mar-20260331

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 March 31, 2026


☐			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

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: 263,688,623 shares of Class A Common Stock, par value $0.01 per share, outstanding at April 29, 2026.

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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	14

	Cautionary Statement	14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20

Item 4.	Controls and Procedures	20

Part II.	Other Information

Item 1.	Legal Proceedings	22

Item 1A.	Risk Factors	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 5.	Other Information	22



Item 6.	Exhibits	23

	Signature	24

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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
	March 31, 2026		March 31, 2025
REVENUES
Franchise fees	$	872	$	746
Base management fees	339		325
Incentive management fees	222		204
Gross fee revenues	1,433		1,275
Contract investment amortization	(35)		(28)
Net fee revenues	1,398		1,247
Owned, leased, and other revenue	412		361
Cost reimbursement revenue	4,844		4,655
	6,654		6,263
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense (1)	377		332
Depreciation, amortization, and other	54		51
General and administrative (1)	219		209
Restructuring and merger-related charges, and other	4		1
Reimbursed expenses	4,936		4,722
	5,590		5,315
OPERATING INCOME	1,064		948
Gains (losses) and other income, net	3		(2)
Interest expense	(214)		(192)
Interest income	10		9
Equity in (losses) earnings	(5)		1
INCOME BEFORE INCOME TAXES	858		764
Provision for income taxes	(210)		(99)
NET INCOME	$	648	$	665
EARNINGS PER SHARE
Earnings per share – basic	$	2.44	$	2.40
Earnings per share – diluted	$	2.43	$	2.39

(1)The 2025 first quarter reflects the reclassification of $36 million of other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements to conform to our current presentation.

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
	March 31, 2026		March 31, 2025
Net income	$	648	$	665
Other comprehensive (loss) income
Foreign currency translation adjustments	(81)		112
Other adjustments, net of tax	8		(11)



Total other comprehensive (loss) income, net of tax	(73)		101
Comprehensive income	$	575	$	766

See Notes to Condensed Consolidated Financial Statements.

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MARRIOTT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)


	(Unaudited)
	March 31, 2026		December 31, 2025
ASSETS
Current assets
Cash and equivalents	$	454	$	358
Accounts and notes receivable, net	3,090		2,909
Prepaid expenses and other	370		317

	3,914		3,584
Property and equipment, net	1,962		1,954
Intangible assets
Brands	6,176		6,207
Contract acquisition costs and other	4,189		4,129
Goodwill	8,873		8,907
	19,238		19,243
Equity method investments	304		298
Notes receivable, net	151		151
Deferred tax assets	549		570
Operating lease assets	940		941
Other noncurrent assets	799		799
	$	27,857	$	27,540
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Current portion of long-term debt	$	1,210	$	1,209
Accounts payable	763		814
Accrued payroll and benefits	1,256		1,438
Liability for guest loyalty program	3,517		3,497
Accrued expenses and other	1,770		1,440
	8,516		8,398
Long-term debt	15,320		14,995
Liability for guest loyalty program	4,681		4,495
Deferred tax liabilities	90		79
Deferred revenue	1,219		1,200
Operating lease liabilities	876		879
Other noncurrent liabilities	1,247		1,265
Stockholders’ deficit
Class A Common Stock	5		5
Additional paid-in-capital	6,311		6,352
Retained earnings	18,884		18,414
Treasury stock, at cost	(28,577)		(27,900)
Accumulated other comprehensive loss	(715)		(642)
	(4,092)		(3,771)
	$	27,857	$	27,540

See Notes to Condensed Consolidated Financial Statements.

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MARRIOTT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
OPERATING ACTIVITIES
Net income	$	648	$	665
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses)	162		136
Stock-based compensation	57		52
Income taxes	95		26
Liability for guest loyalty program	206		183
Contract acquisition costs	(109)		(131)
Restructuring and merger-related charges, and other	2		(19)
Working capital changes	(363)		(325)

Other	160		60
Net cash provided by operating activities	858		647
INVESTING ACTIVITIES
Capital and technology expenditures	(130)		(135)

Dispositions	2		—
Loan advances	(13)		(12)
Loan collections	3		5
Other	(11)		(1)
Net cash used in investing activities	(149)		(143)
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net	(1,085)		(1,002)
Issuance of long-term debt	1,425		1,960
Repayment of long-term debt	(3)		(352)
Issuance of Class A Common Stock	53		45

Dividends paid	(178)		(174)
Purchase of treasury stock	(700)		(751)
Stock-based compensation withholding taxes	(124)		(109)

Net cash used in financing activities	(612)		(383)
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	97		121
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1)	371		425
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1)	$	468	$	546

(1)The 2026 amounts include beginning restricted cash of $13 million at December 31, 2025, and ending restricted cash of $14 million at March 31, 2026, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.

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 franchise agreements, management agreements, license agreements, or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.

