed by our third-party owners and franchisees and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Base management fees	$	4	$	4	$	8	$	8
Incentive management fees	2		2		5		5
Franchise and other fees	18		18		37		35
Other income (loss), net (1)	—		2		1		3
(1) Includes income recognized related to loans and guarantees.

~~Legal~~In ~~Services—A~~addition ~~partner~~to inthe aabove ~~law~~fees, ~~firm~~we ~~that~~provide ~~provided~~ services related to ussales ~~throughout~~and ~~2026~~revenue management, marketing, global care centers (including reservation and ~~2025~~customer issupport), ~~the~~digital ~~brother~~and technology, and digital media (collectively, "system-~~in-law~~wide services") on behalf of ~~our~~owners ~~former~~of ~~Executive~~managed ~~Chairman.~~and ~~During~~franchised properties and administer the ~~three~~loyalty ~~months~~program ~~ended~~for ~~March 31,~~the ~~2026~~benefit ~~and~~of ~~March 31,~~Hyatt's ~~2025,~~portfolio weof ~~incurred~~properties. ~~$1 million~~These ~~and~~expenses ~~$14 million,~~have ~~respectively~~been, ofand ~~legal~~will ~~fees~~continue ~~with~~to ~~this~~be, ~~firm.~~reimbursed Atby ~~March 31,~~our ~~2026~~third-party owners and ~~December 31,~~franchisees ~~2025,~~and weare ~~had~~recognized ~~$2 million~~in revenues for reimbursed costs and ~~$1 million,~~reimbursed ~~respectively,~~costs ~~due~~on toour ~~the~~condensed ~~law~~consolidated ~~firm~~statements of income (loss).

~~Class~~Legal BServices—A ~~Share~~partner ~~Conversion—During~~in ~~the~~a ~~three~~law ~~months~~firm ~~ended~~that ~~March 31,~~provided services to us throughout 2026 and ~~March 31,~~ 2025, ~~12,000~~is ~~shares~~an ~~and~~immediate ~~19,001~~family ~~shares,~~member ~~respectively,~~ of ~~Class~~a Bprincipal ~~common~~stockholder. ~~stock~~During ~~were~~the ~~converted~~three onand asix ~~share-for-share~~months ~~basis~~ended ~~into~~June 30, ~~shares~~2026, ofwe ~~Class~~incurred A$1 million ~~common~~and ~~stock~~$2 million, ~~$0.01~~respectively, ~~par~~of ~~value~~legal ~~per~~fees ~~share~~with this firm. ~~The~~During ~~shares~~the ofthree ~~Class~~and Bsix ~~common~~months ~~stock~~ended ~~that~~June 30, ~~were~~2025, ~~converted~~we ~~into~~incurred ~~shares~~$9 million and $23 million, respectively, of ~~Class~~legal Afees ~~common~~with ~~stock~~this ~~have~~firm. ~~been~~At ~~retired~~both June 30, ~~thereby~~2026 ~~reducing~~and ~~the~~December 31, ~~shares~~2025, ofwe ~~Class~~had B$1 million ~~common~~due ~~stock~~to ~~authorized~~the ~~and~~law ~~outstanding~~firm.

16Class B Share Conversion—During the six months ended June 30, 2026 and June 30, 2025, 387,666 shares and 19,001 shares, respectively, of Class B common stock were converted on a share-for-share basis into shares of Class A common stock, $0. ~~SEGMENT~~01 ~~INFORMATION~~par value per share. The shares of Class B common stock that were converted into shares of Class A common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding.

Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our Chairman, President and Chief Executive Officer. We define our operating and reportable segments as follows:28

•Management and franchising—This segment derives its earnings primarily from the provision of management, franchising, and hotel services, or the licensing of our intellectual property to, (i) our portfolio of properties, (ii) our co-branded credit card programs, and (iii) other hospitality-related businesses. Intersegment revenues relate to management fees earned from our owned and leased hotels and commission fees earned from certain ALG Vacations bookings, both of which are eliminated in consolidation. Additionally, we recognize revenues for reimbursed costs in this segment primarily related to payroll at managed properties where we are the employer, as well as costs associated with system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.

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~~•Owned and leased—This segment derives its earnings from owned and leased hotel properties located predominantly in the Americas, but also in certain other international locations~~17. SEGMENT Adjusted EBITDA includes intercompany management fee expenses paid to our management and franchising segment, which are eliminated in consolidation. Intersegment revenues relate to free night award redemptions earned by our owned and leased hotels related to our co-branded credit card programs and are eliminated in consolidation.INFORMATION

~~•Distribution—This~~Our ~~segment~~reportable ~~derives~~segments ~~its~~are ~~earnings~~components ~~from~~of ~~distribution~~the business which are managed discretely and ~~destination~~for ~~management~~which ~~services~~discrete ~~offered~~financial ~~through~~information ~~ALG~~is ~~Vacations~~reviewed ~~and~~regularly by the ~~boutique~~chief ~~and~~operating ~~luxury~~decision ~~global~~maker ~~travel~~("CODM") ~~platform~~to ~~offered~~assess ~~through~~performance Mrand &make ~~Mrs~~decisions ~~Smith~~regarding the allocation of resources. ~~Adjusted~~Our ~~EBITDA~~CODM ~~includes~~is ~~intercompany~~our ~~commission~~Chairman, ~~fee~~President ~~expenses~~and ~~paid~~Chief toExecutive ~~our~~Officer. ~~management~~We ~~and~~define ~~franchising~~our ~~segment,~~operating ~~which~~and ~~are~~reportable ~~eliminated~~segments inas ~~consolidation.~~follows:

•Management and franchising—This segment derives its earnings primarily from the provision of management, franchising, and hotel services, or the licensing of our intellectual property to (i) our portfolio of properties, (ii) our co-branded credit card programs, and (iii) other hospitality-related businesses. Intersegment revenues relate to management and franchise fees earned from our owned and leased hotels and commission fees earned from certain ALG Vacations bookings, both of which are eliminated in consolidation. Additionally, we recognize revenues for reimbursed costs in this segment primarily related to payroll at managed properties where we are the employer, as well as costs associated with system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.

•Owned and leased—This segment derives its earnings from owned and leased hotel properties located predominantly in the Americas, but also in certain other international locations. Adjusted EBITDA includes intercompany management and franchise fee expenses paid to our management and franchising segment, which are eliminated in consolidation. Intersegment revenues relate to free night award redemptions earned by our owned and leased hotels related to our co-branded credit card programs and are eliminated in consolidation.

•Distribution—This segment derives its earnings primarily from distribution and destination management services offered through ALG Vacations and the boutique and luxury global travel platform offered through Mr & Mrs Smith. Adjusted EBITDA includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.

Within overhead, we include unallocated corporate expenses.

