# WYNDHAM HOTELS & RESORTS, INC. (WH)

Informational only - not investment advice.

CIK: 0001722684
SIC: 7011 Hotels & Motels
SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 70](/major-group/70/) > [SIC 7011 Hotels & Motels](/industry/7011/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1722684
Filing source: https://www.sec.gov/Archives/edgar/data/1722684/000172268426000007/wh-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001722684-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001722684.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,429,000,000 USD | 2025 | verified |
| Net income | 193,000,000 USD | 2025 | verified |
| Assets | 4,182,000,000 USD | 2025 | verified |
| Free cash flow | 321,000,000 USD | 2025 | computed |
| Net margin | 13.51% | 2025 | computed |
| Operating margin | 28.13% | 2025 | computed |
| Revenue YoY | +1.49% | 2025 | computed |
| ROE | 41.24% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WH | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 13.5% | 5.8% | 82 | 18 |
| Operating margin | 28.1% | 15.8% | 93 | 15 |
| Revenue growth | 1.5% | 3.9% | 24 | 18 |
| FCF margin | 22.5% | 9.6% | 94 | 18 |
| ROE | 41.2% | 7.0% | 69 | 14 |
| ROA | 4.6% | 2.9% | 65 | 18 |
| Liabilities / equity | 7.94 | 7.36 | 54 | 14 |
| Current ratio | 0.86 | 0.80 | 62 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7011 Hotels & Motels, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1429000000 | USD | 2025 | 2026-02-19 |
| Net income | 193000000 | USD | 2025 | 2026-02-19 |
| Assets | 4182000000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001722684.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 2,053,000,000 | 1,300,000,000 | 1,565,000,000 | 1,498,000,000 | 1,397,000,000 | 1,408,000,000 | 1,429,000,000 |
| Net income | 176,000,000 | 230,000,000 | 162,000,000 | 157,000,000 | -132,000,000 | 244,000,000 | 355,000,000 | 289,000,000 | 289,000,000 | 193,000,000 |
| Operating income | 295,000,000 | 249,000,000 | 283,000,000 | 307,000,000 | -46,000,000 | 446,000,000 | 558,000,000 | 503,000,000 | 495,000,000 | 402,000,000 |
| Diluted EPS | 1.76 | 2.31 | 1.62 | 1.62 | -1.42 | 2.60 | 3.91 | 3.41 | 3.61 | 2.50 |
| Operating cash flow | 264,000,000 | 278,000,000 | 231,000,000 | 100,000,000 | 67,000,000 | 426,000,000 | 399,000,000 | 376,000,000 | 290,000,000 | 367,000,000 |
| Capital expenditures | 42,000,000 | 46,000,000 | 73,000,000 | 50,000,000 | 33,000,000 | 37,000,000 | 39,000,000 | 37,000,000 | 49,000,000 | 46,000,000 |
| Dividends paid | 0.00 | 0.00 | 77,000,000 | 112,000,000 | 53,000,000 | 82,000,000 | 116,000,000 | 118,000,000 | 122,000,000 | 127,000,000 |
| Share buybacks | 0.00 | 0.00 | 117,000,000 | 242,000,000 | 50,000,000 | 107,000,000 | 448,000,000 | 393,000,000 | 310,000,000 | 266,000,000 |
| Assets | 1,998,000,000 | 2,137,000,000 | 4,976,000,000 | 4,533,000,000 | 4,644,000,000 | 4,269,000,000 | 4,123,000,000 | 4,033,000,000 | 4,223,000,000 | 4,182,000,000 |
| Liabilities |  | 875,000,000 | 3,558,000,000 | 3,321,000,000 | 3,681,000,000 | 3,180,000,000 | 3,161,000,000 | 3,287,000,000 | 3,573,000,000 | 3,714,000,000 |
| Stockholders' equity | 1,086,000,000 | 1,262,000,000 | 1,418,000,000 | 1,212,000,000 | 963,000,000 | 1,089,000,000 | 962,000,000 | 746,000,000 | 650,000,000 | 468,000,000 |
| Cash and cash equivalents |  | 57,000,000 | 366,000,000 | 94,000,000 | 493,000,000 | 171,000,000 | 161,000,000 | 66,000,000 | 103,000,000 | 64,000,000 |
| Free cash flow | 222,000,000 | 232,000,000 | 158,000,000 | 50,000,000 | 34,000,000 | 389,000,000 | 360,000,000 | 339,000,000 | 241,000,000 | 321,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 7.65% | -10.15% | 15.59% | 23.70% | 20.69% | 20.53% | 13.51% |
| Operating margin |  |  |  | 14.95% | -3.54% | 28.50% | 37.25% | 36.01% | 35.16% | 28.13% |
| Return on equity | 16.21% | 18.23% | 11.42% | 12.95% | -13.71% | 22.41% | 36.90% | 38.74% | 44.46% | 41.24% |
| Return on assets | 8.81% | 10.76% | 3.26% | 3.46% | -2.84% | 5.72% | 8.61% | 7.17% | 6.84% | 4.62% |
| Liabilities / equity |  | 0.69 | 2.51 | 2.74 | 3.82 | 2.92 | 3.29 | 4.41 | 5.50 | 7.94 |
| Current ratio |  | 0.81 | 1.23 | 1.08 | 2.60 | 1.81 | 1.34 | 0.81 | 1.00 | 0.86 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001722684.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.13 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.77 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.82 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 70,000,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 402,000,000 |  | 1.21 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 308,000,000 | 49,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 305,000,000 | 16,000,000 | 0.19 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 16,000,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 367,000,000 |  | 1.07 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 86,000,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 396,000,000 |  | 1.29 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 337,000,000 | 85,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 316,000,000 | 61,000,000 | 0.78 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 61,000,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 397,000,000 |  | 1.13 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 87,000,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 382,000,000 |  | 1.36 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 334,000,000 | -60,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 327,000,000 | 61,000,000 | 0.80 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 61,000,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 375,000,000 |  | 1.36 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WH's latest 10-K: [/company/WH/business/](/company/WH/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WH's latest 10-K: [/company/WH/risk-factors/](/company/WH/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1722684/000172268426000074/wh-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-30

