Filing Flows › Marriott International (MAR) › Q3 2025
Marriott International (MAR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Marriott International (MAR) reported revenue of $6.5B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -4% from the quarter before. Operating margin was 18.2%, net earnings $728M (11.2% of revenue).
Marriott International, Q3 2025: revenue $6.5B (+4% year over year), operating margin 18.2%, net earnings $728M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.5B | -4% | +4% |
| Operating profit | $1.2B | -5% | +25% |
| Net earnings | $728M | -5% | +25% |
| Operating cash flow | $1.1B | +70% | +24% |
| Free cash flow | $951M | +95% | +35% |
What changed
Revenue was $6.5B in Q3 2025, up 4% year over year and down 4% from the previous quarter. Reimbursements was the largest line at 73% of revenue. Reimbursements added $0.14B year over year (up 3%), 61% of the total change.
Operating profit was $1.2B, a 18.2% margin (up 3.1 points year over year). Of the extra revenue versus a year earlier, 101% reached operating profit, above the 15% margin then. Total costs fell 0% while revenue rose 4%. Net earnings were $0.73B, up 25% year over year. The effective tax rate was 26.8%.
Operating cash flow was $1.1B (up 24% year over year), 150% of net earnings. Non-cash charges added back $0.06B of share-based compensation. Working capital and other items added $0.30B. Capital expenditures of $0.14B left free cash flow of $1.0B.
Questions
What was Marriott International's revenue in the third quarter 2025?
Marriott International (MAR) reported revenue of $6.5B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -4% from the quarter before.
Was Marriott International profitable in the third quarter 2025?
Operating profit was $1.2B (18.2% of revenue) and net earnings $728M.