Our CODM evaluates performance based on segment revenues and Adjusted EBITDA. Our CODM uses these measures to evaluate trends and assess segment operating performance as compared to our prior-period and forecasted results as well as our industry and competitors in order to determine how to allocate resources to each segment. Significant segment expenses include Adjusted general and administrative expenses, owned and leased expenses, and distribution expenses. Our CODM does not evaluate our operating segments using discrete asset information.

We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests, adjusted to exclude payments to customers ("contra revenue"), including performance cure payments and amortization of management and hotel services agreement and franchise agreement assets ("key money assets"); revenues for reimbursed costs; reimbursed costs that we intend to recover over the long term; stock-based compensation expense; transaction and integration costs; depreciation and amortization; equity earnings (losses) from unconsolidated hospitality ventures; interest expense; gains (losses) on sales of real estate and other; asset impairments; other income (loss), net; and benefit (provision) for income taxes.

Adjusted general and administrative expenses excludes the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted general and administrative expenses assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.

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The following tables present revenues disaggregated by the nature of the product or service and by segment and a reconciliation of segment revenues to segment Adjusted EBITDA:

	Three Months Ended March 31, 2026
	Three Months Ended June 30, 2026
	Management and franchising		Owned and leased		Distribution		Segment Total		Eliminations		Total
Base management fees	$	~~133~~131	$	—	$	—	$	~~133~~131	$	(67)	$	~~127~~124
Incentive management fees	8766		—		—		8766		(12)		8664
Franchise and other fees	~~122~~137		—		—		~~122~~137		(21)		~~120~~136
Gross fees	~~342~~334		—		—		~~342~~334		(910)		~~333~~324
Rooms and packages	—		~~146~~191		—		~~146~~191		(45)		~~142~~186
Food and beverage	—		4855		—		4855		—		4855
Other	—		2933		—		2933		—		2933
Owned and leased	—		~~223~~279		—		~~223~~279		(45)		~~219~~274
Distribution	—		—		~~274~~225		~~274~~225		—		~~274~~225
Segment revenues	~~342~~334		~~223~~279		~~274~~225		~~839~~838		(1315)		~~826~~823
Contra revenue	(2317)		—		—		(2317)		—		(2317)
Revenues for reimbursed costs	~~945~~1,023		—		—		~~945~~1,023		—		~~945~~1,023
Total revenues	$	1,~~264~~340	$	~~223~~279	$	~~274~~225	$	1,~~761~~844	$	(1315)	$	1,~~748~~829
Intersegment revenues	$	910	$	45	$	—	$	1315
	Six Months Ended June 30, 2026
	Management and franchising		Owned and leased		Distribution		Segment Total		Eliminations		Total
Base management fees	$	264	$	—	$	—	$	264	$	(13)	$	251
Incentive management fees	153		—		—		153		(3)		150
Franchise and other fees	259		—		—		259		(3)		256
Gross fees	676		—		—		676		(19)		657
Rooms and packages	—		337		—		337		(9)		328
Food and beverage	—		103		—		103		—		103
Other	—		62		—		62		—		62
Owned and leased	—		502		—		502		(9)		493
Distribution	—		—		499		499		—		499
Segment revenues	676		502		499		1,677		(28)		1,649
Contra revenue	(40)		—		—		(40)		—		(40)
Revenues for reimbursed costs	1,968		—		—		1,968		—		1,968
Total revenues	$	2,604	$	502	$	499	$	3,605	$	(28)	$	3,577
Intersegment revenues	$	19	$	9	$	—	$	28

	Three Months Ended March 31, 2026
	Management and franchising		Owned and leased		Distribution
Segment revenues	$	342	$	223	$	274
Significant segment expenses:
Adjusted general and administrative expenses	(78)		(2)		—
Owned and leased expenses (1)	—		(211)		—
Distribution expenses (2)	—		—		(247)
Other segment items (3)	—		—		2
Segment Adjusted EBITDA	$	264	$	10	$	29
(1) Includes intercompany management fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(3) Includes stock-based compensation expense recognized in distribution expenses.

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	Three Months Ended March 31, 2025
	Three Months Ended June 30, 2026
	Management and franchising		Owned and leased		Distribution		~~Segment Total~~		~~Eliminations~~		~~Total~~
Base management fees	$	120	$	—	$	—	$	120	$	(6)	$	114
Segment revenues	$	334	$	279	$	225
Incentive management fees	77		—		—		77		(1)		76
Significant segment expenses:
Franchise and other fees	119		—		—		119		(2)		117
Adjusted general and administrative expenses	(68)		(3)		—
Gross fees	316		—		—		316		(9)		307
Owned and leased expenses (1)	—		(237)		—
Rooms and packages	—		148		—		148		(4)		144
Distribution expenses (2)	—		—		(199)
Food and beverage	—		46		—		46		—		46
Other segment items (3)	—		1		1
Other	—		29		—		29		—		29
Segment Adjusted EBITDA	$	266	$	40	$	27
Owned and leased	—		223		—		223		(4)		219
(1) Includes intercompany management fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
Distribution	—		—		315		315		—		315
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
Other revenues	11		—		—		11		—		11
(3) Owned and leased removes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts. Distribution removes stock-based compensation expense recognized in distribution expenses.
Segment revenues	327		223		315		865		(13)		852
	Six Months Ended June 30, 2026
Contra revenue	(20)		—		—		(20)		—		(20)
	Management and franchising		Owned and leased		Distribution
Revenues for reimbursed costs	886		—		—		886		—		886
Segment revenues	$	676	$	502	$	499
Total revenues	$	1,193	$	223	$	315	$	1,731	$	(13)	$	1,718
Significant segment expenses:
Intersegment revenues	$	9	$	4	$	—	$	13
Adjusted general and administrative expenses	(146)		(5)		—
Owned and leased expenses (4)	—		(448)		—
Distribution expenses (5)	—		—		(446)
Other segment items (6)	—		1		3
Segment Adjusted EBITDA	$	530	$	50	$	56
(4) Includes intercompany management fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(5) Includes intercompany commission fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(6) Owned and leased removes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts. Distribution removes stock-based compensation expense recognized in distribution expenses.

	Three Months Ended March 31, 2025
	Management and franchising		Owned and leased		Distribution
Segment revenues	$	327	$	223	$	315
Significant segment expenses:
Adjusted general and administrative expenses	(67)		(2)		—
Owned and leased expenses (1)	—		(206)		—
Distribution expenses (2)	—		—		(268)
Other segment items (3)	(24)		—		2
Segment Adjusted EBITDA	$	236	$	15	$	49
(1) Includes intercompany management fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(3) Management and franchising includes direct costs associated with our co-branded credit card programs recognized in other direct costs prior to the integration into the loyalty program in the fourth quarter of 2025. Distribution includes stock-based compensation expense recognized in distribution expenses.

