Hyatt Hotels Corp
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
H$185.70+0.7%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001468174-25-000111
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001468174-26-000017
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 193 previous paragraphs and 120 current paragraphs.
50 unchanged; 50 reworded; 18 added; 90 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 23 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
During the three months ended March 31, 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 attributable to Hyatt Hotels Corporation to Adjusted EBITDA.
Current report
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. 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. License fee revenues continue to be recognized within franchise and other fees.
Current report
Base and incentive management fees increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by new long-term management agreements with the third-party buyer of the Playa Hotels Portfolio and strong leisure transient demand. Incentive management fees also benefited from improved hotel performance in Asia Pacific, partially offset by the Americas (excluding United States) and Middle East & Africa in part due to reduced demand for travel following security-related incidents in Mexico, Hurricane Melissa in Jamaica, and the geopolitical conflict in the Middle East.
Current report
Non-comparable owned and leased revenues decreased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the sale of the shares of the entities that own three Alua properties in the fourth quarter of 2025.
Current report
Distribution revenues. During the three months ended March 31, 2026, distribution revenues decreased $41 million, compared to the three months ended March 31, 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.
Current report
Other revenues. During the three months ended March 31, 2026, other revenues decreased $11 million, compared to the three months ended March 31, 2025, driven by the integration of our co-branded credit card programs into the loyalty program in the fourth quarter of 2025.
Current report
Non-comparable owned and leased expenses decreased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the sale of the shares of the entities that own three Alua properties in the fourth quarter of 2025.
Current report
Distribution expenses. During the three months ended March 31, 2026, distribution expenses decreased $21 million, compared to the three months ended March 31, 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, as well as cost management strategies.
Current report
Other direct costs. During the three months ended March 31, 2026, other direct costs decreased $24 million, compared to the three months ended March 31, 2025, driven by the integration of our co-branded credit card programs into the loyalty program in the fourth quarter of 2025.
Current report
Provision for income taxes and the effective tax rate decreased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a tax benefit recognized in 2026 related to the settlement of an assumed tax liability that was triggered by the Playa Hotels Acquisition. Additionally, the decrease was driven by tax expense recognized in 2025 related to a foreign tax audit. See Part I, Item 1, "Financial Statements—Note 11 to our Condensed Consolidated Financial Statements" for additional information.
Current report
Distribution segment.
Current report
Key Business Metrics Evaluated by Management
Current report
The table below provides a reconciliation of net income attributable to Hyatt Hotels Corporation to Adjusted EBITDA:
Current report
At March 31, 2026, we had $2,168 million of total liquidity, including $671 million of cash, cash equivalents, and short-term investments and $1,497 million of availability under our revolving credit facility, net of outstanding letters of credit.
Current report
Cash flows from operating activities. During the three months ended March 31, 2026, cash flows from operating activities decreased, compared to the three months ended March 31, 2025, primarily due to a decrease in deferred revenue related to distribution and destination management services, an increase in payments for key money assets, and an increase in certain prepaid assets, partially offset by a decrease in cash paid for income taxes.
Current report
Cash flows from financing activities. During the three months ended March 31, 2026, cash flows from financing activities decreased, compared to the three months ended March 31, 2025, primarily due to proceeds from the issuance of the 2028 Notes and 2032 Notes, which were used to finance the Playa Hotels Acquisition, partially offset by the repayment of the 2025 Notes.
Current report
Sources of Liquidity
Current report
Capital Return to Stockholders
Removed paragraphs (90)
Previous report
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. On June 17, 2025, we completed the acquisition of Playa Hotels, a leading owner, operator, and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations. On June 29, 2025, we entered into a definitive agreement to sell the Playa Hotels Portfolio to an unrelated third party. We expect to close on the planned disposition of the 14 remaining properties in the Playa Hotels Portfolio by the end of 2025.
