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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________
FORM 10-Q
_________________________________________________

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the transition period from to

Commission File No. 1-13881
_________________________________________________
MARRIOTT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)

Delaware |  | 52-2055918
(State or other jurisdiction of incorporation or organization) |  | (IRS Employer Identification No.)
7750 Wisconsin Avenue |  | Bethesda |  | Maryland |  | 20814
(Address of principal executive offices) |  | (Zip Code)

(Registrant’s telephone number, including area code) (301) 380-3000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value |  | MAR |  | Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer |  | ý |  | Accelerated filer |  | ¨
Non-accelerated filer |  | ¨ |  | Smaller reporting company |  | ☐
|  |  |  | Emerging growth company |  | ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 268,351,795 shares of Class A Common Stock, par value $0.01 per share, outstanding at October 27, 2025.

Table of Contents
MARRIOTT INTERNATIONAL, INC.
FORM 10-Q TABLE OF CONTENTS

|  | Page No.
Part I. | Financial Information (Unaudited) |
Item 1. | Financial Statements |
| Condensed Consolidated Statements of Income | 3
| Condensed Consolidated Statements of Comprehensive Income | 4
| Condensed Consolidated Balance Sheets | 5
| Condensed Consolidated Statements of Cash Flows | 6
| Notes to Condensed Consolidated Financial Statements | 7
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 16
| Cautionary Statement | 16
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 24
Item 4. | Controls and Procedures | 25
Part II. | Other Information |
Item 1. | Legal Proceedings | 26
Item 1A. | Risk Factors | 26
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 26
Item 5. | Other Information | 26
Item 6. | Exhibits | 27
| Signature | 28

2

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
MARRIOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
REVENUES |  |  |  |  |  |  |
Base management fees | $ | 314 |  |  | $ | 312 |  |  | $ | 979 |  |  | $ | 955 |
Franchise fees | 876 |  |  | 812 |  |  | 2,482 |  |  | 2,318 |
Incentive management fees | 148 |  |  | 159 |  |  | 552 |  |  | 563 |
Gross fee revenues | 1,338 |  |  | 1,283 |  |  | 4,013 |  |  | 3,836 |
Contract investment amortization | (29) |  |  | (26) |  |  | (86) |  |  | (76) |
Net fee revenues | 1,309 |  |  | 1,257 |  |  | 3,927 |  |  | 3,760 |
Owned, leased, and other revenue | 420 |  |  | 381 |  |  | 1,222 |  |  | 1,133 |
Cost reimbursement revenue | 4,760 |  |  | 4,617 |  |  | 14,347 |  |  | 13,778 |
| 6,489 |  |  | 6,255 |  |  | 19,496 |  |  | 18,671 |
OPERATING COSTS AND EXPENSES |  |  |  |  |  |  |
Owned, leased, and other - direct | 326 |  |  | 300 |  |  | 950 |  |  | 882 |
Depreciation, amortization, and other | 50 |  |  | 45 |  |  | 154 |  |  | 137 |
General, administrative, and other | 234 |  |  | 276 |  |  | 724 |  |  | 785 |
Restructuring and merger-related (recoveries) charges, and other | (40) |  |  | 9 |  |  | (31) |  |  | 25 |
Reimbursed expenses | 4,739 |  |  | 4,681 |  |  | 14,335 |  |  | 13,827 |
| 5,309 |  |  | 5,311 |  |  | 16,132 |  |  | 15,656 |
OPERATING INCOME | 1,180 |  |  | 944 |  |  | 3,364 |  |  | 3,015 |
Gains and other income, net | 3 |  |  | 7 |  |  | 6 |  |  | 15 |
Interest expense | (206) |  |  | (179) |  |  | (601) |  |  | (515) |
Interest income | 12 |  |  | 11 |  |  | 33 |  |  | 30 |
Equity in earnings | 5 |  |  | 3 |  |  | 10 |  |  | 8 |
INCOME BEFORE INCOME TAXES | 994 |  |  | 786 |  |  | 2,812 |  |  | 2,553 |
Provision for income taxes | (266) |  |  | (202) |  |  | (656) |  |  | (633) |
NET INCOME | $ | 728 |  |  | $ | 584 |  |  | $ | 2,156 |  |  | $ | 1,920 |
EARNINGS PER SHARE |  |  |  |  |  |  |
Earnings per share – basic | $ | 2.68 |  |  | $ | 2.08 |  |  | $ | 7.86 |  |  | $ | 6.71 |
Earnings per share – diluted | $ | 2.67 |  |  | $ | 2.07 |  |  | $ | 7.84 |  |  | $ | 6.69 |

See Notes to Condensed Consolidated Financial Statements.
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MARRIOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Net income | $ | 728 |  |  | $ | 584 |  |  | $ | 2,156 |  |  | $ | 1,920 |
Other comprehensive income (loss) |  |  |  |  |  |  |
Foreign currency translation adjustments | (6) |  |  | 209 |  |  | 414 |  |  | (62) |
Other adjustments, net of tax | 7 |  |  | (18) |  |  | (24) |  |  | (5) |
Total other comprehensive income (loss), net of tax | 1 |  |  | 191 |  |  | 390 |  |  | (67) |
Comprehensive income | $ | 729 |  |  | $ | 775 |  |  | $ | 2,546 |  |  | $ | 1,853 |

See Notes to Condensed Consolidated Financial Statements.
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MARRIOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)

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

See Notes to Condensed Consolidated Financial Statements.
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MARRIOTT INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)

| Nine Months Ended
| September 30, 2025 |  | September 30, 2024
OPERATING ACTIVITIES |  |  |
Net income | $ | 2,156 |  |  | $ | 1,920 |
Adjustments to reconcile to cash provided by operating activities: |  |  |
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses) (2) | 422 |  |  | 363 |
Stock-based compensation | 171 |  |  | 173 |
Income taxes | (136) |  |  | (96) |
Liability for guest loyalty program | 301 |  |  | 365 |
Contract acquisition costs | (301) |  |  | (256) |
Restructuring and merger-related (recoveries) charges, and other | (66) |  |  | 24 |
Working capital changes | (345) |  |  | (162) |
Other | 181 |  |  | 100 |
Net cash provided by operating activities | 2,383 |  |  | 2,431 |
INVESTING ACTIVITIES |  |  |
Capital and technology expenditures | (432) |  |  | (408) |
Asset acquisition | (349) |  |  | — |
Dispositions | 9 |  |  | 4 |
Loan advances | (31) |  |  | (10) |
Loan collections | 16 |  |  | 10 |
Other | 12 |  |  | 15 |
Net cash used in investing activities | (775) |  |  | (389) |
FINANCING ACTIVITIES |  |  |
Commercial paper/Credit Facility, net | (960) |  |  | (648) |
Issuance of long-term debt | 3,436 |  |  | 2,948 |
Repayment of long-term debt | (957) |  |  | (556) |
Issuance of Class A Common Stock | 92 |  |  | 73 |
Dividends paid | (539) |  |  | (506) |
Purchase of treasury stock | (2,300) |  |  | (3,176) |
Stock-based compensation withholding taxes | (111) |  |  | (127) |
Net cash used in financing activities | (1,339) |  |  | (1,992) |
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 269 |  |  | 50 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1) | 425 |  |  | 366 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1) | $ | 694 |  |  | $ | 416 |