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	Three Months Ended June 30, 2025
	Management and franchising		Owned and leased		Distribution		Segment Total		Eliminations		Total
Base management fees	$	120	$	—	$	—	$	120	$	(7)	$	113
Incentive management fees	64		—		—		64		(2)		62
Franchise and other fees	128		—		—		128		(2)		126
Gross fees	312		—		—		312		(11)		301
Rooms and packages	—		223		—		223		(5)		218
Food and beverage	—		53		—		53		—		53
Other	—		33		—		33		—		33
Owned and leased	—		309		—		309		(5)		304
Distribution	—		—		262		262		—		262
Other revenues	11		—		—		11		—		11
Segment revenues	323		309		262		894		(16)		878
Contra revenue	(15)		—		—		(15)		—		(15)
Revenues for reimbursed costs	945		—		—		945		—		945
Total revenues	$	1,253	$	309	$	262	$	1,824	$	(16)	$	1,808

Intersegment revenues	$	11	$	5	$	—	$	16

	Six Months Ended June 30, 2025
	Management and franchising		Owned and leased		Distribution		Segment Total		Eliminations		Total
Base management fees	$	240	$	—	$	—	$	240	$	(13)	$	227
Incentive management fees	141		—		—		141		(3)		138
Franchise and other fees	247		—		—		247		(4)		243
Gross fees	628		—		—		628		(20)		608
Rooms and packages	—		371		—		371		(9)		362
Food and beverage	—		99		—		99		—		99
Other	—		62		—		62		—		62
Owned and leased	—		532		—		532		(9)		523
Distribution	—		—		577		577		—		577
Other revenues	22		—		—		22		—		22
Segment revenues	650		532		577		1,759		(29)		1,730
Contra revenue	(35)		—		—		(35)		—		(35)
Revenues for reimbursed costs	1,831		—		—		1,831		—		1,831
Total revenues	$	2,446	$	532	$	577	$	3,555	$	(29)	$	3,526

Intersegment revenues	$	20	$	9	$	—	$	29

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	Three Months Ended June 30, 2025
	Management and franchising		Owned and leased		Distribution
Segment revenues	$	323	$	309	$	262
Significant segment expenses:
Adjusted general and administrative expenses	(65)		(3)		—
Owned and leased expenses (1)	—		(261)		—
Distribution expenses (2)	—		—		(220)
Other segment items (3)	(20)		2		1

Segment Adjusted EBITDA	$	238	$	47	$	43

(1) Includes intercompany management and franchise fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(3) Management and franchising includes direct costs associated with our co-branded credit card programs recognized in other direct costs prior to the integration into the loyalty program in the fourth quarter of 2025. Owned and leased removes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts and stock-based compensation expense recognized in owned and leased expenses. Distribution removes stock-based compensation expense recognized in distribution expenses.

	Six Months Ended June 30, 2025
	Management and franchising		Owned and leased		Distribution
Segment revenues	$	650	$	532	$	577
Significant segment expenses:
Adjusted general and administrative expenses	(132)		(5)		—
Owned and leased expenses (4)	—		(467)		—
Distribution expenses (5)	—		—		(488)
Other segment items (6)	(44)		2		3

Segment Adjusted EBITDA	$	474	$	62	$	92

(4) Includes intercompany management and franchise fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(5) Includes intercompany commission fee expenses paid to our management and franchising segment, which were eliminated in consolidation.
(6) Management and franchising includes direct costs associated with our co-branded credit card programs recognized in other direct costs prior to the integration into the loyalty program in the fourth quarter of 2025. Owned and leased removes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts and stock-based compensation expense recognized in owned and leased expenses. Distribution removes stock-based compensation expense recognized in distribution expenses.

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The following table provides a reconciliation of segment Adjusted EBITDA to income before income taxes:

			Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Management and franchising	$	266	$	238	$	~~264~~530	$	~~236~~474
Owned and leased	40		47		1050		1562
Distribution	27		43		2956		4992
Segment Adjusted EBITDA	333		328		~~303~~636		~~300~~628
Unallocated overhead expenses	(36)		(42)		(3773)		(4082)
Eliminations	—		—		—		1
Contra revenue	(17)		(15)		(2340)		(2035)
Revenues for reimbursed costs	1,023		945		~~945~~1,968		~~886~~1,831
Reimbursed costs	(1,020)		(949)		(~~963~~1,983)		(~~902~~1,851)
Stock-based compensation expense (1)	(17)		(14)		(2744)		(3145)
Transaction and integration costs	(8)		(82)		(1624)		(23105)
Depreciation and amortization	(73)		(82)		(76149)		(80162)
Equity earnings (losses) from unconsolidated hospitality ventures	11		6		(132)		(126)
Interest expense	(64)		(74)		(65129)		(66140)
Asset impairments					(21)		(4)
Gains (losses) on sales of real estate and other	2		(2)		2		(2)
Other income (loss), net					50		43
Asset impairments	(5)		(10)		(26)		(14)
Income before income taxes					$	57	$	52
Other income (loss), net	53		29		103		72
(1) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs (see Note 14).
Income before income taxes	$	182	$	38	$	239	$	90
(1) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs (see Note 15).

~~17. EARNINGS PER SHARE~~34

The following table presents the calculation of basic and diluted earnings per Class A and Class B share:

	Three Months Ended March 31,
		2026		2025
Numerator:
Net income		$	41	$	24
Net income attributable to noncontrolling interests		$	3	$	4
Net income attributable to Hyatt Hotels Corporation		$	38	$	20
Denominator:
Basic weighted-average shares outstanding		94,482,303		95,980,414
Stock-based compensation		2,398,692		2,083,442
Diluted weighted-average shares outstanding		96,880,995		98,063,856
Basic Earnings Per Class A and Class B Share:
Net income		$	0.44	$	0.24
Net income attributable to noncontrolling interests		$	0.03	$	0.04
Net income attributable to Hyatt Hotels Corporation		$	0.41	$	0.20
Diluted Earnings Per Class A and Class B Share:
Net income		$	0.43	$	0.23
Net income attributable to noncontrolling interests		$	0.03	$	0.04
Net income attributable to Hyatt Hotels Corporation		$	0.40	$	0.19

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~~The~~18. EARNINGS ~~calculations~~(LOSSES) ofPER ~~diluted earnings per Class A and Class B share do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.~~SHARE

	Three Months Ended March 31,
		2026	2025
SARs		9,300	3,700
RSUs		300	1,700

The following table presents the calculation of basic and diluted earnings (losses) per Class A and Class B share:

18. OTHER INCOME (LOSS), NET


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
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
Denominator:
Basic weighted-average shares outstanding	94,302,204		95,584,242		94,391,653		95,781,125
Stock-based compensation	2,393,045		—		2,340,355		1,957,606
Diluted weighted-average shares outstanding	96,695,249		95,584,242		96,732,008		97,738,731
Basic Earnings (Losses) Per Class A and Class B Share:
Net income (loss)	$	1.16	$	(0.04)	$	1.59	$	0.20
Net income (loss) attributable to noncontrolling interests	$	(0.01)	$	(0.01)	$	0.02	$	0.03
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.17	$	(0.03)	$	1.57	$	0.17
Diluted Earnings (Losses) Per Class A and Class B Share:
Net income (loss)	$	1.13	$	(0.04)	$	1.55	$	0.20
Net income (loss) attributable to noncontrolling interests	$	(0.01)	$	(0.01)	$	0.02	$	0.03
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.14	$	(0.03)	$	1.53	$	0.17