Previous report
At September 30, 2025, our hotel portfolio consisted of 1,497 properties (366,347 rooms), including:
Previous report
•648 managed properties (194,248 rooms), including 111 all-inclusive resorts (39,256 rooms), all of which we operate under management and hotel services agreements with third-party owners;
Previous report
•692 franchised properties (127,387 rooms);
Previous report
•45 owned and leased properties (15,734 rooms), including 17 hotels (6,060 rooms), 6 operating leased all-inclusive resorts (1,262 rooms), 4 operating leased hotels (1,697 rooms), 17 all-inclusive resorts (6,544 rooms), and 1 finance leased hotel (171 rooms), all of which we manage;
Previous report
•21 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,477 rooms);
Previous report
•67 franchised properties (9,615 rooms) operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt; including 6 properties (1,246 rooms) that are leased by the unconsolidated hospitality venture; and
Previous report
•22 all-inclusive resorts (11,886 rooms) operated by a consolidated hospitality venture.
Previous report
Our property portfolio also included:
Previous report
•22 vacation units (1,997 rooms) under the Hyatt Vacation Club brand and operated by third parties; and
Previous report
•41 residential units (4,458 rooms), which consist of branded residences and serviced apartments. We manage all of the serviced apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded hotel.
Previous report
During the quarter ended September 30, 2025, we returned $45 million of capital to our stockholders through $30 million of share repurchases and $15 million of quarterly dividend payments.
Previous report
The tables below include comparable system-wide RevPAR and Net Package RevPAR:
Previous report
Base management fees increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by portfolio growth, inclusive of the Bahia Principe Transaction, and increased leisure transient demand. Additionally, the nine months ended September 30, 2025 benefited from increased business transient demand.
Previous report
Incentive management fees increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by portfolio growth, inclusive of the Bahia Principe Transaction, and hotel performance in ASPAC (excluding Greater China). Additionally, the nine months ended September 30, 2025 benefited from hotel performance in the Americas (excluding United States), primarily due to hotel profits being positively impacted by currency translation.
Previous report
Non-comparable owned and leased revenues increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by the Playa Hotels Acquisition, partially offset by net disposition activity in 2024.
Previous report
Distribution revenues. During the three and nine months ended September 30, 2025, distribution revenues decreased $29 million and $49 million, respectively, compared to the three and nine months ended September 30, 2024, primarily driven by lower booking and departure volume within ALG Vacations and lower travel credit breakage, partially offset by higher pricing.
Previous report
Other revenues. During the nine months ended September 30, 2025, other revenues decreased $23 million, compared to the nine months ended September 30, 2024, primarily driven by the UVC Transaction.
Previous report
General and administrative expenses increased during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to improved market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts, increased payroll and related costs associated with the Bahia Principe Transaction and the Playa Hotels Acquisition, and increased stock-based compensation expense.
Previous report
Non-comparable owned and leased expenses increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by the Playa Hotels Acquisition, partially offset by net disposition activity in 2024.
Previous report
Distribution expenses. During the three and nine months ended September 30, 2025, distribution expenses decreased $13 million and $36 million, respectively, compared to the three and nine months ended September 30, 2024, primarily driven by cost management strategies and lower variable expenses at ALG Vacations as a result of lower booking and departure volume.
Previous report
Other direct costs. During the three months ended September 30, 2025, other direct costs increased $3 million, compared to the three months ended September 30, 2024, primarily driven by expenses related to our co-branded credit card programs. During the nine months ended September 30, 2025, other direct costs decreased $15 million, compared to the nine months ended September 30, 2024, primarily driven by the UVC Transaction, partially offset by an increase in expenses related to our co-branded credit card programs.
Previous report
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts increased during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, and decreased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, driven by the market performance of the underlying invested assets.
Previous report
Gains (losses) on sales of real estate and other. During the three months ended September 30, 2024, we recognized a $514 million pre-tax gain related to the sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel.