(1)The 2025 amounts include beginning restricted cash of $29 million at December 31, 2024, and ending restricted cash of $16 million at September 30, 2025, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.
(2)The 2024 first three quarters reflect the reclassification of $150 million of depreciation and amortization classified in reimbursed expenses from the “Other” caption within operating activities to the “Depreciation, amortization, and other” caption of our Statements of Cash Flows to conform to our current presentation.
See Notes to Condensed Consolidated Financial Statements.
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MARRIOTT INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
The condensed consolidated financial statements present the results of operations, financial position, and cash flows of Marriott International, Inc. and its consolidated subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or the “Company”). In order to make this report easier to read, we also refer throughout to (1) our Condensed Consolidated Financial Statements as our “Financial Statements,” (2) our Condensed Consolidated Statements of Income as our “Income Statements,” (3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4) our Condensed Consolidated Statements of Cash Flows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. & Canada,” and (6) our properties, brands, or markets in our Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America regions, as “International.” References throughout to numbered “Notes” refer to these Notes to Condensed Consolidated Financial Statements, unless otherwise stated. In addition, we use the term “hotel owners” throughout this report to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to management agreements, franchise agreements, license agreements or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott Bonvoy® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.
These Financial Statements have not been audited. We have condensed or omitted certain information and disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2024 Form 10-K.
Preparation of financial statements that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates.
The accompanying Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2025 and December 31, 2024, the results of our operations for the three and nine months ended September 30, 2025 and September 30, 2024, and cash flows for the nine months ended September 30, 2025 and September 30, 2024. Interim results may not be indicative of fiscal year performance because of seasonal and short-term variations. We have eliminated all material intercompany transactions and balances between entities consolidated in these Financial Statements.
New Accounting Standards Not Yet Adopted
Accounting Standards Update (“ASU”) 2025-06 - “Targeted Improvements to the Accounting for Internal-Use Software” (Topic 350). ASU 2025-06 eliminates references to software development project stages and revises the criteria that must be met to begin capitalizing internal-use software costs. The standard permits entities to adopt the guidance using a prospective, retrospective, or modified transition approach and becomes effective for us beginning January 1, 2028, with early adoption permitted. We are currently assessing the potential impact that ASU 2025-06 will have on our financial statements and disclosures.
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NOTE 2. 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. As of September 30, 2025, the citizenM portfolio included 37 open select-service hotels (8,789 rooms), which we expect to integrate into our system and platforms in the 2025 fourth quarter. We accounted for the transaction as an asset acquisition and allocated the cost of the acquisition, including direct and incremental transaction costs, on a relative fair value basis, to an indefinite-lived brand asset of approximately $289 million and contract assets, with a weighted-average term of 20 years, totaling $60 million.
NOTE 3. EARNINGS PER SHARE
The table below illustrates the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of the Company’s potential common stock:

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

NOTE 4. STOCK-BASED COMPENSATION
We granted 0.7 million restricted stock units (“RSUs”) during the 2025 first three quarters to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted 0.1 million performance-based RSUs (“PSUs”) in the 2025 first three quarters to certain executives, which are earned subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2027 adjusted EBITDA performance and relative total stockholder return over the 2025 to 2027 performance period. RSUs, including PSUs, granted in the 2025 first three quarters had a weighted average grant-date fair value of $273 per unit.
We recorded stock-based compensation expense for RSUs and PSUs of $50 million in the 2025 third quarter, $54 million in the 2024 third quarter, $142 million in the 2025 first three quarters, and $148 million in the 2024 first three quarters. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $219 million at September 30, 2025 and $173 million at December 31, 2024.
NOTE 5. INCOME TAXES
Our effective tax rate increased to 26.8 percent for the 2025 third quarter compared to 25.7 percent for the 2024 third quarter, primarily due to a shift in earnings to jurisdictions with higher tax rates.
Our effective tax rate decreased to 23.3 percent for the 2025 first three quarters compared to 24.8 percent for the 2024 first three quarters, primarily due to the current year release of tax reserves, partially offset by a shift in earnings to jurisdictions with higher tax rates.
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Our unrecognized tax benefit balance decreased by $65 million to $118 million at September 30, 2025 from $183 million at December 31, 2024, primarily due to the lapse of the statute of limitations on certain tax positions. Our unrecognized tax benefit balance included $108 million at September 30, 2025 and $171 million at December 31, 2024 of tax positions that, if recognized, would impact our effective tax rate. It is reasonably possible that within the next 12 months we will reach resolution of income tax examinations in one or more jurisdictions. The actual amount of any change to our unrecognized tax benefits could vary depending on the timing and nature of the settlement. Therefore, an estimate of the change cannot be provided.
We paid cash for income taxes, net of refunds, of $792 million in the 2025 first three quarters and $729 million in the 2024 first three quarters.
NOTE 6. COMMITMENTS AND CONTINGENCIES
Guarantees
We present the maximum potential amount of our future guarantee fundings and the carrying amount of our liability for our debt service, operating profit, and other guarantees for which we are the primary obligor at September 30, 2025 in the following table:

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

Our maximum potential guarantees listed in the preceding table include $62 million of operating profit guarantees that will not be in effect until the underlying properties open and we begin to operate the properties or certain other events occur.
Starwood Data Security Incident
Description of Event
On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood Hotels & Resorts Worldwide, LLC, formerly known as Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), reservations database (the “Data Security Incident”). Working with leading security experts, we determined that there was unauthorized access to the Starwood network since 2014 and that an unauthorized party had copied information from the Starwood reservations database and taken steps towards removing it. We discontinued use of the Starwood reservations database for business operations at the end of 2018.
Litigation, Claims, and Government Investigations
Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. The plaintiffs in the cases that remain pending, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. The active U.S. cases are consolidated in the U.S. District Court for the District of Maryland (the “District Court”), pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). On June 3, 2025, the U.S. Court of Appeals for the Fourth Circuit reversed the District Court’s certification of a class of consumer plaintiffs, holding that a class-action waiver signed by putative class members was enforceable. We expect to engage in mediation with the consumer plaintiffs in the 2025 fourth quarter. The Canadian cases have effectively been consolidated into a single case in the province of Ontario. We dispute the allegations in these lawsuits and are vigorously defending against such claims.
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In the 2025 third quarter, we reached a settlement in the case brought by the City of Chicago (which was consolidated in the MDL proceeding). The settlement amount is not material to our Financial Statements.
In addition, most inquiries and investigations by U.S. federal, U.S. state and foreign governmental authorities have been resolved or no longer appear to be active.
While we believe it is reasonably possible that we may incur losses in excess of the amounts recorded associated with the above-described MDL proceedings or further regulatory investigations related to the Data Security Incident, it is not possible to reasonably estimate the amount of such losses or range of loss in excess of the amounts recorded that might result from adverse judgments, settlements, fines, penalties or other resolution of these proceedings and investigations based on: (1) in the case of the above-described MDL proceedings, the current stage of these proceedings, the absence of specificity as to alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, and the lack of resolution of significant factual and legal issues, and (2) uncertainty regarding further regulatory inquiries or investigations.
Insurance Recoveries
During the 2025 third quarter, we recorded insurance recoveries for costs incurred related to the Data Security Incident, which are not material to our Financial Statements. We recognize insurance recoveries when they are probable of receipt and present them in our Income Statements in the same caption as the related expense, up to the amount of total expense incurred in prior and current periods. Insurance recoveries related to the Data Security Incident recorded in the 2025 third quarter are presented in the “Restructuring and merger-related (recoveries) charges, and other” caption of our Income Statements.
Other Legal Proceedings
We have been and are currently party to other legal proceedings involving claims that we infringe the intellectual property rights of others. At this time, we do not expect these proceedings to have a material impact on the Company’s business, financial condition, results of operations, or cash flows.
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NOTE 7. LONG-TERM DEBT
We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of September 30, 2025 and year-end 2024:

