MARRIOTT INTERNATIONAL INC /MD/ Annual Report - Investor's Guide to the Fiscal Year Ended December 31, 2025

This guide provides critical information investors can use from Marriott International's SEC 10-K filing for the fiscal year ended December 31, 2025. It offers a comprehensive understanding of the company's business, financial health, strategic direction, and future prospects.

---

1. Company Overview and Fiscal Year Performance Marriott International operates, franchises, and licenses an extensive global portfolio of hotels and resorts. This section outlines their business model and summarizes their operational performance for the fiscal year, covering key metrics like global RevPAR (Revenue Per Available Room), occupancy rates, and average daily rates (ADR), along with any significant changes in their property portfolio or market presence.

2. Financial Performance: Key Metrics and Growth Drivers This section provides a comprehensive review of Marriott's financial performance, featuring specific figures for total revenue, net income, diluted earnings per share (EPS), and EBITDA. It analyzes year-over-year growth rates for these metrics, identifies main revenue drivers (such as new hotel openings, RevPAR growth, and loyalty program impact), and evaluates profitability trends and margins. This review presents specific numbers, comparative data, and growth percentages to illustrate the company's financial health and trajectory.

3. Operational Highlights, Strategic Achievements, and Challenges This section details Marriott's key operational achievements and strategic successes during the year, including successful brand expansions, loyalty program enhancements, or market share gains in key regions. It also addresses major challenges the company faced, such as macroeconomic headwinds, supply chain disruptions, or competitive pressures, and explains how Marriott responded to these hurdles. Specific initiatives and their outcomes are highlighted.

4. Financial Health and Capital Structure This section assesses Marriott's financial health, including specific figures for cash and cash equivalents, total outstanding debt, and key liquidity ratios (e.g., current ratio, quick ratio). It examines their debt maturity profile, credit ratings, and free cash flow generation, providing insight into their ability to meet obligations, fund operations, and invest in future growth. This assessment clearly illustrates their balance sheet strength.

5. Key Risk Factors and Mitigation Strategies This section thoroughly reviews the 10-K to identify and explain the main risks that could affect Marriott's business operations, financial results, and stock price. These typically include macroeconomic risks (e.g., recessions, inflation, interest rate fluctuations), geopolitical instability, shifts in the competitive landscape, cybersecurity threats, regulatory changes, and risks related to their extensive franchise model. It also outlines the company's stated strategies to mitigate these risks.

6. Competitive Landscape and Market Positioning This section analyzes Marriott's competitive position within the global hospitality industry. It assesses their market share, brand portfolio strength, pricing power, and differentiation strategies compared to major competitors. It also provides insights into their competitive advantages, such as brand recognition or loyalty program reach, and potential vulnerabilities, supported by relevant industry data.

7. Corporate Governance, Leadership, and Strategic Direction This section presents details on any significant changes in Marriott's executive leadership team or Board of Directors, including effective dates and reasons. It also outlines the company's main strategic priorities for the coming years, such as expansion plans, technological investments (e.g., AI, digital platforms), sustainability initiatives, or capital allocation strategies, as stated in the filing.

8. Future Outlook and Management Guidance This section summarizes Marriott's forward-looking statements and management's guidance for the upcoming fiscal year (2026). This summary includes specific expectations for RevPAR growth, new unit development, capital expenditures, and any other financial or operational targets the company provides. It also discusses potential opportunities and challenges management highlights, along with their strategic responses.

9. Industry Trends and Regulatory Environment This section includes an analysis of broader market trends impacting the hospitality sector, such as evolving consumer travel patterns, the impact of digital booking platforms, growing demand for sustainable travel, and labor market dynamics. It also highlights any significant regulatory changes or policy developments (e.g., new labor laws, environmental regulations, tax policies) that could affect Marriott's operations or financial performance, and their potential implications.

---

This guide offers a clear, comprehensive understanding of Marriott International's performance and prospects, providing investors with the insights needed to make informed decisions.