0001048286-25-000013 | 10-Q | XBRL Viewer | Marriott International INC MD

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, weighted average grant-date fair value (in USD per share)			$ 273
Share-based compensation expense	$ 50	$ 54	$ 142	$ 148
Deferred compensation costs related to unvested awards	$ 219		$ 219		$ 173
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			0.7
Stock awards, vesting period			4 years
Stock awards, period of service after grant date			1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, granted (in shares)			0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate increased to 26.8 percent for the 2025 third quarter compared to 25.7 percent for the 2024 third quarter, primarily due to a shift in earnings to jurisdictions with higher tax rates. Our effective tax rate decreased to 23.3 percent for the 2025 first three quarters compared to 24.8 percent for the 2024 first three quarters, primarily due to the current year release of tax reserves, partially offset by a shift in earnings to jurisdictions with higher tax rates. Our unrecognized tax benefit balance decreased by $65 million to $118 million at September 30, 2025 from $183 million at December 31, 2024, primarily due to the lapse of the statute of limitations on certain tax positions. Our unrecognized tax benefit balance included $108 million at September 30, 2025 and $171 million at December 31, 2024 of tax positions that, if recognized, would impact our effective tax rate. It is reasonably possible that within the next 12 months we will reach resolution of income tax examinations in one or more jurisdictions. The actual amount of any change to our unrecognized tax benefits could vary depending on the timing and nature of the settlement. Therefore, an estimate of the change cannot be provided. We paid cash for income taxes, net of refunds, of $792 million in the 2025 first three quarters and $729 million in the 2024 first three quarters.

- Definition

The entire disclosure for income tax.

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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 27, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	1-13881
Entity Registrant Name	MARRIOTT INTERNATIONAL INC /MD/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2055918
Entity Address, Address Line One	7750 Wisconsin Avenue
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	380-3000
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	MAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		268,351,795
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001048286
Current Fiscal Year End Date	--12-31

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

LONG-TERM DEBT

We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of September 30, 2025 and year-end 2024:


($ in millions)	Interest Rate		Effective Interest Rate		Face Amount		Balance as of September 30, 2025		Balance as of December 31, 2024
Senior Notes:
Series P Notes, matured October 1, 2025	3.8	%	4.0	%	$	350	$	350	$	349
Series R Notes, maturing June 15, 2026	3.1	%	3.3	%	750		749		749
Series V Notes, matured March 15, 2025	3.8	%	2.8	%	318		—		319
Series W Notes, maturing October 1, 2034	4.5	%	4.1	%	278		287		287
Series X Notes, maturing April 15, 2028	4.0	%	4.2	%	450		448		447
Series AA Notes, maturing December 1, 2028	4.7	%	4.8	%	300		299		298
Series EE Notes, matured May 1, 2025	5.8	%	6.0	%	600		—		599
Series FF Notes, maturing June 15, 2030	4.6	%	4.8	%	1,000		992		991
Series GG Notes, maturing October 15, 2032	3.5	%	3.7	%	1,000		990		989
Series HH Notes, maturing April 15, 2031	2.9	%	3.0	%	1,100		1,093		1,093
Series II Notes, maturing October 15, 2033	2.8	%	2.8	%	700		695		695
Series JJ Notes, maturing October 15, 2027	5.0	%	5.4	%	1,000		993		990
Series KK Notes, maturing April 15, 2029	4.9	%	5.3	%	800		790		788
Series LL Notes, maturing September 15, 2026	5.5	%	5.9	%	450		448		447
Series MM Notes, maturing October 15, 2028	5.6	%	5.9	%	700		694		693
Series NN Notes, maturing May 15, 2029	4.9	%	5.3	%	500		493		491
Series OO Notes, maturing May 15, 2034	5.3	%	5.6	%	1,000		981		980
Series PP Notes, maturing March 15, 2030	4.8	%	5.0	%	500		495		495
Series QQ Notes, maturing March 15, 2035	5.4	%	5.5	%	1,000		987		986
Series RR Notes, maturing April 15, 2032	5.1	%	5.4	%	500		493		—
Series SS Notes, maturing April 15, 2037	5.5	%	5.7	%	1,500		1,483		—
Series TT Notes, maturing July 15, 2027	4.2	%	4.5	%	400		398		—
Series UU Notes, maturing October 15, 2031	4.5	%	4.9	%	500		491		—
Series VV Notes, maturing October 15, 2035	5.3	%	5.5	%	600		592		—
Commercial paper							618		1,582
Credit Facility							—		—
Finance lease obligations							117		124
Other							23		55
							$	15,999	$	14,447
Less current portion							(1,557)		(1,309)
							$	14,442	$	13,138

We paid cash for interest, net of amounts capitalized, of $403 million in the 2025 first three quarters and $350 million in the 2024 first three quarters.

We are party to a $4.5 billion multicurrency revolving credit agreement (as amended, the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. U.S. dollar borrowings under the Credit Facility bear interest at SOFR (the Secured Overnight Financing Rate) plus a spread based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper borrowings (which generally have short-term maturities of 45 days or less) as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on December 14, 2027.

In August 2025, we issued $400 million aggregate principal amount of 4.200 percent Series TT Notes due July 15, 2027 (the “Series TT Notes”), $500 million aggregate principal amount of 4.500 percent Series UU Notes due October 15, 2031 (the “Series UU Notes”), and $600 million aggregate principal amount of 5.250 percent Series VV

Notes due October 15, 2035 (the “Series VV Notes”). We will pay interest on the Series TT Notes in January and July of each year, commencing in January 2026. We will pay interest on the Series UU Notes and Series VV Notes in April and October of each year, commencing in April 2026. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $500 million of the Series VV Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.44 percent. Net proceeds from the offering of the Series TT Notes, Series UU Notes, and Series VV Notes were approximately $1.477 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.

In February 2025, we issued $500 million aggregate principal amount of 5.100 percent Series RR Notes due April 15, 2032 (the “Series RR Notes”) and $1.5 billion aggregate principal amount of 5.500 percent Series SS Notes due April 15, 2037 (the “Series SS Notes”). We pay interest on the Series RR Notes and Series SS Notes in April and October of each year. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $700 million of the Series SS Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.49 percent. Net proceeds from the offering of the Series RR Notes and Series SS Notes were approximately $1.960 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.

CONTRACTS WITH CUSTOMERS	9 Months Ended
CONTRACTS WITH CUSTOMERS	Sep. 30, 2025
Revenue from Contract with Customer [Abstract]
CONTRACTS WITH CUSTOMERS	CONTRACTS WITH CUSTOMERS Our current and noncurrent liability for guest loyalty program increased by $301 million, to $7,820 million at September 30, 2025, from $7,519 million at December 31, 2024, primarily reflecting points earned by members. The increase was partially offset by $2,589 million of revenue recognized in the 2025 first three quarters, that was deferred as of December 31, 2024. Our allowance for credit losses was $221 million at September 30, 2025 and $199 million at December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION We granted 0.7 million restricted stock units (“RSUs”) during the 2025 first three quarters to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.1 million performance-based RSUs (“PSUs”) in the 2025 first three quarters to certain executives, which are earned subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2027 adjusted EBITDA performance and relative total stockholder return over the 2025 to 2027 performance period. RSUs, including PSUs, granted in the 2025 first three quarters had a weighted average grant-date fair value of $273 per unit. We recorded stock-based compensation expense for RSUs and PSUs of $50 million in the 2025 third quarter, $54 million in the 2024 third quarter, $142 million in the 2025 first three quarters, and $148 million in the 2024 first three quarters. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $219 million at September 30, 2025 and $173 million at December 31, 2024.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities

We present the carrying amounts and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments in the following table:


	September 30, 2025				December 31, 2024
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes receivable	$	153	$	151	$	136	$	133
Total noncurrent financial assets	$	153	$	151	$	136	$	133

Senior Notes	$	(13,694)	$	(13,772)	$	(11,419)	$	(11,083)
Commercial paper	(618)		(618)		(1,582)		(1,582)

Total noncurrent financial liabilities	$	(14,312)	$	(14,390)	$	(13,001)	$	(12,665)

BUSINESS SEGMENTS - Reconciliation of Total Segment Revenue and Profit to Consolidated Revenue and Profit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	$ 6,489	$ 6,255	$ 19,496	$ 18,671
Interest expense, net of interest income	(194)	(168)	(568)	(485)
INCOME BEFORE INCOME TAXES	994	786	2,812	2,553
Total reportable segment revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	5,743	5,603	17,379	16,752
Operating income	945	881	2,860	2,759
Unallocated corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	746	652	2,117	1,919
Operating income	$ 243	$ 73	$ 520	$ 279

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

OPERATING ACTIVITIES

Net income

$ 2,156

$ 1,920

Adjustments to reconcile to cash provided by operating activities:

Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses)

^[1]

422

363

Stock-based compensation

171

173

Income taxes

(136)

(96)

Contract acquisition costs

(301)

(256)

Restructuring and merger-related (recoveries) charges, and other

(66)

Working capital changes

(345)

(162)

Other

181

100

Net cash provided by operating activities

2,383

2,431

INVESTING ACTIVITIES

Capital and technology expenditures

(432)

(408)

Asset acquisition

(349)

Dispositions

Loan advances

(31)

(10)

Loan collections

Other

Net cash used in investing activities

(775)

(389)

FINANCING ACTIVITIES

Commercial paper/Credit Facility, net

(960)

(648)

Issuance of long-term debt

3,436

2,948

Repayment of long-term debt

(957)

(556)

Issuance of Class A Common Stock

Dividends paid

(539)

(506)

Purchase of treasury stock

(2,300)

(3,176)

Stock-based compensation withholding taxes

(111)

(127)

Net cash used in financing activities

(1,339)

(1,992)

INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

269

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period

^[2]

425

366

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period

^[2]

694

416

Loyalty program

Adjustments to reconcile to cash provided by operating activities:

Liability for guest loyalty program

$ 301

$ 365

[1]	The 2024 first three quarters reflect the reclassification of $150 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.
[2]	The 2025 amounts include beginning restricted cash of $29 million at December 31, 2024, and ending restricted cash of $16 million at September 30, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Aug. 31, 2025	Feb. 28, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Commercial paper	$ 618			$ 1,582
Credit Facility	0			0
Finance lease obligations	117			124
Other	23			55
Total debt	15,999			14,447
Less current portion	(1,557)			(1,309)
Long-term debt, noncurrent	$ 14,442			13,138
Series P Notes, matured October 1, 2025
Debt Instrument [Line Items]
Interest rate	3.80%
Effective interest rate	4.00%
Senior notes, face amount	$ 350
Senior notes	$ 350			349
Series R Notes, maturing June 15, 2026
Debt Instrument [Line Items]
Interest rate	3.10%
Effective interest rate	3.30%
Senior notes, face amount	$ 750
Senior notes	$ 749			749
Series V Notes, matured March 15, 2025
Debt Instrument [Line Items]
Interest rate	3.80%
Effective interest rate	2.80%
Senior notes, face amount	$ 318
Senior notes	$ 0			319
Series W Notes, maturing October 1, 2034
Debt Instrument [Line Items]
Interest rate	4.50%
Effective interest rate	4.10%
Senior notes, face amount	$ 278
Senior notes	$ 287			287
Series X Notes, maturing April 15, 2028
Debt Instrument [Line Items]
Interest rate	4.00%
Effective interest rate	4.20%
Senior notes, face amount	$ 450
Senior notes	$ 448			447
Series AA Notes, maturing December 1, 2028
Debt Instrument [Line Items]
Interest rate	4.70%
Effective interest rate	4.80%
Senior notes, face amount	$ 300
Senior notes	$ 299			298
Series EE Notes, matured May 1, 2025
Debt Instrument [Line Items]
Interest rate	5.80%
Effective interest rate	6.00%
Senior notes, face amount	$ 600
Senior notes	$ 0			599
Series FF Notes, maturing June 15, 2030
Debt Instrument [Line Items]
Interest rate	4.60%
Effective interest rate	4.80%
Senior notes, face amount	$ 1,000
Senior notes	$ 992			991
Series GG Notes, maturing October 15, 2032
Debt Instrument [Line Items]
Interest rate	3.50%
Effective interest rate	3.70%
Senior notes, face amount	$ 1,000
Senior notes	$ 990			989
Series HH Notes, maturing April 15, 2031
Debt Instrument [Line Items]
Interest rate	2.90%
Effective interest rate	3.00%
Senior notes, face amount	$ 1,100
Senior notes	$ 1,093			1,093
Series II Notes, maturing October 15, 2033
Debt Instrument [Line Items]
Interest rate	2.80%
Effective interest rate	2.80%
Senior notes, face amount	$ 700
Senior notes	$ 695			695
Series JJ Notes, maturing October 15, 2027
Debt Instrument [Line Items]
Interest rate	5.00%
Effective interest rate	5.40%
Senior notes, face amount	$ 1,000
Senior notes	$ 993			990
Series KK Notes, maturing April 15, 2029
Debt Instrument [Line Items]
Interest rate	4.90%
Effective interest rate	5.30%
Senior notes, face amount	$ 800
Senior notes	$ 790			788
Series LL Notes, maturing September 15, 2026
Debt Instrument [Line Items]
Interest rate	5.50%
Effective interest rate	5.90%
Senior notes, face amount	$ 450
Senior notes	$ 448			447
Series MM Notes, maturing October 15, 2028
Debt Instrument [Line Items]
Interest rate	5.60%
Effective interest rate	5.90%
Senior notes, face amount	$ 700
Senior notes	$ 694			693
Series NN Notes, maturing May 15, 2029
Debt Instrument [Line Items]
Interest rate	4.90%
Effective interest rate	5.30%
Senior notes, face amount	$ 500
Senior notes	$ 493			491
Series OO Notes, maturing May 15, 2034
Debt Instrument [Line Items]
Interest rate	5.30%
Effective interest rate	5.60%
Senior notes, face amount	$ 1,000
Senior notes	$ 981			980
Series PP Notes, maturing March 15, 2030
Debt Instrument [Line Items]
Interest rate	4.80%
Effective interest rate	5.00%
Senior notes, face amount	$ 500
Senior notes	$ 495			495
Series QQ Notes, maturing March 15, 2035
Debt Instrument [Line Items]
Interest rate	5.40%
Effective interest rate	5.50%
Senior notes, face amount	$ 1,000
Senior notes	$ 987			986
Series RR Notes, maturing April 15, 2032
Debt Instrument [Line Items]
Interest rate	5.10%
Effective interest rate	5.40%
Senior notes, face amount	$ 500
Senior notes	$ 493			0
Series RR Notes, maturing April 15, 2032 \| Senior Notes
Debt Instrument [Line Items]
Interest rate			5.10%
Senior notes, face amount			$ 500
Series SS Notes, maturing April 15, 2037
Debt Instrument [Line Items]
Interest rate	5.50%
Effective interest rate	5.70%
Senior notes, face amount	$ 1,500
Senior notes	$ 1,483			0
Series SS Notes, maturing April 15, 2037 \| Senior Notes
Debt Instrument [Line Items]
Interest rate			5.50%
Senior notes, face amount			$ 1,500
Series TT Notes, maturing July 15, 2027
Debt Instrument [Line Items]
Interest rate	4.20%
Effective interest rate	4.50%
Senior notes, face amount	$ 400
Senior notes	$ 398			0
Series TT Notes, maturing July 15, 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate		4.20%
Senior notes, face amount		$ 400
Series UU Notes, maturing October 15, 2031
Debt Instrument [Line Items]
Interest rate	4.50%
Effective interest rate	4.90%
Senior notes, face amount	$ 500
Senior notes	$ 491			0
Series UU Notes, maturing October 15, 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate		4.50%
Senior notes, face amount		$ 500
Series VV Notes, maturing October 15, 2035
Debt Instrument [Line Items]
Interest rate	5.30%
Effective interest rate	5.50%
Senior notes, face amount	$ 600
Senior notes	$ 592			$ 0
Series VV Notes, maturing October 15, 2035 \| Senior Notes
Debt Instrument [Line Items]
Interest rate		5.25%
Senior notes, face amount		$ 600

