Company file · MAR

Marriott International

Owned, Leased and Other was Marriott International's fastest-growing product or service in FY2025, up 8.3%

Revenue rose 4.3% to $26.2B in FY2025, from $25.1B in FY2024. Net income rose 9.5% to $2.6B. Reimbursements was the largest product or service, at 73% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 10, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 3, 2026) · Data pulled Oct 28, 2026

Key facts

Marriott International (Nasdaq: MAR) closed fiscal 2025 on Dec 31, 2025 with revenue of $26.2B, up 4.3% from a year before; net income came to $2.6B, up 9.5%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $7.1B, up 4.8% on the same stretch of the prior year, and net income of $766M. Broken down by product or service, Reimbursements led with 73% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 10, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 3, 2026).

Revenue$26.2BFY2025 · +4.3% vs FY2024

Net income$2.6BFY2025 · +9.5% vs FY2024

Operating cash flow$3.2BFY2025 · +16.8% vs FY2024

Cash & equivalents$462Mat Jun 30, 2026 · +29.1% vs FY2025 end

Total debt$483Mat Jun 30, 2026 · −60.8% vs FY2025 end

Diluted shares274MFY2025 avg · −4.1% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 10, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 3, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Reimbursements$19.2B73%+3.9%
Fee Service$5.3B20%+4.7%
Owned, Leased and Other$1.7B6%+8.3%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Reimbursements (73%), Fee Service (20%) and Owned, Leased and Other (6%), as shares of total revenue. Total revenue was $26.2B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

73%20%

FY2024

74%20%

FY2025

73%20%

ReimbursementsFee ServiceOwned, Leased and Other

Source: 10-K FY2025

By segment, FY2025

U.S. and Canada$19.3B74%+4.0%

EMEA$2.4B9%+0.0%

APEC$1.1B4%+9.9%

Greater China$590M2%+1.4%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$7.1B Q2 2026

$6.7B Q2 2025

4.8% increase

Net income

$766M Q2 2026

$763M Q2 2025

0.4% increase

Source: Marriott International 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026

By product or service

Reimbursements

$5.1B Q2 2026

$4.9B Q2 2025

2.6% increase

Fee Service

$1.5B Q2 2026

$1.4B Q2 2025

12.8% increase

Owned, Leased and Other

$466M Q2 2026

$441M Q2 2025

5.7% increase

Source: Marriott International 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026

Cash & equivalents $462M at Jun 30, 2026, vs $358M at FY2025 end.
Total debt $483M at Jun 30, 2026, vs $1.2B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $1.8B vs $1.3B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 4.3% in FY2025 to $26.2B, from $25.1B a year earlier. 10-K, FY2025
Net income rose 9.5% in FY2025 to $2.6B, from $2.4B. 10-K, FY2025
Operating cash flow rose 16.8% in FY2025 to $3.2B. 10-K, FY2025
Diluted shares fell 4.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include consumer spending; competition; costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Marriott International is in the hotels, resorts & cruise lines industry, part of the consumer discretionary sector. The SEC files it under Hotels & Motels.

Marriott International reports 4 segments: U.S. and Canada, EMEA, APEC and Greater China.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the hotels, resorts & cruise lines industry. They are not a summary of Marriott International’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$23.7B	$25.1B	$26.2B
Net income	$3.1B	$2.4B	$2.6B
Operating cash flow	$3.2B	$2.7B	$3.2B
Cash & equivalents (year end)	$338M	$396M	$358M
Total debt (year end)	$609M	$1.4B	$1.2B
Diluted shares	303M	285M	274M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Aug 3, 2026	Jun 30, 2026
10-Q	May 6, 2026	Mar 31, 2026
DEF 14A	Mar 27, 2026	May 8, 2026
10-K	Feb 10, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Marriott International

How does Marriott International make money?

Fiscal 2025 revenue: $26.2B. By product or service in FY2025: Reimbursements (73%), Fee Service (20%) and Owned, Leased and Other (6%), as shares of total revenue. Total revenue was $26.2B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What was Marriott International's revenue in fiscal 2025?

$26.2B, up 4.3% from fiscal 2024 ($25.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $23.7B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

Is Marriott International profitable?

Net income was $2.6B in fiscal 2025 (up 9.5%; fiscal 2024 was $2.4B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $766M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What did Marriott International report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $7.1B (up 4.8% from $6.7B) and net income $766M (up 0.4% from $763M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026.

How much cash and debt does Marriott International have?

As of Jun 30, 2026: $462M of cash and cash equivalents, $483M of total debt. Total debt here is the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Aug 3, 2026.

What are the main risks Marriott International faces?

Marriott International's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 10, 2026. Risks that are common among companies in the hotels, resorts & cruise lines industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these Marriott International numbers come from?

The 10-K filed Feb 10, 2026 (fiscal 2025) and the 10-Q filed Aug 3, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MAR: The editor holds no position in Marriott International (MAR). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell MAR from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MAR, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Marriott InternationalMAR	FY2025	$26.2B	+4.3%	$2.6B
Booking HoldingsBKNG	FY2025	$26.9B	+13.4%	$5.4B
AirbnbABNB	FY2025	$12.2B	+10.3%	$2.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.