Marriott is the largest hotel company in the world by rooms — 1,779,936 of them at the end of 2025 — and it owns 14,406. That is why its income statement has to be read twice: of the $26,186 million of revenue it reported for 2025, $19,204 million was money collected from hotel owners for reservations, marketing and the loyalty programme and paid straight out again. The business it earns a margin on is $6,982 million, and the same operating income is a 15.8% margin on the headline or a 59.3% margin on the business. This is a full institutional-grade equity research report on Marriott International, Inc. (Nasdaq: MAR), written to teach the economics of franchising, managing and licensing hotels from first principles, and built from the as-filed statements of every Form 10-K and 10-Q from 2010 to the quarter ended 30 June 2026, SEC XBRL company facts, ninety-seven quarterly earnings releases and the proxy statements, into eight chapters and 85 rebuilt charts.
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