NASDAQ : MAR
Marriott International, Inc. — Financial statements
Consumer Discretionary · Lodging · United States
Last price 399.65 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 104.22B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Marriott International, Inc. (MAR) reported revenue of 27.42B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 7.73B | 7.12B | 6.72B | 6.39B | 5.45B | 3.49B |
| Other Revenue | 19.69B | 19.07B | 18.38B | 17.32B | 15.33B | 10.37B |
| Revenue | 27.42B | 26.19B | 25.10B | 23.71B | 20.77B | 13.86B |
| Cost of Revenue | 20.81B | 20.66B | 19.81B | 18.72B | 16.49B | 11.18B |
| Gross Profit | 6.61B | 5.52B | 5.29B | 4.99B | 4.28B | 2.68B |
| Selling, General & Admin | 1.89B | 1.87B | 1.94B | 1.66B | 1.53B | 1.29B |
| Other Operating Expenses | 68.00M | -700.00M | -676.00M | -783.00M | -911.00M | -590.00M |
| Operating Expenses | 2.24B | 1.38B | 1.45B | 1.07B | 808.00M | 923.00M |
| Operating Income | 4.37B | 4.14B | 3.84B | 3.92B | 3.47B | 1.76B |
| Interest Expense | -870.00M | -809.00M | -695.00M | -565.00M | -403.00M | -420.00M |
| Interest & Investment Income | 47.00M | 42.00M | 40.00M | 30.00M | 26.00M | 28.00M |
| Earnings From Equity Investments | 2.00M | 11.00M | 8.00M | 9.00M | 18.00M | -24.00M |
| Other Non Operating Income (Expenses) | 21.00M | 9.00M | 31.00M | 40.00M | 11.00M | 10.00M |
| EBT Excluding Unusual Items | 3.57B | 3.39B | 3.23B | 3.44B | 3.13B | 1.35B |
| Merger & Restructuring Charges | -70.00M | -45.00M | -77.00M | -60.00M | -12.00M | -8.00M |
| Other Unusual Items | -164.00M | |||||
| Pretax Income | 3.54B | 3.39B | 3.15B | 3.38B | 3.11B | 1.18B |
| Income Tax Expense | 891.00M | 793.00M | 776.00M | 295.00M | 756.00M | 81.00M |
| Net Income | 2.65B | 2.60B | 2.38B | 3.08B | 2.36B | 1.10B |
| Net Income to Common | 2.65B | 2.60B | 2.38B | 3.08B | 2.36B | 1.10B |
| Shares Outstanding (Basic) | 264.80M | 272.90M | 284.20M | 301.50M | 324.40M | 327.20M |
| Shares Outstanding (Diluted) | 265.50M | 273.60M | 285.20M | 302.90M | 325.80M | 329.30M |
| EPS (Basic) | 10.02 | 9.53 | 8.36 | 10.23 | 7.27 | 3.36 |
| EPS (Diluted) | 10.00 | 9.51 | 8.33 | 10.18 | 7.24 | 3.34 |
| Free Cash Flow | 2.26B | 1.97B | 2.62B | 2.03B | 994.00M | |
| Free Cash Flow Per Share | 8.25 | 6.92 | 8.64 | 6.23 | 3.02 | |
| Dividend Per Share | 0.67 | 2.64 | 2.41 | 1.96 | 1.00 | |
| Gross Margin | 24.11% | 21.08% | 21.07% | 21.05% | 20.61% | 19.35% |
| Operating Margin | 15.93% | 15.81% | 15.32% | 16.55% | 16.72% | 12.69% |
| Profit Margin | 9.68% | 9.93% | 9.46% | 13.00% | 11.35% | 7.93% |
| Free Cash Flow Margin | 8.62% | 7.86% | 11.04% | 9.78% | 7.17% | |
| EBITDA | 4.86B | 4.60B | 4.23B | 4.27B | 3.79B | 2.06B |
| EBITDA Margin | 17.72% | 17.55% | 16.84% | 18.02% | 18.22% | 14.87% |