	Three Months Ended March 31,
		2026		2025
Interest income		$	32	$	35
Contingent consideration liabilities fair value adjustments (Note 12)		31		5
Guarantee amortization income (Note 12)		16		13
Gains (losses), net on marketable securities (Note 4)		—		10
Restructuring costs		(3)		(6)
Guarantee expense (Note 12)		(4)		(6)
Credit loss (provisions) reversals, net (Note 4 and Note 5)		(14)		(10)
Other, net		(8)		2
Other income (loss), net		$	50	$	43

The calculations of diluted earnings (losses) per Class A and Class B share do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs, and PSUs because they are anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
SARs	9,200	1,333,100	10,700	26,500
RSUs	1,900	423,500	700	5,000
PSUs	—	122,900	—	5,200

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19. OTHER INCOME (LOSS), NET


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest income	$	32	$	38	$	64	$	73
Guarantee liability release and guarantee amortization income (Note 13)	14		32		30		45
Credit loss (provisions) reversals, net (Note 4 and Note 6)	7		(25)		(7)		(35)
Contingent consideration liabilities fair value adjustments (Note 13)	2		3		33		8
Gains (losses), net on marketable securities (Note 4)	1		5		1		15


Restructuring costs	(2)		(10)		(5)		(16)










Guarantee expense, net (Note 13)	(3)		(4)		(7)		(10)
Foreign currency exchange, net	(3)		(7)		(4)		(5)
Other, net	5		(3)		(2)		(3)
Other income (loss), net	$	53	$	29	$	103	$	72

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This Quarterly Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, and financial performance, and prospective or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate ("ADR"); limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the impact of government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations.

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These factors are not necessarily all of the important factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors could also harm our business, financial condition, results of operations, or cash flows. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

The following discussion should be read in conjunction with the Company's condensed consolidated financial statements and accompanying Notes, which appear elsewhere in this Quarterly Report.

Overview

Our portfolio of properties consists of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. We also offer distribution and destination management services through ALG Vacations and distribution services through Mr & Mrs Smith, a boutique and luxury global travel platform. Additionally, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other trade names or marks owned by such hotels or licensed by third parties. The following table summarizes our portfolio of properties:

	Properties at March 31,					Rooms at March 31,
	Properties at June 30,					Rooms at June 30,
	2026	2025	Change			2026	2025	Change
System-wide hotels
Managed (1)	580	~~551~~553	2927	54.39	%	167,~~119~~276	161,~~725~~147	56,~~394~~129	3.38	%
Franchised	~~792~~803	~~739~~754	5349	76.25	%	~~142~~144,~~371~~721	~~132~~135,~~262~~072	109,~~109~~649	7.61	%
Owned and leased (2)	22	22	—	—	%	7,928	7,927	1	0.0	%
Total (3)	1,~~394~~405	1,~~312~~329	8276	65.37	%	~~317~~319,~~418~~925	~~301~~304,~~914~~146	15,~~504~~779	5.12	%
System-wide all-inclusive resorts
Managed (1)	148	~~131~~134	1714	1310.04	%	56,~~580~~699	5051,~~012~~605	65,~~568~~094	139.19	%
Franchised	—	8	(8)	(100.0)	%	—	3,153	(3,153)	(100.0)	%
Owned and leased	6	24	(18)	(75.0)	%	1,262	8,039	(6,777)	(84.3)	%
Owned and leased (2)	6	9	(3)	(33.3)	%	1,262	2,257	(995)	(44.1)	%
Total	154	158	(4)	(2.5)	%	57,961	59,644	(1,683)	(2.8)	%
Total	154	148	6	4.1	%	57,842	55,422	2,420	4.4	%
Total system-wide (4)	1,559	1,487	72	4.8	%	377,886	363,790	14,096	3.9	%
Total system-wide (4)	1,548	1,460	88	6.0	%	375,260	357,336	17,924	5.0	%
Mr & Mrs Smith (5)	1,242	1,182	60	5.1	%	41,882	39,010	2,872	7.4	%
Mr & Mrs Smith (5)	1,272	1,127	145	12.9	%	42,843	37,089	5,754	15.5	%
Hyatt Vacation Club	22	22	—	—	%	1,993	1,997	(4)	(0.2)	%
Hyatt Vacation Club	22	22	—	—	%	1,997	1,997	—	—	%
Residential	44	41	3	7.3	%	4,919	4,455	464	10.4	%
Residential	44	40	4	10.0	%	4,903	4,306	597	13.9	%
(1) Includes properties that we manage or provide services to.
(2) Figures do not include unconsolidated hospitality ventures.
(3) Figures do not include all-inclusive properties.
(4) Figures do not include Hyatt Vacation Club, Mr & Mrs Smith, and certain residential units.
(4) Figures do not include Mr & Mrs Smith, Hyatt Vacation Club, and certain residential units.
(5) Represents unaffiliated Mr & Mrs Smith properties available through hyatt.com, which are not reflected in the system-wide figures above.

We report our consolidated operations in U.S. dollars. Amounts are reported in millions, unless otherwise noted. Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as "NM." Constant dollar disclosures used throughout Management's Discussion and Analysis of Financial Condition and Results of Operations are non-GAAP measures. See "—Key Business Metrics Evaluated by Management" for further discussion.

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During the ~~three~~six months ended ~~March~~June 3130, 2026, we revised our definition of Adjusted EBITDA to no longer include our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA, and we recast prior-period results to provide comparability. The revised definition is consistent with information provided to our CODM. See "—Key Business Metrics Evaluated by Management" for an explanation of how we utilize Adjusted EBITDA, why we present it, and material limitations on its usefulness, as well as a reconciliation of our net income (loss) attributable to Hyatt Hotels Corporation to Adjusted EBITDA.

Additionally, during the fourth quarter of 2025, we amended our co-branded credit card agreement with a third party, and as of the effective date of the amendment, the co-branded credit card programs were integrated into our loyalty program. Prior to the integration, certain amounts related to our co-branded credit card programs were recognized in other revenues, other direct costs, and general and administrative expenses on our condensed consolidated statements of income (loss). Following the integration into the loyalty program, these amounts are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income (loss). License fee revenues continue to be recognized within franchise and other fees.

