Hyatt Hotels Corp

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: 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…

Excerpt shortened here; the source contains the full paragraph.

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; reduced travel demand to certain destinations; 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 guarantee…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

During the six months ended June 30, 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.

Current wording

During the nine months ended September 30, 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.

Previous wording

Consolidated revenues increased $21 million, or 1.2%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Gross fee revenues and revenues for reimbursed costs increased $23 million and $78 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 June 30, 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 $37 million, compared to the three months ended June 30, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations.

Current wording

Consolidated revenues decreased $43 million, or 2.5%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Owned and leased revenues decreased $158 million, compared to the three months ended September 30, 2025, primarily driven by the sale of the Playa Hotels Portfolio. Distribution revenues decreased by $24 million, compared to the three months ended September 30, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations. Gross fee revenues and revenues for reimbursed costs increased $44 million and $92 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 September 30, 2025.

Previous wording

Comparable system-wide hotels Revenue per Available Room ("RevPAR") for the three months ended June 30, 2026 was $158.70, which represented a 5.9% increase compared to the three months ended June 30, 2025 in constant dollars. Comparable system-wide all-inclusive resorts Net Package RevPAR for the three months ended June 30, 2026 was $197.45, which represented a 1.2% decrease compared to the three months ended June 30, 2025 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 September 30, 2026 was $154.80, which represented a 7.2% increase compared to the three months ended September 30, 2025 in constant dollars. Comparable system-wide all-inclusive resorts Net Package RevPAR for the three months ended September 30, 2026 was $187.19, which represented a 2.5% decrease compared to the three months ended September 30, 2025 in reported dollars. See "—RevPAR and Net Package RevPAR Statistics" for further discussion.

Previous wording

During the three months ended June 30, 2026, leisure transient and group RevPAR improved, driven by strong performance in the United States throughout the quarter, in part due to the impact of the FIFA World Cup, compared to the three months ended June 30, 2025. Leisure transient RevPAR also benefited from continued strength across Asia Pacific. Business transient RevPAR improved driven by United States select service properties and Asia Pacific (excluding Greater China). At June 30, 2026, group booking pace for July through December 2026 at our comparable full service managed hotels in the United States is up 5.7% compared to the same period in 2025.

Current wording

During the three months ended September 30, 2026, leisure transient and group RevPAR accelerated, driven by performance in the United States throughout the quarter, in part due to the impact of the FIFA World Cup and timing of the Jewish holidays, compared to the three months ended September 30, 2025. Leisure transient RevPAR also benefited from strong performance in Asia Pacific (excluding Greater China) and Europe. At September 30, 2026, group booking pace for October through December 2026 at our comparable full service managed hotels in the United States is up approximately 6% compared to the same period in 2025.

Previous wording

During the three months ended June 30, 2026, we reported $110 million of net income attributable to Hyatt Hotels Corporation, representing a $113 million increase, compared to the three months ended June 30, 2025, primarily driven by a decrease in transaction and integration costs and increases in other income (loss), net and net fee revenues. During the three months ended June 30, 2026, Adjusted EBITDA was $297 million, an $11 million increase compared to the three months ended June 30, 2025. See "—Results of Operations" and "—Segment Results" for further discussion.

Current wording

During the three months ended September 30, 2026, we reported $58 million of net income attributable to Hyatt Hotels Corporation, representing a $107 million increase, compared to the three months ended September 30, 2025, primarily driven by increases in net fee revenues, other income (loss), net, and equity earnings (losses) from unconsolidated hospitality ventures as well as a decrease in interest expense. The increase during three months ended September 30, 2026, compared to the three months ended September 30, 2025, was partially offset by an increase in asset impairments. During the three months ended September 30, 2026, Adjusted EBITDA was $295 million, a $17 million increase compared to the three months ended September 30, 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 six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily driven by continued strength in leisure travel in the United States and Asia Pacific. 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 June 30, 2026, the Middle East & Africa was negatively impacted by geopolitical conflict in the Middle East.

Current wording

RevPAR at our comparable system-wide hotels increased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily driven by strong ADR as well as continued strength in leisure travel in the United States and Asia Pacific (excluding Greater China). RevPAR at our comparable system-wide hotels also benefited from strong group travel in the United States, in part due to the impact of the FIFA World Cup and timing of the Jewish holidays during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2026, the Middle East & Africa was negatively impacted by geopolitical conflict in the Middle East.

Previous wording

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.

Current wording

Net Package RevPAR at our comparable all-inclusive resorts decreased during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the impact of reduced demand for travel to certain destinations in Mexico. Net Package RevPAR at our comparable all-inclusive resorts increased during the nine months ended September 30, 2026, compared to the nine months ended September 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.

