0001048286-26-000007 | 10-K | XBRL Viewer | Marriott International INC MD

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LONG-TERM DEBT - Schedule of Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 1,209
2027	2,581
2028	1,454
2029	1,297
2030	1,503
Thereafter	8,160
Long-term debt, total	$ 16,204	$ 14,447

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Consolidation	The 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 Consolidated Financial Statements as our “Financial Statements,” (2) our Consolidated Statements of Income as our “Income Statements,” (3) our Consolidated Balance Sheets as our “Balance Sheets,” (4) our 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 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 franchise agreements, management 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 BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.
Basis of Presentation	Preparation of financial statements that conform with U.S. generally accepted accounting principles (“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 at fiscal year-end 2025 and fiscal year-end 2024 and the results of our operations and cash flows for fiscal years 2025, 2024, and 2023. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements. In addition, in the 2025 fourth quarter, to enhance understanding of the Company’s general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. The expenses that were reclassified from “General, administrative, and other” are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements.
Revenue Recognition	Franchise Fee and Royalty Fee Revenue: For our franchised properties, we have a performance obligation to provide franchisees a license to our intellectual property for use of certain of our brand names. As compensation for such services, we are typically entitled to initial application fees and ongoing royalty fees. Our ongoing royalty fees represent variable consideration, as the transaction price is based on a percentage of certain revenues of the properties, as defined in each contract. We recognize royalty fees on a monthly basis over the term of the agreement as those amounts become payable. Initial application and relicensing fees are fixed consideration payable upon submission of a franchise application or renewal and are recognized on a straight-line basis over the initial or renewal term of the franchise agreements. Base Management and Incentive Management Fees: For our managed properties, we have performance obligations to provide hotel management services and a license to our intellectual property for the use of our brand names. As compensation for such services, we are generally entitled to receive base management fees, which are a percentage of the revenues of properties, and incentive management fees, which are generally based on a measure of hotel profitability. Both the base management and incentive management fees are variable consideration, as the transaction price is based on a percentage of revenue or profit, as defined in each contract. We recognize base management fees on a monthly basis over the term of the agreement as those amounts become payable. We recognize incentive management fees on a monthly basis over the term of the agreement based on each property’s financial results, as long as we do not expect a significant reversal due to projected future hotel performance or cash flows in future periods. Owned and Leased Hotel Revenue: At our owned and leased hotels, we have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, we are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. We generally satisfy the performance obligations over time, and we recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied and we have rendered the services. Cost Reimbursements: Under our agreements with hotel owners and certain other counterparties, we are entitled to be reimbursed for certain costs we incur on behalf of their properties, with no added mark-up. These costs primarily consist of payroll and related expenses at managed properties where we are the employer of the employees at the properties and include certain operational and administrative costs as provided for in our contracts with the hotel owners. We are entitled to reimbursement in the period we incur the related reimbursable costs, which we recognize within the “Cost reimbursement revenue” caption of our Income Statements. Hotel owners and certain other counterparties participate in certain centralized programs and services, such as marketing, sales, reservations, and insurance programs, which we operate for their benefit. We do not operate these programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and other counterparties, we do not seek a mark-up. The amounts we charge for these programs and services are generally a combination of fixed fees and variable fees based on sales or other metrics and are payable on a monthly basis. We generally recognize revenue within the “Cost reimbursement revenue” caption of our Income Statements when the amounts may be billed to hotel owners and other counterparties. Amounts we charge for system implementations are generally recognized on a straight-line basis over the term of the franchise or management agreement. We recognize expenses within the “Reimbursed expenses” caption as they are incurred. This pattern of recognition results in timing differences between the costs incurred for centralized programs and services and the related reimbursement in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Other Revenue: Includes Global Design fees (described below), termination fees, and other property and brand revenues, which we present within the “Owned, leased, and other revenue” caption of our Income Statements. We generally recognize termination fees when collection is probable and other revenue as services are rendered. Amounts received in advance are deferred as liabilities. We provide certain hotel design and construction review (“Global Design”) services to hotel owners, generally during the period prior to a hotel’s opening or during the period a hotel is converting to a Marriott brand (the “pre-opening period”). As compensation for such services, we may be entitled to receive a fixed fee that is payable during the pre-opening period of the hotel. These services are not a distinct performance obligation, and therefore we recognize the fees on a straight-line basis over the initial term of the franchise, management, or license agreement. Practical Expedients and Exemptions: We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) for sales-based or usage-based royalty promised in exchange for a license of intellectual property; or (3) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. We are required to collect certain taxes and fees from customers on behalf of governmental agencies and remit these to the applicable governmental agencies on a periodic basis. We do not include these taxes in determining the transaction price. Loyalty Program members earn points based on the money they spend at participating properties; the exchange of timeshare ownership interests; purchases of timeshare interval, fractional ownership, and residential products; and through participation in travel experiences and affiliated partners’ programs, such as those offered by credit card, car rental, airline, and other companies. Members can redeem points for stays at participating properties, airline tickets, airline frequent flyer program miles, rental cars, merchandise, and a variety of other awards. Points cannot be redeemed for cash. Under our Loyalty Program, we have a performance obligation to provide or arrange for the provision of goods or services to Loyalty Program members in exchange for the redemption of points earned from past activities. We operate our Loyalty Program as a cross-brand marketing program to participating properties. Our agreements with hotel owners and certain other counterparties require that properties reimburse us for costs of operating the Loyalty Program, with no added mark-up, including costs related to the following activities, which we expense as incurred in our “Reimbursed expenses” caption of our Income Statements: marketing, promotion, and communications and services provided to Loyalty Program members. We generally receive monthly cash contributions from participating properties based on a portion of qualified spend by Loyalty Program members (when the points are earned). We recognize these contributions into revenue as we provide the related service (when the points are redeemed). The amount of revenue we recognize upon point redemption is based on a blend of historical funding rates and is impacted by our estimate of the “breakage” for points that members will never redeem. Breakage is estimated based on historical member activity and expectations of future member behavior. We recognize revenue net of the redemption cost within our “Cost reimbursement revenue” caption on our Income Statements, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the property or program partner. Our redemption cost could be higher or lower than our revenue recognized in any given period. We have multi-year agreements for our co-branded credit cards associated with our Loyalty Program. Under these agreements, we have performance obligations to provide a license to the intellectual property associated with our brands and marketing lists (“Licensed IP”) to the financial institutions that issue the credit cards, to arrange for the redemption of Loyalty Program points as discussed in the preceding paragraph, and to arrange for the redemption of free night certificates and gift cards provided to cardholders. We receive fees from these agreements, including fixed amounts that are primarily payable at contract inception, and variable amounts that are paid to us monthly over the term of the agreements, generally based on: (1) the volume of cardholder spend; (2) the number of Loyalty Program points purchased; (3) the number of free night certificates issued or redeemed; and (4) the number of gift cards issued. We allocate those fees among the performance obligations, including the Licensed IP, our Loyalty Program points, free night certificates, and gift cards provided to cardholders based on their estimated standalone selling prices. The estimation of the standalone selling prices requires significant judgments based upon generally accepted valuation methodologies regarding the value of our Licensed IP, the amount of funding we will receive, and the number of Loyalty Program points, free night certificates, and gift cards cardholders will ultimately redeem. We base our estimates of these amounts on our historical experience and expectation of future cardholder behavior. We recognize the portion of the Licensed IP revenue that meets the sales-based royalty criteria as the credit cards are used and the remaining portion of the Licensed IP revenue on a straight-line basis over the contract term. In our Income Statements, we primarily recognize Licensed IP revenue in the “Franchise fees” caption, and we recognize a portion in the “Cost reimbursement revenue” caption. We recognize the revenue related to the Loyalty Program points as discussed in the preceding paragraph. We recognize the revenue related to the free night certificates and gift cards when the related service is provided. We recognize revenue net of the redemption cost, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the property or program partner. Contract Balances: We generally receive payments from customers as we satisfy our performance obligations. We record a receivable when we have an unconditional right to receive payment and only the passage of time is required before payment is due. We record deferred revenue when we receive payment, or have the unconditional right to receive payment, in advance of the satisfaction of our performance obligations related to franchise application and relicensing fees, Global Design fees, credit card branding license fees, and our Loyalty Program. We incur certain costs to obtain and fulfill contracts with customers, which we capitalize and amortize on a straight-line basis over the initial, non-cancellable term of the contract. We classify incremental costs of obtaining a contract with a customer in the “Contract acquisition costs and other” caption of our Balance Sheets, the related amortization in the “Contract investment amortization” caption of our Income Statements, and the cash flow impact in the “Contract acquisition costs” caption of our Statements of Cash Flows. We assess the assets for impairment when events or changes in circumstances indicate that we may not be able to recover the carrying amount. We recognize an impairment loss for the amount by which the carrying amount exceeds the expected net future cash flows. We classify certain direct costs to fulfill a contract with a customer in the “Other noncurrent assets” and “Prepaid expenses and other” captions of our Balance Sheets, and the related amortization in the “Owned, leased, and other expense” caption of our Income Statements.
Real Estate Sales	We recognize a gain or loss on real estate transactions when control of the asset transfers to the buyer, generally at the time the sale closes. In sales transactions where we retain a management contract, the terms and conditions of the management contract are generally comparable to the terms and conditions of the management contracts obtained directly with hotel owners in competitive processes.
Retirement Savings Plan	We contribute to tax-qualified retirement plans for the benefit of U.S. employees who meet certain eligibility requirements and choose to participate in the plans. Participating employees specify the percentage or amount of salary they wish to contribute from their compensation, and the Company typically makes matching or supplemental contributions.
Non-U.S. Operations	The U.S. dollar is the functional currency of our consolidated and unconsolidated entities operating in the U.S. The functional currency of our consolidated and unconsolidated entities operating outside of the U.S. is generally the principal currency of the economic environment in which the entity primarily generates and expends cash. We translate the financial statements of consolidated entities whose functional currency is not the U.S. dollar into U.S. dollars, and we do the same, as needed, for unconsolidated entities whose functional currency is not the U.S. dollar. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate income statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of stockholders’ deficit. We report gains and losses from currency exchange rate changes for intercompany receivables and payables that are not of a long-term investment nature, as well as for third-party transactions, currently in operating costs and expenses.
Stock-Based Compensation	Our stock-based compensation awards primarily consist of restricted stock units (“RSUs”). We measure compensation costs for our stock-based payment transactions at fair value based on the average of the high and low stock price on the grant date (discounted for the lack of marketability and dividends), and we recognize those costs in our Financial Statements on a straight-line basis over the vesting period during which the employee provides service in exchange for the award.
Advertising Costs	We expense costs to produce advertising as they are incurred and to communicate advertising as the communication occurs and record such amounts in our “Reimbursed expenses” caption of our Income Statements to the extent undertaken on behalf of hotel owners.
Income Taxes	We record the amounts of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events we have recognized in our Financial Statements or tax returns, using judgment in assessing future profitability and the likely future tax consequences of those events. We base our estimates of deferred tax assets and liabilities on current tax laws, rates and interpretations, and, in certain cases, business plans and other expectations about future outcomes. We develop our estimates of future profitability based on our historical data and experience, industry projections, micro and macro general economic condition projections, and our expectations. We account for U.S. tax on Global Intangible Low-Taxed Income in the period incurred. We generally recognize the effect of tax law changes in the period of enactment. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of our deferred tax liabilities or the valuations of our deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates. For tax positions we have taken or expect to take in a tax return, we apply a more likely than not threshold (that is, a likelihood of more than 50 percent), under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. We recognize accrued interest and penalties for our unrecognized tax benefits as a component of tax expense. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carry-forwards. We state those balances at the enacted tax rates we expect will be in effect when we pay or recover the taxes. Deferred income tax assets represent amounts available to reduce income taxes we will pay on taxable income in future years. We evaluate our ability to realize these future tax deductions and credits by assessing whether we expect to have sufficient future taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and available tax planning strategies to utilize these future deductions and credits. We establish a valuation allowance when we no longer consider it more likely than not that a deferred tax asset will be realized.
Cash and Equivalents	We consider all highly liquid investments with an initial maturity of three months or less at date of purchase to be cash equivalents.
Accounts Receivable	Our accounts receivable primarily consist of amounts due from hotel owners and include reimbursements of costs we incurred on their behalf. We record an allowance for credit losses measured over the contractual life of the instrument based on an assessment of historical collection activity and current and forecasted future economic conditions by region.
Assets Held for Sale	We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying amount or its estimated fair value, less estimated costs to sell, and we cease depreciation.
Goodwill	We test goodwill for potential impairment at least annually in the fourth quarter, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Factors we consider when making this determination include, but are not limited to, assessing general economic conditions, hospitality industry trends, and overall financial performance of the reporting unit. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount. We calculate the estimated fair value of a reporting unit using a combination of the income and market approaches. For the income approach, we use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues, expenses, and related cash flows based on assumed long-term growth rates and demand trends; expected future investments to grow new units; and estimated discount rates. For the market approach, we use internal analyses based primarily on market comparables. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations.
Intangibles and Long-Lived Assets	We assess indefinite-lived intangible assets for continued indefinite use and for potential impairment annually, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. Like goodwill, we may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount. If the carrying amount of the asset exceeds the fair value, we recognize an impairment loss in the amount of that excess. We test definite-lived intangibles and long-lived asset groups for recoverability when changes in circumstances indicate that we may not be able to recover the carrying amount; for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We also test recoverability when management has committed to a plan to sell or otherwise dispose of an asset group and we expect to complete the plan within a year. We evaluate recoverability of an asset group by comparing its carrying amount, including right-of-use assets, to the future net undiscounted cash flows that we expect the asset group will generate. If the comparison indicates that we will not be able to recover the carrying amount of an asset group, we recognize an impairment loss for the amount by which the carrying amount exceeds the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. We calculate the estimated fair value of an intangible asset or asset group using the income approach or the market approach. We utilize the same assumptions and methodology for the income approach that we describe in the “Goodwill” caption above. For the market approach, we use internal analyses based primarily on market comparables and assumptions about market capitalization rates, growth rates, and inflation.
