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Marriott International

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MAR 10-K Analysis: Credit Card Fees Are Outrunning the Hotel Business

Marriott International reported 14.2% EPS growth in FY2025, but the 10-K reveals a structural divergence beneath the headline. Co-branded credit card fees grew $105 million — exceeding the $94 million from actual hotel rooms growth — and the credit card increment accelerated 78% year-over-year. Meanwhile, the debt-funded buyback machine that delivered one-third of EPS growth is getting more expensive: average buyback price rose from $273 to $318 per share. This analysis decomposes Marriott's three growth engines and tracks where the efficiency is breaking down.

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14 min

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