ACQUISITION	9 Months Ended
ACQUISITION	Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
ACQUISITION	ACQUISITIONIn the 2025 second quarter, we announced that we reached an agreement with citizenM Holding BV and certain of its affiliates (the “seller”) to acquire the citizenM brand and related intellectual property for $355 million, and we completed the acquisition in the 2025 third quarter. In addition, we may pay earn-out payments to the seller up to $110 million, based on the future growth of the brand over a specified, multi-year timeframe. Earn-out payments would not begin until the fourth year following closing of the transaction. As of September 30, 2025, the citizenM portfolio included 37 open select-service hotels (8,789 rooms), which we expect to integrate into our system and platforms in the 2025 fourth quarter. We accounted for the transaction as an asset acquisition and allocated the cost of the acquisition, including direct and incremental transaction costs, on a relative fair value basis, to an indefinite-lived brand asset of approximately $289 million and contract assets, with a weighted-average term of 20 years, totaling $60 million

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and equivalents	$ 678	$ 396
Accounts and notes receivable, net	3,101	2,795
Prepaid expenses and other	332	294
Assets, current, total	4,111	3,485
Property and equipment, net	1,917	1,833
Intangible assets
Goodwill	8,886	8,731
Goodwill and intangible assets, net, total	19,089	18,219
Equity method investments	298	298
Notes receivable, net	153	136
Deferred tax assets	571	650
Operating lease assets	947	845
Other noncurrent assets	747	716
Total assets	27,833	26,182
Current liabilities
Current portion of long-term debt	1,557	1,309
Accounts payable	759	763
Accrued payroll and benefits	1,323	1,449
Accrued expenses and other	1,609	1,641
Liabilities, current, total	8,798	8,649
Long-term debt	14,442	13,138
Deferred tax liabilities	117	81
Operating lease liabilities	887	794
Other noncurrent liabilities	1,280	1,377
Stockholders’ deficit
Class A Common Stock	5	5
Additional paid-in-capital	6,291	6,179
Retained earnings	18,148	16,531
Treasury stock, at cost	(26,890)	(24,644)
Accumulated other comprehensive loss	(673)	(1,063)
Stockholders’ deficit	(3,119)	(2,992)
Liabilities and equity, total	27,833	26,182
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	3,550	3,487
Contract with customer liabilities	4,270	4,032
Deferred revenue
Current liabilities
Contract with customer liabilities	1,158	1,103
Brands
Intangible assets
Intangible assets	6,188	5,770
Contract acquisition costs and other
Intangible assets
Intangible assets	$ 4,015	$ 3,718

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT - Accumulated Other Comprehensive (Loss) Income Activity (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ (2,964)	$ (3,168)	$ (2,992)	$ (2,091)	$ (1,616)	$ (682)	$ (2,992)	$ (682)
Other comprehensive income (loss)	1	288	101	191	(111)	(147)	390	(67)
Balance at end of period	(3,119)	(2,964)	(3,168)	(2,421)	(2,091)	(1,616)	(3,119)	(2,421)
Intra-entity foreign currency long-term-investment (losses) gains							(72)	(2)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(674)	(962)	(1,063)	(905)	(794)	(647)	(1,063)	(647)
Other comprehensive income (loss)	1	288	101	191	(111)	(147)
Balance at end of period	(673)	$ (674)	(962)	(714)	$ (905)	(794)	(673)	(714)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			(1,091)			(654)	(1,091)	(654)
Other comprehensive income (loss)							414	(62)
Balance at end of period	(677)			(716)			(677)	(716)
Other Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period			$ 28			$ 7	28	7
Other comprehensive income (loss)							(24)	(5)
Balance at end of period	$ 4			$ 2			$ 4	$ 2

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. We present the carrying amounts and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments in the following table:


	September 30, 2025				December 31, 2024
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes receivable	$	153	$	151	$	136	$	133
Total noncurrent financial assets	$	153	$	151	$	136	$	133

Senior Notes	$	(13,694)	$	(13,772)	$	(11,419)	$	(11,083)
Commercial paper	(618)		(618)		(1,582)		(1,582)

Total noncurrent financial liabilities	$	(14,312)	$	(14,390)	$	(13,001)	$	(12,665)

See Note 12. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on the input levels we use in determining fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENTS

We discuss our operations in the following four reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in “Unallocated corporate and other.”

Our President and Chief Executive Officer, who is our “chief operating decision maker” (“CODM”), evaluates the performance of our operating segments using “segment profits,” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, or restructuring and merger-related recoveries/charges, and other expenses. We assign gains and losses, equity in earnings or losses, and direct general, administrative, and other expenses to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (such as fees we receive from our credit card programs and timeshare licensing agreements), revenues and expenses for our Loyalty Program, general, administrative, and other expenses, restructuring and merger-related recoveries/charges, and other expenses, equity in earnings or losses, and other gains or losses that we do not allocate to our segments, as well as results of our CALA operating segment.

Our CODM uses segment profits to allocate resources (including employees and investment spending) to each segment, primarily as part of the annual budget process. Our CODM reviews budget-to-actual variances on a quarterly basis to assess segment performance. Additionally, our CODM uses segment profits to compare the results of each segment with one another and in the determination of compensation for segment leadership.

Our CODM monitors assets for the consolidated Company but does not use assets by operating segment when assessing performance or making operating segment resource allocations.