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

We paid cash for interest, net of amounts capitalized, of $403 million in the 2025 first three quarters and $350 million in the 2024 first three quarters.
We are party to a $4.5 billion multicurrency revolving credit agreement (as amended, the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. U.S. dollar borrowings under the Credit Facility bear interest at SOFR (the Secured Overnight Financing Rate) plus a spread based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper borrowings (which generally have short-term maturities of 45 days or less) as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on December 14, 2027.
In August 2025, we issued $400 million aggregate principal amount of 4.200 percent Series TT Notes due July 15, 2027 (the “Series TT Notes”), $500 million aggregate principal amount of 4.500 percent Series UU Notes due October 15, 2031 (the “Series UU Notes”), and $600 million aggregate principal amount of 5.250 percent Series VV
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Notes due October 15, 2035 (the “Series VV Notes”). We will pay interest on the Series TT Notes in January and July of each year, commencing in January 2026. We will pay interest on the Series UU Notes and Series VV Notes in April and October of each year, commencing in April 2026. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $500 million of the Series VV Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.44 percent. Net proceeds from the offering of the Series TT Notes, Series UU Notes, and Series VV Notes were approximately $1.477 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.
In February 2025, we issued $500 million aggregate principal amount of 5.100 percent Series RR Notes due April 15, 2032 (the “Series RR Notes”) and $1.5 billion aggregate principal amount of 5.500 percent Series SS Notes due April 15, 2037 (the “Series SS Notes”). We pay interest on the Series RR Notes and Series SS Notes in April and October of each year. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $700 million of the Series SS Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.49 percent. Net proceeds from the offering of the Series RR Notes and Series SS Notes were approximately $1.960 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.
NOTE 8. FAIR VALUE OF FINANCIAL INSTRUMENTS
We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. We present the carrying amounts and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments in the following table:

| September 30, 2025 |  | December 31, 2024
(in millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Notes receivable | $ | 153 |  |  | $ | 151 |  |  | $ | 136 |  |  | $ | 133 |
Total noncurrent financial assets | $ | 153 |  |  | $ | 151 |  |  | $ | 136 |  |  | $ | 133 |
Senior Notes | $ | (13,694) |  |  | $ | (13,772) |  |  | $ | (11,419) |  |  | $ | (11,083) |
Commercial paper | (618) |  |  | (618) |  |  | (1,582) |  |  | (1,582) |
Total noncurrent financial liabilities | $ | (14,312) |  |  | $ | (14,390) |  |  | $ | (13,001) |  |  | $ | (12,665) |

See Note 12. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on the input levels we use in determining fair value.
NOTE 9. ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT
The following tables detail the accumulated other comprehensive loss activity for the 2025 first three quarters and 2024 first three quarters:

(in millions) | Foreign Currency Translation Adjustments |  | Other Adjustments |  |  |  | Accumulated Other Comprehensive Loss
Balance at year-end 2024 | $ | (1,091) |  |  | $ | 28 |  |  |  |  | $ | (1,063) |
Other comprehensive income (loss) (1) | 414 |  |  | (24) |  |  |  |  | 390 |
Balance at September 30, 2025 | $ | (677) |  |  | $ | 4 |  |  |  |  | $ | (673) |

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(in millions) | Foreign Currency Translation Adjustments |  | Other Adjustments |  |  |  |  |  | Accumulated Other Comprehensive Loss
Balance at year-end 2023 | $ | (654) |  |  | $ | 7 |  |  |  |  |  |  | $ | (647) |
Other comprehensive loss (1) | (62) |  |  | (5) |  |  |  |  |  |  | (67) |
Balance at September 30, 2024 | $ | (716) |  |  | $ | 2 |  |  |  |  |  |  | $ | (714) |

(1)Other comprehensive income (loss) includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in losses of $72 million for the 2025 first three quarters and $2 million for the 2024 first three quarters.
The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2025 first three quarters and 2024 first three quarters:

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

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

NOTE 10. CONTRACTS WITH CUSTOMERS
Our current and noncurrent liability for guest loyalty program increased by $301 million, to $7,820 million at September 30, 2025, from $7,519 million at December 31, 2024, primarily reflecting points earned by members. The increase was partially offset by $2,589 million of revenue recognized in the 2025 first three quarters, that was deferred as of December 31, 2024.
Our allowance for credit losses was $221 million at September 30, 2025 and $199 million at December 31, 2024.
NOTE 11. BUSINESS SEGMENTS
We discuss our operations in the following four reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in “Unallocated corporate and other.”
Our President and Chief Executive Officer, who is our “chief operating decision maker” (“CODM”), evaluates the performance of our operating segments using “segment profits,” which is based largely on the results of the segment without allocating corporate expenses, income taxes, indirect general, administrative, and other expenses, or restructuring and merger-related recoveries/charges, and other expenses. We assign gains and losses, equity in earnings or losses, and direct general, administrative, and other expenses to each of our segments. “Unallocated corporate and other” includes a portion of our revenues (such as fees we receive from our credit card programs and timeshare licensing agreements), revenues and expenses for our Loyalty Program, general, administrative, and other expenses, restructuring and merger-related recoveries/charges, and other expenses, equity in earnings or losses, and other gains or losses that we do not allocate to our segments, as well as results of our CALA operating segment.
Our CODM uses segment profits to allocate resources (including employees and investment spending) to each segment, primarily as part of the annual budget process. Our CODM reviews budget-to-actual variances on a quarterly basis to assess segment performance. Additionally, our CODM uses segment profits to compare the results of each segment with one another and in the determination of compensation for segment leadership.
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Our CODM monitors assets for the consolidated Company but does not use assets by operating segment when assessing performance or making operating segment resource allocations.
Segment Revenues, Expenses, and Profits
The following tables present our revenues (disaggregated by segment and major revenue stream), segment expenses, and segment profits for the 2025 third quarter, 2024 third quarter, 2025 first three quarters, and 2024 first three quarters:

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

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

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

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

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

| Three Months Ended |  | Nine Months Ended
(in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Reconciliation of revenue |  |  |  |  |  |  |
Total reportable segment revenue | $ | 5,743 |  |  | $ | 5,603 |  |  | $ | 17,379 |  |  | $ | 16,752 |
Unallocated corporate and other | 746 |  |  | 652 |  |  | 2,117 |  |  | 1,919 |
Consolidated revenue | $ | 6,489 |  |  | $ | 6,255 |  |  | $ | 19,496 |  |  | $ | 18,671 |
Reconciliation of income before income taxes |  |  |  |  |  |  |
Total reportable segment profit | $ | 945 |  |  | $ | 881 |  |  | $ | 2,860 |  |  | $ | 2,759 |
Unallocated corporate and other | 243 |  |  | 73 |  |  | 520 |  |  | 279 |
Interest expense, net of interest income | (194) |  |  | (168) |  |  | (568) |  |  | (485) |
Consolidated income before income taxes | $ | 994 |  |  | $ | 786 |  |  | $ | 2,812 |  |  | $ | 2,553 |

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Statement
All statements in this report are made as of the date this Form 10-Q is filed with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. We make forward-looking statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this
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report based on the beliefs and assumptions of our management and on information available to us through the date this Form 10-Q is filed with the SEC. Forward-looking statements include information related to our development pipeline; our expectations regarding rooms growth; our expectations regarding our ability to meet our liquidity requirements; our capital expenditures and other investment spending and reimbursement expectations; our expectations regarding future dividends and share repurchases; our expectations regarding certain claims, legal proceedings, settlements or resolutions; our expectations regarding additional payments to citizenM Holding BV and certain of its affiliates and the integration of the citizenM hotels into our system and platforms; and other statements that are preceded by, followed by, or include the words “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “foresees,” or similar expressions; and similar statements concerning anticipated future events and expectations that are not historical facts.
We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including uncertainty resulting from economic, political or other global, national, and regional conditions and events, including related to tariffs, trade, travel and other policies; the risks and uncertainties we describe in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Form 10-K”); Part II, Item 1A of this report; and other factors we describe from time to time in our periodic filings with the SEC.
BUSINESS AND OVERVIEW
Overview
We are a worldwide operator, franchisor, and licensor of hotel, residential, timeshare, and other lodging properties under more than 30 brand names. We discuss our operations in the following 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.”
Under our asset-light business model, we typically manage or franchise hotels and other lodging offerings, rather than own them. Terms of our management agreements vary, but we earn a management fee that is typically composed of a base management fee, which is a percentage of the revenues of the hotel, and an incentive management fee, which is based on the profits of the hotel. In many cases (particularly in our U.S. & Canada, Europe, and CALA regions), incentive management fees are subject to a specified owner return. Under our hotel franchising arrangements, we generally receive an initial application fee and continuing royalty fees, which are typically based on a percentage of room revenues, plus for certain brands, a percentage of food and beverage revenues. We also have license and other agreements with third parties for certain offerings, such as for our timeshare properties, MGM Collection with Marriott Bonvoy, Design Hotels, and The Ritz-Carlton Yacht Collection, under which we receive royalty fees and certain other fees. Additionally, we earn fees for other uses of our intellectual property, including primarily co-branded credit card fees, as well as residential branding fees and certain other licensing fees.
Performance Measures
We believe Revenue per Available Room (“RevPAR”), which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate (“ADR”), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property’s available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. Unless otherwise stated, RevPAR, occupancy, and ADR statistics are on a systemwide basis for comparable properties, and all changes refer to year-over-year changes for the comparable period. Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior
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comparable period. We believe constant dollar analysis provides valuable information regarding the performance of hotels in our system as it removes currency fluctuations from the presentation of such results.
We define our comparable properties as hotels in our system that were open and operating under one of our brands since the beginning of the last full calendar year (since January 1, 2024 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, residences, and timeshare properties.
Business Trends
In the 2025 third quarter, worldwide RevPAR increased 0.5 percent, driven by ADR growth of 0.9 percent. In the 2025 first three quarters, worldwide RevPAR increased 2.0 percent, driven by ADR growth of 1.9 percent.
In the U.S. & Canada, RevPAR decreased 0.4 percent in the 2025 third quarter and increased 0.9 percent in the 2025 first three quarters, reflecting strong demand at our luxury hotels, offset by weaker business transient demand at our select service hotels largely driven by softness in government travel. The RevPAR decrease in the 2025 third quarter was also driven by weaker group demand.
In our International regions, RevPAR grew 2.6 percent in the 2025 third quarter and 4.6 percent in the 2025 first three quarters, reflecting higher demand in APEC, EMEA, and CALA. In Greater China, RevPAR was unchanged in the 2025 third quarter and decreased 0.6 percent in the 2025 first three quarters, reflecting soft macro-economic conditions.
Starwood Data Security Incident
On November 30, 2018, we announced a data security incident involving unauthorized access to the Starwood reservations database (the “Data Security Incident”). We are currently unable to reasonably estimate the range of total possible financial impact to the Company from the Data Security Incident in excess of the expenses already recorded; however, we do not believe this incident will impact our long-term financial health. See Note 6 for additional information related to legal proceedings, investigations, and insurance recoveries related to the Data Security Incident.
System Growth and Pipeline
At the end of the 2025 third quarter, our system had 9,721 properties (1,753,722 rooms), compared to 9,361 properties (1,706,331 rooms) at year-end 2024 and 9,068 properties (1,674,600 rooms) at the end of the 2024 third quarter. In the 2025 first three quarters, we added roughly 47,400 net rooms.
At the end of the 2025 third quarter, we had approximately 3,900 properties and over 596,000 rooms in our development pipeline, which included nearly 36,000 rooms approved for development but not yet under signed contracts. Our development pipeline included over 250,000 rooms, or 42 percent, that were under construction or in the process of converting to our system at the end of the 2025 third quarter. Over half of the rooms in our quarter-end development pipeline are located outside U.S. & Canada.
We currently expect full year 2025 net rooms growth to approach 5 percent, including the rooms associated with the citizenM brand acquisition discussed in Note 2, which are not reflected in the property and room count or development pipeline discussed above.
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Properties and Rooms
The following table shows our properties and rooms by ownership type.

| Properties |  | Rooms
| September 30, 2025 |  | September 30, 2024 |  | vs. September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |  | vs. September 30, 2024
Managed | 1,961 |  |  | 1,999 |  |  | (38) |  |  | (2) | % |  | 565,482 |  |  | 572,731 |  |  | (7,249) |  |  | (1) | %
Franchised/Licensed/Other (1) | 7,569 |  |  | 6,888 |  |  | 681 |  |  | 10 | % |  | 1,158,003 |  |  | 1,074,361 |  |  | 83,642 |  |  | 8 | %
Owned/Leased | 50 |  |  | 50 |  |  | — |  |  | — | % |  | 14,206 |  |  | 13,108 |  |  | 1,098 |  |  | 8 | %
Residential | 141 |  |  | 131 |  |  | 10 |  |  | 8 | % |  | 16,031 |  |  | 14,400 |  |  | 1,631 |  |  | 11 | %
Total | 9,721 |  |  | 9,068 |  |  | 653 |  |  | 7 | % |  | 1,753,722 |  |  | 1,674,600 |  |  | 79,122 |  |  | 5 | %