Previous report
During the nine months ended September 30, 2024, we also recognized the following:
Previous report
•$257 million pre-tax gain related to the sale of Park Hyatt Zurich;
Previous report
•$231 million pre-tax gain related to the UVC Transaction;
Previous report
•$172 million pre-tax gain related to the sale of the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino;
Previous report
•$100 million pre-tax gain related to the sale of Hyatt Regency San Antonio Riverwalk; and
Previous report
•$4 million pre-tax loss related to the sale of Hyatt Regency Green Bay.
Previous report
Provision for income taxes decreased during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily driven by the gain on sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel in 2024. Provision for income taxes decreased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the aforementioned gain on sale and the earnings impact from the sales of Hyatt Regency Aruba Resort Spa and Casino, Park Hyatt Zurich, and Hyatt Regency San Antonio Riverwalk as well as the UVC Transaction in 2024.
Previous report
The effective tax rate decreased during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily driven by reduced pre-tax income in 2025. The effective tax rate increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by reduced pre-tax income and a non-cash tax adjustment related to deferred tax assets.
Previous report
Our pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA decreased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the sale of our ownership interest in an unconsolidated hospitality venture in 2024 as well as a property undergoing a significant renovation.
Previous report
Distribution segment revenues and Adjusted EBITDA.
Previous report
Excluding the impact of the UVC Transaction, Adjusted EBITDA decreased $13 million during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, driven by decreases in distribution revenues and distribution expenses. See "—Results of Operations" for further discussion.
Previous report
Non-GAAP Measures
Previous report
The tables below provide a reconciliation of net income (loss) attributable to Hyatt Hotels Corporation to consolidated Adjusted EBITDA:
Previous report
During the three months ended September 30, 2025, we sold one of the properties in the Playa Hotels Portfolio to an unrelated third party for $22 million and used the proceeds to repay $22 million of the DDTL Loans. We expect to close on the planned disposition of the 14 remaining properties in the Playa Hotels Portfolio by the end of 2025. Upon completion, we expect to successfully execute our commitment announced in February 2025 to realize at least $2.0 billion of proceeds from asset sales by the end of 2027. See Part I, Item 1, "Financial Statements—Note 7 and Note 10 to our Condensed Consolidated Financial Statements" for additional information. On October 30, 2025, we entered into a credit agreement with a syndicate of lenders that provides for a $1.5 billion senior unsecured revolving credit facility and matures in October 2030. The credit agreement refinanced and replaced in its entirety our credit agreement dated May 18, 2022.
Previous report
Recent Transactions Affecting our Liquidity and Capital Resources
Previous report
During both the nine months ended September 30, 2025 and September 30, 2024, various transactions impacted our liquidity. See "—Sources and Uses of Cash."
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Reworded paragraphs (50)
Previous wording
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: the effects that the pendency of the planned Playa Hotels Portfolio disposition may have on us, the occurrence of any event, change or other circumstance that could give rise to the termination of the share purchase agreement; the effects that any termination of the share purchase agreement may have on us or our business; failure to successfully complete the planned Playa Hotels Portfolio disposition; legal proceedings that may be instituted related to the planned Playa Hotels Portfolio disposition; significant and unexpected costs, charges or expenses related to the planned Playa Hotels Portfolio disposition; inability to obtain regulatory or governmental approvals in connection with the planned Playa Hotels Portfolio disposition or to obtain such approvals on satisfactory conditions; 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; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather an…
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Current wording
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 impac…
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Previous wording
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. 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.
Current wording
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:
Previous wording
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 "—Non-GAAP Measures" for further discussion.
Current wording
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.
Previous wording
Consolidated revenues increased $157 million, or 9.7%, during the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024. Gross fee revenues and revenues for reimbursed costs increased $15 million and $36 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 quarter ended September 30, 2024. Owned and leased revenues increased $142 million, compared to the quarter ended September 30, 2024, due to the Playa Hotels Acquisition, partially offset by net disposition activity in 2024.
