Marriott International (MAR) FY2025 results: revenue $26.2 billion, up 4.3% on the year

Marriott International is a worldwide franchisor, operator and licensor of hotel, residential, timeshare and other lodging properties. Consistent with that focus, it owns or leases very few of the properties itself, less than one percent of the system. At the end of 2025 the system held 9,805 properties and 1,779,936 rooms across 145 countries and territories, with approximately 4,100 properties and nearly 610,000 rooms in the development pipeline. Marriott managed the employment of approximately 414,000 associates at the end of 2025: about 148,000 employed by Marriott itself, and about 266,000 employed by hotel owners but with their employment managed by Marriott, which is common outside the United States. Four segments are reported: U.S. & Canada, Europe Middle East & Africa, Greater China, and Asia Pacific excluding China, while Caribbean & Latin America does not meet the criteria for separate disclosure and sits in unallocated corporate and other.

Three ways the properties are held

At the end of 2025 there were 7,644 franchised, licensed and other properties, holding 1,183,513 rooms and timeshare units, and 2,017 company-operated properties with 580,170 rooms, covering both long-term management agreements with hotel owners and the properties Marriott owns and leases. Under franchising it generally takes an initial application fee plus continuing royalties, typically four to seven percent of room sales and for certain brands up to four percent of food and beverage sales, along with reimbursement for centralised programmes such as the loyalty programme, reservations and marketing. Those agreements generally run 10 to 25 years. Under management agreements it earns a base fee set as a percentage of the hotel's takings, plus an incentive fee based on the hotel's profits, which in many regions is subject to a specified owner return. Management agreements generally run an initial 20 to 30 years with options to renew. For the hotels it operates, Marriott generally hires, trains and supervises the staff, while hotel owners are generally responsible for the operating costs. Many management agreements let the owner terminate if performance metrics or financial returns fall short and are not cured, and some allow owners to convert a company-operated property to a franchise.

The brand portfolio

Brands are sorted by style, Classic or Distinctive, and by four quality tiers: Luxury, Premium, Select and Midscale, with longer stay brands classified across several tiers. The Luxury names include JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, St. Regis and EDITION. Premium covers Marriott Hotels, Autograph Collection, Renaissance Hotels, Le Méridien, Delta Hotels by Marriott, MGM Collection with Marriott Bonvoy, Tribute Portfolio, Gaylord Hotels and Design Hotels. Select and Midscale cover Courtyard by Marriott, Fairfield by Marriott, Residence Inn, SpringHill Suites, Four Points by Sheraton, TownePlace Suites, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels and Protea Hotels.

Residences, timeshare and yachts

Certain trademarks are licensed for residential real estate, often alongside hotel development: Marriott takes a one-time branding fee when the developer sells each branded unit, with little or no capital of its own at risk, and often also manages or licenses the brand to the homeowners' association for continuing fees. At the end of 2025 there were 144 branded residential properties with 16,253 units, plus 95 timeshare properties with 22,912 rooms and three yachts. Timeshare royalties come from licence agreements with Marriott Vacations Worldwide, a fixed annual fee adjusted for inflation plus variable fees based on sales volumes, and similar licence arrangements sit behind MGM Collection with Marriott Bonvoy, Design Hotels and The Ritz-Carlton Yacht Collection.

Marriott Bonvoy

The loyalty programme lets members earn points for stays at participating properties and for other travel offerings including Homes & Villas by Marriott Bonvoy, a rental homes offering in the premium and luxury tiers, and through co-branded credit cards and partners. Points redeem for stays, airline tickets, airline miles, rental cars, products from Marriott Bonvoy Boutiques and experiences from Marriott Bonvoy Moments. In 2025 approximately 75 percent of United States hotel room nights and approximately 68 percent of global hotel room nights were booked by members. Co-branded credit cards run in 11 countries, with multi-year agreements with JPMorgan Chase and American Express in the United States and licensed programmes in Japan, the United Arab Emirates, China, Canada and elsewhere. Marriott generally earns a fixed amount at contract inception plus variable monthly amounts based mainly on card usage, and the filing states those payments are a significant funding source for the programme.

From Marriott International's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 10 February 2026: read the full 10-K.