Investments	We hold equity interests in ventures established to develop or acquire and own hotel properties or that otherwise support our hospitality operations. We account for these investments as either an equity method investment, a financial asset, or a controlled subsidiary. We apply the equity method of accounting if we have significant influence over the entity, typically when we hold 20 percent or more of the voting common stock (or equivalent) of an investee but do not have a controlling financial interest. In certain circumstances, such as investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three to five percent. We account for financial assets at fair value if it is readily determinable, at our share of the entity’s net assets if the investment qualifies for the net asset value practical expedient, or using the fair value alternative method, whereby investments are measured at cost less impairment, adjusted for observable price changes. We consolidate entities that we control. When we acquire an investment that qualifies for the equity method of accounting, we determine the acquisition date fair value of the identifiable assets and liabilities. If our carrying amount exceeds our proportional share in the equity of the investee, we amortize the difference on a straight-line basis over the underlying assets’ estimated useful lives when calculating equity method earnings attributable to us, excluding the difference attributable to land, which we do not amortize. We evaluate an investment for impairment when circumstances indicate that we may not be able to recover the carrying amount. When evaluating our ventures, we consider loan defaults, significant underperformance relative to historical or projected operating performance, or significant negative industry or economic trends. Additionally, a venture’s commitment to a plan to sell some or all of its assets could cause us to evaluate the recoverability of the venture’s individual long-lived assets and possibly the venture itself. We impair investments we account for using the equity method of accounting when we determine that there has been an “other-than-temporary” decline in the venture’s estimated fair value compared to its carrying amount. We perform qualitative assessments for investments we account for using the fair value alternative method and we record any associated impairment when the fair value is less than the carrying amount. Under the accounting guidance for the consolidation of variable interest entities, we analyze our variable interests, including equity investments, loans, and guarantees, to determine if an entity in which we have a variable interest is a variable interest entity. Our analysis may include both quantitative and qualitative reviews and is based primarily on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analysis to determine if we must consolidate a variable interest entity as its primary beneficiary.
Fair Value Measurements	We have various financial instruments we must measure at fair value on a recurring basis, including certain marketable securities and derivatives. We also apply the provisions of fair value measurement to various nonrecurring measurements for our financial and nonfinancial assets and liabilities. See Note 12 for further information. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure our assets and liabilities using inputs from the following three levels of the fair value hierarchy: Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 inputs include unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.
Derivative Instruments	We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our Financial Statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative will be highly effective in offsetting the underlying hedged cash flows or fair value and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, a fair value hedge, or a hedge of the net investment in non-U.S. operations based on the exposure we are hedging. For the effective portion of qualifying cash flow hedges, we record changes in fair value in accumulated other comprehensive income (“AOCI”). We release the derivative’s gain or loss from AOCI to match the timing of the underlying hedged items’ effect on earnings. The change in fair value of qualifying fair value hedges as well as changes in fair value of the underlying hedged items to the hedged risks are recorded concurrently in earnings. We review the effectiveness of our hedging instruments quarterly and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. Upon termination of cash flow hedges, we release gains and losses from AOCI based on the timing of the underlying cash flows or revenue recognized, unless the termination results from the failure of the intended transaction to occur in the expected time frame. Such untimely transactions require us to immediately recognize in earnings the gains and/or losses that we previously recorded in AOCI. Changes in interest rates and currency exchange rates expose us to market risk. We manage our exposure to these risks by monitoring available financing alternatives, as well as through development and application of credit granting policies. We also use derivative instruments as part of our overall strategy to manage our exposure to market risks. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk, and we do not use derivatives for trading or speculative purposes.
Leases	We determine if an arrangement is a lease or contains a lease at the inception of the contract. We evaluate leases for classification as operating or financing upon lease commencement. Our leases generally contain fixed and variable components. The variable components of our leases are primarily based on operating performance of the leased property. Our lease agreements may also include non-lease components, such as common area maintenance, which we combine with the lease component to account for both as a single lease component. Lease liabilities, which represent our obligation to make lease payments arising from the lease, and corresponding right-of-use assets, which represent our right to use an underlying asset for the lease term, are recognized at the commencement date of the lease based on the present value of fixed future payments over the lease term. We calculate the present value of future payments using the discount rate implicit in the lease, if available, or our incremental borrowing rate. For operating leases, lease expense relating to fixed payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. For finance leases, the amortization of the asset is recognized over the shorter of the lease term or useful life of the underlying asset.
Guarantees	We measure and record our liability for the fair value of a guarantee on a nonrecurring basis, that is when we issue or modify a guarantee. We base our calculation of the estimated fair value of a guarantee on the income approach or the market approach, depending on the type of guarantee. For the income approach, we use internally developed discounted cash flow and Monte Carlo simulation models that include the following assumptions, among others: projections of revenues and expenses and related cash flows based on assumed growth rates and demand trends; historical volatility of projected performance; the guaranteed obligations; and applicable discount rates. We base these assumptions on our historical data and experience, industry projections, micro and macro general economic condition projections, and our expectations. For the market approach, we use internal analyses based primarily on market comparable data and our assumptions about market capitalization rates, credit spreads, growth rates, and inflation. The offsetting entry for the guarantee liability depends on the circumstances in which the guarantee was issued. Funding under the guarantee reduces the recorded liability. In most cases, when we do not forecast any funding, we amortize the liability into income on a straight-line basis over the remaining term of the guarantee. On a quarterly basis, we evaluate all material estimated liabilities based on the operating results and the terms of the guarantee. If we conclude that it is probable that we will be required to fund a greater amount than previously estimated, we record a loss except to the extent that the applicable contracts provide that the advance can be recovered as a loan.
Self-Insurance Programs	We self-insure for certain levels of liability, workers’ compensation, and employee benefits-related coverages, with purchased insurance protection for costs over specified thresholds. We accrue estimated costs of these insurance programs at the present value of projected settlements for known claims and incurred but not reported claims. We use a discount rate of 3.50 percent, based upon market rates, which we consider to be reasonable given our history of settled claims, including payment patterns. Our employee benefits-related insurance reserve was $72 million at December 31, 2025 and $74 million at December 31, 2024 and was recorded in the “Accrued payroll and benefits” caption of our Balance Sheets. For our other insurance programs, we classify the current and noncurrent portions of these insurance reserves in the “Accrued expenses and other” and “Other noncurrent liabilities” captions of our Balance Sheets, respectively.
Legal Contingencies	We are subject to various legal proceedings and claims, the outcomes of which are uncertain. We record an accrual for legal contingencies when we determine that it is probable that we have incurred a liability and we can reasonably estimate the amount of the loss. In making such determinations we evaluate, among other things, the probability of an unfavorable outcome and, when we believe it probable that a liability has been incurred, our ability to make a reasonable estimate of the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances.
Business Combinations	We allocate the purchase price of an acquisition to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. We recognize as goodwill the amount by which the purchase price of an acquired entity exceeds the net of the fair values assigned to the assets acquired and liabilities assumed. In determining the fair values of assets acquired and liabilities assumed, we use various recognized valuation methods including the income and market approaches. Further, we make assumptions within certain valuation techniques, including discount rates, royalty rates, and the amount and timing of future cash flows. We record the net assets and results of operations of an acquired entity in our Financial Statements from the acquisition date. We initially perform these valuations based upon preliminary estimates and assumptions by management or independent valuation specialists under our supervision, where appropriate, and make revisions as estimates and assumptions are finalized. We expense acquisition-related costs as we incur them.
Asset Acquisitions	Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. We allocate the cost of the acquisition, including direct and incremental transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition.
New Accounting Standards Adopted and Not Yet Adopted	New Accounting Standards Adopted Accounting Standards Update (“ASU”) 2023-09 - “Improvements to Income Tax Disclosures” (Topic 740). ASU 2023-09 requires enhanced income tax disclosures, including additional disaggregated information related to the effective tax rate reconciliation, the underlying nature and category of individual reconciling items, and income taxes paid by jurisdictions. We adopted ASU 2023-09 prospectively in the 2025 fourth quarter for the disclosures presented in Note 6. New Accounting Standards Not Yet Adopted 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.
Intangible Assets	We capitalize direct costs that we incur to obtain contracts with customers, which we amortize on a straight-line basis over the initial term of the agreements, generally ranging from 15 to 30 years. For contracts acquired in business combinations and asset acquisitions, we record a definite-lived intangible asset at the acquisition date, which is amortized on a straight-line basis over the remaining life of the contract. We capitalize costs incurred to develop internal-use software and acquire software licenses and begin amortizing these costs when the software is substantially ready for its intended use on a straight-line basis over its estimated useful life, generally ranging from two to seven years.
Property and Equipment	We record property and equipment at cost, including interest and real estate taxes we incur during development and construction. We capitalize the cost of improvements that extend the useful life of property and equipment when we incur them. These capitalized costs may include structural costs, equipment, fixtures, floor, and wall coverings. We expense all repair and maintenance costs when we incur them. We compute depreciation using the straight-line method over the estimated useful lives of the assets (generally three to 40 years), and we amortize leasehold improvements over the shorter of the asset life or lease term.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2025
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition Franchise Fee and Royalty Fee Revenue: For our franchised properties, we have a performance obligation to provide franchisees a license to our intellectual property for use of certain of our brand names. As compensation for such services, we are typically entitled to initial application fees and ongoing royalty fees. Our ongoing royalty fees represent variable consideration, as the transaction price is based on a percentage of certain revenues of the properties, as defined in each contract. We recognize royalty fees on a monthly basis over the term of the agreement as those amounts become payable. Initial application and relicensing fees are fixed consideration payable upon submission of a franchise application or renewal and are recognized on a straight-line basis over the initial or renewal term of the franchise agreements. Base Management and Incentive Management Fees: For our managed properties, we have performance obligations to provide hotel management services and a license to our intellectual property for the use of our brand names. As compensation for such services, we are generally entitled to receive base management fees, which are a percentage of the revenues of properties, and incentive management fees, which are generally based on a measure of hotel profitability. Both the base management and incentive management fees are variable consideration, as the transaction price is based on a percentage of revenue or profit, as defined in each contract. We recognize base management fees on a monthly basis over the term of the agreement as those amounts become payable. We recognize incentive management fees on a monthly basis over the term of the agreement based on each property’s financial results, as long as we do not expect a significant reversal due to projected future hotel performance or cash flows in future periods. Owned and Leased Hotel Revenue: At our owned and leased hotels, we have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, we are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. We generally satisfy the performance obligations over time, and we recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied and we have rendered the services. Cost Reimbursements: Under our agreements with hotel owners and certain other counterparties, we are entitled to be reimbursed for certain costs we incur on behalf of their properties, with no added mark-up. These costs primarily consist of payroll and related expenses at managed properties where we are the employer of the employees at the properties and include certain operational and administrative costs as provided for in our contracts with the hotel owners. We are entitled to reimbursement in the period we incur the related reimbursable costs, which we recognize within the “Cost reimbursement revenue” caption of our Income Statements. Hotel owners and certain other counterparties participate in certain centralized programs and services, such as marketing, sales, reservations, and insurance programs, which we operate for their benefit. We do not operate these programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and other counterparties, we do not seek a mark-up. The amounts we charge for these programs and services are generally a combination of fixed fees and variable fees based on sales or other metrics and are payable on a monthly basis. We generally recognize revenue within the “Cost reimbursement revenue” caption of our Income Statements when the amounts may be billed to hotel owners and other counterparties. Amounts we charge for system implementations are generally recognized on a straight-line basis over the term of the franchise or management agreement. We recognize expenses within the “Reimbursed expenses” caption as they are incurred. This pattern of recognition results in timing differences between the costs incurred for centralized programs and services and the related reimbursement in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Other Revenue: Includes Global Design fees (described below), termination fees, and other property and brand revenues, which we present within the “Owned, leased, and other revenue” caption of our Income Statements. We generally recognize termination fees when collection is probable and other revenue as services are rendered. Amounts received in advance are deferred as liabilities. We provide certain hotel design and construction review (“Global Design”) services to hotel owners, generally during the period prior to a hotel’s opening or during the period a hotel is converting to a Marriott brand (the “pre-opening period”). As compensation for such services, we may be entitled to receive a fixed fee that is payable during the pre-opening period of the hotel. These services are not a distinct performance obligation, and therefore we recognize the fees on a straight-line basis over the initial term of the franchise, management, or license agreement. Practical Expedients and Exemptions: We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) for sales-based or usage-based royalty promised in exchange for a license of intellectual property; or (3) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. We are required to collect certain taxes and fees from customers on behalf of governmental agencies and remit these to the applicable governmental agencies on a periodic basis. We do not include these taxes in determining the transaction price. Loyalty Program: Loyalty Program members earn points based on the money they spend at participating properties; the exchange of timeshare ownership interests; purchases of timeshare interval, fractional ownership, and residential products; and through participation in travel experiences and affiliated partners’ programs, such as those offered by credit card, car rental, airline, and other companies. Members can redeem points for stays at participating properties, airline tickets, airline frequent flyer program miles, rental cars, merchandise, and a variety of other awards. Points cannot be redeemed for cash. Under our Loyalty Program, we have a performance obligation to provide or arrange for the provision of goods or services to Loyalty Program members in exchange for the redemption of points earned from past activities. We operate our Loyalty Program as a cross-brand marketing program to participating properties. Our agreements with hotel owners and certain other counterparties require that properties reimburse us for costs of operating the Loyalty Program, with no added mark-up, including costs related to the following activities, which we expense as incurred in our “Reimbursed expenses” caption of our Income Statements: marketing, promotion, and communications and services provided to Loyalty Program members. We generally receive monthly cash contributions from participating properties based on a portion of qualified spend by Loyalty Program members (when the points are earned). We recognize these contributions into revenue as we provide the related service (when the points are redeemed). The amount of revenue we recognize upon point redemption is based on a blend of historical funding rates and is impacted by our estimate of the “breakage” for points that members will never redeem. Breakage is estimated based on historical member activity and expectations of future member behavior. We recognize revenue net of the redemption cost within our “Cost reimbursement revenue” caption on our Income Statements, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the property or program partner. Our redemption cost could be higher or lower than our revenue recognized in any given period. We have multi-year agreements for our co-branded credit cards associated with our Loyalty Program. Under these agreements, we have performance obligations to provide a license to the intellectual property associated with our brands and marketing lists (“Licensed IP”) to the financial institutions that issue the credit cards, to arrange for the redemption of Loyalty Program points as discussed in the preceding paragraph, and to arrange for the redemption of free night certificates and gift cards provided to cardholders. We receive fees from these agreements, including fixed amounts that are primarily payable at contract inception, and variable amounts that are paid to us monthly over the term of the agreements, generally based on: (1) the volume of cardholder spend; (2) the number of Loyalty Program points purchased; (3) the number of free night certificates issued or redeemed; and (4) the number of gift cards issued. We allocate those fees among the performance obligations, including the Licensed IP, our Loyalty Program points, free night certificates, and gift cards provided to cardholders based on their estimated standalone selling prices. The estimation of the standalone selling prices requires significant judgments based upon generally accepted valuation methodologies regarding the value of our Licensed IP, the amount of funding we will receive, and the number of Loyalty Program points, free night certificates, and gift cards cardholders will ultimately redeem. We base our estimates of these amounts on our historical experience and expectation of future cardholder behavior. We recognize the portion of the Licensed IP revenue that meets the sales-based royalty criteria as the credit cards are used and the remaining portion of the Licensed IP revenue on a straight-line basis over the contract term. In our Income Statements, we primarily recognize Licensed IP revenue in the “Franchise fees” caption, and we recognize a portion in the “Cost reimbursement revenue” caption. We recognize the revenue related to the Loyalty Program points as discussed in the preceding paragraph. We recognize the revenue related to the free night certificates and gift cards when the related service is provided. We recognize revenue net of the redemption cost, as our performance obligation is to facilitate the transaction between the Loyalty Program member and the property or program partner. Contract Balances: We generally receive payments from customers as we satisfy our performance obligations. We record a receivable when we have an unconditional right to receive payment and only the passage of time is required before payment is due. We record deferred revenue when we receive payment, or have the unconditional right to receive payment, in advance of the satisfaction of our performance