(1)In addition to franchised, includes our timeshare properties, MGM Collection with Marriott Bonvoy, Design Hotels, and The Ritz-Carlton Yacht Collection.
Lodging Statistics
The following tables present RevPAR, occupancy, and ADR statistics for comparable properties. Systemwide statistics include data from our franchised properties, in addition to our company-operated properties.

| Three Months Ended September 30, 2025 and Change vs. Three Months Ended September 30, 2024
| RevPAR |  | Occupancy |  | Average Daily Rate
| 2025 |  | vs. 2024 |  | 2025 |  | vs. 2024 |  | 2025 |  | vs. 2024
Comparable Company-Operated Properties |  |  |  |  |  |  |  |  |  |  |  |
U.S. & Canada | $ | 176.99 |  |  | 0.2 | % |  | 69.7 | % |  | (1.4) | % | pts. |  | $ | 253.84 |  |  | 2.1 | %
Europe | $ | 302.51 |  |  | 2.1 | % |  | 79.1 | % |  | 1.9 | % | pts. |  | $ | 382.64 |  |  | (0.3) | %
Middle East & Africa | $ | 102.91 |  |  | 7.5 | % |  | 66.1 | % |  | 1.9 | % | pts. |  | $ | 155.59 |  |  | 4.4 | %
Greater China | $ | 83.97 |  |  | 0.1 | % |  | 71.2 | % |  | 0.6 | % | pts. |  | $ | 117.92 |  |  | (0.8) | %
Asia Pacific excluding China | $ | 121.91 |  |  | 3.8 | % |  | 71.4 | % |  | 0.7 | % | pts. |  | $ | 170.66 |  |  | 2.9 | %
Caribbean & Latin America | $ | 150.77 |  |  | 2.5 | % |  | 63.0 | % |  | (0.3) | % | pts. |  | $ | 239.19 |  |  | 2.9 | %
International - All (1) | $ | 122.90 |  |  | 2.8 | % |  | 70.6 | % |  | 0.9 | % | pts. |  | $ | 174.00 |  |  | 1.5 | %
Worldwide (2) | $ | 145.14 |  |  | 1.5 | % |  | 70.3 | % |  | — | % | pts. |  | $ | 206.57 |  |  | 1.5 | %
Comparable Systemwide Properties |  |  |  |  |  |  |  |  |  |  |  |
U.S. & Canada | $ | 135.85 |  |  | (0.4) | % |  | 72.2 | % |  | (0.8) | % | pts. |  | $ | 188.25 |  |  | 0.8 | %
Europe | $ | 201.98 |  |  | 0.8 | % |  | 77.2 | % |  | 0.4 | % | pts. |  | $ | 261.49 |  |  | 0.3 | %
Middle East & Africa | $ | 98.47 |  |  | 8.7 | % |  | 66.5 | % |  | 1.9 | % | pts. |  | $ | 147.98 |  |  | 5.5 | %
Greater China | $ | 77.24 |  |  | — | % |  | 69.3 | % |  | 0.3 | % | pts. |  | $ | 111.50 |  |  | (0.4) | %
Asia Pacific excluding China | $ | 126.71 |  |  | 4.7 | % |  | 72.8 | % |  | 1.2 | % | pts. |  | $ | 174.00 |  |  | 3.0 | %
Caribbean & Latin America | $ | 106.99 |  |  | 2.8 | % |  | 61.5 | % |  | 0.7 | % | pts. |  | $ | 173.92 |  |  | 1.6 | %
International - All (1) | $ | 122.66 |  |  | 2.6 | % |  | 70.3 | % |  | 0.8 | % | pts. |  | $ | 174.44 |  |  | 1.4 | %
Worldwide (2) | $ | 131.43 |  |  | 0.5 | % |  | 71.5 | % |  | (0.3) | % | pts. |  | $ | 183.71 |  |  | 0.9 | %

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| Nine Months Ended September 30, 2025 and Change vs. Nine Months Ended September 30, 2024
| RevPAR |  | Occupancy |  | Average Daily Rate
| 2025 |  | vs. 2024 |  | 2025 |  | vs. 2024 |  | 2025 |  | vs. 2024
Comparable Company-Operated Properties |  |  |  |  |  |  |  |  |  |  |  |
U.S. & Canada | $ | 184.92 |  |  | 2.3 | % |  | 70.0 | % |  | (0.2) | % | pts. |  | $ | 264.26 |  |  | 2.6 | %
Europe | $ | 241.03 |  |  | 3.4 | % |  | 72.8 | % |  | 2.4 | % | pts. |  | $ | 331.09 |  |  | — | %
Middle East & Africa | $ | 127.78 |  |  | 8.3 | % |  | 68.3 | % |  | 2.1 | % | pts. |  | $ | 187.07 |  |  | 4.9 | %
Greater China | $ | 81.34 |  |  | (0.7) | % |  | 68.2 | % |  | 0.6 | % | pts. |  | $ | 119.32 |  |  | (1.6) | %
Asia Pacific excluding China | $ | 125.44 |  |  | 7.4 | % |  | 70.7 | % |  | 1.1 | % | pts. |  | $ | 177.39 |  |  | 5.8 | %
Caribbean & Latin America | $ | 193.67 |  |  | 7.4 | % |  | 66.2 | % |  | — | % | pts. |  | $ | 292.51 |  |  | 7.4 | %
International - All (1) | $ | 123.77 |  |  | 4.6 | % |  | 69.2 | % |  | 1.1 | % | pts. |  | $ | 178.81 |  |  | 2.9 | %
Worldwide (2) | $ | 148.94 |  |  | 3.4 | % |  | 69.5 | % |  | 0.6 | % | pts. |  | $ | 214.22 |  |  | 2.5 | %
Comparable Systemwide Properties |  |  |  |  |  |  |  |  |  |  |  |
U.S. & Canada | $ | 134.04 |  |  | 0.9 | % |  | 70.7 | % |  | (0.4) | % | pts. |  | $ | 189.65 |  |  | 1.5 | %
Europe | $ | 162.54 |  |  | 3.4 | % |  | 71.2 | % |  | 1.8 | % | pts. |  | $ | 228.21 |  |  | 0.7 | %
Middle East & Africa | $ | 118.80 |  |  | 9.1 | % |  | 67.9 | % |  | 2.1 | % | pts. |  | $ | 175.01 |  |  | 5.8 | %
Greater China | $ | 74.94 |  |  | (0.6) | % |  | 66.7 | % |  | 0.4 | % | pts. |  | $ | 112.42 |  |  | (1.3) | %
Asia Pacific excluding China | $ | 128.43 |  |  | 8.1 | % |  | 71.6 | % |  | 1.4 | % | pts. |  | $ | 179.30 |  |  | 5.9 | %
Caribbean & Latin America | $ | 128.14 |  |  | 4.6 | % |  | 63.2 | % |  | (0.3) | % | pts. |  | $ | 202.74 |  |  | 5.1 | %
International - All (1) | $ | 119.35 |  |  | 4.6 | % |  | 68.4 | % |  | 1.1 | % | pts. |  | $ | 174.48 |  |  | 3.0 | %
Worldwide (2) | $ | 129.13 |  |  | 2.0 | % |  | 69.9 | % |  | 0.1 | % | pts. |  | $ | 184.69 |  |  | 1.9 | %

