MAR
Updated: 25/09/2026, 15:51:07
Marriott International, Inc. is a leading global hospitality firm responsible for managing, franchising, and licensing a wide range of accommodation options, including hotels, residential units, and timeshare resorts, on an international scale. The company segments its extensive operations into North America (covering the U.S. and Canada) and its various international divisions. Under its corporate umbrella, Marriott oversees a diverse collection of esteemed brands, such as JW Marriott, The Ritz-Carlton, W Hotels, Sheraton, Westin, and Courtyard, among many others. As of February 15, 2022, its impressive network encompassed nearly 8,000 properties—specifically 7,989 establishments—operating across 139 countries and territories under 30 distinct hotel brand names. Established in 1927, Marriott International, Inc. maintains its corporate headquarters in Bethesda, Maryland.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$2.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$3.3B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Asset-light worldwide lodging franchisor/operator
Worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties; owns or leases less than one percent of system
“Consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties (less than one percent of our system).”
Asset-light business model
Asset-light franchising/management/licensing model; owns very few lodging properties
“Consistent with our focus on franchising, management, and licensing, we own very few of our lodging properties.”
Intangible assets composition at year-end 2025
Intangibles $10,336M at year-end 2025, including $6,148M indefinite-lived brand assets and $1,932M software (up from $792M in 2024)
“Indefinite-lived Intangible Brand Assets6,148 5,711 $10,336 $9,488”
Real estate sales with retained management contracts
Recognizes gain or loss on real estate sales at closing; when retaining management contract, terms generally comparable to competitive hotel-owner contracts
“In sales transactions where we retain a management contract, the terms and conditions of the management contract are generally comparable to the terms and conditions of the management contracts obtained directly with hotel owners in competitive processes.”
Reportable segments
Four reportable segments: U.S. & Canada, EMEA, Greater China, APEC; CALA in Unallocated corporate and other
“Our Caribbean & Latin America ("CALA") operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in "Unallocated corporate and other."”
Goodwill by reportable segment at year-end 2025
Goodwill: U.S. & Canada $5,319M; EMEA $1,514M; Greater China $1,009M; APEC $748M; CALA $317M; total $8,907M (2025) vs $8,731M (2024); FX translation added $176M
“Balance at year-end 2025$5,319 $1,514 $1,009 $748 $317 $8,907”
Reportable segment structure
Segments: U.S. & Canada, EMEA, Greater China, APEC, CALA
“U.S. & Canada EMEAGreater ChinaAPECCALATotal Goodwill”
Loyalty and credit card co-brand partners
Timeshare royalties from MVW (fixed annual inflation-adjusted fee plus sales-based variable fees); credit card fees from JPMorgan Chase and American Express
“The royalty fees we receive from MVW consist of a fixed annual fee, adjusted for inflation, plus certain variable fees based on sales volumes.”
Accounts receivable primarily from hotel owners
Receivables primarily due from hotel owners; allowance for credit losses $212M (2025) vs $199M (2024)
“Our accounts receivable primarily consist of amounts due from hotel owners and include reimbursements of costs we incurred on their behalf.”
Co-branded credit card programs
Co-branded credit cards in 11 countries; U.S. multi-year agreements with JPMorgan Chase and American Express; fees from card usage are a significant funding source for the Loyalty Program
“We have co-branded credit cards associated with Marriott Bonvoy in 11 countries. In the U.S., we have multi-year agreements with JPMorgan Chase and American Express.”