| D&A For EBITDA | 491.00M | 458.00M | 383.00M | 348.00M | 311.00M | 303.00M |
| EBIT | 4.37B | 4.14B | 3.84B | 3.92B | 3.47B | 1.76B |
| EBIT Margin | 15.93% | 15.81% | 15.32% | 16.55% | 16.72% | 12.69% |
| Effective Tax Rate | 25.14% | 23.36% | 24.63% | 8.73% | 24.28% | 6.86% |
| Revenue as Reported | 27.42B | 26.19B | 25.10B | 23.71B | 20.77B | 13.86B |
| Advertising Expenses | 999.00M | 993.00M | 794.00M | 635.00M | 470.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 358.00M | 396.00M | 338.00M | 507.00M | 1.39B | |
| Cash & Short-Term Investments | 462.00M | 358.00M | 396.00M | 338.00M | 507.00M | 1.39B |
| Accounts Receivable | 2.91B | 2.79B | 2.71B | 2.57B | 1.98B | |
| Receivables | 2.91B | 2.79B | 2.71B | 2.57B | 1.98B | |
| Prepaid Expenses | 317.00M | 294.00M | 261.00M | 235.00M | 251.00M | |
| Total Current Assets | 3.58B | 3.48B | 3.31B | 3.31B | 3.63B | |
| Property, Plant & Equipment | 2.90B | 2.68B | 2.51B | 2.57B | 2.56B | |
| Long-Term Investments | 298.00M | 298.00M | 308.00M | 335.00M | 387.00M | |
| Goodwill | 8.91B | 8.73B | 8.89B | 8.87B | 9.07B | |
| Other Intangible Assets | 10.34B | 9.49B | 9.19B | 8.75B | 8.93B | |
| Long-Term Deferred Tax Assets | 570.00M | 650.00M | 673.00M | 240.00M | 228.00M | |
| Other Long-Term Assets | 799.00M | 716.00M | 658.00M | 584.00M | 604.00M | |
| Total Assets | 27.54B | 26.18B | 25.67B | 24.82B | 25.55B | |
| Accounts Payable | 814.00M | 763.00M | 738.00M | 746.00M | 726.00M | |
| Accrued Expenses | 2.77B | 2.99B | 3.04B | 2.49B | 2.20B | |
| Current Portion of Long-Term Debt | 1.20B | 1.30B | 545.00M | 676.00M | 798.00M | |
| Current Portion of Leases | 110.00M | 113.00M | 113.00M | 114.00M | 157.00M | |
| Current Unearned Revenue | 3.50B | 3.49B | 3.33B | 3.31B | 2.52B | |
| Other Current Liabilities | 12.00M | |||||
| Total Current Liabilities | 8.40B | 8.65B | 7.76B | 7.34B | 6.41B | |
| Long-Term Debt | 14.89B | 13.02B | 11.20B | 9.25B | 9.19B | |
| Long-Term Leases | 988.00M | 909.00M | 1.01B | 1.17B | 1.24B | |
| Long-Term Unearned Revenue | 5.70B | 5.13B | 4.70B | 4.34B | 5.13B | |
| Long-Term Deferred Tax Liabilities | 79.00M | 81.00M | 209.00M | 313.00M | 169.00M | |
| Other Long-Term Liabilities | 1.26B | 1.38B | 1.48B | 1.84B | 2.00B | |
| Total Liabilities | 31.31B | 29.17B | 26.36B | 24.25B | 24.14B | |
| Common Stock | 5.00M | 5.00M | 5.00M | 5.00M | 5.00M | |
| Additional Paid-In Capital | 6.35B | 6.18B | 6.05B | 5.96B | 5.89B | |
| Retained Earnings | 18.41B | 16.53B | 14.84B | 12.34B | 10.30B | |
| Treasury Stock | -27.90B | -24.64B | -20.93B | -17.02B | -14.45B | |
| Comprehensive Income & Other | -642.00M | -1.06B | -647.00M | -729.00M | -342.00M | |
| Shareholders' Equity | -4.53B | -3.77B | -2.99B | -682.00M | 568.00M | 1.41B |