(1)Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.
(2)Includes U.S. & Canada and International - All.
CONSOLIDATED RESULTS
The discussion below presents an analysis of our consolidated results of operations for the 2025 third quarter compared to the 2024 third quarter and for the 2025 first three quarters compared to the 2024 first three quarters. Also see the “Business Trends” section above for further discussion.
Fee Revenues

| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024 |  | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024
Base management fees | $ | 314 |  |  | $ | 312 |  |  | $ | 2 |  |  | 1 | % |  | $ | 979 |  |  | $ | 955 |  |  | $ | 24 |  |  | 3 | %
Franchise fees | 876 |  |  | 812 |  |  | 64 |  |  | 8 | % |  | 2,482 |  |  | 2,318 |  |  | 164 |  |  | 7 | %
Incentive management fees | 148 |  |  | 159 |  |  | (11) |  |  | (7) | % |  | 552 |  |  | 563 |  |  | (11) |  |  | (2) | %
Gross fee revenues | 1,338 |  |  | 1,283 |  |  | 55 |  |  | 4 | % |  | 4,013 |  |  | 3,836 |  |  | 177 |  |  | 5 | %
Contract investment amortization | (29) |  |  | (26) |  |  | (3) |  |  | (12) | % |  | (86) |  |  | (76) |  |  | (10) |  |  | (13) | %
Net fee revenues | $ | 1,309 |  |  | $ | 1,257 |  |  | $ | 52 |  |  | 4 | % |  | $ | 3,927 |  |  | $ | 3,760 |  |  | $ | 167 |  |  | 4 | %

The increase in base management fees in the 2025 first three quarters primarily reflected higher RevPAR and rooms growth ($18 million).
The increase in franchise fees in the 2025 third quarter and 2025 first three quarters primarily reflected rooms growth ($25 million and $69 million, respectively) and higher co-branded credit card and other brand-related fees ($34 million and $85 million, respectively).
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Owned, Leased, and Other

| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024 |  | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024
Owned, leased, and other revenue | $ | 420 |  |  | $ | 381 |  |  | $ | 39 |  |  | 10 | % |  | $ | 1,222 |  |  | $ | 1,133 |  |  | $ | 89 |  |  | 8 | %
Owned, leased, and other - direct expenses | 326 |  |  | 300 |  |  | 26 |  |  | 9 | % |  | 950 |  |  | 882 |  |  | 68 |  |  | 8 | %
Owned, leased, and other, net | $ | 94 |  |  | $ | 81 |  |  | $ | 13 |  |  | 16 | % |  | $ | 272 |  |  | $ | 251 |  |  | $ | 21 |  |  | 8 | %

Owned, leased, and other revenue, net of direct expenses, increased in the 2025 third quarter and 2025 first three quarters primarily due to the inclusion of results from the Sheraton Grand Chicago hotel, which was acquired in the fourth quarter of the prior year.
Cost Reimbursements

| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024 |  | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024
Cost reimbursement revenue | $ | 4,760 |  |  | $ | 4,617 |  |  | $ | 143 |  |  | 3 | % |  | $ | 14,347 |  |  | $ | 13,778 |  |  | $ | 569 |  |  | 4 | %
Reimbursed expenses | 4,739 |  |  | 4,681 |  |  | 58 |  |  | 1 | % |  | 14,335 |  |  | 13,827 |  |  | 508 |  |  | 4 | %
Cost reimbursements, net | $ | 21 |  |  | $ | (64) |  |  | $ | 85 |  |  | 133 | % |  | $ | 12 |  |  | $ | (49) |  |  | $ | 61 |  |  | 124 | %

Cost reimbursements, net (cost reimbursement revenue, net of reimbursed expenses) varies due to timing differences between the costs we incur for centralized programs and services and the related rei mbursemen ts we receive from hotel owners and certain other counterparties. Over the long term, our centralized programs and services are not designed to impact our economics, either positively or negatively.
The increase in cost reimbursements, net in the 2025 third quarter and 2025 first three quarters primarily reflected lower expenses related to our insurance program and higher Loyalty Program revenues, partially offset by higher expenses, net of revenues for many of our centralized programs and services.
Other Operating Expenses

| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024 |  | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024
Depreciation, amortization, and other | $ | 50 |  |  | $ | 45 |  |  | $ | 5 |  |  | 11 | % |  | $ | 154 |  |  | $ | 137 |  |  | $ | 17 |  |  | 12 | %
General, administrative, and other | 234 |  |  | 276 |  |  | (42) |  |  | (15) | % |  | 724 |  |  | 785 |  |  | (61) |  |  | (8) | %
Restructuring and merger-related (recoveries) charges, and other | (40) |  |  | 9 |  |  | (49) |  |  | (544) | % |  | (31) |  |  | 25 |  |  | (56) |  |  | (224) | %

General, administrative, and other expenses decreased in the 2025 third quarter primarily due to lower guarantee reserves ($22 million). General, administrative, and other expenses decreased in the 2025 first three quarters primarily due to lower compensation costs ($32 million) and lower guarantee reserves ($21 million).
Restructuring and merger-related (recoveries) charges, and other expenses changed in the 2025 third quarter and 2025 first three quarters primarily due to insurance recoveries related to the Data Security Incident discussed in Note 6.
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Non-Operating Income (Expense)

| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024 |  | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024
Gains and other income, net | $ | 3 |  |  | $ | 7 |  |  | $ | (4) |  |  | (57) | % |  | $ | 6 |  |  | $ | 15 |  |  | $ | (9) |  |  | (60) | %
Interest expense | (206) |  |  | (179) |  |  | (27) |  |  | (15) | % |  | (601) |  |  | (515) |  |  | (86) |  |  | (17) | %
Interest income | 12 |  |  | 11 |  |  | 1 |  |  | 9 | % |  | 33 |  |  | 30 |  |  | 3 |  |  | 10 | %
Equity in earnings | 5 |  |  | 3 |  |  | 2 |  |  | 67 | % |  | 10 |  |  | 8 |  |  | 2 |  |  | 25 | %

Interest expense increased in the 2025 third quarter and 2025 first three quarters primarily due to higher debt balances driven by Senior Notes issuances, net of maturities ($32 million and $100 million, respectively).
Income Taxes

| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024 |  | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024
Provision for income taxes | $ | (266) |  |  | $ | (202) |  |  | $ | (64) |  |  | (32) | % |  | $ | (656) |  |  | $ | (633) |  |  | $ | (23) |  |  | (4) | %

