MARRIOTT INTERNATIONAL INC /MD/

For the period ended Sep 30, 2025. Filed Nov 4, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 4, 2025

MAR$428.26+2.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

	Three Months Ended		Nine Months Ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
REVENUES
Base management fees	$314	$312	$979	$955
Franchise fees	876	812	2,482	2,318
Incentive management fees	148	159	552	563
Gross fee revenues	1,338	1,283	4,013	3,836
Contract investment amortization	(29)	(26)	(86)	(76)
Net fee revenues	1,309	1,257	3,927	3,760
Owned, leased, and other revenue	420	381	1,222	1,133
Cost reimbursement revenue	4,760	4,617	14,347	13,778
	6,489	6,255	19,496	18,671
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct	326	300	950	882
Depreciation, amortization, and other	50	45	154	137
General, administrative, and other	234	276	724	785
Restructuring and merger-related (recoveries) charges, and other	(40)	9	(31)	25
Reimbursed expenses	4,739	4,681	14,335	13,827
	5,309	5,311	16,132	15,656
OPERATING INCOME	1,180	944	3,364	3,015
Gains and other income, net	3	7	6	15
Interest expense	(206)	(179)	(601)	(515)
Interest income	12	11	33	30
Equity in earnings	5	3	10	8
INCOME BEFORE INCOME TAXES	994	786	2,812	2,553
Provision for income taxes	(266)	(202)	(656)	(633)
NET INCOME	$728	$584	$2,156	$1,920
EARNINGS PER SHARE
Earnings per share – basic	$2.68	$2.08	$7.86	$6.71
Earnings per share – diluted	$2.67	$2.07	$7.84	$6.69

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.