10-KPeriod: FY2025

MARRIOTT INTERNATIONAL INC /MD/ Annual Report, Year Ended Dec 31, 2025

Filed February 10, 2026For Securities:MAR

Summary

Marriott International Inc. reported stable financial performance for the fiscal year ending December 31, 2025. The company's asset-light business model, heavily reliant on franchising and management agreements, continues to drive growth, with a 5% increase in system-wide properties and a 4% increase in rooms compared to the previous year. Net fee revenues saw a 5% increase, primarily fueled by higher co-branded credit card fees and overall room growth. Geographically, international markets demonstrated robust RevPAR growth of 5.1%, led by strong demand in APEC and EMEA, although Greater China experienced a slight slowdown with 0.4% RevPAR growth due to macro-economic conditions. In contrast, the U.S. & Canada region saw a more modest 0.7% RevPAR increase, impacted by softer business transient demand. The company continues to invest in its digital transformation and its Marriott Bonvoy loyalty program, which remains central to its strategy for driving repeat business and guest engagement.

Financial Highlights

46 data points
Beta

Revenue

$26.19B

Net Income

$2.60B

9.9% Net Margin

EPS (Diluted)

$9.51

Total Assets

$27.54B

Cash & Equivalents

$358.00M

Free Cash Flow

$3.21B

Financial Statements
Beta
Revenue$26.19B
Operating Expenses$22.05B
Operating Income$4.14B
Net Income$2.60B
EPS (Basic)$9.53
EPS (Diluted)$9.51
Shares Outstanding (Basic)272.90M
Shares Outstanding (Diluted)273.60M

Key Highlights

  • 1Marriott's system grew to 9,805 properties and 1,779,936 rooms by year-end 2025, a 5% and 4% increase respectively, underscoring consistent expansion.
  • 2Net fee revenues increased by 5% to $5.3 billion, driven by a 7% rise in franchise fees, including significant contributions from co-branded credit card programs and room growth.
  • 3Worldwide RevPAR grew by 2.0% in 2025, primarily supported by a 2.1% increase in Average Daily Rate (ADR), indicating pricing power.
  • 4International regions saw strong RevPAR growth of 5.1%, with APEC and EMEA showing notable increases, while U.S. & Canada experienced a more moderate 0.7% increase.
  • 5The company's development pipeline remains substantial with approximately 4,100 properties and nearly 610,000 rooms, with over half of these located outside the U.S. & Canada.
  • 6Marriott Bonvoy, the company's loyalty program, continues to be a critical driver, with members accounting for approximately 75% of U.S. and 68% of global room nights booked.
  • 7The company repurchased 12.1 million shares of common stock for $3.3 billion in 2025, demonstrating a commitment to returning capital to shareholders.

Frequently Asked Questions

Marriott operates an asset-light business model, focusing on franchising, management, and licensing of hotel properties rather than ownership. Revenue is primarily generated through franchise fees (including royalties on room and food/beverage revenues), base and incentive management fees from managed properties, and other fees such as those from co-branded credit cards and licensing agreements. The company's extensive brand portfolio and the Marriott Bonvoy loyalty program are key drivers of its revenue.

Marriott experienced strong performance in its international regions, with worldwide RevPAR increasing by 2.0%, largely driven by a 5.1% increase in international RevPAR. Specifically, the APEC and EMEA regions showed significant RevPAR growth. The U.S. & Canada region saw more modest growth of 0.7% in RevPAR, influenced by softer business transient demand. Greater China's RevPAR grew by 0.4%, affected by macro-economic conditions.

The Marriott Bonvoy loyalty program is central to Marriott's business strategy. It drives significant repeat business, with members accounting for a substantial portion of room nights booked globally (approximately 75% in the U.S. and 68% worldwide). The program also facilitates direct bookings through digital channels and is supported by co-branded credit card partnerships, creating a robust ecosystem that enhances guest loyalty and provides a consistent revenue stream.

Marriott's growth is primarily driven by its extensive development pipeline of approximately 4,100 properties, with a significant portion located internationally. The company aims to expand its brand portfolio across different price points and service levels, including midscale offerings, and is also strengthening its residential portfolio. For 2026, Marriott expects net rooms growth of 4.5% to 5.0%. Continued investment in digital transformation and the Marriott Bonvoy program are also key to future growth.