Current wording
Consolidated revenues increased $30 million, or 1.8%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Gross fee revenues and revenues for reimbursed costs increased $26 million and $59 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 31, 2025. Distribution revenues decreased by $41 million, compared to the three months ended March 31, 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.
Previous wording
Comparable system-wide hotels Revenue per Available Room ("RevPAR") for the quarter ended September 30, 2025 was $146.24, which represented a 0.3% improvement compared to the quarter ended September 30, 2024 in constant dollars. Comparable system-wide all-inclusive resorts Net Package RevPAR for the quarter ended September 30, 2025 was $194.56, which represented a 7.6% increase compared to the quarter ended September 30, 2024 in reported dollars. See "—RevPAR and Net Package RevPAR Statistics" for further discussion.
Current wording
Comparable system-wide hotels Revenue per Available Room ("RevPAR") for the three months ended March 31, 2026 was $143.04, which represented a 5.4% improvement compared to the three months ended March 31, 2025 in constant dollars. Comparable system-wide all-inclusive resorts Net Package RevPAR for the three months ended March 31, 2026 was $284.36, which represented a 7.4% increase compared to the three months ended March 31, 2025 in reported dollars. See "—RevPAR and Net Package RevPAR Statistics" for further discussion.
Previous wording
During the quarter ended September 30, 2025, leisure transient RevPAR improved driven by travel outside of the United States and business transient RevPAR improved in the United States compared to the quarter ended September 30, 2024. Group RevPAR declined, compared to the quarter ended September 30, 2024, in part due to the timing of the Jewish holidays as well as the impacts of the Paris Summer Olympics and the Democratic National Convention in 2024. At September 30, 2025, group booking pace for October through December 2025 at our comparable full-service managed hotels in the United States is up 2.5% compared to the same period in 2024.
Current wording
During the three months ended March 31, 2026, leisure transient RevPAR improved driven by strong leisure transient travel across Asia Pacific and the United States compared to the three months ended March 31, 2025. Group RevPAR improved driven by strong resort performance in the Americas (excluding United States) as well as the impact of the Winter Olympics in Europe. Business transient RevPAR improved driven by strong performance from United States full service and select service properties as well as ASPAC (excluding Greater China). At March 31, 2026, group booking pace for April through December 2026 at our comparable full service managed hotels in the United States is up 4.7% compared to the same period in 2025.
Previous wording
For the quarter ended September 30, 2025, we reported a $49 million net loss attributable to Hyatt Hotels Corporation, representing a $520 million decrease, compared to the quarter ended September 30, 2024, primarily driven by a decrease in gains (losses) on sales of real estate and other. Our consolidated Adjusted EBITDA for the quarter ended September 30, 2025 was $291 million, a $16 million increase compared to the quarter ended September 30, 2024. See "—Results of Operations" and "—Segment Results" for further discussion.
Current wording
During the three months ended March 31, 2026, we reported $38 million of net income attributable to Hyatt Hotels Corporation, representing a $18 million increase, compared to the three months ended March 31, 2025, primarily driven by an increase in fee revenues and decreases in distribution expenses and provision for income taxes, partially offset by a decrease in distribution revenues. During the three months ended March 31, 2026, Adjusted EBITDA was $266 million, a $5 million increase compared to the three months ended March 31, 2025. See "—Results of Operations" and "—Segment Results" for further discussion.
Previous wording
RevPAR at our comparable system-wide hotels increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by strong leisure transient travel outside of the United States. RevPAR at our comparable system-wide hotels also increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to strong business transient travel in the United States.
Current wording
RevPAR at our comparable system-wide 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 travel across Asia Pacific and the United States. During the three months ended March 31, 2026, Middle East & Africa was negatively impacted by geopolitical conflict in the Middle East.
Previous wording
Net Package RevPAR at our comparable all-inclusive resorts increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, driven by higher demand and Net Package ADR.
Current wording
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.