Fee revenues 2025 vs 2024
Gross fee revenues $5,438M in 2025 vs $5,170M in 2024 (+5%); net fee revenues $5,303M vs $5,067M
“Gross fee revenues5,438 5,170 268 5 %”
Non-U.S. functional currency translation
Non-U.S. entities generally use local currency as functional currency; translation adjustments go to stockholders' deficit, transaction gains/losses to operating costs and expenses
“The functional currency of our consolidated and unconsolidated entities operating outside of the U.S. is generally the principal currency of the economic environment in which the entity primarily generates and expends cash.”
citizenM brand acquisition (2025)
2025 citizenM brand acquisition added 37 properties (8,789 rooms) and three new brands; introduced Series by Marriott and Outdoor Collection by Marriott Bonvoy
“including the addition of 37 properties (8,789 rooms) from the citizenM brand acquisition discussed in Note 3”
Demand softness in select service and government travel
2025 U.S. & Canada RevPAR growth reflected strong luxury demand, offset by weaker business transient and government travel at select service hotels
“softer demand at our select service hotels, which were impacted by weaker business transient demand, in part due to declines in government travel”
Termination of Sonder licensing agreement
Licensing agreement with Sonder Holdings Inc. terminated during 2025; $23M related expenses; Sonder properties removed from portfolio
“expenses related to the termination of our licensing agreement with Sonder Holdings Inc. ($23 million)”
Total long-term debt at year-end 2025
Total debt $16,204M at year-end 2025 (vs $14,447M in 2024), including $1,177M commercial paper; all recourse but unsecured
“All our long-term debt is recourse to us but unsecured.”
$4.5 billion multicurrency revolving Credit Facility
$4.5 billion multicurrency revolving Credit Facility expiring December 14, 2027; SOFR-based pricing; supports commercial paper program; no borrowings outstanding at year-end 2025
“We are party to a $4.5 billion multicurrency revolving credit agreement (as amended, the "Credit Facility"). ... The Credit Facility expires on December 14, 2027.”
2025 Senior Notes issuances and interest rate swaps
2025 issuances: Feb — $500M Series RR 5.100% 2032 and $1.5B Series SS 5.500% 2037 (net ~$1.960B; $700M swapped to SOFR + ~1.49%); Aug — $400M Series TT 2027, $500M Series UU 2031, $600M Series VV 2035 (net ~$1.477B; $500M swapped to SOFR + ~1.44%)
“In August 2025, we issued $400 million aggregate principal amount of 4.200 percent Series TT Notes due July 15, 2027”
2026 net rooms growth guidance
2026 net rooms growth expected of 4.5 to 5.0 percent
“In 2026, we expect net rooms growth of 4.5 to 5.0 percent.”
Multi-year systems transformation
Undertaking multi-year transformation of reservations, property management, and loyalty systems with execution risk
“We are undertaking a multi-year transformation of our reservations, property management, and loyalty systems.”
Property and equipment composition at year-end 2025
Property and equipment: land $772M; buildings and leasehold improvements $1,337M; furniture and equipment $643M; construction in progress $149M
“Land$772 $768 Buildings and leasehold improvements1,337 1,238”
Highly competitive lodging industry
Competition from chains, independent properties, and OTAs/short-term rental platforms; new supply pressure
“Our hotel brands and other lodging offerings generally compete with regional, national, and international chains that operate lodging properties or franchise their brands, lodging properties that are not affiliated with a chain, and online platforms that allow travelers to book short-term rentals of homes and apartments.”
OTA/intermediary booking channel risk
Shift of bookings to Internet travel intermediaries raises booking costs, erodes brand loyalty; intermediary contracts generally 2-3 year terms; AI may disrupt distribution
“Bookings through these intermediaries are more costly to hotels in our system than bookings through our direct digital channels.”
Premature termination of hotel owner agreements
Owner agreements may terminate prematurely (bankruptcy, noncompliance, court-backed owner assertions), and collected damages may fall short of lost future fees
“Hotel owners may assert the right to terminate our agreements even where the agreements provide otherwise, and some courts have upheld such assertions about our agreements and may do so in the future.”
