Short answer
Marriott International (MAR) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $26.2B (+4.3% year over year) and net income of $2.6B.
- Top risk flagged: Compliance risk with complex global laws on data privacy, AI technologies, and anti-corruption, leading to potential investigations and costly sanctions
FY2025 key financial metrics · XBRL
- Revenue
- $26.2B
- +4.3% YoY
- Net income
- $2.6B
- +9.5% YoY
- Operating margin
- 15.8%
- +0.8 pp YoY
- EPS (diluted)
- $9.51
- +14.2% YoY
- ROE
- -69.0%
- +10.4 pp YoY
- Operating cash flow
- $3.2B
- +16.8% YoY
Source: XBRL data from the Marriott International (MAR) FY2025 10-K on SEC EDGAR. USD.
Marriott International FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global franchisor, operator, and licensor of diverse lodging brands with focus on franchising, management, and licensing, owning less than 1% properties
- New: termination of licensing agreement with Sonder Holdings Inc. during 2025, reducing reliance on third-party licensed brands
- Strategic shift: accelerated technology transformation in reservations, property management, and loyalty systems to enhance guest experience and revenue opportunities
- Quantitative: 414,000 associates managed globally, including 148,000 directly employed by Marriott, with 75% US and 68% global room nights booked by Loyalty Program members
- Noteworthy: recognized as a top 5 company on Fortune World’s Best Workplaces in 2025, reflecting strong human capital management and associate satisfaction
Management Discussion & Analysis
- Revenue: Net fee revenues $5.303B, up 5% YoY ($236M increase) driven by franchise fees $3.325B (+7%, $212M), base management fees $1.322B (+3%, $34M), and incentive fees $791M (+3%, $22M)
- Profitability: Segment profits improved in EMEA 525M (+3%), APEC 301M (+8%), U.S. & Canada 2.679B (+1%), but declined 1% in Greater China to $185M
- Best performing segment: U.S. & Canada profit $2.679B with $46M net fee revenue increase; worst: Greater China slight profit decline $185M (-1%)
- Cash flow/capital: Operating cash flow +$463M YoY; capex $604M in 2025; share repurchases $3.3B for 12.1M shares; announced dividends $0.63 to $0.67/share quarterly
- Outlook/risks: 2026 net rooms growth 4.5–5.0%; capex guidance $1.0–$1.1B including technology transformation; focus on capital market conditions and data security incident exposure
Risk Factors
- Compliance risk with complex global laws on data privacy, AI technologies, and anti-corruption, leading to potential investigations and costly sanctions
- Geopolitical exposure to travel disruptions from political instability, terrorism, and heightened security, reducing hotel revenues and complicating owner financing
- Operational risk from premature termination of agreements by hotel owners, risking loss of future fees and possible costly legal disputes
- Market disruption from Internet travel intermediaries and AI-enabled booking platforms eroding direct bookings and increasing distribution costs
- Financial risk from goodwill impairment due to adverse legal, competitive, or market changes, potentially triggering significant non-cash charges
Generated from the filing text; verify against the original. How to read a 10-K
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