Segment Revenues, Expenses, and Profits

The following tables present our revenues (disaggregated by segment and major revenue stream), segment expenses, and segment profits for the 2025 third quarter, 2024 third quarter, 2025 first three quarters, and 2024 first three quarters:


	Three Months Ended September 30, 2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	740	$	172	$	64	$	86
Contract investment amortization	(19)		(5)		(1)		(1)
Net fee revenues	721		167		63		85
Owned, leased, and other revenue	130		161		4		32
Cost reimbursement revenue	3,890		285		75		130
Total reportable segment revenue	4,741		613		142		247
Less:
Owned, leased, and other - direct	96		132		5		32
Depreciation, amortization, and other	23		9		5		2
General, administrative, and other	40		32		15		19
Reimbursed expenses	3,903		284		74		131
Other segment items (primarily non-operating income and expenses)	(1)		(2)		(1)		—
Total reportable segment profit	$	680	$	158	$	44	$	63


	Three Months Ended September 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	747	$	153	$	62	$	82
Contract investment amortization	(19)		(3)		—		(2)
Net fee revenues	728		150		62		80
Owned, leased, and other revenue	95		169		5		30
Cost reimbursement revenue	3,773		316		75		120
Total reportable segment revenue	4,596		635		142		230
Less:
Owned, leased, and other - direct	82		132		3		27
Depreciation, amortization, and other	21		9		2		2
General, administrative, and other	59		25		14		15
Reimbursed expenses	3,820		317		76		120
Other segment items (primarily non-operating income and expenses)	(3)		—		1		—
Total reportable segment profit	$	617	$	152	$	46	$	66


	Nine Months Ended September 30, 2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,249	$	458	$	188	$	267
Contract investment amortization	(60)		(13)		(1)		(4)
Net fee revenues	2,189		445		187		263
Owned, leased, and other revenue	390		439		21		110
Cost reimbursement revenue	11,822		898		222		393
Total reportable segment revenue	14,401		1,782		430		766
Less:
Owned, leased, and other - direct	292		373		13		93
Depreciation, amortization, and other	77		28		10		6
General, administrative, and other	120		99		46		53
Reimbursed expenses	11,806		895		221		394
Other segment items (primarily non-operating income and expenses)	(4)		(2)		(2)		1
Total reportable segment profit	$	2,110	$	389	$	142	$	219


	Nine Months Ended September 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,227	$	425	$	186	$	243
Contract investment amortization	(57)		(10)		—		(4)
Net fee revenues	2,170		415		186		239
Owned, leased, and other revenue	314		444		18		98
Cost reimbursement revenue	11,367		916		226		359
Total reportable segment revenue	13,851		1,775		430		696
Less:
Owned, leased, and other - direct	240		369		10		84
Depreciation, amortization, and other	63		28		7		6
General, administrative, and other	145		80		41		47
Reimbursed expenses	11,379		915		228		361
Other segment items (primarily non-operating income and expenses)	(5)		(3)		—		(2)
Total reportable segment profit	$	2,029	$	386	$	144	$	200

The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for the 2025 third quarter, 2024 third quarter, 2025 first three quarters, and 2024 first three quarters:


	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Reconciliation of revenue
Total reportable segment revenue	$	5,743	$	5,603	$	17,379	$	16,752
Unallocated corporate and other	746		652		2,117		1,919
Consolidated revenue	$	6,489	$	6,255	$	19,496	$	18,671

Reconciliation of income before income taxes
Total reportable segment profit	$	945	$	881	$	2,860	$	2,759
Unallocated corporate and other	243		73		520		279
Interest expense, net of interest income	(194)		(168)		(568)		(485)
Consolidated income before income taxes	$	994	$	786	$	2,812	$	2,553

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

COMMITMENTS AND CONTINGENCIES - Guarantees (Details) $ in Millions	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 203
Recorded Liability for Guarantees	83
Debt service
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	62
Recorded Liability for Guarantees	6
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	120
Recorded Liability for Guarantees	73
Operating profit \| Not Yet In Effect Condition
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	62
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	21
Recorded Liability for Guarantees	$ 4

BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Revenues


	Three Months Ended September 30, 2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	740	$	172	$	64	$	86
Contract investment amortization	(19)		(5)		(1)		(1)
Net fee revenues	721		167		63		85
Owned, leased, and other revenue	130		161		4		32
Cost reimbursement revenue	3,890		285		75		130
Total reportable segment revenue	4,741		613		142		247
Less:
Owned, leased, and other - direct	96		132		5		32
Depreciation, amortization, and other	23		9		5		2
General, administrative, and other	40		32		15		19
Reimbursed expenses	3,903		284		74		131
Other segment items (primarily non-operating income and expenses)	(1)		(2)		(1)		—
Total reportable segment profit	$	680	$	158	$	44	$	63


	Three Months Ended September 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	747	$	153	$	62	$	82
Contract investment amortization	(19)		(3)		—		(2)
Net fee revenues	728		150		62		80
Owned, leased, and other revenue	95		169		5		30
Cost reimbursement revenue	3,773		316		75		120
Total reportable segment revenue	4,596		635		142		230
Less:
Owned, leased, and other - direct	82		132		3		27
Depreciation, amortization, and other	21		9		2		2
General, administrative, and other	59		25		14		15
Reimbursed expenses	3,820		317		76		120
Other segment items (primarily non-operating income and expenses)	(3)		—		1		—
Total reportable segment profit	$	617	$	152	$	46	$	66


	Nine Months Ended September 30, 2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,249	$	458	$	188	$	267
Contract investment amortization	(60)		(13)		(1)		(4)
Net fee revenues	2,189		445		187		263
Owned, leased, and other revenue	390		439		21		110
Cost reimbursement revenue	11,822		898		222		393
Total reportable segment revenue	14,401		1,782		430		766
Less:
Owned, leased, and other - direct	292		373		13		93
Depreciation, amortization, and other	77		28		10		6
General, administrative, and other	120		99		46		53
Reimbursed expenses	11,806		895		221		394
Other segment items (primarily non-operating income and expenses)	(4)		(2)		(2)		1
Total reportable segment profit	$	2,110	$	389	$	142	$	219


	Nine Months Ended September 30, 2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,227	$	425	$	186	$	243
Contract investment amortization	(57)		(10)		—		(4)
Net fee revenues	2,170		415		186		239
Owned, leased, and other revenue	314		444		18		98
Cost reimbursement revenue	11,367		916		226		359
Total reportable segment revenue	13,851		1,775		430		696
Less:
Owned, leased, and other - direct	240		369		10		84
Depreciation, amortization, and other	63		28		7		6
General, administrative, and other	145		80		41		47
Reimbursed expenses	11,379		915		228		361
Other segment items (primarily non-operating income and expenses)	(5)		(3)		—		(2)
Total reportable segment profit	$	2,029	$	386	$	144	$	200

Schedule of Segment Profits


	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Reconciliation of revenue
Total reportable segment revenue	$	5,743	$	5,603	$	17,379	$	16,752
Unallocated corporate and other	746		652		2,117		1,919
Consolidated revenue	$	6,489	$	6,255	$	19,496	$	18,671

Reconciliation of income before income taxes
Total reportable segment profit	$	945	$	881	$	2,860	$	2,759
Unallocated corporate and other	243		73		520		279
Interest expense, net of interest income	(194)		(168)		(568)		(485)
Consolidated income before income taxes	$	994	$	786	$	2,812	$	2,553

CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	9 Months Ended
CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 221	$ 199
Loyalty program
Disaggregation of Revenue [Line Items]
Increase (decrease) in deferred revenue	301
Contract with customer liability	7,820	$ 7,519
Deferred revenue recognized	$ 2,589

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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ACQUISITION (Details) - CitizenM Brand $ in Millions	3 Months Ended
ACQUISITION (Details) - CitizenM Brand $ in Millions	Sep. 30, 2025 USD ($) hotel hotelRoom
Business Combination [Line Items]
Purchase price	$ 355
Contingent consideration (up to)	$ 110
Number of hotels to be added to portfolio(s) \| hotel	37
Number of hotel rooms to be added to portfolio(s) \| hotelRoom	8,789
Indefinite-lived intangible assets acquired	$ 289
Acquired finite-lived intangible assets, weighted average useful life	20 years
Finite-lived intangible assets acquired	$ 60

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	26.80%	25.70%	23.30%	24.80%
Increase (decrease) in unrecognized tax benefits			$ (65)
Unrecognized tax benefits	$ 118		118		$ 183
Unrecognized tax benefits with tax positions that would impact effective tax rate	$ 108		108		$ 171
Income taxes paid, net			$ 792	$ 729

LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Aug. 31, 2025	Feb. 28, 2025	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Interest paid, net of amounts capitalized			$ 403	$ 350
Maximum aggregate borrowings under credit facility (up to)			4,500
Series TT Notes, maturing July 15, 2027
Debt Instrument [Line Items]
Senior notes, face amount			$ 400
Interest rate			4.20%
Series TT Notes, maturing July 15, 2027 \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 400
Interest rate	4.20%
Series UU Notes, maturing October 15, 2031
Debt Instrument [Line Items]
Senior notes, face amount			$ 500
Interest rate			4.50%
Series UU Notes, maturing October 15, 2031 \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 500
Interest rate	4.50%
Series VV Notes, maturing October 15, 2035
Debt Instrument [Line Items]
Senior notes, face amount			$ 600
Interest rate			5.30%
Series VV Notes, maturing October 15, 2035 \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount	$ 600
Interest rate	5.25%
Series VV Notes, maturing October 15, 2035 \| Senior Notes \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative liability	$ 500
Derivative, basis spread on variable rate	1.44%
Series TT ,UU and VV Notes \| Senior Notes
Debt Instrument [Line Items]
Proceeds from debt	$ 1,477
Series RR Notes, maturing April 15, 2032
Debt Instrument [Line Items]
Senior notes, face amount			$ 500
Interest rate			5.10%
Series RR Notes, maturing April 15, 2032 \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount		$ 500
Interest rate		5.10%
Series SS Notes, maturing April 15, 2037
Debt Instrument [Line Items]
Senior notes, face amount			$ 1,500
Interest rate			5.50%
Series SS Notes, maturing April 15, 2037 \| Senior Notes
Debt Instrument [Line Items]
Senior notes, face amount		$ 1,500
Interest rate		5.50%
Series SS Notes, maturing April 15, 2037 \| Senior Notes \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative liability		$ 700
Derivative, basis spread on variable rate		1.49%
Series RR and SS Notes \| Senior Notes
Debt Instrument [Line Items]
Proceeds from debt		$ 1,960

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Computation of Basic Earnings Per Share
Net income	$ 728	$ 763	$ 665	$ 584	$ 772	$ 564	$ 2,156	$ 1,920
Shares for basic earnings per share (in shares)	271.8			281.5			274.3	285.9
Basic earnings per shares (in USD per share)	$ 2.68			$ 2.08			$ 7.86	$ 6.71
Computation of Diluted Earnings Per Share
Net income	$ 728	$ 763	$ 665	$ 584	$ 772	$ 564	$ 2,156	$ 1,920
Shares for basic earnings per share (in shares)	271.8			281.5			274.3	285.9
Effect of dilutive securities
Stock-based compensation (in shares)	0.7			0.9			0.7	1.0
Shares for diluted earnings per share (in shares)	272.5			282.4			275.0	286.9
Diluted earnings per share (in USD per share)	$ 2.67			$ 2.07			$ 7.84	$ 6.69

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long Term Debt

We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of September 30, 2025 and year-end 2024:


($ in millions)	Interest Rate		Effective Interest Rate		Face Amount		Balance as of September 30, 2025		Balance as of December 31, 2024
Senior Notes:
Series P Notes, matured October 1, 2025	3.8	%	4.0	%	$	350	$	350	$	349
Series R Notes, maturing June 15, 2026	3.1	%	3.3	%	750		749		749
Series V Notes, matured March 15, 2025	3.8	%	2.8	%	318		—		319
Series W Notes, maturing October 1, 2034	4.5	%	4.1	%	278		287		287
Series X Notes, maturing April 15, 2028	4.0	%	4.2	%	450		448		447
Series AA Notes, maturing December 1, 2028	4.7	%	4.8	%	300		299		298
Series EE Notes, matured May 1, 2025	5.8	%	6.0	%	600		—		599
Series FF Notes, maturing June 15, 2030	4.6	%	4.8	%	1,000		992		991
Series GG Notes, maturing October 15, 2032	3.5	%	3.7	%	1,000		990		989
Series HH Notes, maturing April 15, 2031	2.9	%	3.0	%	1,100		1,093		1,093
Series II Notes, maturing October 15, 2033	2.8	%	2.8	%	700		695		695
Series JJ Notes, maturing October 15, 2027	5.0	%	5.4	%	1,000		993		990
Series KK Notes, maturing April 15, 2029	4.9	%	5.3	%	800		790		788
Series LL Notes, maturing September 15, 2026	5.5	%	5.9	%	450		448		447
Series MM Notes, maturing October 15, 2028	5.6	%	5.9	%	700		694		693
Series NN Notes, maturing May 15, 2029	4.9	%	5.3	%	500		493		491
Series OO Notes, maturing May 15, 2034	5.3	%	5.6	%	1,000		981		980
Series PP Notes, maturing March 15, 2030	4.8	%	5.0	%	500		495		495
Series QQ Notes, maturing March 15, 2035	5.4	%	5.5	%	1,000		987		986
Series RR Notes, maturing April 15, 2032	5.1	%	5.4	%	500		493		—
Series SS Notes, maturing April 15, 2037	5.5	%	5.7	%	1,500		1,483		—
Series TT Notes, maturing July 15, 2027	4.2	%	4.5	%	400		398		—
Series UU Notes, maturing October 15, 2031	4.5	%	4.9	%	500		491		—
Series VV Notes, maturing October 15, 2035	5.3	%	5.5	%	600		592		—
Commercial paper							618		1,582
Credit Facility							—		—
Finance lease obligations							117		124
Other							23		55
							$	15,999	$	14,447
Less current portion							(1,557)		(1,309)
							$	14,442	$	13,138

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss Activity

The following tables detail the accumulated other comprehensive loss activity for the 2025 first three quarters and 2024 first three quarters:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2024	$	(1,091)	$	28	$	(1,063)


Other comprehensive income (loss) (1)	414		(24)		390
Balance at September 30, 2025	$	(677)	$	4	$	(673)


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2023	$	(654)	$	7	$	(647)


Other comprehensive loss (1)	(62)		(5)		(67)
Balance at September 30, 2024	$	(716)	$	2	$	(714)

(1)Other comprehensive income (loss) includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in losses of $72 million for the 2025 first three quarters and $2 million for the 2024 first three quarters.

Schedule of Changes in Shareholders' Equity

The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2025 first three quarters and 2024 first three quarters:


(in millions, except per share amounts)
Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
276.7	Balance at year-end 2024	$	(2,992)	$	5	$	6,179	$	16,531	$	(24,644)	$	(1,063)
—	Net income	665		—		—		665		—		—
—	Other comprehensive income	101		—		—		—		—		101
—	Dividends ($0.63 per share)	(174)		—		—		(174)		—		—
1.1	Stock-based compensation plans	(13)		—		(44)		—		31		—
(2.8)	Purchase of treasury stock	(755)		—		—		—		(755)		—
275.0	Balance at March 31, 2025	$	(3,168)	$	5	$	6,135	$	17,022	$	(25,368)	$	(962)
—	Net income	763		—		—		763		—		—
—	Other comprehensive income	288		—		—		—		—		288
—	Dividends ($0.67 per share)	(183)		—		—		(183)		—		—
(0.1)	Stock-based compensation plans	58		—		58		—		—		—
(2.8)	Purchase of treasury stock	(722)		—		—		—		(722)		—
272.1	Balance at June 30, 2025	$	(2,964)	$	5	$	6,193	$	17,602	$	(26,090)	$	(674)
—	Net income	728		—		—		728		—		—
—	Other comprehensive income	1		—		—		—		—		1
—	Dividends ($0.67 per share)	(182)		—		—		(182)		—		—
0.3	Stock-based compensation plans	105		—		98		—		7		—
(3.0)	Purchase of treasury stock	(807)		—		—		—		(807)		—
269.4	Balance at September 30, 2025	$	(3,119)	$	5	$	6,291	$	18,148	$	(26,890)	$	(673)


Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
290.5	Balance at year-end 2023	$	(682)	$	5	$	6,051	$	14,838	$	(20,929)	$	(647)
—	Net income	564		—		—		564		—		—
—	Other comprehensive loss	(147)		—		—		—		—		(147)
—	Dividends ($0.52 per share)	(151)		—		—		(151)		—		—
1.3	Stock-based compensation plans	(36)		—		(73)		—		37		—
(4.8)	Purchase of treasury stock	(1,164)		—		—		—		(1,164)		—
287.0	Balance at March 31, 2024	$	(1,616)	$	5	$	5,978	$	15,251	$	(22,056)	$	(794)
—	Net income	772		—		—		772		—		—
—	Other comprehensive loss	(111)		—		—		—		—		(111)
—	Dividends ($0.63 per share)	(179)		—		—		(179)		—		—
—	Stock-based compensation plans	53		—		52		—		1		—
(4.1)	Purchase of treasury stock	(1,010)		—		—		—		(1,010)		—
282.9	Balance at June 30, 2024	$	(2,091)	$	5	$	6,030	$	15,844	$	(23,065)	$	(905)
—	Net income	584		—		—		584		—		—
—	Other comprehensive income	191		—		—		—		—		191
—	Dividends ($0.63 per share)	(177)		—		—		(177)		—		—
0.2	Stock-based compensation plans	101		—		95		—		6		—
(4.5)	Purchase of treasury stock	(1,029)		—		—		—		(1,029)		—
278.6	Balance at September 30, 2024	$	(2,421)	$	5	$	6,125	$	16,251	$	(24,088)	$	(714)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2025	Dec. 31, 2024
Statement of Cash Flows [Abstract]
Restricted cash		$ 16	$ 29
Depreciation and amortization reclassified	$ 150

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 728	$ 584	$ 2,156	$ 1,920
Other comprehensive income (loss)
Foreign currency translation adjustments	(6)	209	414	(62)
Other adjustments, net of tax	7	(18)	(24)	(5)
Total other comprehensive income (loss), net of tax	1	191	390	(67)
Comprehensive income	$ 729	$ 775	$ 2,546	$ 1,853

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The condensed consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and its consolidated subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or the “Company”). In order to make this report easier to read, we also refer throughout to (1) our Condensed Consolidated Financial Statements as our “Financial Statements,” (2) our Condensed Consolidated Statements of Income as our “Income Statements,” (3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. & Canada,” and (6) our properties, brands, or markets in our Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America regions, as “International.” References throughout to numbered “Notes” refer to these Notes to Condensed Consolidated Financial Statements, unless otherwise stated. In addition, we use the term “hotel owners” throughout this report to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to management agreements, franchise agreements, license agreements or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott Bonvoy® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.
Basis of Accounting	These Financial Statements have not been audited. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2024 Form 10-K. Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2025 and December 31, 2024, the results of our operations for the three and nine months ended September 30, 2025 and September 30, 2024, and cash flows for the nine months ended September 30, 2025 and September 30, 2024. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.
New Accounting Standards Not Yet Adopted	New Accounting Standards Not Yet Adopted Accounting Standards Update (“ASU”) 2025-06 - “Targeted Improvements to the Accounting for Internal-Use Software” (Topic 350). ASU 2025-06 eliminates references to software development project stages and revises the criteria that must be met to begin capitalizing internal-use software costs. The standard permits entities to adopt the guidance using a prospective, retrospective, or modified transition approach and becomes effective for us beginning January 1, 2028, with early adoption permitted. We are currently assessing the potential impact that ASU 2025-06 will have on our financial statements and disclosures.

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT

The following tables detail the accumulated other comprehensive loss activity for the 2025 first three quarters and 2024 first three quarters:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2024	$	(1,091)	$	28	$	(1,063)


Other comprehensive income (loss) (1)	414		(24)		390
Balance at September 30, 2025	$	(677)	$	4	$	(673)


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2023	$	(654)	$	7	$	(647)


Other comprehensive loss (1)	(62)		(5)		(67)
Balance at September 30, 2024	$	(716)	$	2	$	(714)

The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2025 first three quarters and 2024 first three quarters:


(in millions, except per share amounts)
Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
276.7	Balance at year-end 2024	$	(2,992)	$	5	$	6,179	$	16,531	$	(24,644)	$	(1,063)
—	Net income	665		—		—		665		—		—
—	Other comprehensive income	101		—		—		—		—		101
—	Dividends ($0.63 per share)	(174)		—		—		(174)		—		—
1.1	Stock-based compensation plans	(13)		—		(44)		—		31		—
(2.8)	Purchase of treasury stock	(755)		—		—		—		(755)		—
275.0	Balance at March 31, 2025	$	(3,168)	$	5	$	6,135	$	17,022	$	(25,368)	$	(962)
—	Net income	763		—		—		763		—		—
—	Other comprehensive income	288		—		—		—		—		288
—	Dividends ($0.67 per share)	(183)		—		—		(183)		—		—
(0.1)	Stock-based compensation plans	58		—		58		—		—		—
(2.8)	Purchase of treasury stock	(722)		—		—		—		(722)		—
272.1	Balance at June 30, 2025	$	(2,964)	$	5	$	6,193	$	17,602	$	(26,090)	$	(674)
—	Net income	728		—		—		728		—		—
—	Other comprehensive income	1		—		—		—		—		1
—	Dividends ($0.67 per share)	(182)		—		—		(182)		—		—
0.3	Stock-based compensation plans	105		—		98		—		7		—
(3.0)	Purchase of treasury stock	(807)		—		—		—		(807)		—
269.4	Balance at September 30, 2025	$	(3,119)	$	5	$	6,291	$	18,148	$	(26,890)	$	(673)


