Company profile
SEC EDGAR ↗- Industry
- Hotels & Motels
- Listed
- Nasdaq: MAR
- Incorporated
- DE
- Headquarters
- Bethesda, MD
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $26.2B
- Net income
- $2.60B
- Total assets
- $27.5B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Asset-Light Operator · Business Model
Marriott Owns Almost None of Its Hotels. Then It Was Forced to Buy One for $500 Million.
Marriott owns or leases less than 1% of its 9,361 hotels - the asset-light story is real. But its $500M forced purchase of the Sheraton Grand Chicago, a buried litigation obligation, shows the model isn't as weightless as the rhetoric.
8 min
The Ecosystem Lock-In · Moat & Competition
Marriott Raised $920 Million in Days in May 2020 by Selling Future Points to Chase and Amex
In May 2020, with travel collapsing, Marriott raised $920 million in days — not from a lender, but by selling future points to Chase and Amex. Bonvoy drives 68% of global room nights. The program is the moat. The member database is also the crack in it.
8 min
Adjacency Expansion · Growth & Portfolio
Marriott Bought 11 Brands. It Also Bought a Breach It Couldn't See.
Marriott paid $13.6 billion to become the world's largest hotel company by buying Starwood's 11 brands. It ran a 10-month security review before closing and still missed a breach that had been running since July 2014 and exposed 339 million guest records.
7 min
The Adjacency Expansion · Growth & Portfolio
Marriott Tried Theme Parks, Cruises, and Senior Living. It Kept None of Them.
Marriott is celebrated for bold diversification beyond hotels - parks, distribution, timeshare, senior living. But as late as fiscal 1999 those adjacencies were 19% of sales, and within a few years every one was gone. The only adjacency that stuck wasn't an adjacency at all.
8 min