Overview of Financial Results

Consolidated revenues increased $3021 million, or 1.82%, during the three months ended ~~March~~June 3130, 2026 compared to the three months ended ~~March~~June 3130, 2025. Gross fee revenues and revenues for reimbursed costs increased $2623 million and $5978 million, respectively, primarily driven by higher revenues and improved operating performance at our existing properties as well as growth of our hotel portfolio compared to the three months ended ~~March~~June 3130, 2025. Owned and leased revenues decreased $30 million, compared to the three months ended June 30, 2025, primarily driven by the sale of the Playa Hotels Portfolio. Distribution revenues decreased by $4137 million, compared to the three months ended ~~March~~June 3130, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations ~~following security-related incidents in Mexico and Hurricane Melissa in Jamaica~~.

Comparable system-wide hotels Revenue per Available Room ("RevPAR") for the three months ended ~~March~~June 3130, 2026 was $~~143~~158.0470, which represented a 5.49% ~~improvement~~increase compared to the three months ended ~~March~~June 3130, 2025 in constant dollars. Comparable system-wide all-inclusive resorts Net Package RevPAR for the three months ended ~~March~~June 3130, 2026 was $~~284~~197.3645, which represented a 71.42% ~~increase~~decrease compared to the three months ended ~~March~~June 3130, 2025 in reported dollars. See "—RevPAR and Net Package RevPAR Statistics" for further discussion.

During the three months ended ~~March~~June 3130, 2026, leisure transient and group RevPAR improved, driven by strong ~~leisure~~performance ~~transient~~in ~~travel across Asia Pacific and~~ the United States ~~compared~~throughout to the ~~three~~quarter, ~~months~~in ~~ended~~part ~~March 31,~~due ~~2025.~~to ~~Group~~the ~~RevPAR~~impact ~~improved~~of ~~driven~~the byFIFA ~~strong~~World ~~resort~~Cup, ~~performance~~compared into the ~~Americas~~three ~~(excluding~~months ~~United~~ended ~~States)~~June 30, as2025. ~~well~~Leisure astransient ~~the~~RevPAR ~~impact~~also ofbenefited ~~the~~from ~~Winter~~continued ~~Olympics~~strength inacross ~~Europe~~Asia Pacific. Business transient RevPAR improved driven by ~~strong performance from~~ United States ~~full service and~~ select service properties asand ~~well~~Asia asPacific ~~ASPAC~~ (excluding Greater China). At ~~March~~June 3130, 2026, group booking pace for ~~April~~July through December 2026 at our comparable full service managed hotels in the United States is up 45.7% compared to the same period in 2025.

During the three months ended ~~March~~June 3130, 2026, we reported $38110 million of net income attributable to Hyatt Hotels Corporation, representing a $18113 million increase, compared to the three months ended ~~March~~June 3130, 2025, primarily driven by ana ~~increase~~decrease in ~~fee~~transaction ~~revenues~~ and ~~decreases~~integration incosts ~~distribution expenses~~ and ~~provision~~increases ~~for~~in other income ~~taxes~~(loss), ~~partially~~net ~~offset~~and bynet afee ~~decrease in distribution~~ revenues. During the three months ended ~~March~~June 3130, 2026, Adjusted EBITDA was $~~266~~297 million, aan $511 million increase compared to the three months ended ~~March~~June 3130, 2025. See "—Results of Operations" and "—Segment Results" for further discussion.

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RevPAR and Net Package RevPAR Statistics

		Three Months Ended March 31,
		Three Months Ended June 30,
	Number of comparable hotels (2)	RevPAR		Occupancy			ADR
					vs. 2025								vs. 2025
		2026			(in constant $)		2026		vs. 2025		2026		(in constant $)
Comparable system-wide hotels (1)	1,~~218~~212	$	~~143~~158.0470		5.49	%	6773.72	%	10.56	% pts	$	~~211~~216.3981	35.20	%
United States	~~696~~693	$	~~143~~169.4123		36.37	%	6674.21	%	0.26	% pts	$	~~216~~228.7628	35.17	%
Americas (excluding United States)	75	$	~~206~~195.4826		69.45	%	6971.78	%	2.53	% pts	$	~~296~~272.3608	2.6.1	%
Greater China	~~174~~173	$	9193.0180		127.42	%	7073.25	%	42.91	% pts	$	~~129~~127.6360	4.61	%
Asia Pacific (excluding Greater China)	~~129~~128	$	~~172~~149.2176		1110.3	%	7674.13	%	3.81	% pts	$	~~226~~201.3566	5.87	%
Europe	102	$	~~152~~228.8714		74.5	%	6275.19	%	31.04	% pts	$	~~246~~300.0751	2.25	%
Middle East & Africa	4241	$	~~148~~98.0543		(328.93)	%	6250.05	%	(518.31)	% pts	$	~~238~~194.9181	4(2.47)	%
(1) Consists of hotels that we manage, franchise, own, lease, or provide services to, excluding all-inclusive properties.
(2) During the three months ended March 31, 2026, we removed the following properties from comparable hotels: seven properties that left the hotel portfolio, three properties that were closed during the period, and one property that underwent a large-scale capital project.
(2) During the three months ended June 30, 2026, we removed the following properties from comparable hotels: six properties that left the hotel portfolio and two properties that underwent a large-scale capital project.
		Six Months Ended June 30,
	Number of comparable hotels (4)	RevPAR		Occupancy			ADR
					vs. 2025								vs. 2025
		2026			(in constant $)		2026		vs. 2025		2026		(in constant $)
Comparable system-wide hotels (3)	1,212	$	150.96		5.7	%	70.5	%	1.1	% pts	$	214.22	4.1	%
United States	693	$	156.45		5.1	%	70.2	%	0.4	% pts	$	222.96	4.5	%
Americas (excluding United States)	75	$	200.83		7.9	%	70.7	%	2.3	% pts	$	283.96	4.3	%
Greater China	173	$	92.50		9.7	%	71.9	%	3.5	% pts	$	128.65	4.4	%
Asia Pacific (excluding Greater China)	128	$	161.13		10.9	%	75.2	%	3.5	% pts	$	214.17	5.8	%
Europe	102	$	190.90		5.6	%	69.1	%	2.2	% pts	$	276.29	2.3	%
Middle East & Africa	41	$	122.41		(14.5)	%	56.5	%	(11.2)	% pts	$	216.72	2.5	%
(3) Consists of hotels that we manage, franchise, own, lease, or provide services to, excluding all-inclusive properties.
(4) In addition to the properties removed from comparable hotels during the three months ended June 30, 2026, we also removed the following properties from comparable hotels during the six months ended June 30, 2026: seven properties that left the hotel portfolio, three properties that were closed during the period, and one property that underwent a large-scale capital project.

RevPAR at our comparable system-wide hotels increased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, primarily driven by ~~strong~~continued ~~leisure~~strength ~~transient~~in leisure travel ~~across~~in the United States and Asia Pacific. ~~and~~RevPAR at our comparable system-wide hotels also benefited from strong ADR as well as strong group travel in the United States, in part due to the impact of the FIFA World Cup during the three months ended June 30, 2026. During the three and six months ended ~~March~~June 3130, 2026, the Middle East & Africa was negatively impacted by geopolitical conflict in the Middle East.