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

(Unless otherwise noted, all amounts are in millions, except share and per share amounts)

Forward-Looking Statements

This report contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our views and expectations regarding our strategy and the performance of our business, our financial results, our liquidity and capital resources, share repurchases and dividends. Forward-looking statements are any statements other than statements of historical fact, including those that convey management’s expectations as to the future based on plans, estimates and projections at the time we make the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “predict,” “intend,” “goal,” “future,” “forward,” “remain,” “confident,” “outlook,” “guidance,” “target,” “objective,” “estimate,” “projection” and similar words or expressions, including the negative version of such words and expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.

Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, general economic conditions, including inflation, higher interest rates and potential recessionary pressures, which may impact decisions by consumers and businesses to use travel accommodations; global trade disputes, including with China; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising business; our relationships with franchisees; the ability of franchisees to pay back loans owed to us; the impact of prior or any future impairment charges related to the credit we extend to our franchisees; the impact of war, terrorist activity, political instability or political strife; global or regional health crises or pandemics including the resulting impact on our business operations, financial results, cash flows and liquidity, as well as the impact on our franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to our ability to obtain financing and the terms of such financing, including access to liquidity and capital; and the Company’s ability to make or pay, plans for and the timing and amount of any future share repurchases and/or dividends, as well as the risks described in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and any subsequent reports filed with the SEC. These risks and uncertainties are not the only ones we may face and additional risks may arise or become material in the future. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law.

We may use our website and social media channels as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Disclosures of this nature will be included on our website in the Investors section, which can currently be accessed at https://investor.wyndhamhotels.com or on our social media channels, including the Company's LinkedIn account which can currently be accessed at https://www.linkedin.com/company/wyndhamhotels. Accordingly, investors should monitor this section of our website and our social media channels in addition to following our press releases, filings submitted with the SEC and any public conference calls or webcasts.

References herein to “Wyndham Hotels,” the “Company,” “we,” “our” and “us” refer to Wyndham Hotels & Resorts, Inc. and its consolidated subsidiaries.

BUSINESS AND OVERVIEW

We are a leading global hotel franchisor, licensing our renowned hotel brands to hotel owners in approximately 100 countries around the world.

