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
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $26.2B | $2.60B | $27.5B |
| FY2024 | $25.1B | $2.38B | $26.2B |
| FY2023 | $23.7B | $3.08B | $25.7B |
| FY2022 | $20.8B | $2.36B | $24.8B |
| FY2021 | $13.9B | $1.10B | $25.6B |
| FY2020 | $10.6B | −$267.0M | $24.7B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Cases on Marriott, and the casebook each one belongs to.
| Fork date | Decision type | What Marriott chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2016 | Adjacency Expansion | Raise bid, acquire Starwood | FTC and 49 state AGs settled over three breaches affecting approximately 344 million customers; state settlement required Marriott to pay $52 million in penalties (2024-10) | Read the story → | Adjacency Expansion Casebook → |
| 2020 | Ecosystem Lock-in | Sell future points to partners | Marriott and Starwood settled with the FTC and 49 states for $52 million and accepted a 20-year security program (2024-10) | Read the story → | Ecosystem Lock-in Casebook → |
| 2024 | Asset-Light Bet | Buy the hotel as obligated | Marriott owns a $500M skyscraper despite owning or leasing less than 1% of its hotels (2024) | Read the story → | Asset-Light Bet Casebook → |
Videos on Marriott
Run one of these yourself
The decisions Marriott faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Boundaries of the FirmThe Asset-Light BetWhich parts of the business should you stop owning?See the pack →Moat & CompetitionThe Ecosystem Lock-InHow hard can you press on lock-in you already have?See the pack →
The analyses
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
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 Asset-Light Operator · Boundaries of the Firm
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
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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