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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net income | $2,601 | $2,375 | $3,083 |
| Adjustments to reconcile to cash provided by operating activities: | |||
| Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses) (2) | 599 | 492 | 436 |
| Stock-based compensation | 236 | 237 | 205 |
| Income taxes | (277) | (172) | (612) |
| Liability for guest loyalty program | 473 | 514 | 301 |
| Contract acquisition costs | (434) | (341) | (221) |
| Restructuring and merger-related (recoveries) charges, and other | (15) | (278) | 47 |
| Working capital changes | (147) | (82) | 69 |
| Other | 176 | 4 | (138) |
| Net cash provided by operating activities | 3,212 | 2,749 | 3,170 |
| INVESTING ACTIVITIES | |||
| Capital and technology expenditures | (604) | (750) | (452) |
| Asset acquisitions | (350) | (26) | (101) |
| Dispositions | 9 | 16 | 71 |
| Loan advances | (35) | (10) | (77) |
| Loan collections | 22 | 36 | 61 |
| Other | 10 | — | 33 |
| Net cash used in investing activities | (948) | (734) | (465) |
| FINANCING ACTIVITIES | |||
| Commercial paper/Credit Facility, net | (403) | 163 | 546 |
| Issuance of long-term debt | 3,436 | 2,948 | 1,918 |
| Repayment of long-term debt | (1,309) | (558) | (684) |
| Issuance of Class A Common Stock | 92 | 73 | 29 |
| Dividends paid | (718) | (682) | (587) |
| Purchase of treasury stock | (3,300) | (3,762) | (3,953) |
| Stock-based compensation withholding taxes | (116) | (138) | (108) |
| Other | — | — | (25) |
| Net cash used in financing activities | (2,318) | (1,956) | (2,864) |
| (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (54) | 59 | (159) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1) | 425 | 366 | 525 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1) | $371 | $425 | $366 |
(1)The 2025 amounts include beginning restricted cash of $29 million at December 31, 2024 and ending restricted cash of $13 million at December 31, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.
(2)The 2023 amounts reflect the reclassification of $159 million of depreciation and amortization classified in reimbursed expenses from the “Other” caption within operating activities to the “Depreciation, amortization, and other” caption of our Statements of Cash Flows to conform to our current presentation.
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