Previous wording
RevPAR at our comparable owned and leased hotels increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by strong group demand and ADR, partially offset by the impact of the Paris Summer Olympics in 2024.
Current wording
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.
Previous wording
Three and Nine Months Ended September 30, 2025 Compared with Three and Nine Months Ended September 30, 2024
Current wording
Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025
Previous wording
For additional information regarding our consolidated results, refer to our condensed consolidated statements of income (loss) included in this Quarterly Report.
Current wording
For additional information regarding our consolidated results, refer to our condensed consolidated statements of income included in this Quarterly Report.
Previous wording
The impact from our investments in marketable securities held to fund our deferred compensation plans through rabbi trusts was recognized on the following financial statement line items 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.
Current wording
The impact from our marketable securities held to fund our deferred compensation plans through rabbi trusts was recognized on the following financial statement line items and had no impact on net income:
Previous wording
Franchise and other fees increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by license fees related to our co-branded credit card programs and franchise fees due to portfolio growth, partially offset by franchise fees recognized in 2024 related to properties that were acquired in the Playa Hotels Acquisition. Additionally, franchise and other fees increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to management and royalty fees related to the management of and licensing of certain of our brands to the Unlimited Vacation Club paid membership program following the UVC Transaction.
Current wording
Franchise and other fees increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by franchise fees due to hotel performance in the United States and license fees, which benefited in part from our co-branded credit card programs, 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.
Previous wording
Contra revenue increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, due to incremental key money assets amortization. The increase during the nine months ended September 30, 2025 was also driven by a payment made to a third-party owner.
Current wording
Contra revenue increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, 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.
Previous wording
Comparable owned and leased revenues increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by strong group and business transient travel.
Current wording
Comparable owned and leased revenues increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by strong leisure transient travel.
Previous wording
Revenues for reimbursed costs increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, 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.
Current wording
Revenues for reimbursed costs increased during the three months ended March 31, 2026, compared to the three months ended March 31, 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.
Previous wording
General and administrative expenses increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increased payroll and related costs associated with the Bahia Principe Transaction and the Playa Hotels Acquisition and the reversal of credit loss reserves on certain receivables in 2024, partially offset by the impact of the UVC Transaction.
Current wording
General and administrative expenses increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to credit loss reserves on certain receivables as well as payroll and related costs, which increased in part due to the Playa Hotels Acquisition.
Previous wording
Comparable owned and leased expenses increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily due to increased variable expenses at certain hotels, most notably payroll and related costs.
Current wording
Comparable owned and leased expenses increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increased variable expenses at certain hotels, most notably payroll and related costs.
Previous wording
Transaction and integration costs. During the three and nine months ended September 30, 2025, transaction and integration costs increased $17 million and $104 million, respectively, compared to the three and nine months ended September 30, 2024, primarily due to transaction and integration costs related to the Playa Hotels Acquisition and integration costs related to the acquisition of Standard International. See Part I, Item 1, "Financial Statements—Note 7 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Transaction and integration costs. During the three months ended March 31, 2026, transaction and integration costs decreased $7 million, compared to the three months ended March 31, 2025, primarily due to transaction costs in 2025 related to the Playa Hotels Acquisition, partially offset by integration costs in 2026 related to the Playa Hotels Acquisition.
Previous wording
Depreciation and amortization expenses. During the three months ended September 30, 2025, depreciation and amortization expenses increased $2 million, compared to the three months ended September 30, 2024, primarily driven by additional amortization expense for intangible assets acquired in the Bahia Principe Transaction, partially offset by lower depreciation expense as a result of net disposition activity in 2024. During the nine months ended September 30, 2025, depreciation and amortization expenses decreased $12 million, compared to the nine months ended September 30, 2024, primarily driven by lower depreciation expense as a result of net disposition activity in 2024 and lower amortization expense related to the UVC Transaction, partially offset by additional amortization expense for intangible assets acquired in the Bahia Principe Transaction.
