For the year ending 2025-12-31, HLT had -$406M decrease in cash & cash equivalents over the period. $2,028M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,461 | 1,539 | 1,151 | 1,257 |
| Amortization of contract acquisition costs-Franchise And Licensing Fees And Base And Other Management Fees | - | - | - | 38 |
| Amortization of contract acquisition costs | 57 | 50 | 43 | - |
| Depreciation and amortization expenses | 177 | 146 | 147 | 162 |
| Impairment losses | 0 | 0 | 38 | 0 |
| Gain on sales of assets, net | 0 | 5 | 0 | 0 |
| Loss on foreign currency transactions | -11 | -12 | -16 | 5 |
| Loss on debt extinguishment | - | - | 0 | 0 |
| Loss on investments in unconsolidated affiliate | 0 | 0 | -92 | - |
| Share-based compensation expense | 170 | 176 | 169 | 162 |
| Amortization of deferred financing costs and discounts | 19 | 17 | 16 | 16 |
| Deferred income taxes | 64 | -247 | -264 | 34 |
| Contract acquisition costs, net of refunds | 231 | 105 | 233 | 81 |
| Accounts receivable, net | 99 | 103 | 126 | 270 |
| Prepaid expenses | 23 | 67 | 27 | 21 |
| Other current assets | -10 | -5 | -16 | -78 |
| Accounts payable, accrued expenses and other | 212 | 155 | 181 | 198 |
| Change in operating lease right-of-use assets | - | - | 73 | 105 |
| Change in operating lease liabilities | - | - | -98 | -113 |
| Change in deferred revenues | 542 | 330 | 215 | 174 |
| Change in liability for guest loyalty program-Guest Loyalty Program | -61 | 242 | 337 | 31 |
| Change in other liabilities | -56 | -58 | 284 | -11 |
| Other | -124 | -74 | -84 | -73 |
| Net cash provided by operating activities | 2,129 | 2,013 | 1,946 | 1,681 |
| Capital expenditures for property and equipment | 101 | 96 | 151 | 39 |
| Cash paid for acquisitions, net of cash acquired | 4 | 236 | - | - |
| Issuance of financing receivables | 3 | 15 | 22 | 46 |
| Payments received on financing receivables | 0 | 7 | - | - |
| Settlements of undesignated derivative financial instruments | -5 | 7 | 26 | -79 |
| Proceeds from asset dispositions | 0 | 8 | 5 | 0 |
| Capitalized software costs | 84 | 102 | 96 | 63 |
| Investments in unconsolidated affiliates | 3 | 5 | 15 | 53 |
| Other | - | 0 | 0 | 1 |
| Net cash used in investing activities | -190 | -446 | -305 | -123 |
| Borrowings | 2,875 | 2,283 | 609 | 23 |
| Repayment of debt | 1,916 | 330 | 183 | 48 |
| Debt issuance costs and redemption premiums | - | - | - | 0 |
| Debt issuance costs | 27 | 32 | 20 | - |
| Dividends paid | 143 | 150 | 158 | 123 |
| Repurchases of common stock, including excise tax payments | 3,182 | 2,893 | 2,338 | 1,590 |
| Share-based compensation tax withholdings | 72 | 72 | 54 | 58 |
| Proceeds from share-based compensation | 76 | 93 | 51 | 29 |
| Settlements of interest rate swap with financing component | - | - | - | 2 |
| Other | - | - | - | 0 |
| Settlements of interest rate swap with financing component | 41 | 56 | 53 | - |
| Net cash used in financing activities | -2,348 | -1,045 | -2,040 | -1,765 |
| Effect of exchange rate changes on cash, restricted cash and cash equivalents | 3 | -21 | -12 | -19 |
| Net increase (decrease) in cash, restricted cash and cash equivalents | -406 | 501 | -411 | -226 |
| Cash and cash equivalents at beginning of period | 1,376 | 875 | 1,286 | 1,512 |
| Cash and cash equivalents at end of period | 970 | 1,376 | 875 | 1,286 |
Hilton Worldwide Holdings Inc. (HLT)
Hilton Worldwide Holdings Inc. (HLT)