Marriott International (MAR) 10-K Summaries & Annual Filing History
Review Marriott International, Inc. (MAR) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Marriott International operates a global lodging business through franchised and managed hotels. The company reported higher revenue and operating income for the year, with cash flow from operations supporting its financial position.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$26.2B
Revenue reported for the fiscal year.
Operating income
$4.1B
Income from operations reported for the year.
Net income
$2.6B
Net income reported for the year.
Operating cash flow
$3.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $20.8B | +49.9% |
| Dec 31, 2023 | $23.7B | +14.2% |
| Dec 31, 2024 | $25.1B | +5.8% |
| Dec 31, 2025 | $26.2B | +4.3% |
Business overview
Marriott International is a hospitality company that franchises and manages hotels and timeshare properties worldwide. The company generates revenue primarily from base and incentive management fees, franchise fees, and other services. Its business model focuses on brand management and property operations rather than owning real estate.
Financial performance
Revenue increased compared to the prior year, while operating income and net income also rose. Cash flow from operations was positive and supported the company's liquidity needs. The multi-year revenue trend shows consistent growth.
Material risks
The filing notes that the company's credit facility contains a leverage covenant limiting the ratio of adjusted total debt to EBITDA. Failure to comply could restrict borrowing capacity. Additionally, the company faces risks related to its reliance on franchise and management agreements, which may be affected by economic conditions.
Liquidity and capital
The company maintains a multicurrency revolving credit facility to support its commercial paper program and general corporate needs. It classifies short-term borrowings as long-term based on its ability and intent to refinance, and currently satisfies all debt covenants.
What to watch
Monitor the company's leverage ratio relative to the credit facility covenant limit in the next filing.