Our primary segment is hotel franchising which principally consists of licensing our lodging brands and providing related services to third-party hotel owners and others.

RESULTS OF OPERATIONS

Discussed below are our key operating statistics, consolidated results of operations and the results of operations for our reportable segment. The reportable segment presented below represents our operating segment for which discrete financial

22

Table of Contents

information is available and used on a regular basis by our chief operating decision maker to assess performance and to allocate resources. In identifying our reportable segment, we also consider the nature of services provided by our operating segment. Management evaluates the operating results of our reportable segment based upon net revenues and adjusted EBITDA. Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA are defined as net income/(loss) excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, impairment and other-related charges (including charges related to Revo Hospitality Group (“Revo”)), restructuring and other-related charges, contract termination costs, separation-related items, transaction-related items (acquisition-, disposition-, or debt-related), (gain)/loss on asset sales, foreign currency impacts of highly inflationary countries, stock-based compensation expense, income taxes and development advance notes amortization. Adjusted EBITDA is reported on a consolidated basis, while Hotel Franchising adjusted EBITDA and Corporate adjusted EBITDA are reported at a segment level. We believe that Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA are useful measures of performance and, when considered with U.S. Generally Accepted Accounting Principles (“GAAP”) measures, gives a more complete understanding of our operating performance. We use these measures internally to assess operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA are not recognized terms under U.S. GAAP and should not be considered as an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. Our presentation of Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

We generate royalties and franchise fees, management fees and other revenues from hotel franchising and hotel management activities, as well as fees from licensing our “Wyndham” trademark, certain other trademarks and intellectual property. In addition, pursuant to our franchise and management contracts with third-party hotel owners, we generate marketing, reservation and loyalty fee revenues and cost reimbursement revenues that over time are offset, respectively, by the marketing, reservation and loyalty costs and property operating costs that we incur.

OPERATING STATISTICS

Beginning in the second quarter of 2025, we revised our reporting methodology to exclude the impact of all rooms under the Super 8 China master license agreement from our reported system size, RevPAR and royalty rate, and corresponding growth metrics. Our financial results will continue to reflect fees due from the Super 8 master licensee in China, which contributed approximately $2 million to our full-year 2025 consolidated adjusted EBITDA.

During the preparation of our year-end 2025 financial statements, we learned that Revo, a large European franchisee, had filed for insolvency proceedings under self-administration for most of its operating entities. We removed all Revo-related revenue recognition from our 2026 reported results and outlook given the uncertainty on expected outcomes and collectability. In addition, our 2026 net room growth outlook also excluded any impact associated with Revo's ongoing insolvency and, as such, our global net room growth metrics are presented excluding Revo-related rooms.

23

Table of Contents

The table below presents our operating statistics for the three and six months ended June 30, 2026 and 2025. “Rooms” represent the number of rooms at the end of the period which are (i) either under franchise and/or management agreements, excluding all rooms associated with the Company's Super 8 master licensee in China, (ii) Company-owned, and (iii) properties under affiliation agreements for which the Company receives a fee for reservation and/or other services provided. “RevPAR” represents revenue per available franchised or managed/owned room and is calculated by multiplying average occupancy rate by average daily rate. “Average royalty rate” represents the average royalty rate earned on our franchised rooms and is calculated by dividing total royalties, excluding the impact of amortization of development advance notes, by total room revenues. These operating statistics are drivers of our revenues and therefore provide an enhanced understanding of our business. Refer to the section below for a discussion as to how these operating statistics affected our business for the periods presented.

[[GREPCENT_TABLE]]
[["","As of June 30,"],["","2026","","2025","","% Change"],["Rooms"],["United States","501,100","","503,300","","\u2014%"],["International","372,300","","343,400","","8%"],["Total rooms","873,400","","846,700","","3%"],["Total rooms, ex Revo","853,600","","824,200","","4%"],["","Three Months Ended June 30,"],["","2026","","2025","","Change (c)"],["RevPAR"],["United States","$","54.50","","","$","53.32","","","2%"],["International (a)","37.31","","","39.45","","","(5%)"],["Global RevPAR (a)","47.01","","","47.55","","","(1%)"],["Average Royalty Rate"],["United States","4.8","%","","4.7","%","","2 bps"],["International","2.4","%","","2.6","%","","(24 bps)"],["Global average royalty rate","4.0","%","","4.0","%","","(7 bps)"],["","Six Months Ended June 30,"],["","2026","","2025","","Change (c)"],["RevPAR"],["United States","$","48.39","","","$","47.86","","","1%"],["International (b)","35.51","","","36.18","","","(2%)"],["Global RevPAR (b)","42.79","","","43.03","","","(1%)"],["Average Royalty Rate"],["United States","4.8","%","","4.7","%","","1 bp"],["International","2.4","%","","2.6","%","","(22 bps)"],["Global average royalty rate","3.9","%","","4.0","%","","(10 bps)"]]
[[/GREPCENT_TABLE]]