| Total Liabilities & Equity | 27.54B | 26.18B | 25.67B | 24.82B | 25.55B | |
| Total Debt | 17.77B | 17.18B | 15.35B | 12.87B | 11.20B | 11.39B |
| Net Cash (Debt) | -17.31B | -16.82B | -14.95B | -12.53B | -10.70B | -9.99B |
| Net Cash Per Share | -65.21 | -61.49 | -52.42 | -41.36 | -32.83 | -30.35 |
| Filing Date Shares Outstanding | 260.60M | 264.98M | 275.70M | 289.49M | 308.12M | 326.31M |
| Total Common Shares Outstanding | 260.60M | 265.86M | 276.67M | 290.50M | 310.60M | 326.30M |
| Working Capital | -4.81B | -5.16B | -4.45B | -4.03B | -2.78B | |
| Book Value Per Share | -17.28 | -14.18 | -10.81 | -2.35 | 1.83 | 4.33 |
| Tangible Book Value | -19.58B | -23.01B | -21.21B | -18.76B | -17.05B | -16.59B |
| Tangible Book Value Per Share | -74.80 | -86.56 | -76.66 | -64.57 | -54.90 | -50.83 |
| Land | 772.00M | 768.00M | 669.00M | 688.00M | 686.00M | |
| Buildings | 1.34B | 1.24B | 1.11B | 1.09B | 985.00M | |
| Machinery | 643.00M | 619.00M | 622.00M | 649.00M | 545.00M | |
| Construction In Progress | 149.00M | 89.00M | 72.00M | 36.00M | 137.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.60B | 2.38B | 3.08B | 2.36B | 1.10B | |
| Depreciation & Amortization | 458.00M | 383.00M | 348.00M | 311.00M | 303.00M | |
| Other Amortization | 135.00M | 103.00M | 88.00M | 89.00M | ||
| Asset Writedown & Restructuring Costs | -15.00M | -278.00M | 47.00M | -8.00M | ||
| Stock-Based Compensation | 236.00M | 237.00M | 205.00M | 192.00M | 182.00M | |
| Other Operating Activities | -56.00M | 11.00M | -670.00M | -37.00M | -517.00M | |
| Change in Other Net Operating Assets | -147.00M | -82.00M | 69.00M | -542.00M | 110.00M | |
| Operating Cash Flow | 3.21B | 2.75B | 3.17B | 2.36B | 1.18B | |
| Capital Expenditures | -954.00M | -776.00M | -553.00M | -332.00M | -183.00M | |
| Sale of Property, Plant & Equipment | 9.00M | 16.00M | 71.00M | 1.00M | 12.00M | |
| Other Investing Activities | 10.00M | 33.00M | 31.00M | -43.00M | ||
| Investing Cash Flow | -948.00M | -734.00M | -465.00M | -297.00M | -187.00M | |
| Long-Term Debt Issued | 3.44B | 3.11B | 2.46B | 983.00M | 1.94B | |
| Long-Term Debt Repaid | -1.71B | -558.00M | -684.00M | -986.00M | -2.17B | |
| Net Debt Issued (Repaid) | 1.72B | 2.55B | 1.78B | -3.00M | -231.00M | |
| Issuance of Common Stock | 92.00M | 73.00M | 29.00M | 2.00M | ||
| Repurchase of Common Stock | -3.42B | -3.90B | -4.06B | -2.65B | -90.00M | |
| Common Dividends Paid | -718.00M | -682.00M | -587.00M | -321.00M | ||
| Other Financing Activities | -25.00M | 17.00M | -144.00M | |||
| Financing Cash Flow | -2.32B | -1.96B | -2.86B | -2.96B | -463.00M | |
| Net Cash Flow | -54.00M | 59.00M | -159.00M | -896.00M | 527.00M | |
