Restaurants, Travel and Leisure
Restaurants, Travel and Leisure
Restaurants, Travel and Leisure at a glance
Five cash-flow engines. The middle tabs keep restaurants, lodging, cruise and gaming, and OTAs separate. Airlines and hotel REITs are out.
- •McDonald's 2025 systemwide sales were $139.4 billion against $26.9 billion of GAAP revenue. 43,317 of 45,356 restaurants were franchised.
- •Starbucks FY2025 net revenue was $37.18 billion, the largest GAAP line on this roster. Company-operated stores were 83% of revenue and 21,514 of 40,990 stores.
- •Marriott 2025 GAAP revenue was $26.19 billion. Cost reimbursement was $19.20 billion. Gross fee revenue was $5.44 billion. The system had 1.78 million rooms.
- •Booking Holdings 2025 revenue was $26.92 billion on $186.1 billion of gross bookings and 1,235 million room nights.
- •Carnival FY2025 revenue was $26.62 billion on 13.6 million passengers and 105% occupancy. Royal Caribbean occupancy was 109.7%. Norwegian occupancy was 103.5%.
- •Las Vegas Sands 2025 net revenue was $13.02 billion: $7.47 billion Macao and $5.59 billion Singapore. Macau market gaming revenue was $30.9 billion.
- •Chipotle 2025 revenue rose 5.4% to $11.93 billion while comparable sales fell 1.7%. Hilton system-wide comparable RevPAR rose 0.4%.
Headline numbers
Eight sourced snapshot figures. Fiscal years are not aligned. Marriott GAAP includes $19.2B of cost reimbursement.
McDonald's system sales
$139.4B
CY2025, +7% reported. GAAP revenue $26.89B. 45,356 restaurants, 43,317 franchised.
MCD 10-K
Starbucks FY2025 revenue
$37.18B
Year ended 28 September 2025, +2.8%. Company-operated stores 83% of revenue. 40,990 stores.
SBUX 10-K / PR
Marriott rooms
1.78M
Year-end 2025: 9,805 properties, 1,779,936 rooms. Worldwide RevPAR +2.0%. GAAP revenue $26.19B.
MAR 10-K / PR
Booking gross bookings
$186.1B
CY2025, +12%. Revenue $26.92B. 1,235 million room nights, +8%.
BKNG 10-K
Carnival occupancy
105%
FY2025 ended 30 November. 13.6 million passengers. 96.5 million ALBDs. Revenue $26.62B.
CCL 2025 AR
LVS 2025 net revenue
$13.02B
Macao $7.47B. Marina Bay Sands $5.59B. Macau market gaming revenue $30.9B (Wynn 10-K).
LVS PR / WYNN 10-K
Chipotle comps
-1.7%
CY2025. Transactions -2.9%, check +1.2%. Revenue $11.93B, +5.4%, on 334 company-owned openings.
CMG PR
Hilton RevPAR
+0.4%
CY2025 system-wide comparable, currency neutral. 9,158 properties, 1.35 million rooms. Net unit growth 6.7%.
HLT PR
Roster GAAP revenue, latest year
Starbucks is the largest GAAP line. McDonald's, Booking, Carnival, and Marriott cluster near $27B for different reasons. Domino's $4.94B is royalties plus supply chain, not $20.13B of global retail sales.
Five theses on one page
Restaurant GAAP is the largest pile because Starbucks and McDonald's are on it. Lodging looks smaller until you remember Marriott reimbursement. These are not TAM figures.
The roster
Seventeen public companies. Airlines, airframers, Host Hotels, and Vici are out.
| Company | Ticker | Archetype | HQ | Latest year | What to watch |
|---|---|---|---|---|---|
| McDonald's | MCD | Franchise restaurants | Chicago, US | CY2025 | System sales vs GAAP; unit growth |
| Starbucks | SBUX | Company-operated restaurants | Seattle, US | FY2025 | Back to Starbucks closures; company-operated mix |
| Chipotle | CMG | Company-operated restaurants | Newport Beach, US | CY2025 | Traffic vs new units |
| Yum! | YUM | Franchise restaurants | Louisville, US | CY2025 | KFC vs Taco Bell vs Pizza Hut |
| Darden | DRI | Company-operated restaurants | Orlando, US | FY2026 | Olive Garden and LongHorn; 53-week year |
| Domino's | DPZ | Franchise restaurants | Ann Arbor, US | FY2025 | Global retail sales; US digital mix |
| Marriott | MAR | Lodging brand | Bethesda, US | CY2025 | Fees vs reimbursement; RevPAR |
| Hilton | HLT | Lodging brand | McLean, US | CY2025 | Net unit growth; RevPAR |
| Carnival | CCL | Cruise owner-operator | Miami, US | FY2025 | Occupancy and onboard mix |
| Royal Caribbean | RCL | Cruise owner-operator | Miami, US | CY2025 | Occupancy 109.7%; new ships |
| Norwegian | NCLH | Cruise owner-operator | Miami, US | CY2025 | Order book through 2037 |
| Las Vegas Sands | LVS | Integrated resorts | Las Vegas, US | CY2025 | Macao vs Singapore |
| MGM | MGM | Integrated resorts | Las Vegas, US | CY2025 | Strip rooms vs MGM China |
| Wynn | WYNN | Integrated resorts | Las Vegas, US | CY2025 | Macau vs Las Vegas; Al Marjan 2027 |
| Booking | BKNG | OTA | Norwalk, US | CY2025 | Merchant vs agency mix |
| Expedia | EXPE | OTA | Seattle, US | CY2025 | Room nights vs Booking |
| Airbnb | ABNB | OTA / marketplace | San Francisco, US | CY2025 | Nights and seats; take-rate |