Macro/geopolitical/cyclical sensitivity
Business exposed to economic conditions, pandemics, disasters, energy prices, interest rates, inflation, currency, geopolitical conflict and travel disruptions
“Our business, financial results, and growth are impacted by weak or volatile economic conditions; pandemics and other outbreaks of disease; natural and man-made disasters; changes in energy prices, interest rates, inflation, and currency values; political instability, geopolitical disputes or conflict, actual or threatened war, terrorist activity, civil unrest and other acts of violence”
Data security and personal data protection risk
Handles large volumes of personal data (credit card, reservation, loyalty) across own and third-party systems; increasingly stringent legal/PCI requirements
“we collect, store, use, and transmit large volumes of personal data regarding associates, guests, customers, hotel owners, service providers, other third parties, and our own business operations, including credit card numbers, reservation and loyalty data, and other personal data”
Growth depends on attracting hotel owners on competitive terms
Growth strategy depends on attracting/retaining hotel owners; future agreements may be less favorable than current ones
“We cannot assure you that any of our current arrangements will continue or that we will be able to renew agreements or enter into new agreements in the future on terms that are as favorable to us as those that exist today.”
AI adoption risk
AI and emerging technologies present both disruption risk (from intermediaries) and competitive risk if Marriott fails to keep pace
“if we fail to keep pace with rapidly-evolving technological developments in AI and other emerging technologies, our competitive position and business may suffer.”
Disagreements/litigation with hotel owners
Disputes with hotel owners over system costs and capital investments can lead to arbitration/litigation; increase during periods of weak hotel returns
“We have seen, and may in the future see, an increase in such disagreements during periods when hotel returns are weaker.”
Broad global regulatory exposure
Subject to diverse global laws including sanctions, anti-bribery, data privacy/AI, franchising, competition, climate, and credit card regulation
“those related to employment practices; marketing and advertising; consumer protection; trade and economic sanctions; anti-bribery, anti-corruption, and anti-money laundering; intellectual property; cybersecurity, data privacy, data localization, data transfers, the handling of personally identifiable information, and AI and other emerging technologies”
Dependence on direct digital channels and Loyalty Program
Competitiveness rests on Loyalty Program, direct digital channels, consumer-facing technology platforms, and co-branded credit cards
“including our Loyalty Program, direct digital channels, consumer-facing technology platforms and services, our co-branded credit cards, and other offerings”
Marriott's fee revenues and growth depend on hotel owners signing/retaining agreements; owners can terminate early, dispute costs, and face financing stress that cascades to Marriott.
“Our growth strategy depends upon attracting hotel owners to our platform, and future arrangements with these third parties may be less favorable to us, depending on the terms offered by our competitors.”
Loyalty members drive repeat business, booking ~68% of global room nights in 2025, generating substantial revenue.
“We believe that our Loyalty Program generates substantial repeat business that might otherwise go to competing properties.”
Receivables and advertising cost reimbursements are tied primarily to hotel owners, the counterparty base of Marriott's managed/franchised model.
“Our accounts receivable primarily consist of amounts due from hotel owners and include reimbursements of costs we incurred on their behalf.”
Co-branded credit card fees drove $105M of the 2025 franchise fee increase; payments fund the Loyalty Program.
“The increase in franchise fees primarily reflected higher co-branded credit card and other brand-related fees ($105 million) as well as rooms growth ($94 million).”
Multi-year transformation of core systems is critical to operations; delays, interruptions, or data compromises could impair operating results and financial reporting controls.
“The development and deployment of our new systems could involve delays, system interruptions, compromises of data security, or other operational impacts, including impacts on our financial reporting or internal control environment.”
Intermediary bookings cost hotels more than direct channels; intermediary keyword purchases and loyalty programs divert guests and can erode Marriott brand loyalty and distribution economics.
“To the extent that guest booking preference shifts from our direct digital channels to Internet travel intermediaries, diverting bookings away from our direct digital channels and increasing the overall cost of bookings for hotels in our system, our business and profitability could be harmed.”
Data security of systems maintained by hotel owners and service providers affects Marriott's regulatory compliance and brand; third-party system weaknesses create exposure for Marriott.