obligations related to franchise application and relicensing fees, Global Design fees, credit card branding license fees, and our Loyalty Program. Our current and noncurrent deferred revenue increased by $110 million, to $1,409 million at December 31, 2025, from $1,299 million at December 31, 2024, primarily as a result of revenue deferred in 2025 related to our co-branded credit cards, gift cards, residential branding fees, certain centralized programs and services fees, and franchise application and relicensing fees. The increase was partially offset by $242 million of revenue recognized in 2025 that was deferred as of December 31, 2024. Our current and noncurrent liability for guest loyalty program increased by $473 million, to $7,992 million at December 31, 2025, from $7,519 million at December 31, 2024, primarily reflecting points earned by members. The increase was partially offset by $3,160 million of revenue recognized in 2025, that was deferred as of December 31, 2024. At each reporting period, we evaluate the estimates used in the recognition of Loyalty Program revenues, including estimates of the breakage of points that members will never redeem and the amount of funding we expect to receive over the life of the agreements with various third parties. In 2025, the updated estimates resulted in a net decrease in revenue, and a corresponding increase in the liability for guest loyalty program of approximately $102 million. Costs Incurred to Obtain and Fulfill Contracts with Customers We incur certain costs to obtain and fulfill contracts with customers, which we capitalize and amortize on a straight-line basis over the initial, non-cancellable term of the contract. We classify incremental costs of obtaining a contract with a customer in the “Contract acquisition costs and other” caption of our Balance Sheets, the related amortization in the “Contract investment amortization” caption of our Income Statements, and the cash flow impact in the “Contract acquisition costs” caption of our Statements of Cash Flows. We assess the assets for impairment when events or changes in circumstances indicate that we may not be able to recover the carrying amount. We recognize an impairment loss for the amount by which the carrying amount exceeds the expected net future cash flows. We classify certain direct costs to fulfill a contract with a customer in the “Other noncurrent assets” and “Prepaid expenses and other” captions of our Balance Sheets, and the related amortization in the “Owned, leased, and other expense” caption of our Income Statements. We had capitalized costs to fulfill contracts with customers of $439 million at December 31, 2025 and $419 million at December 31, 2024. See Note 10 for information on capitalized costs incurred to obtain contracts with customers. Real Estate Sales We recognize a gain or loss on real estate transactions when control of the asset transfers to the buyer, generally at the time the sale closes. In sales transactions where we retain a management contract, the terms and conditions of the management contract are generally comparable to the terms and conditions of the management contracts obtained directly with hotel owners in competitive processes. Retirement Savings Plan We contribute to tax-qualified retirement plans for the benefit of U.S. employees who meet certain eligibility requirements and choose to participate in the plans. Participating employees specify the percentage or amount of salary they wish to contribute from their compensation, and the Company typically makes matching or supplemental contributions. We recognized compensation costs from Company contributions of $264 million in 2025, $240 million in 2024, and $215 million in 2023. Non-U.S. Operations The U.S. dollar is the functional currency of our consolidated and unconsolidated entities operating in the U.S. The functional currency of our consolidated and unconsolidated entities operating outside of the U.S. is generally the principal currency of the economic environment in which the entity primarily generates and expends cash. We translate the financial statements of consolidated entities whose functional currency is not the U.S. dollar into U.S. dollars, and we do the same, as needed, for unconsolidated entities whose functional currency is not the U.S. dollar. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate income statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of stockholders’ deficit. We report gains and losses from currency exchange rate changes for intercompany receivables and payables that are not of a long-term investment nature, as well as for third-party transactions, currently in operating costs and expenses. Stock-Based Compensation Our stock-based compensation awards primarily consist of restricted stock units (“RSUs”). We measure compensation costs for our stock-based payment transactions at fair value based on the average of the high and low stock price on the grant date (discounted for the lack of marketability and dividends), and we recognize those costs in our Financial Statements on a straight-line basis over the vesting period during which the employee provides service in exchange for the award. Advertising Costs We expense costs to produce advertising as they are incurred and to communicate advertising as the communication occurs and record such amounts in our “Reimbursed expenses” caption of our Income Statements to the extent undertaken on behalf of hotel owners. We recognized advertising costs of $999 million in 2025, $993 million in 2024, and $794 million in 2023. Income Taxes We record the amounts of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events we have recognized in our Financial Statements or tax returns, using judgment in assessing future profitability and the likely future tax consequences of those events. We base our estimates of deferred tax assets and liabilities on current tax laws, rates and interpretations, and, in certain cases, business plans and other expectations about future outcomes. We develop our estimates of future profitability based on our historical data and experience, industry projections, micro and macro general economic condition projections, and our expectations. We account for U.S. tax on Global Intangible Low-Taxed Income in the period incurred. We generally recognize the effect of tax law changes in the period of enactment. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of our deferred tax liabilities or the valuations of our deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates. For tax positions we have taken or expect to take in a tax return, we apply a more likely than not threshold (that is, a likelihood of more than 50 percent), under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. We recognize accrued interest and penalties for our unrecognized tax benefits as a component of tax expense. See Note 6 for further information. Cash and Equivalents We consider all highly liquid investments with an initial maturity of three months or less at date of purchase to be cash equivalents. Accounts Receivable Our accounts receivable primarily consist of amounts due from hotel owners and include reimbursements of costs we incurred on their behalf. We record an allowance for credit losses measured over the contractual life of the instrument based on an assessment of historical collection activity and current and forecasted future economic conditions by region. Our allowance for credit losses was $212 million at December 31, 2025 and $199 million at December 31, 2024. Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying amount or its estimated fair value, less estimated costs to sell, and we cease depreciation. Goodwill We test goodwill for potential impairment at least annually in the fourth quarter, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Factors we consider when making this determination include, but are not limited to, assessing general economic conditions, hospitality industry trends, and overall financial performance of the reporting unit. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount. We calculate the estimated fair value of a reporting unit using a combination of the income and market approaches. For the income approach, we use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues, expenses, and related cash flows based on assumed long-term growth rates and demand trends; expected future investments to grow new units; and estimated discount rates. For the market approach, we use internal analyses based primarily on market comparables. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations. We have had no goodwill impairment charges for the last three fiscal years. Intangibles and Long-Lived Assets We assess indefinite-lived intangible assets for continued indefinite use and for potential impairment annually, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. Like goodwill, we may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount. If the carrying amount of the asset exceeds the fair value, we recognize an impairment loss in the amount of that excess. We test definite-lived intangibles and long-lived asset groups for recoverability when changes in circumstances indicate that we may not be able to recover the carrying amount; for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We also test recoverability when management has committed to a plan to sell or otherwise dispose of an asset group and we expect to complete the plan within a year. We evaluate recoverability of an asset group by comparing its carrying amount, including right-of-use assets, to the future net undiscounted cash flows that we expect the asset group will generate. If the comparison indicates that we will not be able to recover the carrying amount of an asset group, we recognize an impairment loss for the amount by which the carrying amount exceeds the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. We calculate the estimated fair value of an intangible asset or asset group using the income approach or the market approach. We utilize the same assumptions and methodology for the income approach that we describe in the “Goodwill” caption above. For the market approach, we use internal analyses based primarily on market comparables and assumptions about market capitalization rates, growth rates, and inflation. Investments We hold equity interests in ventures established to develop or acquire and own hotel properties or that otherwise support our hospitality operations. We account for these investments as either an equity method investment, a financial asset, or a controlled subsidiary. We apply the equity method of accounting if we have significant influence over the entity, typically when we hold 20 percent or more of the voting common stock (or equivalent) of an investee but do not have a controlling financial interest. In certain circumstances, such as investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three to five percent. We account for financial assets at fair value if it is readily determinable, at our share of the entity’s net assets if the investment qualifies for the net asset value practical expedient, or using the fair value alternative method, whereby investments are measured at cost less impairment, adjusted for observable price changes. We consolidate entities that we control. When we acquire an investment that qualifies for the equity method of accounting, we determine the acquisition date fair value of the identifiable assets and liabilities. If our carrying amount exceeds our proportional share in the equity of the investee, we amortize the difference on a straight-line basis over the underlying assets’ estimated useful lives when calculating equity method earnings attributable to us, excluding the difference attributable to land, which we do not amortize. We evaluate an investment for impairment when circumstances indicate that we may not be able to recover the carrying amount. When evaluating our ventures, we consider loan defaults, significant underperformance relative to historical or projected operating performance, or significant negative industry or economic trends. Additionally, a venture’s commitment to a plan to sell some or all of its assets could cause us to evaluate the recoverability of the venture’s individual long-lived assets and possibly the venture itself. We impair investments we account for using the equity method of accounting when we determine that there has been an “other-than-temporary” decline in the venture’s estimated fair value compared to its carrying amount. We perform qualitative assessments for investments we account for using the fair value alternative method and we record any associated impairment when the fair value is less than the carrying amount. Under the accounting guidance for the consolidation of variable interest entities, we analyze our variable interests, including equity investments, loans, and guarantees, to determine if an entity in which we have a variable interest is a variable interest entity. Our analysis may include both quantitative and qualitative reviews and is based primarily on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analysis to determine if we must consolidate a variable interest entity as its primary beneficiary. Fair Value Measurements We have various financial instruments we must measure at fair value on a recurring basis, including certain marketable securities and derivatives. We also apply the provisions of fair value measurement to various nonrecurring measurements for our financial and nonfinancial assets and liabilities. See Note 12 for further information. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure our assets and liabilities using inputs from the following three levels of the fair value hierarchy: Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 inputs include unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data. Derivative Instruments We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our Financial Statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative will be highly effective in offsetting the underlying hedged cash flows or fair value and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, a fair value hedge, or a hedge of the net investment in non-U.S. operations based on the exposure we are hedging. For the effective portion of qualifying cash flow hedges, we record changes in fair value in accumulated other comprehensive income (“AOCI”). We release the derivative’s gain or loss from AOCI to match the timing of the underlying hedged items’ effect on earnings. The change in fair value of qualifying fair value hedges as well as changes in fair value of the underlying hedged items to the hedged risks are recorded concurrently in earnings. We review the effectiveness of our hedging instruments quarterly and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. Upon termination of cash flow hedges, we release gains and losses from AOCI based on the timing of the underlying cash flows or revenue recognized, unless the termination results from the failure of the intended transaction to occur in the expected time frame. Such untimely transactions require us to immediately recognize in earnings the gains and/or losses that we previously recorded in AOCI. Changes in interest rates and currency exchange rates expose us to market risk. We manage our exposure to these risks by monitoring available financing alternatives, as well as through development and application of credit granting policies. We also use derivative instruments as part of our overall strategy to manage our exposure to market risks. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk, and we do not use derivatives for trading or speculative purposes. Leases We determine if an arrangement is a lease or contains a lease at the inception of the contract. We evaluate leases for classification as operating or financing upon lease commencement. Our leases generally contain fixed and variable components. The variable components of our leases are primarily based on operating performance of the leased property. Our lease agreements may also include non-lease components, such as common area maintenance, which we combine with the lease component to account for both as a single lease component. Lease liabilities, which represent our obligation to make lease payments arising from the lease, and corresponding right-of-use assets, which represent our right to use an underlying asset for the lease term, are recognized at the commencement date of the lease based on the present value of fixed future payments over the lease term. We calculate the present value of future payments using the discount rate implicit in the lease, if available, or our incremental borrowing rate. For operating leases, lease expense relating to fixed payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. For finance leases, the amortization of the asset is recognized over the shorter of the lease term or useful life of the underlying asset. Guarantees We measure and record our liability for the fair value of a guarantee on a nonrecurring basis, that is when we issue or modify a guarantee. We base our calculation of the estimated fair value of a guarantee on the income approach or the market approach, depending on the type of guarantee. For the income approach, we use internally developed discounted cash flow and Monte Carlo simulation models that include the following assumptions, among others: projections of revenues and expenses and related cash flows based on assumed growth rates and demand trends; historical volatility of projected performance; the guaranteed obligations; and applicable discount rates. We base these assumptions on our historical data and experience, industry projections, micro and macro general economic condition projections, and our expectations. For the market approach, we use internal analyses based primarily on market comparable data and our assumptions about market capitalization rates, credit spreads, growth rates, and inflation. The offsetting entry for the guarantee liability depends on the circumstances in which the guarantee was issued. Funding under the guarantee reduces the recorded liability. In most cases, when we do not forecast any funding, we amortize the liability into income on a straight-line basis over the remaining term of the guarantee. On a quarterly basis, we evaluate all material estimated liabilities based on the operating results and the terms of the guarantee. If we conclude that it is probable that we will be required to fund a greater amount than previously estimated, we record a loss except to the extent that the applicable contracts provide that the advance can be recovered as a loan. Self-Insurance Programs We self-insure for certain levels of liability, workers’ compensation, and employee benefits-related coverages, with purchased insurance protection for costs over specified thresholds. We accrue estimated costs of these insurance programs at the present value of projected settlements for known claims and incurred but not reported claims. We use a discount rate of 3.50 percent, based upon market rates, which we consider to be reasonable given our history of settled claims, including payment patterns. Our employee benefits-related insurance reserve was $72 million at December 31, 2025 and $74 million at December 31, 2024 and was recorded in the “Accrued payroll and benefits” caption of our Balance Sheets. For our other insurance programs, we classify the current and noncurrent portions of these insurance reserves in the “Accrued expenses and other” and “Other noncurrent liabilities” captions of our Balance Sheets, respectively. The current portion of these reserves was $178 million at December 31, 2025 and $198 million at December 31, 2024. The noncurrent portion of these reserves was $496 million at December 31, 2025 and $422 million at December 31, 2024. Legal Contingencies We are subject to various legal proceedings and claims, the outcomes of which are uncertain. We record an accrual for legal contingencies when we determine that it is probable that we have incurred a liability and we can reasonably estimate the amount of the loss. In making such determinations we evaluate, among other things, the probability of an unfavorable outcome and, when we believe it probable that a liability has been incurred, our ability to make a reasonable estimate of the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances. Business Combinations We allocate the purchase price of an acquisition to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. We recognize as goodwill the amount by which the purchase price of an acquired entity exceeds the net of the fair values assigned to the assets acquired and liabilities assumed. In determining the fair values of assets acquired and liabilities assumed, we use various recognized valuation methods including the income and market approaches. Further, we make assumptions within certain valuation techniques, including discount rates, royalty rates, and the amount and timing of future cash flows. We record the net assets and results of operations of an acquired entity in our Financial Statements from the acquisition date. We initially perform these valuations based upon preliminary estimates and assumptions by management or independent valuation specialists under our supervision, where appropriate, and make revisions as estimates and assumptions are finalized. We expense acquisition-related costs as we incur them. Asset Acquisitions Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. We allocate the cost of the acquisition, including direct and incremental transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition. New Accounting Standards Adopted Accounting Standards Update (“ASU”) 2023-09 - “Improvements to Income Tax Disclosures” (Topic 740). ASU 2023-09 requires enhanced income tax disclosures, including additional disaggregated information related to the effective tax rate reconciliation, the underlying nature and category of individual reconciling items, and income taxes paid by jurisdictions. We adopted ASU 2023-09 prospectively in the 2025 fourth quarter for the disclosures presented in Note 6. New Accounting Standards Not Yet Adopted 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.

LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 144
2027	125
2028	118
2029	102
2030	96
Thereafter	668
Total minimum lease payments	1,253
Less: Amount representing interest	275
Present value of minimum lease payments	978	$ 898
Finance Leases
2026	16
2027	16
2028	17
2029	17
2030	18
Thereafter	60
Total minimum lease payments	144
Less: Amount representing interest	24
Finance lease obligations	$ 120	$ 124

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 61,232,412,426
Entity Common Stock, Shares Outstanding		264,984,554
Documents Incorporated by Reference	Portions of the Proxy Statement prepared for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001048286

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Compensation costs from retirement savings plan	$ 264,000,000	$ 240,000,000	$ 215,000,000
Advertising costs	999,000,000	993,000,000	794,000,000
Allowance for credit losses	212,000,000	199,000,000
Goodwill impairment charge	0	0	$ 0
Self-insurance reserve, employee benefits related	72,000,000	74,000,000
Self-insurance reserve, current	178,000,000	198,000,000
Self-insurance reserve, noncurrent	$ 496,000,000	422,000,000
Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow
Significant Accounting Policies [Line Items]
Self insurance review, measurement input	0.0350
Costs Incurred to Fulfill Contracts
Significant Accounting Policies [Line Items]
Capitalized costs	$ 439,000,000	419,000,000
Deferred revenue
Significant Accounting Policies [Line Items]
Increase (decrease) in deferred revenue	110,000,000
Current and noncurrent deferred revenue	1,409,000,000	1,299,000,000
Deferred revenue recognized	242,000,000
Liability for guest loyalty program
Significant Accounting Policies [Line Items]
Increase (decrease) in deferred revenue	473,000,000
Current and noncurrent deferred revenue	7,992,000,000	$ 7,519,000,000
Deferred revenue recognized	3,160,000,000
Change in customer contract liability from change in estimates	$ 102,000,000

LEASES - Schedule of Composition of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 139	$ 143	$ 155
Variable lease cost	122	122	128
Operating cash outflows for operating leases	152	154	240
Operating lease assets obtained in exchange for lease obligation	$ 160	$ 37	$ 25

INTANGIBLE ASSETS AND GOODWILL - Schedule of Composition of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived Intangible Assets, gross	$ 6,795	$ 5,248
Accumulated amortization	(2,607)	(1,471)
Definite-lived Intangible Assets, net	4,188	3,777
Acquired Indefinite-lived Intangible Assets [Line Items]
Intangible assets	10,336	9,488
Indefinite-lived Intangible Brand Assets
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Brand Assets	6,148	5,711
Costs incurred to obtain contracts with customers
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived Intangible Assets, gross	2,899	2,538
Acquired contracts and other
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived Intangible Assets, gross	1,964	1,918
Software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived Intangible Assets, gross	$ 1,932	$ 792

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	12 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Net fee revenues
Disaggregation of Revenue [Line Items]
Expenses reclassified	$ 129	$ 144

- 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

INTANGIBLE ASSETS AND GOODWILL - Schedule of Carrying Amount of Goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 8,731
Foreign currency translation	176
Ending balance	8,907
U.S. & Canada
Goodwill [Roll Forward]
Beginning balance	5,301
Foreign currency translation	18
Ending balance	5,319
EMEA
Goodwill [Roll Forward]
Beginning balance	1,417
Foreign currency translation	97
Ending balance	1,514
Greater China
Goodwill [Roll Forward]
Beginning balance	979
Foreign currency translation	30
Ending balance	1,009
APEC
Goodwill [Roll Forward]
Beginning balance	731
Foreign currency translation	17
Ending balance	748
CALA
Goodwill [Roll Forward]
Beginning balance	303
Foreign currency translation	14
Ending balance	$ 317

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 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:


(in millions, except per share amounts)	2025		2024		2023
Computation of Basic Earnings Per Share
Net income	$	2,601	$	2,375	$	3,083
Shares for basic earnings per share	272.9		284.2		301.5
Basic earnings per share	$	9.53	$	8.36	$	10.23
Computation of Diluted Earnings Per Share
Net income	$	2,601	$	2,375	$	3,083
Shares for basic earnings per share	272.9		284.2		301.5
Effect of dilutive securities
Stock-based compensation	0.7		1.0		1.4
Shares for diluted earnings per share	273.6		285.2		302.9
Diluted earnings per share	$	9.51	$	8.33	$	10.18

BUSINESS SEGMENTS - Summary of Segment Revenue, Segment Expenses, and Segment Profits (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

$ 26,186

$ 25,100

$ 23,713

Depreciation, amortization, and other

213

183

189

General and administrative

^[1]

870

945

867

OPERATING INCOME

4,141

3,767

3,864

Net fee revenues

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Gross fee revenues

5,438

5,170

4,824

Contract investment amortization

(135)

(103)

(88)

Revenue

5,303

5,067

4,736

Owned, leased, and other

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

1,679

1,551

1,564

Operating costs

^[1]

1,461

1,329

1,309

Reimbursements

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

^[2]

19,204

18,482

17,413

Operating costs

^[2]

19,503

18,799

17,424

Total segment

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

23,419

22,576

21,394

Total segment | U.S. & Canada

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

19,349

18,612

17,696

Depreciation, amortization, and other

108

General and administrative

118

113

114

Other segment items

(5)

OPERATING INCOME

2,679

2,640

2,724

Total segment | EMEA

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

2,407

2,406

2,268

Depreciation, amortization, and other

General and administrative

104

Other segment items

(3)

(5)

(2)

OPERATING INCOME

525

512

441

Total segment | Greater China

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

590

582

600

Depreciation, amortization, and other

General and administrative

Other segment items

(2)

(1)

(2)

OPERATING INCOME

185

186

208

Total segment | APEC

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

1,073

976

830

Depreciation, amortization, and other

General and administrative

Other segment items

(4)

(8)

OPERATING INCOME

301

280

243

Total segment | Net fee revenues | U.S. & Canada

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Gross fee revenues

3,004

2,951

2,799

Contract investment amortization

(83)

(76)

(65)

Revenue

2,921

2,875

2,734

Total segment | Net fee revenues | EMEA

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Gross fee revenues

640

589

529

Contract investment amortization

(19)

(14)

(13)

Revenue

621

575

516

Total segment | Net fee revenues | Greater China

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Gross fee revenues

261

250

265

Contract investment amortization

(1)

Revenue

260

249

265

Total segment | Net fee revenues | APEC

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Gross fee revenues

376

345

288

Contract investment amortization

(6)

(5)

(4)

Revenue

370

340

284

Total segment | Owned, leased, and other | U.S. & Canada

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

528

437

506

Operating costs

434

399

380

Total segment | Owned, leased, and other | EMEA

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

592

595

574

Operating costs

530

519

537

Total segment | Owned, leased, and other | Greater China

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

Operating costs

Total segment | Owned, leased, and other | APEC

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

162

141

135

Operating costs

146

129

130

Total segment | Reimbursements | U.S. & Canada

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

15,900

15,300

14,456

Operating costs

16,015

15,381

14,399

Total segment | Reimbursements | EMEA

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

1,194

1,236

1,178

Operating costs

1,211

1,252

1,168

Total segment | Reimbursements | Greater China

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

304

306

317

Operating costs

315

319

317

Total segment | Reimbursements | APEC

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

541

495

411

Operating costs

$ 552

$ 510

$ 409

[1]	In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. See Note 1 for additional information.
[2]	See Note 15 for disclosure of related party amounts.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Guarantees

We issue guarantees to certain lenders and hotel owners, chiefly to obtain long-term franchise and management contracts. The guarantees generally have a stated maximum funding amount and a term of three to 10 years. The terms of guarantees to lenders generally require us to fund if cash flows from hotel operations are inadequate to cover annual debt service or to repay the loan at maturity. The terms of the guarantees to hotel owners generally require us to fund if the hotels do not attain specified levels of operating profit. Guarantee fundings to lenders and hotel owners are generally recoverable out of future hotel cash flows and/or proceeds from the sale or refinancing of hotels.

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 year-end 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	142		85
Other	21		5
	$	225	$	96

Our liability at year-end 2025 for guarantees for which we are the primary obligor is reflected in our Balance Sheets as $12 million of “Accrued expenses and other” and $84 million of “Other noncurrent liabilities.”

Our maximum potential guarantees listed in the preceding table include $73 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.

In conjunction with financing obtained for specific projects or properties owned by us or entities in which we have an investment, we may provide industry standard indemnifications to the lender for loss, liability, or damage occurring as a result of the actions of the entity or our own actions.

Letters of Credit

At year-end 2025, we had $116 million of letters of credit outstanding (all outside the Credit Facility, as defined in Note 9), most of which were for our self-insurance programs. Surety bonds issued as of year-end 2025 totaled $187 million, most of which state governments requested in connection with our self-insurance programs.

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”). 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 these cases, 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 U.S. cases were 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. Following the Fourth Circuit’s reversal of class certification, some plaintiffs filed lawsuits in New York state court on an individual basis, alleging violations of New York statutory law and seeking monetary damages, attorneys’ fees, and other related relief. We have been engaged in mediation discussions with the consumer plaintiffs in the MDL. We believe it is probable that we will incur losses in relation to the MDL and the state court cases, and as of December

31, 2025, we have recorded an accrual for an estimated loss contingency related to these matters, which is not material to our Financial Statements. 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 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 lawsuits or 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, or other resolution of these proceedings based on: (1) in the case of the above-described lawsuits, 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 regulatory inquiries or investigations.

Insurance Recoveries

During 2025, 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 2025 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.

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2025
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The 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 Consolidated Financial Statements as our “Financial Statements,” (2) our Consolidated Statements of Income as our “Income Statements,” (3) our Consolidated Balance Sheets as our “Balance Sheets,” (4) our 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 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 franchise agreements, management 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 BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®. Preparation of financial statements that conform with U.S. generally accepted accounting principles (“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 at fiscal year-end 2025 and fiscal year-end 2024 and the results of our operations and cash flows for fiscal years 2025, 2024, and 2023. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements. In addition, in the 2025 fourth quarter, to enhance understanding of the Company’s general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. The expenses that were reclassified from “General, administrative, and other” are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. We reclassified prior period amounts, which totaled $129 million in 2024 and $144 million in 2023, to conform to our current presentation.

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 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 and administrative expenses, or restructuring and merger-related recoveries/charges, and other expenses. We assign gains and losses, equity in earnings or losses, and direct general and administrative 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, indirect general and administrative 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 each of the last three fiscal years:


	2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	3,004	$	640	$	261	$	376
Contract investment amortization	(83)		(19)		(1)		(6)
Net fee revenues	2,921		621		260		370
Owned, leased, and other revenue	528		592		26		162
Cost reimbursement revenue	15,900		1,194		304		541
Total reportable segment revenue	19,349		2,407		590		1,073
Less:
Owned, leased, and other expense	434		530		28		146
Depreciation, amortization, and other	108		40		12		9
General and administrative	118		104		52		63
Reimbursed expenses	16,015		1,211		315		552
Other segment items (primarily non-operating income and expenses)	(5)		(3)		(2)		2
Total reportable segment profit	$	2,679	$	525	$	185	$	301


	2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,951	$	589	$	250	$	345
Contract investment amortization	(76)		(14)		(1)		(5)
Net fee revenues	2,875		575		249		340
Owned, leased, and other revenue	437		595		27		141
Cost reimbursement revenue	15,300		1,236		306		495
Total reportable segment revenue	18,612		2,406		582		976
Less:
Owned, leased, and other expense	399		519		24		129
Depreciation, amortization, and other	84		38		9		8
General and administrative	113		90		45		53
Reimbursed expenses	15,381		1,252		319		510
Other segment items (primarily non-operating income and expenses)	(5)		(5)		(1)		(4)
Total reportable segment profit	$	2,640	$	512	$	186	$	280


	2023
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,799	$	529	$	265	$	288
Contract investment amortization	(65)		(13)		—		(4)
Net fee revenues	2,734		516		265		284
Owned, leased, and other revenue	506		574		18		135
Cost reimbursement revenue	14,456		1,178		317		411
Total reportable segment revenue	17,696		2,268		600		830
Less:
Owned, leased, and other expense	380		537		25		130
Depreciation, amortization, and other	84		40		10		9
General and administrative	114		84		42		47
Reimbursed expenses	14,399		1,168		317		409
Other segment items (primarily non-operating income and expenses)	(5)		(2)		(2)		(8)
Total reportable segment profit	$	2,724	$	441	$	208	$	243

The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for each of the last three fiscal years:


(in millions)	2025		2024		2023
Reconciliation of revenue
Total reportable segment revenue	$	23,419	$	22,576	$	21,394
Unallocated corporate and other	2,767		2,524		2,319
Consolidated revenue	$	26,186	$	25,100	$	23,713

Reconciliation of income before income taxes
Total reportable segment profit	$	3,690	$	3,618	$	3,616
Unallocated corporate and other	471		188		297
Interest expense, net of interest income	(767)		(655)		(535)
Consolidated income before income taxes	$	3,394	$	3,151	$	3,378

Revenues attributed to operations located outside the U.S. were $5,672 million in 2025, $5,512 million in 2024, and $5,160 million in 2023, including cost reimbursement revenue outside the U.S. of $3,077 million in 2025, $3,018 million in 2024, and $2,806 million in 2023.

Segment profits attributed to operations located outside the U.S. were $1,382 million in 2025, $1,329 million in 2024, and $1,258 million in 2023, including cost reimbursements, net (cost reimbursement revenue, net of reimbursed expenses) outside the U.S. of $(54) million in 2025, $(55) million in 2024, and $23 million in 2023.

- 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.

+ References

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+ Details

INCOME TAXES - Schedule of Income Taxes Paid (Net of Refunds Received) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. Federal	$ 496
U.S. State	156
Total cash paid	1,070	$ 947	$ 907
Switzerland
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S.	126
Other Non-U.S. jurisdictions
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-U.S.	$ 292

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Revenue, Segment Expenses, and Segment Profits

The following tables present our revenues (disaggregated by segment and major revenue stream), segment expenses, and segment profits for each of the last three fiscal years:


	2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	3,004	$	640	$	261	$	376
Contract investment amortization	(83)		(19)		(1)		(6)
Net fee revenues	2,921		621		260		370
Owned, leased, and other revenue	528		592		26		162
Cost reimbursement revenue	15,900		1,194		304		541
Total reportable segment revenue	19,349		2,407		590		1,073
Less:
Owned, leased, and other expense	434		530		28		146
Depreciation, amortization, and other	108		40		12		9
General and administrative	118		104		52		63
Reimbursed expenses	16,015		1,211		315		552
Other segment items (primarily non-operating income and expenses)	(5)		(3)		(2)		2
Total reportable segment profit	$	2,679	$	525	$	185	$	301


	2024
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,951	$	589	$	250	$	345
Contract investment amortization	(76)		(14)		(1)		(5)
Net fee revenues	2,875		575		249		340
Owned, leased, and other revenue	437		595		27		141
Cost reimbursement revenue	15,300		1,236		306		495
Total reportable segment revenue	18,612		2,406		582		976
Less:
Owned, leased, and other expense	399		519		24		129
Depreciation, amortization, and other	84		38		9		8
General and administrative	113		90		45		53
Reimbursed expenses	15,381		1,252		319		510
Other segment items (primarily non-operating income and expenses)	(5)		(5)		(1)		(4)
Total reportable segment profit	$	2,640	$	512	$	186	$	280


	2023
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	2,799	$	529	$	265	$	288
Contract investment amortization	(65)		(13)		—		(4)
Net fee revenues	2,734		516		265		284
Owned, leased, and other revenue	506		574		18		135
Cost reimbursement revenue	14,456		1,178		317		411
Total reportable segment revenue	17,696		2,268		600		830
Less:
Owned, leased, and other expense	380		537		25		130
Depreciation, amortization, and other	84		40		10		9
General and administrative	114		84		42		47
Reimbursed expenses	14,399		1,168		317		409
Other segment items (primarily non-operating income and expenses)	(5)		(2)		(2)		(8)
Total reportable segment profit	$	2,724	$	441	$	208	$	243

Schedule of Reconciliation of Total Segment Revenue and Profit to Consolidated Revenue and Profit

The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for each of the last three fiscal years:


(in millions)	2025		2024		2023
Reconciliation of revenue
Total reportable segment revenue	$	23,419	$	22,576	$	21,394
Unallocated corporate and other	2,767		2,524		2,319
Consolidated revenue	$	26,186	$	25,100	$	23,713

Reconciliation of income before income taxes
Total reportable segment profit	$	3,690	$	3,618	$	3,616
Unallocated corporate and other	471		188		297
Interest expense, net of interest income	(767)		(655)		(535)
Consolidated income before income taxes	$	3,394	$	3,151	$	3,378

LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2025	Feb. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 4,500
Cash paid for interest, net of amounts capitalized			698	$ 599	$ 476
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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and equivalents	$ 358	$ 396
Accounts and notes receivable, net	2,909	2,795
Prepaid expenses and other	317	294
Total current assets	3,584	3,485
Property and equipment, net	1,954	1,833
Intangible assets
Intangible assets	10,336	9,488
Goodwill	8,907	8,731
Goodwill and intangible assets, net, total	19,243	18,219
Equity method investments	298	298
Notes receivable, net	151	136
Deferred tax assets	570	650
Operating lease assets	941	845
Other noncurrent assets	799	716
Total assets	27,540	26,182
Current liabilities
Current portion of long-term debt	1,209	1,309
Accounts payable	814	763
Accrued payroll and benefits	1,438	1,449
Accrued expenses and other	1,440	1,641
Total current liabilities	8,398	8,649
Long-term debt	14,995	13,138
Deferred tax liabilities	79	81
Operating lease liabilities	879	794
Other noncurrent liabilities	1,265	1,377
Stockholders’ deficit
Class A Common Stock	5	5
Additional paid-in-capital	6,352	6,179
Retained earnings	18,414	16,531
Treasury stock, at cost	(27,900)	(24,644)
Accumulated other comprehensive loss	(642)	(1,063)
Stockholders’ deficit	(3,771)	(2,992)
Liabilities and equity, total	27,540	26,182
Liability for guest loyalty program
Current liabilities
Liability for guest loyalty program	3,497	3,487
Contract with customer liabilities	4,495	4,032
Deferred revenue
Current liabilities
Contract with customer liabilities	1,200	1,103
Brands
Intangible assets
Intangible assets	6,207	5,770
Contract acquisition costs and other
Intangible assets
Intangible assets	$ 4,129	$ 3,718

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 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	142		85
Other	21		5
	$	225	$	96

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Financial Data Resulting from Transactions with Related Parties, Income Statement Data

The following table presents Income Statement data resulting from transactions with these related parties. This table does not include our Financial Statement captions with insignificant related party activity.


