MARRIOTT INTERNATIONAL INC /MD/
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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Stock-Based Compensation
NOTE 5. STOCK-BASED COMPENSATION
RSUs and PSUs
We granted RSUs in 2025 to certain officers and employees, and those units vest generally over four years in equal annual installments commencingone year after the grant date. We also granted performance-based RSUs (“PSUs”) in 2025 to certain executives, which are earned subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2027 adjusted EBITDA performance and relative total stockholder return over the 2025 to 2027 performance period.
We had deferred compensation costs for unvested awards for RSUs, including PSUs, of approximately $173 million at year-end 2025. The weighted average remaining term for RSUs outstanding at year-end 2025 was 2.2 years.
The following table provides additional information on RSUs, including PSUs, for the last three fiscal years:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Stock-based compensation expense (in millions) | $196 | $203 | $179 |
| Weighted average grant-date fair value (per unit) | $267 | $222 | $167 |
| Aggregate intrinsic value of distributed RSUs (in millions) | $331 | $340 | $297 |
The following table presents the changes in our outstanding RSUs, including PSUs, during 2025 and the associated weighted average grant-date fair values:
| Number of RSUs (in millions) | Weighted Average Grant-Date Fair Value (per unit) | |
|---|---|---|
| Outstanding at year-end 2024 | 2.6 | $178 |
| Granted | 0.8 | 267 |
| Distributed | (1.2) | 157 |
| Forfeited | (0.1) | 218 |
| Outstanding at year-end 2025 | 2.1 | $222 |
Other Information
At year-end 2025, we had approximately 10 million remaining shares authorized for grant under the 2023 Marriott International, Inc. Stock and Cash Incentive Plan.
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