Previous wording

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.

Current wording

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

Previous wording

Three and Six Months Ended June 30, 2026 Compared with Three and Six Months Ended June 30, 2025

Current wording

Three and Nine Months Ended September 30, 2026 Compared with Three and Nine Months Ended September 30, 2025

Previous wording

Base and incentive management fees 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 new long-term management agreements with the third-party buyer of the Playa Hotels Portfolio. 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 impact of reduced demand for travel to certain destinations in the Americas (excluding United States), as well as the Middle East & Africa due to geopolitical conflict in the Middle East.

Current wording

Base and incentive management fees increased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily driven by new long-term management agreements with the third-party buyer of the Playa Hotels Portfolio, as well as continued strength in leisure transient demand across Asia Pacific. Base management fees also benefited from strong leisure transient and group demand in the United States. The increase in incentive management fees during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was partially offset by the continued impact of reduced demand for travel to certain destinations in the Americas (excluding United States), as well as the Middle East & Africa due to geopolitical conflict in the Middle East.

Previous wording

Franchise and other fees 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 license fees, which benefited from our co-branded credit card programs, and franchise fees due to hotel performance in the United 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.

Current wording

Franchise and other fees increased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily driven by franchise fees due to improved hotel performance in the United States and license fees, which benefited from our co-branded credit card programs and sales of our branded residential units. The increase in franchise fees during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was 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 six months ended June 30, 2026, compared to the six months ended June 30, 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.

Current wording

Contra revenue decreased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily due to accelerated amortization of key money assets and accrued performance cure payments in 2025. The decrease during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was also driven by a payment made to a third-party owner in 2025, partially offset by accelerated amortization of key money assets in 2026.

Previous wording

Comparable owned and leased revenues 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 and leisure transient demand.

Current wording

Comparable owned and leased revenues increased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily driven by strong ADR, as well as group and leisure transient demand.

Previous wording

Non-comparable owned and leased revenues decreased during the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, 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.

Current wording

Non-comparable owned and leased revenues decreased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, driven by the sale of the Playa Hotels Portfolio and the sale of three Alua properties in the fourth quarter of 2025.

Previous wording

Distribution revenues. During the three and six months ended June 30, 2026, distribution revenues decreased $37 million and $78 million, respectively, compared to the three and six months ended June 30, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations in Mexico and Jamaica.

Current wording

Distribution revenues. During the three and nine months ended September 30, 2026, distribution revenues decreased $24 million and $102 million, respectively, compared to the three and nine months ended September 30, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations in Mexico and Jamaica.

Previous wording

Other revenues. During the three and six months ended June 30, 2026, other revenues decreased $11 million and $22 million, respectively, compared to the three and six months ended June 30, 2025, driven by the integration of our co-branded credit card programs into the loyalty program in the fourth quarter of 2025.

Current wording

Other revenues. During the three and nine months ended September 30, 2026, other revenues decreased $13 million and $35 million, respectively, compared to the three and nine months ended September 30, 2025, driven by the integration of our co-branded credit card programs into the loyalty program in the fourth quarter of 2025.

Previous wording

Revenues for reimbursed costs 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 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 and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 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 three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily due to the market performance of the underlying investments in marketable 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.

Current wording

General and administrative expenses decreased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily due to the market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts and a decrease in stock-based compensation expense. The decrease during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was partially offset by an increase in 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 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.

Current wording

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

Previous wording

Non-comparable owned and leased expenses decreased during the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, 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.

Current wording

Non-comparable owned and leased expenses decreased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, driven by the sale of the Playa Hotels Portfolio and the sale of three Alua properties in the fourth quarter of 2025.

Previous wording

Distribution expenses. During the three and six months ended June 30, 2026, distribution expenses decreased $21 million and $42 million, compared to the three and six months ended June 30, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations in Mexico and Jamaica, as well as cost reduction actions.

Current wording

Distribution expenses. During the three and nine months ended September 30, 2026, distribution expenses decreased $20 million and $62 million, compared to the three and nine months ended September 30, 2025, driven by lower booking volumes, in part due to reduced travel demand to certain destinations in Mexico and Jamaica, as well as cost reduction actions.

Previous wording

Other direct costs. During the three and six months ended June 30, 2026, other direct costs decreased $20 million and $44 million, respectively, compared to the three and six months ended June 30, 2025, driven by the integration of our co-branded credit card programs into the loyalty program in the fourth quarter of 2025.