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, 2025 (“2025 Form 10-K”). Certain terms not otherwise defined in this Form 10-Q have the meanings specified in our 2025 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 March 31, 2026 and December 31, 2025 and the results of our operations and cash flows for the three months ended March 31, 2026 and March 31, 2025. 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 and reclassified certain prior period amounts to conform to our current period presentation.

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. 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
(in millions, except per share amounts)	March 31, 2026		March 31, 2025
Computation of Basic Earnings Per Share
Net income	$	648	$	665
Shares for basic earnings per share	266.1		276.9
Basic earnings per share	$	2.44	$	2.40
Computation of Diluted Earnings Per Share
Net income	$	648	$	665
Shares for basic earnings per share	266.1		276.9
Effect of dilutive securities
Stock-based compensation	0.7		0.8
Shares for diluted earnings per share	266.8		277.7
Diluted earnings per share	$	2.43	$	2.39

NOTE 3. STOCK-BASED COMPENSATION

We granted 0.5 million restricted stock units (“RSUs”) during the 2026 first quarter to certain executives and other employees, and those units vest generally over three or 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 2026 first quarter to certain executives and other senior-level employees, 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 2028 adjusted EBITDA performance and relative total stockholder return over the 2026 to 2028 performance period. RSUs, including PSUs, granted in the 2026 first quarter had a weighted average grant-date fair value of $346 per unit.

We recorded stock-based compensation expense for RSUs and PSUs of $46 million in the 2026 first quarter and $43 million in the 2025 first quarter. Deferred compensation costs for unvested awards for RSUs and PSUs totaled $332 million at March 31, 2026.

NOTE 4. INCOME TAXES

Our effective tax rate increased to 24.5 percent for the 2026 first quarter compared to 13.0 percent for the 2025 first quarter, primarily due to the prior year release of tax reserves.

We paid cash for income taxes, net of refunds, of $115 million in the 2026 first quarter and $73 million in the 2025 first quarter.

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NOTE 5. 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 March 31, 2026 in the following table:


(in millions) Guarantee Type	Maximum Potential Amount of Future Fundings		Recorded Liability for Guarantees
Debt service	$	62	$	6
Operating profit	140		83
Other	21		6
	$	223	$	95

Our maximum potential guarantees listed in the preceding table include $70 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”). We discontinued use of the Starwood reservations database for business operations at the end of 2018.

Litigation, Claims, and Government Investigations

Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. The plaintiffs in these cases, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. The U.S. cases were consolidated in the U.S. District Court for the District of Maryland (the “District Court”), pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). In 2025, the U.S. Court of Appeals for the Fourth Circuit reversed the District Court’s certification of a class of consumer plaintiffs for the second time, and some plaintiffs subsequently filed lawsuits in New York state court on an individual basis, alleging violations of New York statutory law and seeking monetary damages, attorneys’ fees, and other related relief. We are progressing in our mediation discussions with the U.S. consumer plaintiffs, and we believe it is probable that we will incur losses in relation to these cases. As of March 31, 2026, we have recorded an accrual for an estimated loss contingency related to these matters, which is not material to our Financial Statements. The Canadian cases remain pending. We dispute the allegations in these lawsuits and are vigorously defending against such claims.

In addition, most inquiries and investigations by U.S. federal, U.S. state and foreign governmental authorities have been resolved or no longer appear to be active.

While we believe it is reasonably possible that we may incur losses in excess of the amounts recorded associated with the above-described lawsuits or regulatory investigations related to the Data Security Incident, it is not possible to reasonably estimate the amount of such losses or range of loss in excess of the amounts recorded that might result from adverse judgments, settlements, or other resolution of these proceedings based on: (1) in the case of the above-described lawsuits, the current stage of these proceedings, the absence of specificity as to alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, and the lack of resolution of significant factual and legal issues, and (2) uncertainty regarding regulatory inquiries or investigations.

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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.

NOTE 6. 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 March 31, 2026 and year-end 2025:


