MARRIOTT INTERNATIONAL INC /MD/
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
(in millions, except per share amounts)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| REVENUES | |||
| Franchise fees | $3,325 | $3,113 | $2,831 |
| Base management fees | 1,322 | 1,288 | 1,238 |
| Incentive management fees | 791 | 769 | 755 |
| Gross fee revenues | 5,438 | 5,170 | 4,824 |
| Contract investment amortization | (135) | (103) | (88) |
| Net fee revenues | 5,303 | 5,067 | 4,736 |
| Owned, leased, and other revenue | 1,679 | 1,551 | 1,564 |
| Cost reimbursement revenue (1) | 19,204 | 18,482 | 17,413 |
| 26,186 | 25,100 | 23,713 | |
| OPERATING COSTS AND EXPENSES | |||
| Owned, leased, and other expense (2) | 1,461 | 1,329 | 1,309 |
| Depreciation, amortization, and other | 213 | 183 | 189 |
| General and administrative (2) | 870 | 945 | 867 |
| Restructuring and merger-related (recoveries) charges, and other | (2) | 77 | 60 |
| Reimbursed expenses (1) | 19,503 | 18,799 | 17,424 |
| 22,045 | 21,333 | 19,849 | |
| OPERATING INCOME | 4,141 | 3,767 | 3,864 |
| Gains and other income, net | 9 | 31 | 40 |
| Interest expense | (809) | (695) | (565) |
| Interest income | 42 | 40 | 30 |
| Equity in earnings (1) | 11 | 8 | 9 |
| INCOME BEFORE INCOME TAXES | 3,394 | 3,151 | 3,378 |
| Provision for income taxes | (793) | (776) | (295) |
| NET INCOME | $2,601 | $2,375 | $3,083 |
| EARNINGS PER SHARE | |||
| Earnings per share – basic | $9.53 | $8.36 | $10.23 |
| Earnings per share – diluted | $9.51 | $8.33 | $10.18 |
(1)See Note 15 for disclosure of related party amounts.
(2)In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. See Note 1 for additional information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.