At a glance
Marriott International Inc is worth $107.20B, about 44 times its fiscal 2025 earnings. Revenue grew 4.3% to $26.19B in fiscal 2025, with 9.9% kept as profit; over 5 years it has grown 19.9% a year. It pays a 0.67% dividend yield, raised every year for at least 4 years, and returned $15.89B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +61.1% over the past year with dividends reinvested and +22.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.6% in the 2020 crash (S&P 500: 33.7%) and 30.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 13 months after the lows.
The business in plain English
Marriott International franchises its hotel brands (lets owners use them for a fee) and manages hotels for owners. It owns or leases less than 1% of the properties in its system. As of year-end 2025, that system had 9,805 properties and 1.78 million rooms in 145 countries and territories, plus roughly 4,100 more properties in development. Brands run from luxury names such as The Ritz-Carlton and St. Regis to Marriott Hotels, Sheraton and Westin, and Select-tier chains Courtyard and Fairfield, each with over 1,300 properties.
The business runs on fees. Franchisees typically pay royalties of 4% to 7% of room revenue. At the 2,017 properties Marriott operates, it earns a base fee tied to hotel revenue plus an incentive fee tied to hotel profits. Fees also come from co-branded credit cards (with JPMorgan Chase and American Express in the U.S.), timeshare licensing and branded residences. Marriott Bonvoy loyalty members booked about 68% of global room nights in 2025.
Of $26.2 billion in fiscal 2025 revenue, 73% was reimbursements: costs hotel owners pay back, such as staff at hotels it manages and shared loyalty, reservation and marketing programs. Net fee revenues were $5.3 billion, or 20%. U.S. & Canada produced 74% of revenue; Europe, Middle East & Africa, 9%; Asia Pacific excluding China, 4%; and Greater China, 2%.
Price history
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MAR +61.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Reimbursements | $19.20B | 73.3% |
| Net fee revenues | $5.30B | 20.3% |
| Owned, leased, and other | $1.68B | 6.4% |
By business segment
| U.S. & Canada | $19.35B | 73.9% |
| EMEA | $2.41B | 9.2% |
| APEC | $1.07B | 4.1% |
| Greater China | $590.0M | 2.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $7.00B, up 8% from a year earlier, and net income was $794.0M (+9.1%).
- For fiscal 2025, revenue was $26.19B (+4.3% year over year; +19.9% a year from FY2020 to FY2025) with a 9.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.9% good |
|---|---|
| Operating margin | 15.8% good |
| Free cash flow margin | 10% good |
| Return on assets (FY2025) | 9.4% good |
| Net cash (cash minus debt) | $430.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $10.57B | $-267.0M | $1.50B |
| FY2021 | $13.86B | $1.10B | $994.0M |
| FY2022 | $20.77B | $2.36B | $2.03B |
| FY2023 | $23.71B | $3.08B | $2.72B |
| FY2024 | $25.10B | $2.38B | $2.00B |
| FY2025 | $26.19B | $2.60B | $2.61B |
Valuation snapshot
| Market value | $107.20B |
|---|---|
| P/E ratio | 43.8 |
| Dividend yield | 0.67% |
Rank among 1514 US companies
Market value at each year end
Marriott International’s market value went from $32.28B at the end of 2016 to $107.20B on Nov 2, 2026, about 3.3 times as much; since the end of 2025 it is up 29%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $107.20B | +28.8% |
| 2025 | $83.25B | +7.4% |
| 2024 | $77.52B | +17.0% |
| 2023 | $66.23B | +40.5% |
| 2022 | $47.13B | -12.4% |
| 2021 | $53.82B | +25.8% |
| 2020 | $42.79B | -13.6% |
| 2019 | $49.51B | +33.7% |
| 2018 | $37.03B | -25.2% |
| 2017 | $49.48B | +53.3% |
| 2016 | $32.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MAR price data to Nov 2, 2026 | +35.0% | +61.1% | +32.1% | +22.1% | +20.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.0% |
| 2025 | +12.3% |
| 2024 | +24.9% |
| 2023 | +53.0% |
| 2022 | -9.3% |
| 2021 | +25.3% |
| 2020 | -12.5% |
| 2019 | +41.5% |
| 2018 | -19.0% |
| 2017 | +66.2% |
| 2016 | +25.4% |
| 2015 | -13.0% |
| 2014 | +60.0% |
| 2013 | +34.4% |
| 2012 | +29.5% |
| 2011 | -24.6% |
| 2010 | +53.4% |
| 2009 | +42.4% |
| 2008 | -42.4% |
| 2007 | -27.9% |
| 2006 | +43.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 68.7% over that stretch · deepest drop along the way 70.1%, back to its old high 24.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.3% over that stretch · deepest drop along the way 56.6%, back to its old high 11.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.1% over that stretch · deepest drop along the way 30%, back to its old high 12.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 5 sales ($6.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Yibing Mao Pres. Greater China | sell | $1.7M |
| Sep 25, 2026 | David S Marriott Director | sell | $1.2M |
| Sep 25, 2026 | Deborah Marriott Harrison Director | sell | $1.2M |
| Sep 25, 2026 | J W Jr Marriott 10% owner | sell | $1.2M |
| May 18, 2026 | Peggy Roe EVP & Chf. Customer Officer | sell | $1.1M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.12% | Mar 31, 2026 |
ETFs with the most weight in MAR
| IWTR iShares MSCI Water Management Multisector ETF | 5.74% |
| QQLV Invesco QQQ Low Volatility ETF | 2.96% |
| PKW Invesco BuyBack Achievers™ ETF | 2.79% |
| QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund | 1.81% |
| QNXT iShares Nasdaq-100 ex Top 30 ETF | 1.77% |
| XLY Consumer Discretionary Select Sector SPDR Fund | 1.54% |
| FMAG Fidelity Magellan ETF | 1.28% |
| RPG Invesco S&P 500® Pure Growth ETF | 1.22% |
What could go wrong
- Hotel owners can end contracts early. Owners can sometimes end franchise or management deals early, for example after bankruptcy or missed performance targets. Some courts have let owners exit even when contracts said otherwise, and collecting damages can be hard.