		Three Months Ended March 31,
	Number of comparable resorts (3)	Net Package RevPAR		Occupancy			Net Package ADR
					vs. 2025								vs. 2025
		2026			(in reported $)		2026		vs. 2025		2026		(in reported $)
Comparable system-wide all-inclusive resorts (1)	113	$	284.36		7.4	%	83.3	%	0.7	% pts	$	341.43	6.5	%
Americas (excluding United States)	70	$	308.32		7.5	%	84.0	%	1.3	% pts	$	367.15	5.9	%
Europe (2)	43	$	170.83		6.0	%	80.0	%	(2.0)	% pts	$	213.53	8.7	%
(1) Consists of all-inclusive properties that we manage, lease, or provide services to.
(2) Certain resorts operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(3) During the three months ended March 31, 2026, we removed two properties that were closed during the period from comparable resorts.

Net Package RevPAR at our comparable all-inclusive resorts increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, driven by higher Net Package ADR, despite reduced demand for travel to certain destinations following security-related incidents in Mexico.

		Three Months Ended March 31,
		RevPAR		Occupancy			ADR
	Number of comparable hotels (2)				vs. 2025								vs. 2025
		2026			(in constant $)		2026		vs. 2025		2026		(in constant $)
Comparable owned and leased hotels (1)	22	$	204.91		4.5	%	68.3	%	1.0	% pts	$	300.24	3.0	%
(1) Excludes unconsolidated hospitality ventures and all-inclusive leased properties.
(2) During the three months ended March 31, 2026, no properties were removed from comparable hotels.

RevPAR at our comparable owned and leased hotels increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by strong leisure transient demand.

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		Three Months Ended June 30,
	Number of comparable resorts (3)	Net Package RevPAR		Occupancy			Net Package ADR
					vs. 2025								vs. 2025
		2026			(in reported $)		2026		vs. 2025		2026		(in reported $)
Comparable system-wide all-inclusive resorts (1)	109	$	197.45		(1.2)	%	72.8	%	(2.1)	% pts	$	271.25	1.7	%
Americas (excluding United States)	68	$	217.39		(2.3)	%	70.6	%	(2.6)	% pts	$	307.78	1.3	%
Europe (2)	41	$	146.21		3.4	%	78.3	%	(1.0)	% pts	$	186.63	4.7	%

(1) Consists of all-inclusive properties that we manage, lease, or provide services to.
(2) Certain resorts operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(3) During the three months ended June 30, 2026, we removed the following properties from comparable resorts: two properties that underwent a large-scale capital project, one property for which comparable results are not available, and one property that was closed during the period.

		Six Months Ended June 30,
	Number of comparable resorts (6)	Net Package RevPAR		Occupancy			Net Package ADR
					vs. 2025								vs. 2025
		2026			(in reported $)		2026		vs. 2025		2026		(in reported $)
Comparable system-wide all-inclusive resorts (4)	109	$	237.40		3.5	%	77.5	%	(0.8)	% pts	$	306.34	4.7	%
Americas (excluding United States)	68	$	262.75		2.8	%	77.0	%	(0.7)	% pts	$	341.04	3.7	%
Europe (5)	41	$	155.21		8.2	%	78.9	%	(1.4)	% pts	$	196.60	10.1	%

(4) Consists of all-inclusive properties that we manage, lease, or provide services to.
(5) Certain resorts operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(6) In addition to the properties removed from comparable resorts during the three months ended June 30, 2026, we also removed two properties that were closed during the period from comparable resorts during the six months ended June 30, 2026.

Net Package RevPAR at our comparable all-inclusive resorts decreased during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the impact of reduced demand for travel to certain destinations following security-related incidents in Mexico. Net Package RevPAR at our comparable all-inclusive resorts increased during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, as the impact from reduced demand for travel was more than offset by higher Net Package ADR in the first quarter of 2026.

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		Three Months Ended June 30,
	Number of comparable hotels (2)	RevPAR		Occupancy			ADR
					vs. 2025								vs. 2025
		2026			(in constant $)		2026		vs. 2025		2026		(in constant $)
Comparable owned and leased hotels (1)	22	$	251.40		8.8	%	75.6	%	0.7	% pts	$	332.65	7.8	%

(1) Excludes unconsolidated hospitality ventures and all-inclusive leased properties.
(2) During the three months ended June 30, 2026, no properties were removed from comparable hotels.

		Six Months Ended June 30,
	Number of comparable hotels (4)	RevPAR		Occupancy			ADR
					vs. 2025								vs. 2025
		2026			(in constant $)		2026		vs. 2025		2026		(in constant $)
Comparable owned and leased hotels (3)	22	$	228.29		6.8	%	71.9	%	0.8	% pts	$	317.36	5.6	%

(3) Excludes unconsolidated hospitality ventures and all-inclusive leased properties.
(4) During the six months ended June 30, 2026, no properties were removed from comparable hotels.

RevPAR at our comparable owned and leased hotels increased during the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily driven by strong ADR as well as strong group and leisure transient demand.

Results of Operations

Three and Six Months Ended ~~March~~June 3130, 2026 Compared with Three and Six Months Ended ~~March~~June 3130, 2025

Consolidated Results

For additional information regarding our consolidated results, refer to our condensed consolidated statements of income (loss) included in this Quarterly Report.

~~The~~Changes ~~impact~~in ~~from~~the ~~our~~fair value of marketable securities held in rabbi trusts to fund our deferred compensation plans ~~through~~are ~~rabbi~~driven ~~trusts~~by ~~was~~the market performance of the underlying invested assets. The changes in fair value were recognized onin the following financial statement line items and had no impact on net income (loss):

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues for reimbursed costs	$	~~(6)~~27	$	~~(6)~~15	$	21	$	9
General and administrative expenses	12(57)		12(30)		(45)		(18)
Owned and leased expenses	—(1)		—(1)		(1)		(1)
Reimbursed costs	6(27)		6(15)		(21)		(9)
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	~~(12)~~58		~~(12)~~31		46		19
Impact to net income	$	—	$	—
Impact to net income (loss)	$	—	$	—	$	—	$	—

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Fee revenues.