______________________

(a)Excluding currency effects, international RevPAR decreased 6% and global RevPAR decreased 1% .

(b)Excluding currency effects, international RevPAR decreased 4% and global RevPAR decreased 1% .

(c)Amounts may not recalculate due to rounding.

Global rooms grew 3%, or 4% excluding Revo, compared to the prior year, including flat growth in the U.S. and, 8% internationally. Excluding Revo, international rooms grew 10% year-over-year, including 12% direct-franchised growth in the Company's Asia Pacific region and 11% growth in the Company's higher RevPAR EMEA and Latin America regions.

Excluding currency effects, global RevPAR for the three months ended June 30, 2026 decreased by 1% compared to the prio

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1722684/000172268426000007/wh-20251231.htm
Complete FY 2025 MD&A: /company/WH/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(Unless otherwise noted, all amounts are in millions, except share and per share amounts)

References herein to “Wyndham Hotels,” the “Company,” “we,” “our” and “us” refer to Wyndham Hotels & Resorts, Inc. and its consolidated subsidiaries.

The Company is a leading global hotel franchisor, licensing its renowned hotel brands to hotel owners in approximately 100 countries around the world.

Our primary segment is hotel franchising which principally consists of licensing our lodging brands and providing related services to third-party hotel owners and others.

25

Table of Contents

Beginning with the first quarter of 2023, as a result of the changes in our Hotel Management segment including the exit from the select-service management business, the sale of our two owned hotels and the exit from substantially all of its U.S. full-service management business, the Hotel Management segment no longer met the quantitative thresholds to be disclosed as a reportable segment. As a result, we aggregated, on a prospective basis, the remaining hotel management business, which is predominately the full-service international managed business within our Hotel Franchising segment.

Beginning in the second quarter of 2025, we revised our reporting methodology to exclude the impact of all rooms under the Super 8 China master license agreement from our reported system size, RevPAR and royalty rate, and corresponding growth metrics. Our financial results will continue to reflect fees due from the Super 8 master licensee in China, which contributed approximately $2 million to our full-year 2025 consolidated adjusted EBITDA. All system size, RevPAR and royalty rates presented for prior years have been recasted throughout this Annual Report to exclude the impact from all rooms associated with our Super 8 master licensee in China to conform to current year presentation.

During the preparation of our year-end 2025 financial statements, we became aware that a large European franchisee, Revo Hospitality Group (“Revo”) filed for insolvency proceedings under self-administration for most of its operating entities. As a result, we have evaluated the recoverability of the carrying value of assets associated with Revo as of December 31, 2025 and have recorded charges of $160 million, of which $86 million were reported within impairments and $74 million were reported within operating expenses on the Consolidated Statements of Income.

The Consolidated Financial Statements presented herein have been prepared on a stand-alone basis. The Consolidated Financial Statements include our assets, liabilities, revenues, expenses and cash flows and all entities in which we have a controlling financial interest.

SELECTED FINANCIAL DATA

The following selected historical consolidated statement of income data for the years ended December 31, 2025, 2024 and 2023 and the selected historical consolidated balance sheet data as of December 31, 2025 and 2024 are derived from the audited Consolidated Financial Statements of Wyndham Hotels & Resorts included elsewhere in this report. The selected historical consolidated statement of income data for the years ended December 31, 2022 and 2021 and the selected historical consolidated balance sheet data as of December 31, 2023, 2022 and 2021 are derived from audited consolidated financial statements of Wyndham Hotels & Resorts businesses that are not included in this report.