Current wording
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.
Previous wording
Reimbursed costs increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, 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.
Current wording
Reimbursed costs increased during the three months ended March 31, 2026, compared to the three months ended March 31, 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.
Previous wording
Interest expense. During the three and nine months ended September 30, 2025, interest expense increased $40 million and $102 million, respectively, compared to the three and nine months ended September 30, 2024, primarily due to the issuances of senior notes in 2024 and 2025, the DDTL Loans, and bridge commitment fees related to the Playa Hotels Acquisition, partially offset by the redemption of certain of our senior notes in 2024 and 2025. See Part I, Item 1, "Financial Statements—Note 10 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Interest expense. During the three months ended March 31, 2026, interest expense decreased $1 million compared to the three months ended March 31, 2025.
Previous wording
Asset impairments. During the three months ended September 30, 2025, we recognized $9 million of impairment charges related to intangible assets. During the nine months ended September 30, 2025, we recognized an additional $14 million of impairment charges related to intangible assets, property and equipment, and operating lease ROU assets. During the three months ended September 30, 2024, we recognized $35 million of impairment charges related to property and equipment, intangible assets, and operating lease ROU assets. During the nine months ended September 30, 2024, we recognized an additional $17 million of impairment charges primarily related to goodwill. See Part I, Item 1, "Financial Statements—Note 5, Note 7, and Note 8 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Asset impairments. During the three months ended March 31, 2026 and March 31, 2025, we recognized $21 million and $4 million, respectively, of impairment charges related to intangible assets. See Part I, Item 1, "Financial Statements—Note 7 to our Condensed Consolidated Financial Statements" for additional information.
Previous wording
Other income (loss), net. During the three and nine months ended September 30, 2025, other income (loss), net decreased $74 million and $84 million, respectively, compared to the three and nine months ended September 30, 2024. See Part I, Item 1, "Financial Statements—Note 19 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Other income (loss), net. During the three months ended March 31, 2026, other income (loss), net increased $7 million compared to the three months ended March 31, 2025. See Part I, Item 1, "Financial Statements—Note 18 to our Condensed Consolidated Financial Statements" for additional information.
Previous wording
We evaluate segment operating performance using segment revenues and Adjusted EBITDA. See Part I, Item 1, "Financial Statements—Note 17 to our Condensed Consolidated Financial Statements" for additional information, including a reconciliation of segment Adjusted EBITDA to income (loss) before income taxes.
Current wording
We manage our business within the following reportable segments: management and franchising, owned and leased, and distribution. We evaluate segment operating performance using segment revenues and Adjusted EBITDA. See Part I, Item 1, "Financial Statements—Note 16 to our Condensed Consolidated Financial Statements" for additional information, including a reconciliation of segment Adjusted EBITDA to income before income taxes.
Previous wording
Management and franchising segment revenues and Adjusted EBITDA.
Current wording
Management and franchising segment.
Previous wording
Adjusted EBITDA increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by increased gross fee revenues. The increase during the nine months ended September 30, 2025 was partially offset by increased general and administrative expenses, which was primarily due to payroll and related costs and the reversal of credit loss reserves on certain receivables in 2024, as well as an increase in other direct costs driven by expenses related to our co-branded credit card programs.
Current wording
Adjusted EBITDA increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by increases in gross fee revenues, partially offset by increased general and administrative expenses, primarily due to credit loss reserves on certain receivables as well as payroll and related costs, which increased in part due to the Playa Hotels Acquisition. Additionally, the results of our co-branded credit card programs recognized in other revenues and other direct costs prior to the integration into the loyalty program in the fourth quarter of 2025 negatively impacted Adjusted EBITDA during the three months ended March 31, 2025.
Previous wording
Owned and leased segment revenues and Adjusted EBITDA.
Current wording
Owned and leased segment.