Current wording

Other direct costs. During the three and nine months ended September 30, 2026, other direct costs decreased $22 million and $66 million, respectively, compared to the three and nine months ended September 30, 2025, driven by the integration of our co-branded credit card programs into the loyalty program in the fourth quarter of 2025.

Previous wording

Transaction and integration costs. During the three and six months ended June 30, 2026, transaction and integration costs decreased $74 million and $81 million, respectively, compared to the three and six months ended June 30, 2025, primarily due to transaction costs related to the Playa Hotels Acquisition.

Current wording

Transaction and integration costs. During the three and nine months ended September 30, 2026, transaction and integration costs decreased $17 million and $98 million, respectively, compared to the three and nine months ended September 30, 2025, primarily due to transaction and integration costs incurred in 2025 related to the Playa Hotels Acquisition.

Previous wording

Depreciation and amortization expenses. During the three and six months ended June 30, 2026, depreciation and amortization expenses decreased $9 million and $13 million, respectively, compared to the three and six months ended June 30, 2025, primarily driven by lower amortization expense due to certain fully amortized intangible assets and lower depreciation and amortization expenses as a result of the sale of the shares of the entities that own three Alua properties in the fourth quarter of 2025.

Current wording

Depreciation and amortization expenses. During the three and nine months ended September 30, 2026, depreciation and amortization expenses decreased $11 million and $24 million, respectively, compared to the three and nine months ended September 30, 2025, primarily driven by lower amortization expense due to certain fully amortized intangible assets and lower depreciation and amortization expenses as a result of the sale of three Alua properties in the fourth quarter of 2025.

Previous wording

Reimbursed costs 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 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 and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 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 six months ended June 30, 2026, interest expense decreased $10 million and $11 million, respectively, compared to the three and six months ended June 30, 2025, primarily driven by the repayment of the DDTL Loans, redemptions of certain of our senior notes, and bridge commitment fees related to the Playa Hotels Acquisition, partially offset by issuances of senior notes, all of which occurred in 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 and nine months ended September 30, 2026, interest expense decreased $25 million and $36 million, respectively, compared to the three and nine months ended September 30, 2025, primarily driven by the repayments of the DDTL Loans and the 2025 Notes, partially offset by issuances of senior notes, all of which occurred in 2025. The decrease during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was also driven by bridge commitment fees related to the Playa Hotels Acquisition. See Part I, Item 1, "Financial Statements—Note 10 to our Condensed Consolidated Financial Statements" for additional information.

Previous wording

Other income (loss), net. During the three and six months ended June 30, 2026, other income (loss), net increased $24 million and $31 million, respectively, compared to the three and six months ended June 30, 2025. 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 and nine months ended September 30, 2026, other income (loss), net increased $28 million and $59 million, respectively, compared to the three and nine months ended September 30, 2025. See Part I, Item 1, "Financial Statements—Note 19 to our Condensed Consolidated Financial Statements" for additional information.

Previous wording

Provision for income taxes increased and the effective tax rate decreased 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. See Part I, Item 1, "Financial Statements—Note 12 to our Condensed Consolidated Financial Statements" for additional information.

Current wording

The effective tax rate increased during the three months ended September 30, 2026 and decreased during the nine months ended September 30, 2026, compared to the same periods in the prior year, primarily due to increased pre-tax income.

Previous 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 17 to our Condensed Consolidated Financial Statements" for additional information, including a reconciliation of segment Adjusted EBITDA to income 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 17 to our Condensed Consolidated Financial Statements" for additional information, including a reconciliation of segment Adjusted EBITDA to income (loss) before income taxes.

Previous wording

Adjusted EBITDA increased during the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, driven by increases in gross fee revenues, partially offset by increased general and administrative expenses, primarily due to payroll and related costs, 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 in general and administrative expenses was partially offset by the reversal of credit loss reserves on certain receivables. 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 and six months ended June 30, 2025.

Current wording

Adjusted EBITDA increased during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, driven by increases in gross fee revenues, partially offset by increased general and administrative expenses, primarily due to payroll and related costs, 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 and nine months ended September 30, 2025.

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 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:

Current wording

Adjusted EBITDA, which is a non-GAAP measure, is used throughout this Quarterly Report. 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

Adjusted general and administrative expenses, as we define it, is a non-GAAP measure. 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. See "—Results of Operations" for a reconciliation of general and administrative expenses to Adjusted general and administrative expenses.

Current wording

Adjusted general and administrative expenses, which is a non-GAAP measure, 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. See "—Results of Operations" for a reconciliation of general and administrative expenses to Adjusted general and administrative expenses.