Provision for income taxes increased in the 2025 third quarter primarily due to higher pre-tax income ($54 million).
Provision for income taxes increased in the 2025 first three quarters primarily due to higher pre-tax income ($67 million) and a shift in earnings to jurisdictions with higher tax rates ($41 million), partially offset by the current year relea s e of tax reserves ($91 million).
BUSINESS SEGMENTS
The following discussion presents an analysis of the operating results of our reportable business segments for the 2025 third quarter compared to the 2024 third quarter and for the 2025 first three quarters compared to the 2024 first three quarters. Also see the “Business Trends” section above for further discussion.

| Three Months Ended |  | Nine Months Ended
($ in millions) | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024 |  | September 30, 2025 |  | September 30, 2024 |  | Change 2025 vs. 2024
U.S. & Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net fee revenues | $ | 721 |  |  | $ | 728 |  |  | $ | (7) |  |  | (1) | % |  | $ | 2,189 |  |  | $ | 2,170 |  |  | $ | 19 |  |  | 1 | %
Segment profit | 680 |  |  | 617 |  |  | 63 |  |  | 10 | % |  | 2,110 |  |  | 2,029 |  |  | 81 |  |  | 4 | %
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net fee revenues | 167 |  |  | 150 |  |  | 17 |  |  | 11 | % |  | 445 |  |  | 415 |  |  | 30 |  |  | 7 | %
Segment profit | 158 |  |  | 152 |  |  | 6 |  |  | 4 | % |  | 389 |  |  | 386 |  |  | 3 |  |  | 1 | %
Greater China |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net fee revenues | 63 |  |  | 62 |  |  | 1 |  |  | 2 | % |  | 187 |  |  | 186 |  |  | 1 |  |  | 1 | %
Segment profit | 44 |  |  | 46 |  |  | (2) |  |  | (4) | % |  | 142 |  |  | 144 |  |  | (2) |  |  | (1) | %
APEC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net fee revenues | 85 |  |  | 80 |  |  | 5 |  |  | 6 | % |  | 263 |  |  | 239 |  |  | 24 |  |  | 10 | %
Segment profit | 63 |  |  | 66 |  |  | (3) |  |  | (5) | % |  | 219 |  |  | 200 |  |  | 19 |  |  | 10 | %

| Properties |  | Rooms
| September 30, 2025 |  | September 30, 2024 |  | vs. September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |  | vs. September 30, 2024
U.S. & Canada | 6,383 |  |  | 6,090 |  |  | 293 |  |  | 5 | % |  | 1,060,795 |  |  | 1,030,074 |  |  | 30,721 |  |  | 3 | %
EMEA | 1,390 |  |  | 1,198 |  |  | 192 |  |  | 16 | % |  | 244,588 |  |  | 226,447 |  |  | 18,141 |  |  | 8 | %
Greater China | 663 |  |  | 572 |  |  | 91 |  |  | 16 | % |  | 184,614 |  |  | 168,692 |  |  | 15,922 |  |  | 9 | %
APEC | 659 |  |  | 606 |  |  | 53 |  |  | 9 | % |  | 148,079 |  |  | 137,568 |  |  | 10,511 |  |  | 8 | %

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In the 2025 first three quarters, segment net fee revenues grew in the U.S. & Canada, EMEA, and APEC, compared to 2024, primarily due to rooms growth and higher RevPAR (see the Lodging Statistics and Properties and Rooms tables above for more information).
Additionally, U.S. & Canada segment profits in the 2025 third quarter and 2025 first three quarters compared to the same periods in 2024 reflected higher cost reimbursement revenue, net of reimbursed expenses ($34 million and $28 million, respectively), higher owned, leased, and other revenue, net of direct expenses ($21 million and $24 million, respectively), and lower general, administrative, and other expenses ($19 million and $25 million, respectively). Owned, leased, and other revenue, net of direct expenses increased primarily due to the inclusion of results from the Sheraton Grand Chicago hotel, which was acquired in the fourth quarter of the prior year. General, administrative, and other expenses decreased primarily due to lower guarantee reserves.
LIQUIDITY AND CAPITAL RESOURCES
Our long-term financial objectives include maintaining diversified financing sources, optimizing the mix and maturity of our long-term debt, and reducing our working capital. At the end of the 2025 third quarter, including the effect of interest rate swaps, our total long-term debt (current and noncurrent) had a weighted average interest rate of 4.6 percent, a weighted average maturity of approximately 5.6 years, and a ratio of fixed-rate to total long-term debt of 0.9 to 1.0.
Sources of Liquidity
Our Credit Facility
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.
The Credit Facility contains certain covenants, including a single financial covenant that limits our maximum leverage (consisting of the ratio of Adjusted Total Debt to EBITDA, each as defined in the Credit Facility) to not more than 4.5 to 1.0. Our outstanding public debt does not contain a corresponding financial covenant or a requirement that we maintain certain financial ratios. We currently satisfy the covenants in our Credit Facility and public debt instruments, including the leverage covenant under the Credit Facility, and do not expect the covenants will restrict our ability to meet our anticipated borrowing and liquidity needs.
We monitor the status of the capital markets and regularly evaluate the effect that changes in capital market conditions may have on our ability to fund our liquidity needs. We believe the Credit Facility, and our access to capital markets, together with cash we expect to generate from operations, remain adequate to meet our liquidity requirements over the next 12 months and thereafter for the foreseeable future.
Commercial Paper
We issue commercial paper in the U.S. Because we do not have purchase commitments from buyers for our commercial paper, our ability to issue commercial paper is subject to market demand. We do not expect that fluctuations in the demand for commercial paper will affect our liquidity, given our borrowing capacity under the Credit Facility and access to capital markets.
Sources and Uses of Cash
Cash, cash equivalents, and restricted cash totaled $694 million at September 30, 2025, an increase of $269 million from year-end 2024, primarily due to long-term debt issuances, net of repayments ($2,479 million), net cash provided by operating activities ($2,383 million), and issuances of common stock for our employee stock purchase
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plan ($92 million), partially offset by share repurchases ($2,300 million), net commercial paper repayments ($960 million), dividends paid ($539 million), capital and technology expenditures ($432 million), the citizenM asset acquisition ($349 million), and financing outflows for employee stock-based compensation withholding taxes ($111 million).
Our ratio of current assets to current liabilities was 0.5 to 1.0 at the end of the 2025 third quarter. We have significant borrowing capacity under our Credit Facility should we need additional working capital.
Capital Expenditures and Other Investments
We made capital and technology expenditures of $432 million in the 2025 first three quarters and $408 million in the 2024 first three quarters. We expect capital expenditures and other investments will total approximately $1,450 million for the 2025 full year, including capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. This estimate includes $349 million of investment spending related to the citizenM brand acquisition discussed in Note 2, but excludes any additional potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. Our anticipated capital and technology expenditures include higher than typical spending on our worldwide technology systems transformation, the overwhelming portion of which we expect to be reimbursed over time, and renovations of hotels in our owned and leased portfolio.
Share Repurchases and Dividends
We repurchased 3.0 million shares of our common stock for $0.8 billion in the 2025 third quarter. Year-to-date through October 30, 2025, we repurchased 9.7 million shares for $2.6 billion. For additional information, see “Issuer Purchases of Equity Securities” in Part II, Item 2.
Our Board of Directors declared the following quarterly cash dividends in 2025 to date: (1) $0.63 per share declared on February 13, 2025 and paid on March 31, 2025 to stockholders of record on February 27, 2025; (2) $0.67 per share declared on May 9, 2025 and paid on June 30, 2025 to stockholders of record on May 23, 2025; and (3) $0.67 per share declared on August 7, 2025 and paid on September 30, 2025 to stockholders of record on August 21, 2025.
We expect to continue to return cash to stockholders through a combination of share repurchases and cash dividends.
Material Cash Requirements
As of the end of the 2025 third quarter, other than with respect to potential earn-out payments related to our purchase of the citizenM brand discussed in Note 2, there have been no material changes to our cash requirements as disclosed in our 2024 Form 10-K. See Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2024 Form 10-K for more information about our cash requirements. Also, see Note 7 for information on our long-term debt.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. We have discussed those policies and estimates that we believe are critical and require the use of complex judgment in their application in our 2024 Form 10-K. We have made no material changes to our critical accounting policies or the methodologies or assumptions that we apply under them.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risk has not materially changed since December 31, 2024. See Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K for more information on our exposure to market risk.
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Item 4. Controls and Procedures
Disclosure Controls and Procedures
We evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this quarterly report under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Management necessarily applied its judgment in assessing the costs and benefits of those controls and procedures, which by their nature, can provide only reasonable assurance about management’s control objectives. You should note that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and we cannot assure you that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and operating to provide reasonable assurance that we record, process, summarize, and report the information we are required to disclose in the reports that we file or submit under the Exchange Act within the time periods specified in the rules and forms of the SEC, and to provide reasonable assurance that we accumulate and communicate such information to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions about required disclosure.
Changes in Internal Control Over Financial Reporting
We made no changes in internal control over financial reporting during the 2025 third quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings
See the information under the “Litigation, Claims, and Government Investigations” caption in Note 6, which we incorporate here by reference. Within this section, we use a threshold of $1 million in disclosing material environmental proceedings involving a governmental authority, if any.
In the 2025 second quarter, we received a letter from the U.S. Environmental Protection Agency (the “EPA”) offering to engage in settlement discussions in relation to violations of the Clean Air Act that the EPA alleges occurred at a hotel we manage. We do not believe this matter will have a material adverse effect on our business, financial condition, results of operations, or cash flows.
From time to time, we are also subject to other legal proceedings and claims in the ordinary course of business, including adjustments proposed during governmental examinations of the various tax returns we file. While management presently believes that the ultimate outcome of these other proceedings, individually and in aggregate, will not materially harm our business, financial condition, cash flows, or overall trends in results of operations, legal proceedings are inherently uncertain, and unfavorable rulings could, individually or in aggregate, have a material adverse effect on our business, financial condition, operating results, or cash flows.
Item 1A. Risk Factors
We are subject to various risks that make an investment in our securities risky. You should carefully consider the risk factors disclosed in Part I, Item 1A, “Risk Factors,” of our 2024 Form 10-K. There are no material changes to the risk factors discussed in our 2024 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a)Unregistered Sales of Equity Securities
None.
(b)Use of Proceeds
None.
(c)Issuer Purchases of Equity Securities