($ in millions)	Interest Rate		Effective Interest Rate		Face Amount		Balance as of March 31, 2026		Balance as of December 31, 2025
Senior Notes (in order of maturity):
Series R Notes, maturing June 15, 2026	3.1	%	3.3	%	$	750	$	750	$	749
Series LL Notes, maturing September 15, 2026	5.5	%	5.9	%	450		449		449
Series TT Notes, maturing July 15, 2027	4.2	%	4.5	%	400		398		398
Series JJ Notes, maturing October 15, 2027	5.0	%	5.4	%	1,000		994		994
Series X Notes, maturing April 15, 2028	4.0	%	4.2	%	450		448		448
Series MM Notes, maturing October 15, 2028	5.6	%	5.9	%	700		695		694
Series AA Notes, maturing December 1, 2028	4.7	%	4.8	%	300		299		299
Series KK Notes, maturing April 15, 2029	4.9	%	5.3	%	800		791		790
Series NN Notes, maturing May 15, 2029	4.9	%	5.3	%	500		494		493
Series PP Notes, maturing March 15, 2030	4.8	%	5.0	%	500		496		496
Series FF Notes, maturing June 15, 2030	4.6	%	4.8	%	1,000		993		992
Series HH Notes, maturing April 15, 2031	2.9	%	3.0	%	1,100		1,094		1,094
Series UU Notes, maturing October 15, 2031	4.5	%	4.9	%	500		491		491
Series RR Notes, maturing April 15, 2032	5.1	%	5.4	%	500		493		493
Series GG Notes, maturing October 15, 2032	3.5	%	3.7	%	1,000		991		990
Series WW Notes, maturing May 1, 2033	4.5	%	4.8	%	600		590		—
Series II Notes, maturing October 15, 2033	2.8	%	2.8	%	700		695		695
Series OO Notes, maturing May 15, 2034	5.3	%	5.6	%	1,000		982		982
Series W Notes, maturing October 1, 2034	4.5	%	4.1	%	278		286		287
Series QQ Notes, maturing March 15, 2035	5.4	%	5.5	%	1,000		987		987
Series VV Notes, maturing October 15, 2035	5.3	%	5.5	%	600		586		588
Series SS Notes, maturing April 15, 2037	5.5	%	5.7	%	1,500		1,473		1,475
Series XX Notes, maturing May 1, 2038	5.1	%	5.3	%	850		825		—
Commercial paper							90		1,177
Credit Facility							—		—
Finance lease obligations							117		120
Other							23		23
							$	16,530	$	16,204
Less current portion							(1,210)		(1,209)
							$	15,320	$	14,995

We paid cash for interest, net of amounts capitalized, of $77 million in the 2026 first quarter and $87 million in the 2025 first quarter.

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,

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2027.

In February 2026, we issued $600 million aggregate principal amount of 4.500 percent Series WW Notes due May 1, 2033 (the “Series WW Notes”) and $850 million aggregate principal amount of 5.100 percent Series XX Notes due May 1, 2038 (the “Series XX Notes”). We will pay interest on the Series WW Notes and Series XX Notes in May and November of each year, commencing in November 2026. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $350 million of the Series XX Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.33 percent, and an additional $150 million of the Series XX Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.35 percent. Net proceeds from the offering of the Series WW Notes and Series XX Notes were approximately $1.425 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.

We determine the fair value of our Senior Notes using quoted market prices, which are directly observable Level 1 inputs. As of March 31, 2026 and year-end 2025, the fair value of our noncurrent Senior Notes was $15,005 million (carrying amount of $15,101 million) and $13,836 million (carrying amount of $13,686 million), respectively. The carrying amount of our commercial paper borrowings approximates fair value due to their short maturity and because they bear interest at a market rate. See the “Fair Value Measurements” caption of Note 2 and Note 12 of our 2025 Form 10-K for more information on the input levels we use in determining fair value.

NOTE 7. PLANNED DISPOSITION

In the 2026 second quarter, a U.S. & Canada hotel met the accounting criteria to be designated as an asset held for sale. We determined that the carrying amount of the hotel exceeded its fair value less costs to sell, based on a purchase and sale agreement with a third-party buyer. Consequently, we expect to record an impairment charge of approximately $65 million to $70 million in the “Depreciation, amortization, and other” caption of our Income Statements in the 2026 second quarter. We expect to sell the hotel later in the 2026 second quarter, and we expect to continue to operate the hotel under a long-term management agreement.

NOTE 8. ACCUMULATED OTHER COMPREHENSIVE LOSS AND STOCKHOLDERS’ DEFICIT

The following tables detail the accumulated other comprehensive loss activity for the 2026 first quarter and 2025 first quarter:


(in millions)	Foreign Currency Translation Adjustments		Other Adjustments		Accumulated Other Comprehensive Loss
Balance at year-end 2025	$	(649)	$	7	$	(642)
Other comprehensive (loss) income(1)	(81)		8		(73)
Balance at March 31, 2026	$	(730)	$	15	$	(715)


(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)	112		(11)		101
Balance at March 31, 2025	$	(979)	$	17	$	(962)

(1)Other comprehensive (loss) income includes intra-entity foreign currency transactions that are of a long-term investment nature, which resulted in gains of $17 million for the 2026 first quarter and losses of $19 million for the 2025 first quarter.

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The following tables detail the changes in common shares outstanding and stockholders’ deficit for the 2026 first quarter and 2025 first quarter:


(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
265.9	Balance at year-end 2025	$	(3,771)	$	5	$	6,352	$	18,414	$	(27,900)	$	(642)
—	Net income	648		—		—		648		—		—
—	Other comprehensive loss	(73)		—		—		—		—		(73)
—	Dividends ($0.67 per share)	(178)		—		—		(178)		—		—
0.9	Stock-based compensation plans	(14)		—		(41)		—		27		—
(2.1)	Purchase of treasury stock	(704)		—		—		—		(704)		—
264.7	Balance at March 31, 2026	$	(4,092)	$	5	$	6,311	$	18,884	$	(28,577)	$	(715)


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

SEC Form 10-Q filed by Marriott International