Marriott International (MAR) Q3 2025 10-Q Quarterly Report
Marriott International (MAR) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 4, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Marriott International Q3 2025 10-Q Analysis
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
Marriott International Q3 2025 Quarterly FinancialsXBRL
Revenue
$6.5B
▲ +3.7% YoY▼ -3.8% QoQ
Net Income
$728M
▲ +24.7% YoY▼ -4.6% QoQ
Net Margin
11.2%
▲ +188bp YoY▼ -9bp QoQ
Source: XBRL data from Marriott International Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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