Marriott International

Marriott International puts brands such as Courtyard, Marriott, Sheraton, Westin and The Ritz-Carlton on about 9,800 properties with nearly 1.78 million rooms in 145 countries, yet owns or leases less than 1% of them: 66% of its rooms are franchised or licensed and 32% managed. Owners pay royalties that typically run 4 to 7% of room revenue, or base and incentive management fees, and reimburse Marriott for the reservations, marketing and Marriott Bonvoy loyalty programs it runs for them. FY2025 (year to Dec 31, 2025) revenue was $26.19B (+4.3%), but $19.20B of that was cost reimbursement that passes through, and its own gross fee revenues were $5.44B (+5%). FY2025 net income was $2.60B (+9.5%).

Click any of the 9 blocks below for a plain-language story of how that part of the model works for Marriott — and how it connects to the others.