“Our information systems and the information systems maintained or used by our hotel owners, service providers, and other third parties with whom we or they do business may not be able to satisfy these changing legal and regulatory requirements”
Greater China RevPAR rose only 0.4% in 2025 due to macroeconomic softness; segment has 684 properties (~188,596 rooms).
“In Greater China, RevPAR increased 0.4 percent, reflecting softness in macro-economic conditions during the year.”
2024 final resolutions with FTC and 49 state AGs plus DC impose long-term data privacy/security program requirements; noncompliance risks enforcement, fines, penalties, and contempt proceedings.
“In the event of alleged or actual noncompliance with these resolutions, we could face enforcement actions or contempt proceedings that could potentially result in fines, penalties”
Data Security Incident litigation (MDL and state court cases) carries probable losses with accrual recorded; possible additional losses cannot be estimated.
“it is reasonably possible that we may incur losses in excess of the amounts recorded associated with the above-described lawsuits or regulatory investigations”
AI introduced by travel intermediaries may change how guests plan and book travel, disrupting Marriott's marketing/distribution; failure to keep pace with AI could hurt Marriott's competitive position.
“if we fail to keep pace with rapidly-evolving technological developments in AI and other emerging technologies, our competitive position and business may suffer.”
Political instability, war, terrorism, and civil unrest reduce travel demand and disrupt operations globally.
“political instability, geopolitical disputes or conflict, actual or threatened war, terrorist activity, civil unrest and other acts of violence”
Results reported in USD; performance presented on constant dollar basis with FX fluctuations removed; operations span 145 countries.
“Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period.”
Cash interest paid rose to $698M in 2025 from $599M in 2024, reflecting refinancing at higher coupons (5.100%–5.500% new issues vs 2.8%–3.8% matured notes).
“We paid cash for interest, net of amounts capitalized, of $698 million in 2025, $599 million in 2024, and $476 million in 2023.”
Declines in government travel weakened business transient demand at U.S. select service hotels in 2025.
“impacted by weaker business transient demand, in part due to declines in government travel”
Changes in interest rates (with inflation, energy prices, currency) materially impact business, hotel revenues, owner financing availability, and Marriott borrowing costs.
“changes in energy prices, interest rates, inflation, and currency values”
Greater China is a reportable segment with $1,009M goodwill, indicating material operational presence and revenue exposure in China.
“EMEAGreater ChinaAPECCALATotal Goodwill”
Ongoing Data Security Incident liabilities cannot be fully estimated; $47M insurance recoveries recorded in 2025.
“Restructuring and merger-related (recoveries) charges, and other expenses changed primarily due to insurance recoveries related to the Data Security Incident discussed in Note 7 ($47 million)”
citizenM brand acquisition added 37 properties (8,789 rooms) and three new brands to the portfolio in 2025.
“gross additions of 703 properties (99,459 rooms), including the addition of 37 properties (8,789 rooms) from the citizenM brand acquisition”
Credit Facility is multicurrency and goodwill balances (e.g., EMEA $97M, Greater China $30M FX translation in 2025) indicate foreign currency translation exposure on international operations.
“Foreign currency translation18 97 30 17 14 176”
Non-U.S. entities use local functional currencies translated into USD, creating translation adjustments in stockholders' deficit.
“We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate income statement accounts using the weighted average exchange rate for the period.”
Sonder licensing termination removed properties from the portfolio and caused $23M of expenses in 2025.
“The property and room counts as of year-end 2025 reflect the removal of all Sonder properties from our portfolio.”
Lease obligations ($978M operating PV, weighted average discount rate 4.5%, terms up to 20 years) plus variable lease cost of $122M create fixed and variable cost commitments primarily for hotels, offices, and equipment.
“We enter into operating and finance leases primarily for hotels, offices, and equipment. Most leases have initial terms of up to 20 years”
U.S. GILTI tax is expensed in the period incurred, a recurring U.S. international tax exposure.
“We account for U.S. tax on Global Intangible Low-Taxed Income in the period incurred.”
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