The selected historical consolidated financial data below should be read together with the audited Consolidated Financial Statements of Wyndham Hotels & Resorts, including the notes thereto and the other financial information included elsewhere in this report.

26

Table of Contents

[[GREPCENT_TABLE]]
[["","","As of or For the Year Ended December 31,"],["($ in millions, except per share amounts and RevPAR)","","2025","","2024","","2023","","2022","","2021"],["Statement of Income data:"],["Revenues"],["Fee-related and other revenues","","$","1,429","","","$","1,404","","","$","1,384","","","$","1,354","","","$","1,245"],["Cost reimbursement revenues","","","\u2014","","","","4","","","","13","","","","144","","","","320"],["Net revenues","","","1,429","","","","1,408","","","","1,397","","","","1,498","","","","1,565"],["Expenses"],["Marketing, reservation and loyalty expense","","","565","","","","564","","","","569","","","","524","","","","450"],["Cost reimbursement expense","","","\u2014","","","","4","","","","13","","","","144","","","","320"],["Other expenses","","","462","","","","345","","","","312","","","","272","","","","349"],["Total expenses","","","1,027","","","","913","","","","894","","","","940","","","","1,119"],["Operating income","","","402","","","","495","","","","503","","","","558","","","","446"],["Interest expense, net","","","139","","","","124","","","","102","","","","80","","","","93"],["Early extinguishment of debt","","","\u2014","","","","3","","","","3","","","","2","","","","18"],["Income before income taxes","","","263","","","","368","","","","398","","","","476","","","","335"],["Provision for income taxes","","","70","","","","79","","","","109","","","","121","","","","91"],["Net income","","$","193","","","$","289","","","$","289","","","$","355","","","$","244"],["Per share data:"],["Diluted earnings per share","","$","2.50","","","$","3.61","","","$","3.41","","","$","3.91","","","$","2.60"],["Cash dividends declared per share","","","1.64","","","","1.52","","","","1.40","","","","1.28","","","","0.88"],["Balance Sheet data:"],["Cash","","$","64","","","$","103","","","$","66","","","$","161","","","$","171"],["Total assets","","","4,182","","","","4,223","","","","4,033","","","","4,123","","","","4,269"],["Total debt","","","2,560","","","","2,463","","","","2,201","","","","2,077","","","","2,084"],["Total liabilities","","","3,714","","","","3,573","","","","3,287","","","","3,161","","","","3,180"],["Total stockholders\u2019 equity","","","468","","","","650","","","","746","","","","962","","","","1,089"],["Other financial data:"],["Royalties and franchise fees","","$","541","","","$","555","","","$","532","","","$","512","","","$","461"],["Ancillary revenues (a)","","","317","","","","276","","","","260","","","","241","","","","199"],["Total adjusted EBITDA (b)(c)","","","718","","","","694","","","","659","","","","650","","","","590"],["Operating statistics:"],["Total Company"],["Number of properties (d)","","","8,389","","","","8,178","","","","8,068","","","","7,972","","","","7,873"],["Number of rooms (d)","","","868,900","","","","835,700","","","","803,700","","","","775,900","","","","744,700"],["RevPAR (e)","","$","44.12","","","$","45.69","","","$","45.90","","","$","44.77","","","$","37.97"],["Average royalty rate (f)","","","3.98","%","","","4.00","%","","","3.95","%","","","4.00","%","","","4.06","%"],["United States"],["Number of properties (d)","","","5,934","","","","5,979","","","","6,036","","","","6,081","","","","6,139"],["Number of rooms (d)","","","505,100","","","","501,800","","","","497,600","","","","493,800","","","","490,600"],["RevPAR (e)","","$","48.44","","","$","50.37","","","$","50.42","","","$","50.72","","","$","45.19"],["Average royalty rate (f)","","","4.76","%","","","4.69","%","","","4.59","%","","","4.62","%","","","4.62","%"]]
[[/GREPCENT_TABLE]]

______________________

(a) Represents the summation of the license and other fees line item and other revenues line item per the Consolidated Statements of Income.