(in millions)	2025		2024		2023




Cost reimbursement revenue	$	133	$	131	$	122


Reimbursed expenses	(138)		(135)		(126)



Equity in earnings	11		8		9

INCOME TAXES - Schedule of Components of Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S.	$ 2,021	$ 1,717	$ 2,113
Non-U.S.	1,373	1,434	1,265
INCOME BEFORE INCOME TAXES	$ 3,394	$ 3,151	$ 3,378

- 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.

+ References

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+ Details

BUSINESS SEGMENTS - Additional Information (Details)
$ in Millions

12 Months Ended

Dec. 31, 2025

USD ($)

segment

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Number of reporting segments | segment

Total revenue

$ 26,186

$ 25,100

$ 23,713

Operating income

4,141

3,767

3,864

Reimbursements

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

^[1]

19,204

18,482

17,413

Non-US | Reimbursements

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Operating income

(54)

(55)

Total segment

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

23,419

22,576

21,394

Total segment | Non-US

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

5,672

5,512

5,160

Operating income

1,382

1,329

1,258

Total segment | Non-US | Reimbursements

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

$ 3,077

$ 3,018

$ 2,806

[1]	See Note 15 for disclosure of related party amounts.

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

- 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

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($)
$ in Millions

Total

Class A Common Stock

Additional Paid-in-Capital

Retained Earnings

Treasury Stock, at Cost

Accumulated Other Comprehensive Loss

Beginning balance (in shares) at Dec. 31, 2022

310,600,000

Beginning balance at Dec. 31, 2022

$ 568

$ 5

$ 5,965

$ 12,342

$ (17,015)

$ (729)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

3,083

Other comprehensive income (loss)

Dividends

(587)

Stock-based compensation plans (in shares)

1,400,000

Stock-based compensation plans

126

Purchase of treasury stock (in shares)

(21,500,000)

Purchase of treasury stock

(3,954)

Ending balance (in shares) at Dec. 31, 2023

290,500,000

Ending balance at Dec. 31, 2023

(682)

$ 5

6,051

14,838

(20,929)

(647)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

2,375

Other comprehensive income (loss)

(416)

Dividends

(682)

Stock-based compensation plans (in shares)

1,600,000

Stock-based compensation plans

174

128

Purchase of treasury stock (in shares)

(15,400,000)

Purchase of treasury stock

(3,761)

Ending balance (in shares) at Dec. 31, 2024

276,700,000

Ending balance at Dec. 31, 2024

(2,992)

$ 5

6,179

16,531

(24,644)

(1,063)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

2,601

Other comprehensive income (loss)

421

Dividends

(718)

Stock-based compensation plans (in shares)

1,300,000

Stock-based compensation plans

211

173

Purchase of treasury stock (in shares)

(12,100,000)

Purchase of treasury stock

$ (3,294)

(3,294)

Ending balance (in shares) at Dec. 31, 2025

265,864,771

265,900,000

^[1]

Ending balance at Dec. 31, 2025

$ (3,771)

$ 5

$ 6,352

$ 18,414

$ (27,900)

$ (642)

[1]

Our restated certificate of incorporation authorizes 800,000,000 shares of our common stock, with a par value of $0.01 per share and 10,000,000 shares of preferred stock, without par value. At year-end 2025, we had 265,864,771 of these authorized shares of our common stock and no preferred stock outstanding.

INCOME TAXES - Reconciliation of U.S. Statutory Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	21.00%
U.S. state income taxes, net of U.S. federal tax benefit	2.80%	2.40%	2.80%
Other Non-U.S. jurisdictions	3.10%	1.60%	0.30%
Changes in valuation allowance	(1.60%)	(0.90%)	(5.80%)
Changes in unrecognized tax benefits	(3.80%)	0.40%	(2.30%)
Excess tax benefits related to equity awards		(1.00%)	(0.80%)
U.S. tax on foreign earnings		1.00%	1.10%
Intellectual property restructuring		0.00%	(7.90%)
Other	(0.70%)	0.10%	0.30%
Effective rate	23.40%	24.60%	8.70%

LONG-TERM DEBT

12 Months Ended

Dec. 31, 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 at year-end 2025 and 2024:


($ in millions)	Interest Rate		Effective Interest Rate		Face Amount		Balance as of December 31, 2025		Balance as of December 31, 2024
Senior Notes:
Series P Notes, matured October 1, 2025	3.8	%	4.0	%	$	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		1,094		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		994		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		449		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		982		980
Series PP Notes, maturing March 15, 2030	4.8	%	5.0	%	500		496		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		1,475		—
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		588		—
Commercial paper							1,177		1,582
Credit Facility							—		—
Finance lease obligations							120		124
Other							23		55
							$	16,204	$	14,447
Less current portion							(1,209)		(1,309)
							$	14,995	$	13,138

All our long-term debt is recourse to us but unsecured. All the Senior Notes shown in the table above are our unsecured and unsubordinated obligations, which rank equally with our other Senior Notes and all other unsecured and unsubordinated indebtedness that we have issued or will issue from time to time, and are governed by the terms of an indenture, dated as of November 16, 1998, between us and The Bank of New York Mellon (formerly The Bank of New York), as trustee. We may redeem some or all of each series of the Senior Notes before maturity under the terms provided in the applicable form of Senior Note.

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 pay interest on the Series TT Notes in January and July of each year. 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.

The following table presents future principal payments, net of discounts, premiums, and debt issuance costs, for our debt at year-end 2025:


(in millions)	Debt Principal Payments
2026	$	1,209
2027	2,581
2028	1,454
2029	1,297
2030	1,503
Thereafter	8,160
Balance at year-end 2025	$	16,204

We paid cash for interest, net of amounts capitalized, of $698 million in 2025, $599 million in 2024, and $476 million in 2023.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,601	$ 2,375	$ 3,083
Other comprehensive income (loss)
Foreign currency translation adjustments	442	(437)	86
Other adjustments, net of tax	(21)	21	(4)
Total other comprehensive income (loss), net of tax	421	(416)	82
Comprehensive income	$ 3,022	$ 1,959	$ 3,165

- 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

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+ 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

INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Composition of Intangible Assets, Finite-Lived

The following table details the composition of our intangible assets at year-end 2025 and 2024:


(in millions)	At Year-End 2025		At Year-End 2024
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	2,899	$	2,538
Acquired contracts and other	1,964		1,918
Software	1,932		792
	6,795		5,248
Accumulated amortization	(2,607)		(1,471)
	4,188		3,777
Indefinite-lived Intangible Brand Assets	6,148		5,711
	$	10,336	$	9,488

Schedule of Composition of Intangible Assets, Indefinite-Lived

The following table details the composition of our intangible assets at year-end 2025 and 2024:


(in millions)	At Year-End 2025		At Year-End 2024
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	2,899	$	2,538
Acquired contracts and other	1,964		1,918
Software	1,932		792
	6,795		5,248
Accumulated amortization	(2,607)		(1,471)
	4,188		3,777
Indefinite-lived Intangible Brand Assets	6,148		5,711
	$	10,336	$	9,488

Schedule of Carrying Amount of Goodwill

The following table details the carrying amount of our goodwill at year-end 2025 and 2024:


(in millions)	U.S. & Canada		EMEA		Greater China		APEC		CALA		Total Goodwill


Balance at year-end 2024	$	5,301	$	1,417	$	979	$	731	$	303	$	8,731



Foreign currency translation	18		97		30		17		14		176




Balance at year-end 2025	$	5,319	$	1,514	$	1,009	$	748	$	317	$	8,907

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

RSUs and PSUs

We granted RSUs in 2025 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 performance-based RSUs (“PSUs”) in 2025 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.

We had deferred compensation costs for unvested awards for RSUs, including PSUs, of approximately $173 million at year-end 2025. The weighted average remaining term for RSUs outstanding at year-end 2025 was 2.2 years.

The following table provides additional information on RSUs, including PSUs, for the last three fiscal years:


	2025		2024		2023
Stock-based compensation expense (in millions)	$	196	$	203	$	179
Weighted average grant-date fair value (per unit)	$	267	$	222	$	167
Aggregate intrinsic value of distributed RSUs (in millions)	$	331	$	340	$	297

The following table presents the changes in our outstanding RSUs, including PSUs, during 2025 and the associated weighted average grant-date fair values:


	Number of RSUs (in millions)	Weighted Average Grant-Date Fair Value (per unit)
Outstanding at year-end 2024	2.6	$	178
Granted	0.8	267
Distributed	(1.2)	157
Forfeited	(0.1)	218
Outstanding at year-end 2025	2.1	$	222

Other Information

At year-end 2025, we had approximately 10 million remaining shares authorized for grant under the 2023 Marriott International, Inc. Stock and Cash Incentive Plan.

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

We enter into operating and finance leases primarily for hotels, offices, and equipment. Most leases have initial terms of up to 20 years, and contain one or more renewals at our option, generally for five- or 10-year periods. We have generally not included these renewal periods in the lease term as it is not reasonably certain that we will exercise the renewal option.

The following table details the composition of lease expense and supplemental cash flow information for 2025, 2024, and 2023:


(in millions)	2025		2024		2023
Operating lease cost	$	139	$	143	$	155
Variable lease cost	122		122		128
Operating cash outflows for operating leases	152		154		240
Operating lease assets obtained in exchange for lease obligation	160		37		25

The following table presents our future minimum lease payments at year-end 2025:


(in millions)	Operating Leases		Finance Leases
2026	$	144	$	16
2027	125		16
2028	118		17
2029	102		17
2030	96		18
Thereafter	668		60
Total minimum lease payments	$	1,253	$	144
Less: Amount representing interest	275		24
Present value of minimum lease payments	$	978	$	120

The following table presents the composition of our current and noncurrent lease liability at year-end 2025 and 2024:


(in millions)	December 31, 2025				December 31, 2024
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Current (1)	$	99	$	11	$	104	$	9
Noncurrent (2)	879		109		794		115
	$	978	$	120	$	898	$	124

(1)Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.

(2)Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.

The following table presents additional information about our lease obligations at year-end 2025 and 2024:


	2025				2024
	Operating Leases		Finance Leases		Operating Leases		Finance Leases

Weighted Average Remaining Lease Term (in years)	12		8		13		9
Weighted Average Discount Rate	4.5	%	4.4	%	4.3	%	4.4	%

LEASES

The following table details the composition of lease expense and supplemental cash flow information for 2025, 2024, and 2023:


(in millions)	2025		2024		2023
Operating lease cost	$	139	$	143	$	155
Variable lease cost	122		122		128
Operating cash outflows for operating leases	152		154		240
Operating lease assets obtained in exchange for lease obligation	160		37		25

The following table presents our future minimum lease payments at year-end 2025:


(in millions)	Operating Leases		Finance Leases
2026	$	144	$	16
2027	125		16
2028	118		17
2029	102		17
2030	96		18
Thereafter	668		60
Total minimum lease payments	$	1,253	$	144
Less: Amount representing interest	275		24
Present value of minimum lease payments	$	978	$	120

The following table presents the composition of our current and noncurrent lease liability at year-end 2025 and 2024:


(in millions)	December 31, 2025				December 31, 2024
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Current (1)	$	99	$	11	$	104	$	9
Noncurrent (2)	879		109		794		115
	$	978	$	120	$	898	$	124

(1)Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.

(2)Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.