	Three Months Ended March 31,
	Three Months Ended June 30,
	2026		2025		Better / (Worse)
Base management fees	$	~~127~~124	$	~~114~~113	$	1311	10.92	%
Incentive management fees	8664		7662		102		132.86	%
Franchise and other fees	~~120~~136		~~117~~126		310		38.1	%
Gross fees	~~333~~324		~~307~~301		2623		87.68	%
Contra revenue	(2317)		(2015)		(32)		(14.92)	%
Net fees	$	~~310~~307	$	~~287~~286	$	2321	87.24	%
	Six Months Ended June 30,
	2026		2025		Better / (Worse)
Base management fees	$	251	$	227	$	24	10.5	%
Incentive management fees	150		138		12		8.7	%
Franchise and other fees	256		243		13		5.7	%
Gross fees	657		608		49		8.2	%
Contra revenue	(40)		(35)		(5)		(14.6)	%
Net fees	$	617	$	573	$	44	7.8	%

Base and incentive management fees increased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, primarily driven by new long-term management agreements with the third-party buyer of the Playa Hotels Portfolio. ~~and~~The increase in base management fees was also driven by strong leisure transient demand, most notably in the United States and Asia Pacific. Incentive management fees also benefited from improved hotel performance in Asia Pacific, partially offset by the ~~Americas~~impact ~~(excluding~~of ~~United~~reduced ~~States)~~demand ~~and~~for ~~Middle~~travel ~~East~~to &certain ~~Africa~~destinations in ~~part~~the ~~due~~Americas to(excluding ~~reduced~~United ~~demand~~States), ~~for~~as ~~travel~~well ~~following~~as ~~security-related~~the ~~incidents~~Middle inEast ~~Mexico,~~& ~~Hurricane~~Africa ~~Melissa~~due into ~~Jamaica, and the~~ geopolitical conflict in the Middle East.

Franchise and other fees increased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, primarily driven by ~~franchise~~license fees, ~~due~~which tobenefited ~~hotel~~from ~~performance~~our inco-branded ~~the~~credit ~~United~~card ~~States~~programs, and ~~license~~franchise fees, ~~which~~due ~~benefited~~to inhotel ~~part~~performance ~~from~~in ~~our~~the ~~co-branded~~United ~~credit card programs~~States, partially offset by franchise fees recognized in 2025 related to properties that are now subject to long-term management agreements with the third-party buyer of the Playa Hotels Portfolio.

Contra revenue increased during the ~~three~~six months ended ~~March~~June 3130, 2026, compared to the ~~three~~six months ended ~~March~~June 3130, 2025, primarily due to accelerated amortization of key money assets, partially offset by a payment made to a third-party owner and accrued performance cure payments in 2025.

Owned and leased revenues.

	Three Months Ended March 31,
	Three Months Ended June 30,
	2026		2025		Better / (Worse)				Currency Impact
Comparable owned and leased revenues	$	~~219~~272	$	~~207~~246	$	1226	510.84	%	$	63
Non-comparable owned and leased revenues	—2		1258		(1256)		(~~100~~96.08)	%	1—
Owned and leased revenues	$	~~219~~274	$	~~219~~304	$	—(30)	(09.19)	%	$	73
	Six Months Ended June 30,
	2026		2025		Better / (Worse)				Currency Impact
Comparable owned and leased revenues	$	491	$	453	$	38	8.3	%	$	9
Non-comparable owned and leased revenues	2		70		(68)		(97.4)	%	1
Owned and leased revenues	$	493	$	523	$	(30)	(5.8)	%	$	10

3643

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Comparable owned and leased revenues increased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, primarily driven by strong ADR and leisure transient ~~travel~~demand.

Non-comparable owned and leased revenues decreased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, ~~primarily~~ driven by the sale of the Playa Hotels Portfolio and the sale of the shares of the entities that own three Alua properties in the fourth quarter of 2025.

Distribution revenues. During the three and six months ended ~~March~~June 3130, 2026, distribution revenues decreased $4137 million and $78 million, respectively, compared to the three and six months ended ~~March~~June 3130, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations ~~following security-related incidents~~ in Mexico and ~~Hurricane Melissa in~~ Jamaica.

Other revenues. During the three and six months ended ~~March~~June 3130, 2026, other revenues decreased $11 million and $22 million, respectively, compared to the three and six months ended ~~March~~June 3130, 2025, driven by the integration of our co-branded credit card programs into the loyalty program in the fourth quarter of 2025.

Revenues for reimbursed costs.

	Three Months Ended March 31,
	Three Months Ended June 30,
	2026		2025		Change
Revenues for reimbursed costs	$	~~945~~1,023	$	~~886~~945	$	5978	68.73	%
Less: rabbi trust impact (1)	6(27)		6(15)		—(12)		1(78.25)	%
Revenues for reimbursed costs, excluding rabbi trust impact	$	~~951~~996	$	~~892~~930	$	5966	67.61	%
(1) Amounts offset with the rabbi trust impact in reimbursed costs.
	Six Months Ended June 30,
	2026		2025		Change
Revenues for reimbursed costs	$	1,968	$	1,831	$	137	7.5	%
Less: rabbi trust impact (2)	(21)		(9)		(12)		(126.3)	%
Revenues for reimbursed costs, excluding rabbi trust impact	$	1,947	$	1,822	$	125	6.9	%
(2) Amounts offset with the rabbi trust impact in reimbursed costs.

Revenues for reimbursed costs increased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, primarily driven by higher reimbursements for payroll and related expenses at managed properties where we are the employer and an increase in reimbursed costs related to system-wide services provided to managed and franchised properties. The higher reimbursements for expenses were due to increased demand at our existing properties and portfolio growth.

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General and administrative expenses.

	Three Months Ended March 31,
	Three Months Ended June 30,
	2026		2025		Change
General and administrative expenses	$	~~130~~180	$	~~126~~152	$	428	318.72	%
Less: rabbi trust impact (1)	12(57)		12(30)		—(27)		5(91.27)	%
Less: stock-based compensation expense	(2516)		(2912)		(4)		10(22.43)	%
Adjusted general and administrative expenses (2)	$	~~117~~107	$	~~109~~110	$	8(3)	7(2.61)	%
(1) Amounts offset with the rabbi trust impact in net gains (losses) and interest income from marketable securities held to fund rabbi trusts.
(2) See "—Key Business Metrics Evaluated by Management" for further discussion.
	Six Months Ended June 30,
	2026		2025		Change
General and administrative expenses	$	310	$	278	$	32	11.6	%
Less: rabbi trust impact (3)	(45)		(18)		(27)		(145.7)	%
Less: stock-based compensation expense	(41)		(41)		—		0.1	%
Adjusted general and administrative expenses (4)	$	224	$	219	$	5	2.7	%
(3) Amounts offset with the rabbi trust impact in net gains (losses) and interest income from marketable securities held to fund rabbi trusts.
(4) See "—Key Business Metrics Evaluated by Management" for further discussion.

General and administrative expenses increased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, primarily due to ~~credit~~the ~~loss~~market ~~reserves~~performance onof ~~certain~~the ~~receivables~~underlying asinvestments ~~well~~in asmarketable securities held to fund our deferred compensation plans through rabbi trusts and payroll and related costs, which increased in part due to the Playa Hotels Acquisition. During the three months ended June 30, 2026, compared to the three months ended June 30, 2025, the increase was partially offset by the reversal of credit loss reserves on certain receivables.

