Short answer
Marriott International (MAR) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $6.5B (up 3.7% year over year) with net income of $728M.
Q3 2025 key financials · XBRL
- Revenue
- $6.5B
- +3.7% YoY · −3.8% QoQ
- Net income
- $728M
- +24.7% YoY · −4.6% QoQ
- Operating margin
- 18.2%
- EPS (diluted)
- $2.67
- +29.0% YoY · −4.0% QoQ
Source: XBRL data from the Marriott International (MAR) Q3 2025 10-Q on SEC EDGAR. USD.
Marriott International Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue: Net fee revenues $1,309M Q3 2025 vs $1,257M Q3 2024, up $52M (4%); Franchise fees $2,482M YTD 2025 vs $2,318M YTD 2024, up $164M
- Profitability: U.S. & Canada segment profit $2,110M YTD 2025 vs $2,029M YTD 2024, increase 4.0%; general & admin expenses down $42M Q3 2025 vs Q3 2024
- Best performing segment: Middle East & Africa RevPAR up 7.5% Q3, 8.3% YTD; Worst: Greater China RevPAR down 0.6% YTD
- Cash: Cash and equivalents $694M Q3 2025, +$269M from 2024 YE; Operating cash flow $2,383M YTD; Capital expenditures $432M YTD, guidance ~$1.45B full year
- Outlook: Expect full year net room growth ~5%; raised dividends quarterly to $0.67/share; Maintain liquidity via $4.5B credit facility, no covenant issues
Risk Factors
- No new or changed risk factors since 2024 Form 10-K, indicating consistent risk profile
- Continued exposure to cyclical economic downturn affecting global lodging demand and occupancy rates
- Ongoing regulatory risks include compliance with data privacy laws like GDPR and evolving labor regulations
- Competitive pressures from alternative lodging platforms impacting market share and pricing strategies
- Liquidity risk managed with $2B credit facility to meet near-term debt maturities and capital requirements
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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