The following table presents additional information about our lease obligations at year-end 2025 and 2024:


	2025				2024
	Operating Leases		Finance Leases		Operating Leases		Finance Leases

Weighted Average Remaining Lease Term (in years)	12		8		13		9
Weighted Average Discount Rate	4.5	%	4.4	%	4.3	%	4.4	%

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Additional Information on RSUs

The following table provides additional information on RSUs, including PSUs, for the last three fiscal years:


	2025		2024		2023
Stock-based compensation expense (in millions)	$	196	$	203	$	179
Weighted average grant-date fair value (per unit)	$	267	$	222	$	167
Aggregate intrinsic value of distributed RSUs (in millions)	$	331	$	340	$	297

Schedule of Changes in Outstanding RSU Grants

The following table presents the changes in our outstanding RSUs, including PSUs, during 2025 and the associated weighted average grant-date fair values:


	Number of RSUs (in millions)	Weighted Average Grant-Date Fair Value (per unit)
Outstanding at year-end 2024	2.6	$	178
Granted	0.8	267
Distributed	(1.2)	157
Forfeited	(0.1)	218
Outstanding at year-end 2025	2.1	$	222

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

INCOME TAXES - Schedule of Types of Temporary Differences and Carry-Forwards that Significantly Effect Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets
Employee benefits	$ 289	$ 302
Net operating loss carry-forwards	982	1,046
Accrued expenses and other reserves	134	153
Tax credits	64	62
Loyalty Program	343	313
Deferred income	114	114
Lease liabilities	255	239
Interest limitation	106	123
Property and equipment	29	15
Other	47	36
Deferred tax assets	2,363	2,403
Valuation allowance	(1,011)	(1,070)
Deferred tax assets after valuation allowance	1,352	1,333
Deferred Tax Liabilities
Intangibles	(584)	(477)
Right-of-use assets	(245)	(223)
Other	(32)	(64)
Deferred tax liabilities	(861)	(764)
Net deferred taxes	$ 491	$ 569

ACQUISITION (Details) - CitizenM Brand $ in Millions	3 Months Ended
ACQUISITION (Details) - CitizenM Brand $ in Millions	Sep. 30, 2025 USD ($)	Dec. 31, 2025 hotel hotelRoom
Asset Acquisition [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	$ 290
Acquired finite-lived intangible assets, weighted average useful life	20 years
Finite-lived intangible assets acquired	$ 60

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 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:


	At Year-End 2025				At Year-End 2024
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes receivable	$	151	$	149	$	136	$	133
Total noncurrent financial assets	$	151	$	149	$	136	$	133

Senior Notes	$	(13,686)	$	(13,836)	$	(11,419)	$	(11,083)
Commercial paper	(1,177)		(1,177)		(1,582)		(1,582)

Total noncurrent financial liabilities	$	(14,863)	$	(15,013)	$	(13,001)	$	(12,665)

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 90	$ 171	$ 161
Accrued interest and penalties for unrecognized tax benefits related to interest expense (benefit)	(41)	14	6
Interest and penalties accrued	22	63
Tax credits which do expire	52
Tax credits which do not expire	12
Net operating loss benefits	5	22
Net operating losses	4,436
Net operating losses subject to expiration	2,867
Cash paid for income taxes	$ 1,070	$ 947	$ 907

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
-U.S. Federal	$ (409)	$ (447)	$ (431)
-U.S. State	(70)	(124)	(158)
-Non-U.S.	(252)	(282)	(249)
Current income tax expense	(731)	(853)	(838)
Deferred
-U.S. Federal	8	125	94
-U.S. State	4	19	16
-Non-U.S.	(74)	(67)	433
Deferred income tax expense	(62)	77	543
Provision for income taxes	$ (793)	$ (776)	$ (295)

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 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


(in millions, except per share amounts)	2025		2024		2023
Computation of Basic Earnings Per Share
Net income	$	2,601	$	2,375	$	3,083
Shares for basic earnings per share	272.9		284.2		301.5
Basic earnings per share	$	9.53	$	8.36	$	10.23
Computation of Diluted Earnings Per Share
Net income	$	2,601	$	2,375	$	3,083
Shares for basic earnings per share	272.9		284.2		301.5
Effect of dilutive securities
Stock-based compensation	0.7		1.0		1.4
Shares for diluted earnings per share	273.6		285.2		302.9
Diluted earnings per share	$	9.51	$	8.33	$	10.18

LONG-TERM DEBT - Schedule of Detail on Long-term Debt Balances (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Commercial paper	$ 1,177	$ 1,582
Credit Facility	0	0
Finance lease obligations	120	124
Other	23	55
Long-term debt, total	16,204	14,447
Less current portion	(1,209)	(1,309)
Long-term debt, noncurrent	$ 14,995	13,138
Series P Notes, matured October 1, 2025
Debt Instrument [Line Items]
Interest Rate	3.80%
Effective Interest Rate	4.00%
Face Amount	$ 350
Senior Notes	$ 0	349
Series R Notes, maturing June 15, 2026
Debt Instrument [Line Items]
Interest Rate	3.10%
Effective Interest Rate	3.30%
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%
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%
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%
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%
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%
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%
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%
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%
Face Amount	$ 1,100
Senior Notes	$ 1,094	1,093
Series II Notes, maturing October 15, 2033
Debt Instrument [Line Items]
Interest Rate	2.80%
Effective Interest Rate	2.80%
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%
Face Amount	$ 1,000
Senior Notes	$ 994	990
Series KK Notes, maturing April 15, 2029
Debt Instrument [Line Items]
Interest Rate	4.90%
Effective Interest Rate	5.30%
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%
Face Amount	$ 450
Senior Notes	$ 449	447
Series MM Notes, maturing October 15, 2028
Debt Instrument [Line Items]
Interest Rate	5.60%
Effective Interest Rate	5.90%
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%
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%
Face Amount	$ 1,000
Senior Notes	$ 982	980
Series PP Notes, maturing March 15, 2030
Debt Instrument [Line Items]
Interest Rate	4.80%
Effective Interest Rate	5.00%
Face Amount	$ 500
Senior Notes	$ 496	495
Series QQ Notes, maturing March 15, 2035
Debt Instrument [Line Items]
Interest Rate	5.40%
Effective Interest Rate	5.50%
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%
Face Amount	$ 500
Senior Notes	$ 493	0
Series SS Notes, maturing April 15, 2037
Debt Instrument [Line Items]
Interest Rate	5.50%
Effective Interest Rate	5.70%
Face Amount	$ 1,500
Senior Notes	$ 1,475	0
Series TT Notes, maturing July 15, 2027
Debt Instrument [Line Items]
Interest Rate	4.20%
Effective Interest Rate	4.50%
Face Amount	$ 400
Senior Notes	$ 398	0
Series UU Notes, maturing October 15, 2031
Debt Instrument [Line Items]
Interest Rate	4.50%
Effective Interest Rate	4.90%
Face Amount	$ 500
Senior Notes	$ 491	0
Series VV Notes, maturing October 15, 2035
Debt Instrument [Line Items]
Interest Rate	5.30%
Effective Interest Rate	5.50%
Face Amount	$ 600
Senior Notes	$ 588	$ 0

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Composition of Lease Expense and Supplemental Cash Flows

The following table details the composition of lease expense and supplemental cash flow information for 2025, 2024, and 2023:


(in millions)	2025		2024		2023
Operating lease cost	$	139	$	143	$	155
Variable lease cost	122		122		128
Operating cash outflows for operating leases	152		154		240
Operating lease assets obtained in exchange for lease obligation	160		37		25

The following table presents additional information about our lease obligations at year-end 2025 and 2024:


	2025				2024
	Operating Leases		Finance Leases		Operating Leases		Finance Leases

Weighted Average Remaining Lease Term (in years)	12		8		13		9
Weighted Average Discount Rate	4.5	%	4.4	%	4.3	%	4.4	%

Schedule of Maturities of Finance Lease Liabilities

The following table presents our future minimum lease payments at year-end 2025:


(in millions)	Operating Leases		Finance Leases
2026	$	144	$	16
2027	125		16
2028	118		17
2029	102		17
2030	96		18
Thereafter	668		60
Total minimum lease payments	$	1,253	$	144
Less: Amount representing interest	275		24
Present value of minimum lease payments	$	978	$	120

Schedule of Maturities of Operating Lease Liabilities

The following table presents our future minimum lease payments at year-end 2025:


(in millions)	Operating Leases		Finance Leases
2026	$	144	$	16
2027	125		16
2028	118		17
2029	102		17
2030	96		18
Thereafter	668		60
Total minimum lease payments	$	1,253	$	144
Less: Amount representing interest	275		24
Present value of minimum lease payments	$	978	$	120

Schedule of Assets And Liabilities, Lessee

The following table presents the composition of our current and noncurrent lease liability at year-end 2025 and 2024:


(in millions)	December 31, 2025				December 31, 2024
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Current (1)	$	99	$	11	$	104	$	9
Noncurrent (2)	879		109		794		115
	$	978	$	120	$	898	$	124

(1)Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.

(2)Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We manage risks from cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K, through our overall enterprise risk management process, which is overseen by our Board. As part of our enterprise risk management process, management has established a global information security program, which encompasses a dedicated team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. These policies, procedures, and processes are informed by recognized frameworks established by the National Institute of Standards and Technology (“NIST”) and the International Organization for Standardization, as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. We assess, identify, and manage risks from cybersecurity threats through various mechanisms, which from time to time may include tabletop exercises, business unit assessments, control gap analyses, threat modeling, impact analyses, internal audits, external audits, vulnerability scans, penetration tests, and engagement of third parties to conduct analyses of our information security program. We obtain cybersecurity threat intelligence from recognized forums, third parties, and other sources as part of our risk assessment process. We also maintain a risk-based approach for assessing, identifying, and managing risks from cybersecurity threats associated with key third-party service providers, hotel owners, and other companies with whom we do business. With respect to information security incident response, we maintain a Global Information Security & Privacy Incident Response Plan (“IRP”), which applies to information security incidents involving properties owned, leased, or managed by Marriott, as well as our above-property business locations. Our IRP sets out a coordinated, multi-functional approach for investigating, containing, and mitigating incidents, including reporting findings and keeping senior management and other key stakeholders informed and involved as appropriate. For properties that are not owned, leased, or managed by Marriott, the franchisees, licensees, or other applicable counterparties are generally responsible for information security at such properties and the systems and business processes related to information security that are under their direction and control. Franchisees and licensees are typically required to comply with Marriott brand standards relating to information security, which include an obligation to report relevant information security incidents to us.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We manage risks from cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K, through our overall enterprise risk management process, which is overseen by our Board. As part of our enterprise risk management process, management has established a global information security program, which encompasses a dedicated team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board has established a Technology and Information Security Oversight Committee (“TISOC”) to assist the Board in providing oversight of matters pertaining to technology platforms and systems, information security, and privacy, including risks from cybersecurity threats; management’s efforts to monitor, provide governance over, and mitigate those risks; significant cybersecurity incidents; and emerging technology and trends, including AI. The TISOC meets at least four times per year and receives reports from our global information security team and other members of management about these matters. The Board’s Audit Committee, which assists the Board in providing oversight of matters pertaining to the Company’s internal control environment, compliance with legal and regulatory requirements, and risk assessment policies and procedures, receives reports regarding information security and technology-related audits conducted by our internal audit department. Risks from cybersecurity threats are also discussed with the full Board as part of regular legal updates and management presentations, the Board’s oversight of enterprise risk management, and periodic education sessions. To establish, implement, and evaluate our risk management policies and practices with respect to cybersecurity threats, and to facilitate the communication of such matters to the Board, the TISOC, and the Audit Committee, as applicable, we have established a number of management committees, several of which include senior leaders and direct reports of the Company’s President and CEO, that serve as our policymaking and management-level governing bodies with respect to our information security, data privacy, and AI programs; oversee the implementation of our information security, data privacy, and AI risk management strategy; and identify, consider, and escalate information security, data privacy, and AI issues that may arise in our business.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board has established a Technology and Information Security Oversight Committee (“TISOC”) to assist the Board in providing oversight of matters pertaining to technology platforms and systems, information security, and privacy, including risks from cybersecurity threats; management’s efforts to monitor, provide governance over, and mitigate those risks; significant cybersecurity incidents; and emerging technology and trends, including AI.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The TISOC meets at least four times per year and receives reports from our global information security team and other members of management about these matters. The Board’s Audit Committee, which assists the Board in providing oversight of matters pertaining to the Company’s internal control environment, compliance with legal and regulatory requirements, and risk assessment policies and procedures, receives reports regarding information security and technology-related audits conducted by our internal audit department. Risks from cybersecurity threats are also discussed with the full Board as part of regular legal updates and management presentations, the Board’s oversight of enterprise risk management, and periodic education sessions.
Cybersecurity Risk Role of Management [Text Block]	To establish, implement, and evaluate our risk management policies and practices with respect to cybersecurity threats, and to facilitate the communication of such matters to the Board, the TISOC, and the Audit Committee, as applicable, we have established a number of management committees, several of which include senior leaders and direct reports of the Company’s President and CEO, that serve as our policymaking and management-level governing bodies with respect to our information security, data privacy, and AI programs; oversee the implementation of our information security, data privacy, and AI risk management strategy; and identify, consider, and escalate information security, data privacy, and AI issues that may arise in our business. Our global information security team led by our Chief Information Security Officer (“CISO”) works in coordination with these management committees and other cross-functional teams and is principally responsible for overseeing our information security strategy, working collaboratively with business leaders across the organization to assess, identify, and manage risks from cybersecurity threats, and to address cybersecurity incidents when they arise. Our information security program is operated on a 24/7 basis to address risks from cybersecurity threats and to respond to cybersecurity incidents globally. Cybersecurity incidents are escalated to our CISO and members of our global information security team, members of senior management, and members of the Board to the extent required under our IRP.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	To establish, implement, and evaluate our risk management policies and practices with respect to cybersecurity threats, and to facilitate the communication of such matters to the Board, the TISOC, and the Audit Committee, as applicable, we have established a number of management committees, several of which include senior leaders and direct reports of the Company’s President and CEO, that serve as our policymaking and management-level governing bodies with respect to our information security, data privacy, and AI programs; oversee the implementation of our information security, data privacy, and AI risk management strategy; and identify, consider, and escalate information security, data privacy, and AI issues that may arise in our business. Our global information security team led by our Chief Information Security Officer (“CISO”) works in coordination with these management committees and other cross-functional teams and is principally responsible for overseeing our information security strategy, working collaboratively with business leaders across the organization to assess, identify, and manage risks from cybersecurity threats, and to address cybersecurity incidents when they arise. Our information security program is operated on a 24/7 basis to address risks from cybersecurity threats and to respond to cybersecurity incidents globally. Cybersecurity incidents are escalated to our CISO and members of our global information security team, members of senior management, and members of the Board to the extent required under our IRP.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO and other members of senior management responsible for our information security program have extensive experience assessing and managing risks from cybersecurity threats, including decades of experience in information technology and information security positions; serving in information technology leadership positions at other large public companies; and having other significant experience in the areas of risk management, information technology, and information security. Our current CISO will be departing the Company voluntarily in late February 2026 for a position in another industry. We are undertaking a search for his replacement and expect to appoint a new CISO. Prior to such appointment, we intend to appoint an information security professional with appropriate expertise to act in an interim capacity to oversee our global information security program who will report to our Global Chief Information Officer and perform the CISO functions.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	To establish, implement, and evaluate our risk management policies and practices with respect to cybersecurity threats, and to facilitate the communication of such matters to the Board, the TISOC, and the Audit Committee, as applicable, we have established a number of management committees, several of which include senior leaders and direct reports of the Company’s President and CEO, that serve as our policymaking and management-level governing bodies with respect to our information security, data privacy, and AI programs; oversee the implementation of our information security, data privacy, and AI risk management strategy; and identify, consider, and escalate information security, data privacy, and AI issues that may arise in our business. Our global information security team led by our Chief Information Security Officer (“CISO”) works in coordination with these management committees and other cross-functional teams and is principally responsible for overseeing our information security strategy, working collaboratively with business leaders across the organization to assess, identify, and manage risks from cybersecurity threats, and to address cybersecurity incidents when they arise. Our information security program is operated on a 24/7 basis to address risks from cybersecurity threats and to respond to cybersecurity incidents globally. Cybersecurity incidents are escalated to our CISO and members of our global information security team, members of senior management, and members of the Board to the extent required under our IRP.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table details the accumulated other comprehensive loss activity for 2025, 2024, and 2023:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income (loss) (1)	86		(4)		82
Balance at year-end 2023	$	(654)	$	7	$	(647)
Other comprehensive (loss) income (1)	(437)		21		(416)
Balance at year-end 2024	$	(1,091)	$	28	$	(1,063)
Other comprehensive income (loss) (1)	442		(21)		421
Balance at year-end 2025	$	(649)	$	7	$	(642)

(1)Other comprehensive income (loss) includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in (losses) gains of $(71) million for 2025, $30 million for 2024, and $(28) million for 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Equity Method Investments

We have equity method investments in entities that own or lease properties for which we provide management services and receive fees. In addition, in some cases we provide loans, preferred equity, or guarantees to these entities.


(in millions)	2025		2024		2023




Cost reimbursement revenue	$	133	$	131	$	122


Reimbursed expenses	(138)		(135)		(126)



Equity in earnings	11		8		9

The carrying amount of our equity method investments was $298 million at both year-end 2025 and year-end 2024. This value exceeded our share of the book value of the investees’ net assets by $216 million at year-end 2025 and $223 million at year-end 2024, primarily due to the value that we assigned to land, contracts, and buildings owned by the investees.