Previous wording

At June 30, 2026, we had $2,103 million of total liquidity, including $606 million of cash, cash equivalents, and short-term investments and $1,497 million of availability under our revolving credit facility, net of letters of credit outstanding.

Current wording

During the three months ended September 30, 2026, we borrowed $150 million on our revolving credit facility. At September 30, 2026, we had $1,842 million of total liquidity, including $495 million of cash, cash equivalents, and short-term investments and $1,347 million of availability under our revolving credit facility, net of letters of credit outstanding.

Previous wording

Cash flows from investing activities. During the six months ended June 30, 2026, cash flows from investing activities increased, compared to the six months ended June 30, 2025, primarily due to the Playa Hotels Acquisition, partially offset by a decrease in net proceeds from the sale of marketable securities and short-term investments.

Current wording

Cash flows from investing activities. During the nine months ended September 30, 2026, cash flows from investing activities increased, compared to the nine months ended September 30, 2025, primarily due to the Playa Hotels Acquisition in 2025, partially offset by a decrease in net proceeds from the sale of marketable securities and short-term investments primarily driven by the sale of the underlying marketable securities held in rabbi trusts to fund the required distribution discussed above.

Previous wording

Cash flows from financing activities. During the six months ended June 30, 2026, cash flows from financing activities decreased, compared to the six months ended June 30, 2025, primarily due to proceeds from the DDTL Loans, 2028 Notes, and 2032 Notes, which were used to finance the Playa Hotels Acquisition, partially offset by the repayments of Playa Hotels' term loan and the 2025 Notes.

Current wording

Cash flows from financing activities. During the nine months ended September 30, 2026, cash flows from financing activities decreased, compared to the nine months ended September 30, 2025, primarily due to proceeds from the DDTL Loans, 2028 Notes, and 2032 Notes, which were used to finance the Playa Hotels Acquisition in 2025, and an increase in repurchases of common stock, partially offset by proceeds from our revolving credit facility in 2026 and the repayments of Playa Hotels' term loan and the 2025 Notes, both in 2025.

Previous wording

During the six months ended June 30, 2026, capital expenditures, net of amounts related to the Playa Hotels Portfolio, decreased, compared to the six months ended June 30, 2025, primarily driven by lower investments in technology and renovation spend.

Current wording

During the nine months ended September 30, 2026, capital expenditures, net of amounts related to the Playa Hotels Portfolio, decreased, compared to the nine months ended September 30, 2025, primarily driven by lower investments in technology and renovation spend.

Previous wording

At June 30, 2026, we had $4.3 billion of total debt outstanding, of which $605 million is due in the short term. Interest on our Senior Notes is payable semi-annually. Our total debt, excluding finance lease obligations, unamortized discounts, and unamortized deferred financing fees, had a weighted-average interest rate of 5.3% and a weighted-average maturity of approximately four years. At June 30, 2026, we were in compliance with all applicable covenants under the indenture governing our Senior Notes.

Current wording

At September 30, 2026, we had $4.4 billion of total debt outstanding, of which $755 million is due in the short term. Interest on our Senior Notes is payable semi-annually. Our total debt, excluding finance lease obligations, unamortized discounts, and unamortized deferred financing fees, had a weighted-average interest rate of 5.3% and a weighted-average maturity of approximately four years. At September 30, 2026, we were in compliance with all applicable covenants under the indenture governing our Senior Notes.

Previous wording

Our revolving credit facility is intended to provide financing for working capital and general corporate purposes, including commercial paper backup and permitted investments and acquisitions. At June 30, 2026, we had no balance outstanding, and we were in compliance with all applicable covenants under our revolving credit facility.

Current wording

Our revolving credit facility is intended to provide financing for working capital and general corporate purposes, including commercial paper backup and permitted investments and acquisitions. At September 30, 2026, we had $150 million outstanding, and we were in compliance with all applicable covenants under our revolving credit facility.

Previous wording

Asset impairments. During the three and six months ended June 30, 2026, we recognized $5 million and $26 million, respectively, of impairment charges related to intangible assets. During the three months ended June 30, 2025, we recognized $10 million of impairment charges related to property and equipment, operating lease ROU assets, and intangible assets. During the six months ended June 30, 2025, we recognized an additional $4 million of impairment charges related to intangible assets. See Part I, Item 1, "Financial Statements—Note 5 and Note 8 to our Condensed Consolidated Financial Statements" for additional information.

Current wording

See Part I, Item 1, "Financial Statements—Note 10 and Note 13 to our Condensed Consolidated Financial Statements" for additional information.