(in millions, except per share amounts) |  |  |  |  |  |  |  |
Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) |  | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1)
July 1, 2025 - July 31, 2025 |  | 0.7 |  |  | $ | 276.48 |  |  | 0.7 |  |  | 7.4 |
August 1, 2025 - August 31, 2025 |  | 1.1 |  |  | $ | 266.28 |  |  | 1.1 |  |  | 31.3 |
September 1, 2025 - September 30, 2025 |  | 1.2 |  |  | $ | 264.78 |  |  | 1.2 |  |  | 30.1 |
Total |  | 3.0 |  |  | $ | 268.18 |  |  | 3.0 |  |  |

(1)Our Board of Directors has authorized a share repurchase program. On November 9, 2023, we announced that the Board had increased the common stock repurchase authorization under the program by 25 million shares and, on August 7, 2025, we announced that the Board had further increased the authorization by an additional 25 million shares. These authorizations have no expiration date. As of September 30, 2025, 30.1 million shares remained available for repurchase under the program. We may repurchase shares in the open market or in privately negotiated transactions, and we account for these shares as treasury stock.
Item 5. Other Information
During the 2025 third quarter, no director or Section 16 officer adopted or terminated any Rule 10b5-1 plans or non-Rule 10b5-1 trading arrangements.
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Item 6. Exhibits
We have not filed as exhibits certain instruments defining the rights of holders of the long-term debt of Marriott pursuant to Item 601(b)(4)(iii) of Regulation S-K promulgated under the Exchange Act, because the amount of debt authorized and outstanding under each such instrument does not exceed 10 percent of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish a copy of any such instrument to the SEC upon request.

Exhibit No. |  | Description |  | Incorporation by Reference (where a report is indicated below, that document has been previously filed with the SEC and the applicable exhibit is incorporated by reference thereto)
3.1 |  | Restated Certificate of Incorporation. |  | Exhibit No. 3.(i) to our Form 8-K filed August 22, 2006 (File No. 001-13881).
3.2 |  | Amended and Restated Bylaws. |  | Exhibit No. 3.1 to our Form 8-K filed August 4, 2023 (File No. 001-13881).
31.1 |  | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a). |  | Filed with this report.
31.2 |  | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a). |  | Filed with this report.
32 |  | Section 1350 Certifications. |  | Furnished with this report.
101 |  | The following financial statements from Marriott International, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Balance Sheets; and (iv) the Condensed Consolidated Statements of Cash Flows. |  | Submitted electronically with this report.
101.INS |  | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. |  | Submitted electronically with this report.
101.SCH |  | XBRL Taxonomy Extension Schema Document. |  | Submitted electronically with this report.
101.CAL |  | XBRL Taxonomy Calculation Linkbase Document. |  | Submitted electronically with this report.
101.DEF |  | XBRL Taxonomy Extension Definition Linkbase Document. |  | Submitted electronically with this report.
101.LAB |  | XBRL Taxonomy Label Linkbase Document. |  | Submitted electronically with this report.
101.PRE |  | XBRL Taxonomy Presentation Linkbase Document. |  | Submitted electronically with this report.
104 |  | The cover page from Marriott International, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL (included as Exhibit 101). |  | Submitted electronically with this report.

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MARRIOTT INTERNATIONAL, INC.
November 4, 2025
/s/ Felitia O. Lee
Felitia O. Lee
Controller and Chief Accounting Officer (Duly Authorized Officer)

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