Common Shares Outstanding		Total		Class A Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock, at Cost		Accumulated Other Comprehensive Loss
290.5	Balance at year-end 2023	$	(682)	$	5	$	6,051	$	14,838	$	(20,929)	$	(647)
—	Net income	564		—		—		564		—		—
—	Other comprehensive loss	(147)		—		—		—		—		(147)
—	Dividends ($0.52 per share)	(151)		—		—		(151)		—		—
1.3	Stock-based compensation plans	(36)		—		(73)		—		37		—
(4.8)	Purchase of treasury stock	(1,164)		—		—		—		(1,164)		—
287.0	Balance at March 31, 2024	$	(1,616)	$	5	$	5,978	$	15,251	$	(22,056)	$	(794)
—	Net income	772		—		—		772		—		—
—	Other comprehensive loss	(111)		—		—		—		—		(111)
—	Dividends ($0.63 per share)	(179)		—		—		(179)		—		—
—	Stock-based compensation plans	53		—		52		—		1		—
(4.1)	Purchase of treasury stock	(1,010)		—		—		—		(1,010)		—
282.9	Balance at June 30, 2024	$	(2,091)	$	5	$	6,030	$	15,844	$	(23,065)	$	(905)
—	Net income	584		—		—		584		—		—
—	Other comprehensive income	191		—		—		—		—		191
—	Dividends ($0.63 per share)	(177)		—		—		(177)		—		—
0.2	Stock-based compensation plans	101		—		95		—		6		—
(4.5)	Purchase of treasury stock	(1,029)		—		—		—		(1,029)		—
278.6	Balance at September 30, 2024	$	(2,421)	$	5	$	6,125	$	16,251	$	(24,088)	$	(714)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
REVENUES
Revenue	$ 6,489	$ 6,255	$ 19,496	$ 18,671
OPERATING COSTS AND EXPENSES
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
Costs and expenses	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 (in USD per share)	$ 2.68	$ 2.08	$ 7.86	$ 6.71
Earnings per share - diluted (in USD per share)	$ 2.67	$ 2.07	$ 7.84	$ 6.69
Net fee revenues
REVENUES
Gross fee revenues	$ 1,338	$ 1,283	$ 4,013	$ 3,836
Contract investment amortization	(29)	(26)	(86)	(76)
Revenue	1,309	1,257	3,927	3,760
Base management fees
REVENUES
Gross fee revenues	314	312	979	955
Franchise fees
REVENUES
Gross fee revenues	876	812	2,482	2,318
Incentive management fees
REVENUES
Gross fee revenues	148	159	552	563
Owned, leased, and other revenue
REVENUES
Revenue	420	381	1,222	1,133
OPERATING COSTS AND EXPENSES
Operating costs	326	300	950	882
Reimbursements
REVENUES
Revenue	4,760	4,617	14,347	13,778
OPERATING COSTS AND EXPENSES
Operating costs	$ 4,739	$ 4,681	$ 14,335	$ 13,827

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Guarantees

We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees for which we are the primary obligor at September 30, 2025 in the following table:


(in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	62	$	6
Operating profit	120		73
Other	21		4
	$	203	$	83

Our maximum potential guarantees listed in the preceding table include $62 million of operating profit guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur.

Starwood Data Security Incident

Description of Event

On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood Hotels & Resorts Worldwide, LLC, formerly known as Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), reservations database (the “Data Security Incident”). Working with leading security experts, we determined that there was unauthorized access to the Starwood network since 2014 and that an unauthorized party had copied information from the Starwood reservations database and taken steps towards removing it. We discontinued use of the Starwood reservations database for business operations at the end of 2018.

Litigation, Claims, and Government Investigations

Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. The plaintiffs in the cases that remain pending, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. The active U.S. cases are consolidated in the U.S. District Court for the District of Maryland (the “District Court”), pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). On June 3, 2025, the U.S. Court of Appeals for the Fourth Circuit reversed the District Court’s certification of a class of consumer plaintiffs, holding that a class-action waiver signed by putative class members was enforceable. We expect to engage in mediation with the consumer plaintiffs in the 2025 fourth quarter. The Canadian cases have effectively been consolidated into a single case in the province of Ontario. We dispute the allegations in these lawsuits and are vigorously defending against such claims.

In the 2025 third quarter, we reached a settlement in the case brought by the City of Chicago (which was consolidated in the MDL proceeding). The settlement amount is not material to our Financial Statements.

In addition, most inquiries and investigations by U.S. federal, U.S. state and foreign governmental authorities have been resolved or no longer appear to be active.

While we believe it is reasonably possible that we may incur losses in excess of the amounts recorded associated with the above-described MDL proceedings or further regulatory investigations related to the Data Security Incident, it is not possible to reasonably estimate the amount of such losses or range of loss in excess of the amounts recorded that might result from adverse judgments, settlements, fines, penalties or other resolution of these proceedings and investigations based on: (1) in the case of the above-described MDL proceedings, the current stage of these proceedings, the absence of specificity as to alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, and the lack of resolution of significant factual and legal issues, and (2) uncertainty regarding further regulatory inquiries or investigations.

Insurance Recoveries

During the 2025 third quarter, we recorded insurance recoveries for costs incurred related to the Data Security Incident, which are not material to our Financial Statements. We recognize insurance recoveries when they are probable of receipt and present them in our Income Statements in the same caption as the related expense, up to the amount of total expense incurred in prior and current periods. Insurance recoveries related to the Data Security Incident recorded in the 2025 third quarter are presented in the “Restructuring and merger-related (recoveries) charges, and other” caption of our Income Statements.

Other Legal Proceedings

We have been and are currently party to other legal proceedings involving claims that we infringe the intellectual property rights of others. At this time, we do not expect these proceedings to have a material impact on the Company’s business, financial condition, results of operations, or cash flows.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The table below illustrates the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of the Company’s potential common stock:


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Computation of Basic Earnings Per Share
Net income	$	728	$	584	$	2,156	$	1,920
Shares for basic earnings per share	271.8		281.5		274.3		285.9
Basic earnings per share	$	2.68	$	2.08	$	7.86	$	6.71
Computation of Diluted Earnings Per Share
Net income	$	728	$	584	$	2,156	$	1,920
Shares for basic earnings per share	271.8		281.5		274.3		285.9
Effect of dilutive securities
Stock-based compensation	0.7		0.9		0.7		1.0
Shares for diluted earnings per share	272.5		282.4		275.0		286.9
Diluted earnings per share	$	2.67	$	2.07	$	7.84	$	6.69

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maximum Potential Amount of Future Fundings as the Primary Obligor for Guarantees and the Liability for Expected Future Fundings


(in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	62	$	6
Operating profit	120		73
Other	21		4
	$	203	$	83

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The condensed consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and its consolidated subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or the “Company”). In order to make this report easier to read, we also refer throughout to (1) our Condensed Consolidated Financial Statements as our “Financial Statements,” (2) our Condensed Consolidated Statements of Income as our “Income Statements,” (3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. & Canada,” and (6) our properties, brands, or markets in our Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America regions, as “International.” References throughout to numbered “Notes” refer to these Notes to Condensed Consolidated Financial Statements, unless otherwise stated. In addition, we use the term “hotel owners” throughout this report to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to management agreements, franchise agreements, license agreements or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott Bonvoy® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®. These Financial Statements have not been audited. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2024 Form 10-K. Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates. The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2025 and December 31, 2024, the results of our operations for the three and nine months ended September 30, 2025 and September 30, 2024, and cash flows for the nine months ended September 30, 2025 and September 30, 2024. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements. New Accounting Standards Not Yet Adopted Accounting Standards Update (“ASU”) 2025-06 - “Targeted Improvements to the Accounting for Internal-Use Software” (Topic 350). ASU 2025-06 eliminates references to software development project stages and revises the criteria that must be met to begin capitalizing internal-use software costs. The standard permits entities to adopt the guidance using a prospective, retrospective, or modified transition approach and becomes effective for us beginning January 1, 2028, with early adoption permitted. We are currently assessing the potential impact that ASU 2025-06 will have on our financial statements and disclosures.