(b)    “Adjusted EBITDA” is defined as net income/(loss) excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, impairment and other-related charges (including Revo-related charges), restructuring and other-related charges, contract termination costs, separation-related items, transaction-related items (acquisition-, disposition-, or debt-related), (gain)/loss on asset sales, foreign currency impacts of highly inflationary countries, stock-based compensation expense, income taxes and development advance notes amortization. We believe that adjusted EBITDA is a useful measure of performance and, when considered with U.S. Generally Accepted Accounting Principles (“GAAP”) measures, gives a more complete understanding of our operating performance. We use this measure internally to assess operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. Adjusted EBITDA is not a recognized term under U.S. GAAP and should not be considered as an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. Our presentation of adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

27

Table of Contents

(c)    The reconciliation of net income to adjusted EBITDA is as follows:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(in millions)","2025","","2024","","2023","","2022","","2021"],["Net income","$","193","","","$","289","","","$","289","","","$","355","","","$","244"],["Provision for income taxes","70","","","79","","","109","","","121","","","91"],["Depreciation and amortization","62","","","71","","","76","","","77","","","95"],["Interest expense, net","139","","","124","","","102","","","80","","","93"],["Early extinguishment of debt","\u2014","","","3","","","3","","","2","","","18"],["Stock-based compensation expense","41","","","41","","","39","","","33","","","28"],["Development advance notes amortization","32","","","24","","","15","","","12","","","11"],["Impairments","86","","","12","","","\u2014","","","\u2014","","","6"],["Revo-related charges","74","","","\u2014","","","\u2014","","","\u2014","","","\u2014"],["Restructuring and other-related costs","18","","","15","","","\u2014","","","\u2014","","","\u2014"],["Transaction-related","2","","","47","","","11","","","\u2014","","","\u2014"],["Separation-related","1","","","(11)","","","1","","","1","","","3"],["Gain on asset sale, net","\u2014","","","\u2014","","","\u2014","","","(35)","","","\u2014"],["Foreign currency impact of highly inflationary countries","\u2014","","","\u2014","","","14","","","4","","","1"],["Adjusted EBITDA","$","718","","","$","694","","","$","659","","","$","650","","","$","590"]]
[[/GREPCENT_TABLE]]

(d)    Represents the number of hotels and rooms at the end of the period which are (i) either under franchise and/or management agreements and (ii) under affiliation agreements for which the Company receives a fee for reservation and/or other services provided.

(e)    Represents revenue per available room and is calculated by multiplying the average occupancy rate by the average daily rate.

(f)    Represents the average royalty rate earned on our franchised properties and is calculated by dividing total royalties, excluding the impact of amortization of development advance notes, by total room revenues.

In presenting the financial data above in conformity with U.S. GAAP, we are required to make estimates and assumptions that affect the amounts reported. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Financial Condition, Liquidity and Capital Resources–Critical Accounting Policies,” for a detailed discussion of the accounting policies that we believe require subjective and complex judgments that could potentially affect reported results.

RESULTS OF OPERATIONS

Discussed below are our key operating statistics, consolidated results of operations and the results of operations for our reportable segment. The reportable segment presented below represents our operating segment for which discrete financial information is available and used on a regular basis by our chief operating decision maker to assess performance and to alloca

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WH/mda/fy2025/
All MD&A years: /company/WH/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WH/mda/fy2024/): filed 2025-02-13; accession 0001722684-25-000005 (https://www.sec.gov/Archives/edgar/data/1722684/000172268425000005/wh-20241231.htm)
- [FY 2023 MD&A](/company/WH/mda/fy2023/): filed 2024-02-15; accession 0001722684-24-000006 (https://www.sec.gov/Archives/edgar/data/1722684/000172268424000006/wh-20231231.htm)
- [FY 2022 MD&A](/company/WH/mda/fy2022/): filed 2023-02-16; accession 0001722684-23-000005 (https://www.sec.gov/Archives/edgar/data/1722684/000172268423000005/wh-20221231.htm)
- [FY 2021 MD&A](/company/WH/mda/fy2021/): filed 2022-02-16; accession 0001722684-22-000005 (https://www.sec.gov/Archives/edgar/data/1722684/000172268422000005/wh-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7011 Hotels & Motels) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WH.md · JSON record: /company/WH.json · verified financials: /company/WH/financials.json / /company/WH/financials.csv · machine TOC for the whole site: /llms.txt