| Free Cash Flow | 2.26B | 1.97B | 2.62B | 2.03B | 994.00M | |
| Free Cash Flow Margin | 8.62% | 7.86% | 11.04% | 9.78% | 7.17% | |
| Free Cash Flow Per Share | 8.25 | 6.92 | 8.64 | 6.23 | 3.02 | |
| Levered Free Cash Flow | 1.67B | 1.93B | 2.58B | 2.70B | 1.87B | |
| Unlevered Free Cash Flow | 2.18B | 2.37B | 2.93B | 2.96B | 2.14B | |
| Cash Interest Paid | 698.00M | 599.00M | 476.00M | 345.00M | 391.00M | |
| Cash Income Tax Paid | 1.07B | 947.00M | 907.00M | 476.00M | 362.00M | |
| Change in Working Capital | -147.00M | -82.00M | 69.00M | -542.00M | 110.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 108.56B | 83.25B | 77.52B | 66.23B | 47.13B | 53.82B |
| Enterprise Value | 125.87B | 99.46B | 91.58B | 78.25B | 56.51B | 63.73B |
| Last Close Price | 416.30 | 308.41 | 274.61 | 219.82 | 143.62 | 158.42 |
| PE Ratio | 41.64 | 32.01 | 32.64 | 21.48 | 19.99 | 48.97 |
| Forward PE | 32.40 | 28.28 | 27.18 | 24.00 | 20.01 | 33.55 |
| PS Ratio | 3.96 | 3.18 | 3.09 | 2.79 | 2.27 | 3.88 |
| PB Ratio | -22.08 | -25.91 | -97.11 | 82.97 | 38.06 | |
| P/FCF Ratio | 39.02 | 36.87 | 39.29 | 25.31 | 23.20 | 54.14 |
| P/OCF Ratio | 29.12 | 25.92 | 28.20 | 20.89 | 19.95 | 45.72 |
| PEG Ratio | 2.66 | 2.75 | 4.79 | 1.38 | 0.50 | 0.69 |
| EV/Sales Ratio | 4.59 | 3.80 | 3.65 | 3.30 | 2.72 | 4.60 |
| EV/EBITDA Ratio | 25.91 | 21.64 | 21.67 | 18.32 | 14.93 | 30.92 |
| EV/EBIT Ratio | 28.82 | 24.03 | 23.82 | 19.94 | 16.27 | 36.25 |
| EV/FCF Ratio | 45.24 | 44.05 | 46.42 | 29.90 | 27.82 | 64.11 |
| Debt / Equity Ratio | -3.93 | -4.56 | -5.13 | -18.86 | 19.73 | 8.05 |
| Debt / EBITDA Ratio | 3.61 | 3.54 | 3.42 | 2.82 | 2.77 | 5.04 |
| Debt / FCF Ratio | 7.61 | 7.78 | 4.92 | 5.52 | 11.46 | |
| Net Debt / Equity Ratio | -3.83 | -4.46 | -5.00 | -18.37 | 18.83 | 7.07 |
| Net Debt / EBITDA Ratio | 3.56 | 3.66 | 3.54 | 2.93 | 2.83 | 4.85 |
| Net Debt / FCF Ratio | 7.45 | 7.58 | 4.79 | 5.27 | 10.05 | |
| Asset Turnover | 0.97 | 0.97 | 0.94 | 0.83 | 0.55 | |
| Quick Ratio | 0.39 | 0.37 | 0.39 | 0.42 | 0.53 | |
| Current Ratio | 0.43 | 0.40 | 0.43 | 0.45 | 0.57 | |
| Return on Equity (ROE) | 237.94% | 119.20% | ||||
| Return on Assets (ROA) | 9.63% | 9.27% | 9.71% | 8.62% | 4.37% | |
| Return on Invested Capital (ROIC) | 17.30% | 16.35% | 24.55% | 23.21% | 14.68% | |
| Return on Capital Employed (ROCE) | 21.60% | 21.90% | 21.90% | 19.90% | 9.20% | |
| Earnings Yield | 2.40% | 3.12% | 3.06% | 4.66% | 5.00% | 2.04% |
| FCF Yield | 2.56% | 2.71% | 2.54% | 3.95% | 4.31% | 1.85% |
| Dividend Yield | 0.70% | 0.84% | 0.86% | 0.86% | 0.66% | |
| Payout Ratio | 30.28% | 27.61% | 28.72% | 19.04% | 13.61% | |
| Buyback Yield / Dilution | 3.89% | 4.07% | 5.84% | 7.03% | 1.06% | -1.07% |
| Total Shareholder Return | 4.59% | 4.91% | 6.70% | 7.89% | 1.72% | -1.07% |