Owned and leased expenses.

	Three Months Ended March 31,
	Three Months Ended June 30,
	2026		2025		Better / (Worse)
Comparable owned and leased expenses	$	~~199~~220	$	~~183~~201	$	(1619)	(710.90)	%
Non-comparable owned and leased expenses	12		1144		1042		9395.89	%
Rabbi trust impact (1)	—1		—1		—		(30.24)	%
Owned and leased expenses	$	~~200~~223	$	~~194~~246	$	~~(6)~~23	(28.3)8	%
(1) Amounts offset with the rabbi trust impact in net gains (losses) and interest income from marketable securities held to fund rabbi trusts.
	Six Months Ended June 30,
	2026		2025		Better / (Worse)
Comparable owned and leased expenses	$	419	$	384	$	(35)	(9.0)	%
Non-comparable owned and leased expenses	3		55		52		95.5	%
Rabbi trust impact (2)	1		1		—		(66.9)	%
Owned and leased expenses	$	423	$	440	$	17	3.9	%
(2) Amounts offset with the rabbi trust impact in net gains (losses) and interest income from marketable securities held to fund rabbi trusts.

37Comparable owned and leased expenses increased during the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily due to increased variable expenses at certain hotels, most notably payroll and related costs.

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~~Comparable~~Non-comparable owned and leased expenses ~~increased~~decreased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, ~~primarily~~driven ~~due~~by tothe ~~increased~~sale ~~variable~~of ~~expenses~~the atPlaya ~~certain~~Hotels ~~hotels,~~Portfolio ~~most~~and ~~notably~~the ~~payroll~~sale ~~and~~of ~~related~~the ~~costs~~shares of the entities that own three Alua properties in the fourth quarter of 2025.

~~Non-comparable~~Distribution ~~owned and leased~~ expenses. ~~decreased~~During ~~during~~ the three and six months ended ~~March~~June 3130, 2026, distribution expenses decreased $21 million and $42 million, compared to the three and six months ended ~~March~~June 3130, 2025, ~~primarily~~ driven by ~~the~~lower ~~sale~~booking ofvolumes, ~~the~~in ~~shares~~part ofdue ~~the~~to ~~entities~~reduced ~~that~~travel ~~own~~demand ~~three~~to ~~Alua~~certain ~~properties~~destinations in ~~the~~Mexico ~~fourth~~and ~~quarter~~Jamaica, ofas ~~2025~~well as cost reduction actions.

~~Distribution~~Other ~~expenses~~direct costs. During the three and six months ended ~~March~~June 3130, 2026, ~~distribution~~other ~~expenses~~direct costs decreased $2120 million and $44 million, respectively, compared to the three and six months ended ~~March~~June 3130, 2025, driven by ~~lower~~the ~~booking~~integration ~~volumes,~~of inour ~~part~~co-branded ~~due~~credit tocard ~~reduced~~programs ~~travel~~into ~~demand~~the toloyalty ~~certain~~program ~~destinations following security-related incidents~~ in ~~Mexico~~the ~~and~~fourth ~~Hurricane~~quarter ~~Melissa~~of ~~in Jamaica, as well as cost management strategies~~2025.

~~Other~~Transaction ~~direct~~and integration costs. During the three and six months ended ~~March~~June 3130, 2026, ~~other~~transaction ~~direct~~and integration costs decreased $2474 million and $81 million, respectively, compared to the three and six months ended ~~March~~June 3130, 2025, ~~driven~~primarily bydue ~~the~~to ~~integration~~transaction ofcosts ~~our~~related ~~co-branded~~to ~~credit card programs into~~ the ~~loyalty~~Playa ~~program~~Hotels ~~in the fourth quarter of 2025~~Acquisition.

~~Transaction~~Depreciation and ~~integration~~amortization ~~costs~~expenses. During the three and six months ended ~~March~~June 3130, 2026, ~~transaction~~depreciation and ~~integration~~amortization ~~costs~~expenses decreased $79 million and $13 million, respectively, compared to the three and six months ended ~~March~~June 3130, 2025, primarily driven by lower amortization expense due to ~~transaction~~certain ~~costs~~fully inamortized ~~2025~~intangible ~~related~~assets toand lower depreciation and amortization expenses as a result of the ~~Playa~~sale ~~Hotels~~of ~~Acquisition,~~the ~~partially~~shares ~~offset~~of bythe ~~integration~~entities ~~costs~~that inown ~~2026~~three ~~related~~Alua toproperties in the ~~Playa~~fourth ~~Hotels~~quarter ~~Acquisition~~of 2025.

Depreciation and amortization expenses. During the three months ended March 31, 2026, depreciation and amortization expenses decreased $4 million compared to the three months ended March 31, 2025.

Reimbursed costs.

	Three Months Ended March 31,
	Three Months Ended June 30,
	2026		2025		Change
Reimbursed costs	$	~~963~~1,020	$	~~902~~949	$	6171	6.7.5	%
Less: rabbi trust impact (1)	6(27)		6(15)		—(12)		1(78.25)	%
Reimbursed costs, excluding rabbi trust impact	$	~~969~~993	$	~~908~~934	$	6159	6.74	%
(1) Amounts offset with the rabbi trust impact in revenues for reimbursed costs.
	Six Months Ended June 30,
	2026		2025		Change
Reimbursed costs	$	1,983	$	1,851	$	132	7.1	%
Less: rabbi trust impact (2)	(21)		(9)		(12)		(126.3)	%
Reimbursed costs, excluding rabbi trust impact	$	1,962	$	1,842	$	120	6.5	%
(2) Amounts offset with the rabbi trust impact in revenues for reimbursed costs.

Reimbursed costs increased during the three and six months ended ~~March~~June 3130, 2026, compared to the three and six months ended ~~March~~June 3130, 2025, primarily driven by increased payroll and related expenses at managed properties where we are the employer and expenses related to system-wide services provided to managed and franchised properties. The higher expenses were due to increased demand at our existing properties and portfolio growth.

~~Net gains (losses) and interest income from marketable securities held to fund rabbi trusts.~~46

	Three Months Ended March 31,
	2026		2025		Better / (Worse)
Rabbi trust gains (losses) allocated to general and administrative expenses	$	(12)	$	(12)	$	—	(5.2)	%
Rabbi trust gains (losses) allocated to owned and leased expenses	—		—		—		30.2	%
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	(12)	$	(12)	$	—	(4.0)	%

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Net gains (losses) and interest income from marketable securities held to fund rabbi trusts.


	Three Months Ended June 30,
	2026		2025		Better / (Worse)
Rabbi trust gains (losses) allocated to general and administrative expenses	$	57	$	30	$	27	91.7	%
Rabbi trust gains (losses) allocated to owned and leased expenses	1		1		—		30.4	%
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	58	$	31	$	27	89.5	%

	Six Months Ended June 30,
	2026

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