Marriott International (NASDAQ: MAR) is a hospitality company that operates, franchises, and licenses hotels and other lodging properties across a global system of brands. It earns fees from hotel owners through franchise agreements, management agreements, and license agreements rather than owning most of the underlying real estate. The company organizes its geographic exposure into U.S. & Canada and International segments, with the International segment covering Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. Hotel owners operating under Marriott's system agreements pay fees tied to property-level revenues and performance, making Marriott's income largely a function of systemwide occupancy and room rates rather than owned-asset values. The 10-K for fiscal year ended December 31, 2025, filed February 10, 2026, reflects this asset-light structure built around brand licensing and management contracts.

Revenue model

Fee-based revenue from franchise agreements, management agreements, and license agreements with third-party hotel owners. Revenue is tied to property-level performance metrics across the system rather than direct ownership of lodging assets.

Products and services

Hotel and lodging operations under a portfolio of brands, delivered through franchise, management, and license agreements with property owners. The filing references hotels and other lodging offerings operating within the Marriott system.

Customers and end markets

Hotel owners who operate properties under Marriott brand agreements are the direct customers. End markets include leisure and business travelers across U.S. & Canada and International regions.

Value-chain role

Brand franchisor and hotel management company. Marriott sits between property owners and end travelers, providing brand, distribution, and management services without owning most of the underlying real estate.

Geographic exposure

U.S. & Canada and International, with International covering Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America, as disclosed in the FY2025 10-K filed February 10, 2026.

Source: SEC 10-K, filed 2026-02-10

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