Other Related Parties

We earned gross fee revenues plus reimbursement of certain expenses from franchised and managed properties in which members of the Marriott family hold varying interests. These amounts are not material to our Financial Statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

OPERATING ACTIVITIES

Net income

$ 2,601

$ 2,375

$ 3,083

Adjustments to reconcile to cash provided by operating activities:

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

^[1]

599

492

436

Stock-based compensation

236

237

205

Income taxes

(277)

(172)

(612)

Contract acquisition costs

(434)

(341)

(221)

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

(15)

(278)

Working capital changes

(147)

(82)

Other

176

(138)

Net cash provided by operating activities

3,212

2,749

3,170

INVESTING ACTIVITIES

Capital and technology expenditures

(604)

(750)

(452)

Asset acquisitions

(350)

(26)

(101)

Dispositions

Loan advances

(35)

(10)

(77)

Loan collections

Other

Net cash used in investing activities

(948)

(734)

(465)

FINANCING ACTIVITIES

Commercial paper/Credit Facility, net

(403)

163

546

Issuance of long-term debt

3,436

2,948

1,918

Repayment of long-term debt

(1,309)

(558)

(684)

Issuance of Class A Common Stock

Dividends paid

(718)

(682)

(587)

Purchase of treasury stock

(3,300)

(3,762)

(3,953)

Stock-based compensation withholding taxes

(116)

(138)

(108)

Other

(25)

Net cash used in financing activities

(2,318)

(1,956)

(2,864)

(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(54)

(159)

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

^[2]

425

366

525

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

^[2]

371

425

366

Liability for guest loyalty program

Adjustments to reconcile to cash provided by operating activities:

Liability for guest loyalty program

$ 473

$ 514

$ 301

[1]	The 2023 amounts reflect the reclassification of $159 million of depreciation and amortization classified in reimbursed expenses from the “Other” caption within operating activities to the “Depreciation, amortization, and other” caption of our Statements of Cash Flows to conform to our current presentation.
[2]	The 2025 amounts include beginning restricted cash of $29 million at December 31, 2024 and ending restricted cash of $13 million at December 31, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

PROPERTY AND EQUIPMENT - Schedule of Composition of our Property and Equipment Balances (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,901	$ 2,714
Accumulated depreciation	(947)	(881)
Property and equipment, net	1,954	1,833
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	772	768
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,337	1,238
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	643	619
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 149	$ 89

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

REVENUES

Revenue

$ 26,186

$ 25,100

$ 23,713

OPERATING COSTS AND EXPENSES

Depreciation, amortization, and other

213

183

189

General and administrative

^[1]

870

945

867

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

(2)

Costs and expenses

22,045

21,333

19,849

OPERATING INCOME

4,141

3,767

3,864

Gains and other income, net

Interest expense

(809)

(695)

(565)

Interest income

Equity in earnings

^[2]

INCOME BEFORE INCOME TAXES

3,394

3,151

3,378

Provision for income taxes

(793)

(776)

(295)

NET INCOME

$ 2,601

$ 2,375

$ 3,083

EARNINGS PER SHARE

Earnings per share - basic (in USD per share)

$ 9.53

$ 8.36

$ 10.23

Earnings per share - diluted (in USD per share)

$ 9.51

$ 8.33

$ 10.18

Net fee revenues

REVENUES

Gross fee revenues

$ 5,438

$ 5,170

$ 4,824

Contract investment amortization

(135)

(103)

(88)

Revenue

5,303

5,067

4,736

Franchise fees

REVENUES

Gross fee revenues

3,325

3,113

2,831

Base management fees

REVENUES

Gross fee revenues

1,322

1,288

1,238

Incentive management fees

REVENUES

Gross fee revenues

791

769

755

Owned, leased, and other

REVENUES

Revenue

1,679

1,551

1,564

OPERATING COSTS AND EXPENSES

Operating costs

^[1]

1,461

1,329

1,309

Reimbursements

REVENUES

Revenue

^[2]

19,204

18,482

17,413

OPERATING COSTS AND EXPENSES

Operating costs

^[2]

$ 19,503

$ 18,799

$ 17,424

[1]	In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. See Note 1 for additional information.
[2]	See Note 15 for disclosure of related party amounts.

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

The following table details the composition of our intangible assets at year-end 2025 and 2024:


(in millions)	At Year-End 2025		At Year-End 2024
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	2,899	$	2,538
Acquired contracts and other	1,964		1,918
Software	1,932		792
	6,795		5,248
Accumulated amortization	(2,607)		(1,471)
	4,188		3,777
Indefinite-lived Intangible Brand Assets	6,148		5,711
	$	10,336	$	9,488

We capitalize direct costs that we incur to obtain contracts with customers, which we amortize on a straight-line basis over the initial term of the agreements, generally ranging from 15 to 30 years.

For contracts acquired in business combinations and asset acquisitions, we record a definite-lived intangible asset at the acquisition date, which is amortized on a straight-line basis over the remaining life of the contract. We capitalize costs incurred to develop internal-use software and acquire software licenses and begin amortizing these costs when the software is substantially ready for its intended use on a straight-line basis over its estimated useful life, generally ranging from two to seven years. For acquired contracts, software, and other intangible assets, we recorded amortization expense of $313 million in 2025, $255 million in 2024, and $226 million in 2023 (of which $206 million in 2025, $158 million in 2024, and $122 million in 2023 was included in the “Reimbursed expenses” caption of our Income Statements). For these assets, we estimate that our

aggregate amortization expense will be $308 million in 2026, $272 million in 2027, $225 million in 2028, $181 million in 2029, and $131 million in 2030.

The following table details the carrying amount of our goodwill at year-end 2025 and 2024:


(in millions)	U.S. & Canada		EMEA		Greater China		APEC		CALA		Total Goodwill


Balance at year-end 2024	$	5,301	$	1,417	$	979	$	731	$	303	$	8,731



Foreign currency translation	18		97		30		17		14		176




Balance at year-end 2025	$	5,319	$	1,514	$	1,009	$	748	$	317	$	8,907

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of our earnings before income taxes for the last three fiscal years consisted of:


(in millions)	2025		2024		2023
U.S.	$	2,021	$	1,717	$	2,113
Non-U.S.	1,373		1,434		1,265
	$	3,394	$	3,151	$	3,378

Our (provision) benefit for income taxes for the last three fiscal years consisted of:


(in millions)		2025		2024		2023
Current	-U.S. Federal	$	(409)	$	(447)	$	(431)
	-U.S. State	(70)		(124)		(158)
	-Non-U.S.	(252)		(282)		(249)
		(731)		(853)		(838)

Deferred	-U.S. Federal	8		125		94
	-U.S. State	4		19		16
	-Non-U.S.	(74)		(67)		433
		(62)		77		543
		$	(793)	$	(776)	$	(295)

Unrecognized Tax Benefits

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2023 to the end of 2025:


(in millions)	Amount
Unrecognized tax benefit at beginning of 2023	$	255

Change attributable to tax positions taken in prior years	(90)
Change attributable to tax positions taken during the current period	16
Decrease attributable to settlements with taxing authorities	(9)

Unrecognized tax benefit at year-end 2023	172
Change attributable to tax positions taken in prior years	(4)
Change attributable to tax positions taken during the current period	17
Decrease attributable to settlements with taxing authorities	(2)

Unrecognized tax benefit at year-end 2024	183
Change attributable to tax positions taken in prior years	1
Change attributable to tax positions taken during the current period	16

Decrease attributable to lapse of statute of limitations	(106)
Unrecognized tax benefit at year-end 2025	$	94

Our unrecognized tax benefit balance included $90 million at year-end 2025, $171 million at year-end 2024, and $161 million at year-end 2023 of tax positions that, if recognized, would impact our effective tax rate. We recognize accrued interest and penalties for our unrecognized tax benefits as a component of tax expenses. Related interest (benefit) expense totaled $(41) million in 2025, $14 million in 2024, and $6 million in 2023. We accrued interest and penalties related to our unrecognized tax benefits of approximately $22 million at year-end 2025 and $63 million at year-end 2024.

We file income tax returns, including returns for our subsidiaries, in various jurisdictions around the world. The U.S. Internal Revenue Service has examined our federal income tax returns, and as of year-end 2025, we have settled all issues for tax years through 2022. Our 2023 and 2024 tax year audits are currently ongoing. Various foreign, state, and local income tax returns are also under examination by the applicable taxing authorities.

Deferred Income Taxes

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carry-forwards. We state those balances at the enacted tax rates we expect will be in effect when we pay or recover the taxes. Deferred income tax assets represent amounts available to reduce income taxes we will pay on taxable income in future years. We evaluate our ability to realize these future tax deductions and credits by assessing whether we expect to have sufficient future taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and available tax planning strategies to utilize these future deductions and credits. We establish a valuation allowance when we no longer consider it more likely than not that a deferred tax asset will be realized.

The following table presents the tax effect of each type of temporary difference and carry-forward that gave rise to significant portions of our deferred tax assets and liabilities as of year-end 2025 and year-end 2024:


(in millions)	At Year-End 2025		At Year-End 2024
Deferred Tax Assets
Employee benefits	$	289	$	302
Net operating loss carry-forwards	982		1,046
Accrued expenses and other reserves	134		153

Tax credits	64		62
Loyalty Program	343		313
Deferred income	114		114
Lease liabilities	255		239
Interest limitation	106		123
Property and equipment	29		15
Other	47		36
Deferred tax assets	2,363		2,403
Valuation allowance	(1,011)		(1,070)
Deferred tax assets after valuation allowance	1,352		1,333
Deferred Tax Liabilities


Intangibles	(584)		(477)
Right-of-use assets	(245)		(223)

Other	(32)		(64)
Deferred tax liabilities	(861)		(764)
Net deferred taxes	$	491	$	569

Our valuation allowance is primarily attributable to non-U.S. net operating loss carry-forwards.

At year-end 2025, we had approximately $52 million of tax credits that will expire through 2035 and $12 million of tax credits that do not expire. We recorded $5 million of net operating loss benefits in 2025 and $22 million in 2024. At year-end 2025, we had approximately $4,436 million of primarily state and foreign net operating losses, of which $2,867 million will expire between 2042 and 2045.

We made no provision for U.S. income taxes or additional non-U.S. taxes on certain undistributed earnings of non-U.S. subsidiaries. These earnings could become subject to additional taxes if the non-U.S. subsidiaries dividend or loan those earnings to an affiliate or if we sell our interests in the non-U.S. subsidiaries. We cannot practically estimate the amount of additional taxes that might be payable on the undistributed earnings.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the year ended December 31, 2025, as required by ASU 2023-09 (see “New Accounting Standards Adopted” caption in Note 2 for more information):


	2025
($ in millions)	Amount		Percent
U.S. statutory tax rate	$	713	21.0	%
Federal
Effect of cross-border tax laws
Foreign Tax Credits	(41)		(1.2)
Other	17		0.5
Other	(24)		(0.7)
State and local income tax, net of federal tax benefit (1)	95		2.8
Non-U.S. tax effects
Canada
Effect of cross-border tax laws	37		1.1
Luxembourg
Changes in valuation allowance	(56)		(1.6)
Nontaxable or nondeductible items	76		2.2
Other Non-U.S. jurisdictions	105		3.1
Changes in unrecognized tax benefits	(129)		(3.8)
Effective rate	$	793	23.4	%

(1) State and local taxes in California, Maryland, and New York make up the majority (greater than 50%) of the tax in this category.

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09:


	2024		2023
U.S. statutory tax rate	21.0	%	21.0	%
U.S. state income taxes, net of U.S. federal tax benefit	2.4		2.8
Non-U.S. income	1.6		0.3
Change in valuation allowance	(0.9)		(5.8)
Change in uncertain tax positions	0.4		(2.3)




Excess tax benefits related to equity awards	(1.0)		(0.8)
U.S. tax on foreign earnings	1.0		1.1
Intellectual property restructuring	0.0		(7.9)
Other, net	0.1		0.3
Effective rate	24.6	%	8.7	%

Other Information

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025, as required by ASU 2023-09:


(in millions)	2025
U.S. Federal	$	496
U.S. State	156
Non-U.S.
Switzerland	126
Other jurisdictions	292
Total cash paid	$	1,070

We paid cash for income taxes, net of refunds, of $947 million in 2024 and $907 million in 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	$ 151	$ 136
Commercial paper	(1,177)	(1,582)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	151	136
Total noncurrent financial assets	151	136
Senior Notes	(13,686)	(11,419)
Commercial paper	(1,177)	(1,582)
Total noncurrent financial liabilities	(14,863)	(13,001)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	149	133
Total noncurrent financial assets	149	133
Senior Notes	(13,836)	(11,083)
Commercial paper	(1,177)	(1,582)
Total noncurrent financial liabilities	$ (15,013)	$ (12,665)

INCOME TAXES - Schedule of Unrecognized Tax Benefit Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit at beginning of year	$ 183	$ 172	$ 255
Change attributable to tax positions taken in prior years		(4)	(90)
Change attributable to tax positions taken in prior years	1
Change attributable to tax positions taken during the current period	16	17	16
Decrease attributable to settlements with taxing authorities		(2)	(9)
Decrease attributable to lapse of statute of limitations	(106)
Unrecognized tax benefit at end of year	$ 94	$ 183	$ 172

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions		12 Months Ended
	Nov. 30, 2018 lawsuit	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees		$ 96
Maximum Potential Amount of Future Fundings		225
Letters of credit outstanding		116
Surety bonds issued		187
Class Action Lawsuits Related to Data Security Incident
Commitments and Contingencies Disclosure [Line Items]
Number of lawsuits filed \| lawsuit	100
Operating profit
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees		85
Maximum Potential Amount of Future Fundings		142
Not Yet In Effect Condition \| Operating profit
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings		73
Accrued Expenses and Other
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees		12
Other noncurrent liabilities
Commitments and Contingencies Disclosure [Line Items]
Recorded Liability for Guarantees		$ 84
Minimum
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligations, term		3 years
Maximum
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligations, term		10 years

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions [Abstract]
Carrying amount of equity method investments	$ 298	$ 298
Amount by which the fair value of equity method investments exceeds company's share of the book value of the investee's net assets	$ 216	$ 223

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

STOCK-BASED COMPENSATION - Schedule of Additional Information on RSUs (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Restricted Stock Activity [Line Items]
Stock-based compensation expense (in millions)	$ 196	$ 203	$ 179
Weighted average grant-date fair value (in USD per share)	$ 267	$ 222	$ 167
Aggregate intrinsic value of distributed RSUs (in millions)	$ 331	$ 340	$ 297

- 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

ACQUISITION	12 Months Ended
ACQUISITION	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
ACQUISITION	ACQUISITION In 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. In the 2025 fourth quarter, we completed the integration of the citizenM portfolio, which included 37 open select-service hotels (8,789 rooms), into our system and platforms. 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 $290 million and contract assets, with a weighted-average term of 20 years, totaling $60 million.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 2.64	$ 2.41	$ 1.96
Common stock, authorized (in shares)	800,000,000
Common stock, par value (in USD per share)	$ 0.01
Preferred stock, authorized (in shares)	10,000,000
Common stock, outstanding (in shares)	265,864,771
Common stock shares issued not disclosed	true
Preferred stock, outstanding (in shares)	0

RELATED PARTY TRANSACTIONS - Schedule of Financial Data Resulting from Transactions with Related Parties, Income Statement Data (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cost reimbursement revenue

$ 26,186

$ 25,100

$ 23,713

Equity in earnings

^[1]

Equity Method Investment

Equity in earnings

Reimbursements

Cost reimbursement revenue

^[1]

19,204

18,482

17,413

Reimbursed expenses

^[1]

(19,503)

(18,799)

(17,424)

Reimbursements | Equity Method Investment

Cost reimbursement revenue

133

131

122

Reimbursed expenses

$ (138)

$ (135)

$ (126)

[1]	See Note 15 for disclosure of related party amounts.