Previous wording
We use the term Adjusted EBITDA throughout this Quarterly Report. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define consolidated Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests and our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA, primarily based on our ownership percentage of each owned and leased venture, adjusted to exclude the following items:
Current wording
We use the term Adjusted EBITDA throughout this Quarterly Report. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests, adjusted to exclude the following items:
Previous wording
•management and hotel services agreement and franchise agreement assets (key money assets) amortization and performance cure payments, which constitute payments to customers (Contra revenue);
Current wording
•payments to customers (contra revenue), including performance cure payments and amortization of management and hotel services agreement and franchise agreement assets (key money assets);
Previous wording
Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA 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 on a consolidated basis. Our President and Chief Executive Officer, who is our CODM, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.
Current wording
Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA 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 on a consolidated basis. Our Chairman, President and Chief Executive Officer, who is our CODM, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the talent and compensation committee of our board of directors determines the annual variable compensation and long-term incentive compensation for certain members of our management based in part on financial measures including and/or derived from consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.
Previous wording
We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and for system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit or bear a loss over the long term. If we collect amounts in excess of amounts spent, we have a commitment to our hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if we spend in excess of amounts collected, we have a contractual right to adjust future collections or expenditures to recover prior-period costs. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the system-wide services and programs are operated in the best long-term interests of our hotel owners. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively, and instead are designed to result in a cumulative break-even balance. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other.
Current wording
We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit or bear a loss over the long term. If we collect amounts in excess of amounts spent, we have a commitment to our hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if we spend in excess of amounts collected, we have a contractual right to adjust future collections or expenditures to recover prior-period costs. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the system-wide services and programs are operated in the best long-term interests of our hotel owners. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively, and instead are designed to result in a cumulative break-even balance. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners.
Previous wording
Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally. See our condensed consolidated statements of income (loss) in our condensed consolidated financial statements included elsewhere in this Quarterly Report.
Current wording
Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally. See our condensed consolidated statements of income in our condensed consolidated financial statements included elsewhere in this Quarterly Report.
Previous wording
See below for a reconciliation of net income (loss) attributable to Hyatt Hotels Corporation to consolidated Adjusted EBITDA.
Current wording
See below for a reconciliation of net income attributable to Hyatt Hotels Corporation to Adjusted EBITDA.
Previous wording
ADR represents hotel room revenues divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a hotel, and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.
Current wording
ADR represents hotel room revenues divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a property, and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.
Previous wording
"Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within our management and franchising segment. "Comparable owned and leased" represents all properties we own or lease that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. We may use variations of comparable owned and leased to specifically refer to comparable owned and leased hotels or our all-inclusive resorts, for those properties that we own or lease within our owned and leased segment. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties that do not meet the respective definition of "comparable" as defined above.
Current wording
"Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within our management and franchising segment. "Comparable owned and leased" represents owned or leased hotels and/or all-inclusive resorts that are operated and consolidated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties, including those that do not meet the above definition of "comparable."
Previous wording
Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a hotel, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.
Current wording
Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a property, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.
Previous wording
Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of packages comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a geographical and segment basis. Net Package RevPAR is a commonly used performance measure in our industry.
Current wording
Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of packages comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis. Net Package RevPAR is a commonly used performance measure in our industry.
Previous wording
RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a geographical and segment basis. RevPAR is a commonly used performance measure in our industry.
Current wording
RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis. RevPAR is a commonly used performance measure in our industry.
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Current report — wording carried from elsewhere
Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other.
Current report — wording carried from elsewhere
Net Package RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in net package revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
See Part I, Item 1, "Financial Statements—Note 4 and Note 7 to our Condensed Consolidated Financial Statements" for additional information.
Previous report — wording carried elsewhere
See Part I, Item 1, "Financial Statements—Note 12 to our Condensed Consolidated Financial Statements" for additional information.
Previous report — wording carried elsewhere
We are in compliance with all applicable covenants under the revolving credit facility at September 30, 2025.