COMMITMENTS AND CONTINGENCIES - Litigation, Claims, and Government Investigations (Details)	Nov. 30, 2018 lawsuit
Class Action Lawsuits Related to Data Security Incident
Loss Contingencies [Line Items]
Number of new lawsuits filed	100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Earnings and Number of Shares Used in Calculations of Basic and Diluted Earnings Per Share


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Computation of Basic Earnings Per Share
Net income	$	728	$	584	$	2,156	$	1,920
Shares for basic earnings per share	271.8		281.5		274.3		285.9
Basic earnings per share	$	2.68	$	2.08	$	7.86	$	6.71
Computation of Diluted Earnings Per Share
Net income	$	728	$	584	$	2,156	$	1,920
Shares for basic earnings per share	271.8		281.5		274.3		285.9
Effect of dilutive securities
Stock-based compensation	0.7		0.9		0.7		1.0
Shares for diluted earnings per share	272.5		282.4		275.0		286.9
Diluted earnings per share	$	2.67	$	2.07	$	7.84	$	6.69

BUSINESS SEGMENTS - Summary of Segment Revenue, Segment Expenses, and Segment Profits (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of reporting segments \| segment			4
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 6,489	$ 6,255	$ 19,496	$ 18,671
Depreciation, amortization, and other	50	45	154	137
General, administrative, and other	234	276	724	785
OPERATING INCOME	1,180	944	3,364	3,015
Total reportable segment revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	5,743	5,603	17,379	16,752
Total reportable segment revenue \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	4,741	4,596	14,401	13,851
Depreciation, amortization, and other	23	21	77	63
General, administrative, and other	40	59	120	145
Other segment items (primarily non-operating income and expenses)	(1)	(3)	(4)	(5)
OPERATING INCOME	680	617	2,110	2,029
Total reportable segment revenue \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	613	635	1,782	1,775
Depreciation, amortization, and other	9	9	28	28
General, administrative, and other	32	25	99	80
Other segment items (primarily non-operating income and expenses)	(2)	0	(2)	(3)
OPERATING INCOME	158	152	389	386
Total reportable segment revenue \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	142	142	430	430
Depreciation, amortization, and other	5	2	10	7
General, administrative, and other	15	14	46	41
Other segment items (primarily non-operating income and expenses)	(1)	1	(2)	0
OPERATING INCOME	44	46	142	144
Total reportable segment revenue \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	247	230	766	696
Depreciation, amortization, and other	2	2	6	6
General, administrative, and other	19	15	53	47
Other segment items (primarily non-operating income and expenses)	0	0	1	(2)
OPERATING INCOME	63	66	219	200
Net fee revenues
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	1,338	1,283	4,013	3,836
Contract investment amortization	(29)	(26)	(86)	(76)
Revenue	1,309	1,257	3,927	3,760
Net fee revenues \| Total reportable segment revenue \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	740	747	2,249	2,227
Contract investment amortization	(19)	(19)	(60)	(57)
Revenue	721	728	2,189	2,170
Net fee revenues \| Total reportable segment revenue \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	172	153	458	425
Contract investment amortization	(5)	(3)	(13)	(10)
Revenue	167	150	445	415
Net fee revenues \| Total reportable segment revenue \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	64	62	188	186
Contract investment amortization	(1)	0	(1)	0
Revenue	63	62	187	186
Net fee revenues \| Total reportable segment revenue \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross fee revenues	86	82	267	243
Contract investment amortization	(1)	(2)	(4)	(4)
Revenue	85	80	263	239
Owned, leased, and other revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	420	381	1,222	1,133
Operating costs	326	300	950	882
Owned, leased, and other revenue \| Total reportable segment revenue \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	130	95	390	314
Operating costs	96	82	292	240
Owned, leased, and other revenue \| Total reportable segment revenue \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	161	169	439	444
Operating costs	132	132	373	369
Owned, leased, and other revenue \| Total reportable segment revenue \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	4	5	21	18
Operating costs	5	3	13	10
Owned, leased, and other revenue \| Total reportable segment revenue \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	32	30	110	98
Operating costs	32	27	93	84
Cost reimbursement revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	4,760	4,617	14,347	13,778
Operating costs	4,739	4,681	14,335	13,827
Cost reimbursement revenue \| Total reportable segment revenue \| U.S. & Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	3,890	3,773	11,822	11,367
Operating costs	3,903	3,820	11,806	11,379
Cost reimbursement revenue \| Total reportable segment revenue \| EMEA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	285	316	898	916
Operating costs	284	317	895	915
Cost reimbursement revenue \| Total reportable segment revenue \| Greater China
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	75	75	222	226
Operating costs	74	76	221	228
Cost reimbursement revenue \| Total reportable segment revenue \| APEC
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	130	120	393	359
Operating costs	$ 131	$ 120	$ 394	$ 361

ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT - Changes in Stockholders' Equity (Deficit) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Stockholders Equity Note [Line Items]
Cash dividends (in USD per share)	$ 0.67	$ 0.67	$ 0.63	$ 0.63	$ 0.63	$ 0.52
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	$ (2,964)	$ (3,168)	$ (2,992)	$ (2,091)	$ (1,616)	$ (682)	$ (2,992)	$ (682)
Net income	728	763	665	584	772	564	2,156	1,920
Other comprehensive income (loss)	1	288	101	191	(111)	(147)	390	(67)
Dividends	(182)	(183)	(174)	(177)	(179)	(151)
Stock-based compensation plans	105	58	(13)	101	53	(36)
Purchase of treasury stock	(807)	(722)	(755)	(1,029)	(1,010)	(1,164)
Balance at end of period	$ (3,119)	$ (2,964)	$ (3,168)	$ (2,421)	$ (2,091)	$ (1,616)	$ (3,119)	$ (2,421)
Common Stock
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period (in shares)	272.1	275.0	276.7	282.9	287.0	290.5	276.7	290.5
Balance at beginning of period	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Stock-based compensation plans (in shares)	0.3		1.1	0.2		1.3
Stock-based compensation plans (in shares)		(0.1)
Purchase of treasury stock (in shares)	(3.0)	(2.8)	(2.8)	(4.5)	(4.1)	(4.8)
Balance at end of period (in shares)	269.4	272.1	275.0	278.6	282.9	287.0	269.4	278.6
Balance at end of period	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Additional Paid-in-Capital
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	6,193	6,135	6,179	6,030	5,978	6,051	6,179	6,051
Stock-based compensation plans	98	58	(44)	95	52	(73)
Balance at end of period	6,291	6,193	6,135	6,125	6,030	5,978	6,291	6,125
Retained Earnings
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	17,602	17,022	16,531	15,844	15,251	14,838	16,531	14,838
Net income	728	763	665	584	772	564
Dividends	(182)	(183)	(174)	(177)	(179)	(151)
Balance at end of period	18,148	17,602	17,022	16,251	15,844	15,251	18,148	16,251
Treasury Stock, at Cost
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(26,090)	(25,368)	(24,644)	(23,065)	(22,056)	(20,929)	(24,644)	(20,929)
Stock-based compensation plans	7		31	6	1	37
Purchase of treasury stock	(807)	(722)	(755)	(1,029)	(1,010)	(1,164)
Balance at end of period	(26,890)	(26,090)	(25,368)	(24,088)	(23,065)	(22,056)	(26,890)	(24,088)
Accumulated Other Comprehensive Loss
(Increase) Decrease in Shareholders' Deficit [Roll Forward]
Balance at beginning of period	(674)	(962)	(1,063)	(905)	(794)	(647)	(1,063)	(647)
Other comprehensive income (loss)	1	288	101	191	(111)	(147)
Balance at end of period	$ (673)	$ (674)	$ (962)	$ (714)	$ (905)	$ (794)	$ (673)	$ (714)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	$ 153	$ 136
Commercial paper	(618)	(1,582)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	153	136
Total noncurrent financial assets	153	136
Senior Notes	(13,694)	(11,419)
Commercial paper	(618)	(1,582)
Total noncurrent financial liabilities	(14,312)	(13,001)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	151	133
Total noncurrent financial assets	151	133
Senior Notes	(13,772)	(11,083)
Commercial paper	(618)	(1,582)
Total noncurrent financial liabilities	$ (14,390)	$ (12,665)