- Growth depends on owners finding money. Marriott grows by signing owners who acquire, build or improve hotels. If owners cannot get financing or rivals offer better terms, projects in its pipeline of about 4,100 properties at year-end 2025 could stall.
- Loyalty program changes and booking shifts. Marriott Bonvoy members booked about 68% of global room nights in 2025. Unfavorable changes to the program, or shifts in how travelers book rooms, could weaken repeat business and direct bookings.
- Cyberattacks and reservation system outages. Marriott cites a past security event it calls the Data Security Incident. Another attack, or a failure of its reservation or loyalty systems, could bring lawsuits, privacy-law payments and lost guest trust.
- Travel slumps hit fees quickly. Fees track hotel revenue and profits, so recessions, pandemics, wars and travel disruptions can cut income quickly. Fiscal 2020 revenue was $10.6 billion, versus $26.2 billion in 2025, with a $267 million net loss.
- Competition, including home-rental platforms. Marriott competes with other chains, independent hotels and online platforms for short-term home rentals. New hotel supply in a market can also make it harder to raise room rates or fill rooms.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Marriott pays a small dividend: the yield was 0.71% as of October 28, 2026. It has raised the dividend four years running, to $2.64 a share for fiscal 2025 from $1.00 in 2022. That streak followed a pause, with $0.48 paid in 2020 and nothing in 2021. The 2025 dividend used about 28% of both earnings and free cash flow (cash left after capital spending). Buybacks matter more: $13.6 billion over fiscal 2021–2025, versus $2.3 billion in dividends, helping cut the share count by about 20% since October 2021.
The shares have fallen hard in downturns. They dropped 70% in the 2008 financial crisis and took about two years from the low to recover. They fell 57% in the 2020 COVID crash and 30% in the 2022 bear market, recovering in about a year each time. With a small dividend, returns depend mostly on a share price that can swing widely. A single stock like Marriott carries more risk than a diversified fund.
Questions investors ask
How does Marriott make money?
Mostly from fees, not from owning hotels. Marriott owns or leases less than 1% of its system. Franchisees typically pay royalties of 4% to 7% of room revenue, and owners of hotels it manages pay a base fee plus an incentive fee tied to profits. Credit card partnerships, timeshare licensing and branded residences add more. In fiscal 2025, net fee revenues were $5.3 billion of $26.2 billion in total revenue; most of the rest was costs that hotel owners reimbursed.
Does Marriott raise its dividend every year?
Not every year, but it has raised it four years in a row. Dividends per share climbed from $1.00 in fiscal 2022 to $1.96, $2.41 and then $2.64 in fiscal 2025. Before that streak, Marriott paid $0.48 a share in 2020 and nothing in 2021. The 2025 dividend used about 28% of earnings, and the yield was 0.71% as of October 28, 2026. Buybacks returned far more cash: $13.6 billion over fiscal 2021–2025.
How many hotels does Marriott have?
As of year-end 2025, Marriott's system included 9,805 properties with 1,779,936 rooms across 145 countries and territories, counting hotels, residences, timeshare properties and three yachts. Of the hotel and residential properties, 6,360 were in the U.S. & Canada. Another roughly 4,100 properties, with nearly 610,000 rooms, were in the development pipeline. The biggest brands by property count were Fairfield (1,381), Courtyard (1,362) and Residence Inn (937).
How important is Marriott Bonvoy to the business?
Very important. Marriott calls its Bonvoy loyalty program central to its strategy. In 2025, members booked about 75% of its U.S. hotel room nights and about 68% worldwide. Members earn points from stays and from co-branded credit cards, offered in 11 countries, including U.S. cards with JPMorgan Chase and American Express. Marriott earns upfront payments and monthly fees tied mainly to card use. The company also lists unfavorable changes to the program among its risks.
How has Marriott stock performed over time?
Well over long periods, with deep drops along the way. As of October 28, 2026, the share price had gained about 20.8% a year over five years and 20.4% a year over ten years, plus 49.8% over one year. The shares fell 70% in the 2008 financial crisis and 57% in the 2020 COVID crash. On October 28, they traded at 41.5 times fiscal 2025 earnings per share, a measure called the price-to-earnings (P/E) ratio. Past returns do not predict future ones.