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

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FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 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:


	At Year-End 2025				At Year-End 2024
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes receivable	$	151	$	149	$	136	$	133
Total noncurrent financial assets	$	151	$	149	$	136	$	133

Senior Notes	$	(13,686)	$	(13,836)	$	(11,419)	$	(11,083)
Commercial paper	(1,177)		(1,177)		(1,582)		(1,582)

Total noncurrent financial liabilities	$	(14,863)	$	(15,013)	$	(13,001)	$	(12,665)

Our notes receivable include mezzanine and other loans to hotel owners, generally to facilitate the development or renovation of a hotel and sometimes to facilitate brand programs or initiatives. We estimate the fair value of our notes receivable by discounting cash flows using risk-adjusted rates, both of which are Level 3 inputs.

We determine the fair value of our Senior Notes using quoted market prices, which are directly observable Level 1 inputs. The carrying amount of our commercial paper borrowings approximate fair value due to their short maturity and because they bear interest at a market rate.

See the “Fair Value Measurements” caption of Note 2 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

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Computation of Basic Earnings Per Share
Net income	$ 2,601	$ 2,375	$ 3,083
Shares for basic earnings per share (in shares)	272.9	284.2	301.5
Basic earnings per share (in USD per share)	$ 9.53	$ 8.36	$ 10.23
Computation of Diluted Earnings Per Share
Net income	$ 2,601	$ 2,375	$ 3,083
Shares for basic earnings per share (in shares)	272.9	284.2	301.5
Effect of dilutive securities
Stock-based compensation (in shares)	0.7	1.0	1.4
Shares for diluted earnings per share (in shares)	273.6	285.2	302.9
Diluted earnings per share (in USD per share)	$ 9.51	$ 8.33	$ 10.18

- 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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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

STOCK-BASED COMPENSATION - Schedule of Changes in Outstanding RSU Grants (Details) - RSUs - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of RSUs (in millions)
Outstanding beginning balance (in shares)	2.6
Granted (in shares)	0.8
Distributed (in shares)	(1.2)
Forfeited (in shares)	(0.1)
Outstanding ending balance (in shares)	2.1	2.6
Weighted Average Grant-Date Fair Value (per unit)
Outstanding beginning balance (in USD per share)	$ 178
Granted (in USD per share)	267	$ 222	$ 167
Distributed (in USD per share)	157
Forfeited (in USD per share)	218
Outstanding ending balance (in USD per share)	$ 222	$ 178

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	$ (2,992)	$ (682)	$ 568
Other comprehensive income (loss)	421	(416)	82
Ending balance	(3,771)	(2,992)	(682)
Intra-entity foreign currency long-term-investment gains (losses)	(71)	30	(28)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	(1,063)	(647)	(729)
Other comprehensive income (loss)	421	(416)	82
Ending balance	(642)	(1,063)	(647)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	(1,091)	(654)	(740)
Other comprehensive income (loss)	442	(437)	86
Ending balance	(649)	(1,091)	(654)
Other Adjustments
AOCI Attributable to Parent [Roll forward] [Abstract]
Beginning balance	28	7	11
Other comprehensive income (loss)	(21)	21	(4)
Ending balance	$ 7	$ 28	$ 7

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Paragraph 10
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S99
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Statement of Cash Flows [Abstract]
Restricted cash		$ 13	$ 29
Depreciation and amortization reclassified	$ 159

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of (Losses) Earnings Before Income Taxes

The components of our earnings before income taxes for the last three fiscal years consisted of:


(in millions)	2025		2024		2023
U.S.	$	2,021	$	1,717	$	2,113
Non-U.S.	1,373		1,434		1,265
	$	3,394	$	3,151	$	3,378

Schedule of Provision (Benefit) for Income Taxes

Our (provision) benefit for income taxes for the last three fiscal years consisted of:


(in millions)		2025		2024		2023
Current	-U.S. Federal	$	(409)	$	(447)	$	(431)
	-U.S. State	(70)		(124)		(158)
	-Non-U.S.	(252)		(282)		(249)
		(731)		(853)		(838)

Deferred	-U.S. Federal	8		125		94
	-U.S. State	4		19		16
	-Non-U.S.	(74)		(67)		433
		(62)		77		543
		$	(793)	$	(776)	$	(295)

Schedule of Unrecognized Tax Benefits Reconciliation

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2023 to the end of 2025:


(in millions)	Amount
Unrecognized tax benefit at beginning of 2023	$	255

Change attributable to tax positions taken in prior years	(90)
Change attributable to tax positions taken during the current period	16
Decrease attributable to settlements with taxing authorities	(9)

Unrecognized tax benefit at year-end 2023	172
Change attributable to tax positions taken in prior years	(4)
Change attributable to tax positions taken during the current period	17
Decrease attributable to settlements with taxing authorities	(2)

Unrecognized tax benefit at year-end 2024	183
Change attributable to tax positions taken in prior years	1
Change attributable to tax positions taken during the current period	16

Decrease attributable to lapse of statute of limitations	(106)
Unrecognized tax benefit at year-end 2025	$	94

Schedule of Deferred Tax Assets and Liabilities


(in millions)	At Year-End 2025		At Year-End 2024
Deferred Tax Assets
Employee benefits	$	289	$	302
Net operating loss carry-forwards	982		1,046
Accrued expenses and other reserves	134		153

Tax credits	64		62
Loyalty Program	343		313
Deferred income	114		114
Lease liabilities	255		239
Interest limitation	106		123
Property and equipment	29		15
Other	47		36
Deferred tax assets	2,363		2,403
Valuation allowance	(1,011)		(1,070)
Deferred tax assets after valuation allowance	1,352		1,333
Deferred Tax Liabilities


Intangibles	(584)		(477)
Right-of-use assets	(245)		(223)

Other	(32)		(64)
Deferred tax liabilities	(861)		(764)
Net deferred taxes	$	491	$	569

Schedule of Reconciliation of the U.S. Statutory Tax Rate to Effective Income Tax Rate


	2025
($ in millions)	Amount		Percent
U.S. statutory tax rate	$	713	21.0	%
Federal
Effect of cross-border tax laws
Foreign Tax Credits	(41)		(1.2)
Other	17		0.5
Other	(24)		(0.7)
State and local income tax, net of federal tax benefit (1)	95		2.8
Non-U.S. tax effects
Canada
Effect of cross-border tax laws	37		1.1
Luxembourg
Changes in valuation allowance	(56)		(1.6)
Nontaxable or nondeductible items	76		2.2
Other Non-U.S. jurisdictions	105		3.1
Changes in unrecognized tax benefits	(129)		(3.8)
Effective rate	$	793	23.4	%

(1) State and local taxes in California, Maryland, and New York make up the majority (greater than 50%) of the tax in this category.

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09:


	2024		2023
U.S. statutory tax rate	21.0	%	21.0	%
U.S. state income taxes, net of U.S. federal tax benefit	2.4		2.8
Non-U.S. income	1.6		0.3
Change in valuation allowance	(0.9)		(5.8)
Change in uncertain tax positions	0.4		(2.3)




Excess tax benefits related to equity awards	(1.0)		(0.8)
U.S. tax on foreign earnings	1.0		1.1
Intellectual property restructuring	0.0		(7.9)
Other, net	0.1		0.3
Effective rate	24.6	%	8.7	%

Schedule of Income Taxes Paid (Net of Refunds Received)

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025, as required by ASU 2023-09:


(in millions)	2025
U.S. Federal	$	496
U.S. State	156
Non-U.S.
Switzerland	126
Other jurisdictions	292
Total cash paid	$	1,070

LEASES - Schedule of Current and Noncurrent Lease Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
Current	$ 99	$ 104
Noncurrent	879	794
Present value of minimum lease payments	978	898
Finance Lease Liability [Abstract]
Current	11	9
Noncurrent	109	115
Present value of minimum lease payments	$ 120	$ 124
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other	Accrued expenses and other
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, noncurrent	Long-term debt, noncurrent

LEASES - Additional Information (Details)	12 Months Ended
LEASES - Additional Information (Details)	Dec. 31, 2025 renewal_option
Lessee, Lease, Description [Line Items]
Lease term	20 years
Minimum
Lessee, Lease, Description [Line Items]
Number of options for renewal (or more than)	1
Renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table presents the composition of our property and equipment balances at year-end 2025 and 2024:


(in millions)	At Year-End 2025		At Year-End 2024
Land	$	772	$	768
Buildings and leasehold improvements	1,337		1,238
Furniture and equipment	643		619
Construction in progress	149		89
	2,901		2,714
Accumulated depreciation	(947)		(881)
	$	1,954	$	1,833

We record property and equipment at cost, including interest and real estate taxes we incur during development and construction. We capitalize the cost of improvements that extend the useful life of property and equipment when we incur them. These capitalized costs may include structural costs, equipment, fixtures, floor, and wall coverings. We expense all repair and maintenance costs when we incur them. We compute depreciation using the straight-line method over the estimated useful lives of the assets (generally three to 40 years), and we amortize leasehold improvements over the shorter of the asset life or lease term. Our gross depreciation expense totaled $145 million in 2025, $128 million in 2024, and $122 million in 2023 (of which $39 million in 2025, $42 million in 2024, and $37 million in 2023 was included in the “Reimbursed expenses” caption of our Income Statements). Fixed assets attributed to operations located outside the U.S. were $677 million at year-end 2025 and $554 million at year-end 2024.

COMMITMENTS AND CONTINGENCIES - Schedule of Guarantees (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	$ 225
Recorded Liability for Guarantees	96
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	142
Recorded Liability for Guarantees	85
Other
Commitments and Contingencies Disclosure [Line Items]
Maximum Potential Amount of Future Fundings	21
Recorded Liability for Guarantees	$ 5

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income Activity

The following table details the accumulated other comprehensive loss activity for 2025, 2024, and 2023:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2022	$	(740)	$	11	$	(729)
Other comprehensive income (loss) (1)	86		(4)		82
Balance at year-end 2023	$	(654)	$	7	$	(647)
Other comprehensive (loss) income (1)	(437)		21		(416)
Balance at year-end 2024	$	(1,091)	$	28	$	(1,063)
Other comprehensive income (loss) (1)	442		(21)		421
Balance at year-end 2025	$	(649)	$	7	$	(642)

LEASES - Schedule of Lease Terms and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted Average Remaining Lease Term (in years)
Operating Leases	12 years	13 years
Finance Leases	8 years	9 years
Weighted Average Discount Rate
Operating Leases	4.50%	4.30%
Finance Leases	4.40%	4.40%

INTANGIBLE ASSETS AND GOODWILL - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 313	$ 255	$ 226
Expected aggregate future amortization expense of intangible assets for 2026	308
Expected aggregate future amortization expense of intangible assets for 2027	272
Expected aggregate future amortization expense of intangible assets for 2028	225
Expected aggregate future amortization expense of intangible assets for 2029	181
Expected aggregate future amortization expense of intangible assets for 2030	131
Reimbursed Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 206	$ 158	$ 122
Minimum \| Costs Incurred to Obtain Contracts
Finite-Lived Intangible Assets [Line Items]
Range of amortization life of intangible assets	15 years
Minimum \| Software
Finite-Lived Intangible Assets [Line Items]
Range of amortization life of intangible assets	2 years
Maximum \| Costs Incurred to Obtain Contracts
Finite-Lived Intangible Assets [Line Items]
Range of amortization life of intangible assets	30 years
Maximum \| Software
Finite-Lived Intangible Assets [Line Items]
Range of amortization life of intangible assets	7 years

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Composition of Property and Equipment Balances

The following table presents the composition of our property and equipment balances at year-end 2025 and 2024:


(in millions)	At Year-End 2025		At Year-End 2024
Land	$	772	$	768
Buildings and leasehold improvements	1,337		1,238
Furniture and equipment	643		619
Construction in progress	149		89
	2,901		2,714
Accumulated depreciation	(947)		(881)
	$	1,954	$	1,833

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 145	$ 128	$ 122
Property and equipment, net	1,954	1,833
Non-US
Property, Plant and Equipment [Line Items]
Property and equipment, net	677	554
Reimbursed Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 39	$ 42	$ 37
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years

BUSINESS SEGMENTS - Schedule of Reconciliation of Total Segment Revenue and Profit to Consolidated Revenue and Profit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	$ 26,186	$ 25,100	$ 23,713
Interest expense, net of interest income	(767)	(655)	(535)
INCOME BEFORE INCOME TAXES	3,394	3,151	3,378
Total segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	23,419	22,576	21,394
Operating income	3,690	3,618	3,616
Unallocated corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	2,767	2,524	2,319
Operating income	$ 471	$ 188	$ 297

INCOME TAXES - Schedule of Reconciliation of the U.S. Statutory Tax Rate to Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective rate, Amount
U.S. statutory tax rate	$ 713
Other	(24)
State and local income tax, net of federal tax benefit	95
Changes in valuation allowance	(56)
Nontaxable or nondeductible items	76
Other Non-U.S. jurisdictions	105
Changes in unrecognized tax benefits	(129)
Effective rate	$ 793	$ 776	$ 295
Effective rate, Percent
U.S. statutory tax rate	21.00%	21.00%	21.00%
Other	(0.70%)	0.10%	0.30%
U.S. state income taxes, net of U.S. federal tax benefit	2.80%	2.40%	2.80%
Changes in valuation allowance	(1.60%)	(0.90%)	(5.80%)
Nontaxable or nondeductible items	2.20%
Other Non-U.S. jurisdictions	3.10%	1.60%	0.30%
Changes in unrecognized tax benefits	(3.80%)	0.40%	(2.30%)
Effective rate	23.40%	24.60%	8.70%
United States
Effective rate, Amount
Foreign Tax Credits	$ (41)
Other	$ 17
Effective rate, Percent
Foreign Tax Credits	(1.20%)
Other	0.50%
Canada
Effective rate, Amount
Effect of cross-border tax laws	$ 37
Effective rate, Percent
Effect of cross-border tax laws	1.10%

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 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 at year-end 2025 and 2024:


($ in millions)	Interest Rate		Effective Interest Rate		Face Amount		Balance as of December 31, 2025		Balance as of December 31, 2024
Senior Notes:
Series P Notes, matured October 1, 2025	3.8	%	4.0	%	$	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		1,094		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		994		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		449		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		982		980
Series PP Notes, maturing March 15, 2030	4.8	%	5.0	%	500		496		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		1,475		—
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		588		—
Commercial paper							1,177		1,582
Credit Facility							—		—
Finance lease obligations							120		124
Other							23		55
							$	16,204	$	14,447
Less current portion							(1,209)		(1,309)
							$	14,995	$	13,138

Schedule of Future Principal Payments for Debt

The following table presents future principal payments, net of discounts, premiums, and debt issuance costs, for our debt at year-end 2025:


(in millions)	Debt Principal Payments
2026	$	1,209
2027	2,581
2028	1,454
2029	1,297
2030	1,503
Thereafter	8,160
Balance at year-end 2025	$	16,204

- 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

STOCK-BASED COMPENSATION - Additional Information (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved under the stock plan (in shares) \| shares	10
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Period of service after grant date	1 year
Deferred compensation costs \| $	$ 173
Weighted average remaining term for grants outstanding	2 years 2 months 12 days

- 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

+ Details