Marriott International, Inc.

MAR · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$83,253	$77,516	$66,230	$47,130	$53,816	$42,964	$49,318	$35,356	$44,205	$26,927	$21,834	$22,621	$15,052	$12,023	$10,212	$14,207	$9,156	$6,447	$12,121	$18,230	$13,913	$13,497	$10,142	$7,482	$9,366	$9,594	$7,376	$6,834	$5,112
Enterprise value	$99,978	$92,361	$78,652	$57,721	$63,659	$53,286	$60,915	$44,387	$52,060	$42,223	$25,845	$26,298	$18,079	$14,870	$12,281	$16,531	$11,339	$9,419	$14,754	$19,872	$15,458	$14,064	$11,368	$9,079	$11,364	$11,276	$8,563	$7,711	$5,245
P/E (TTM) at period end	32.01×	32.64×	21.48×	19.99×	48.97×	–	38.74×	18.54×	30.30×	33.33×	25.42×	30.04×	24.04×	21.06×	51.58×	31.02×	–	17.81×	17.42×	29.98×	20.80×	22.65×	20.20×	27.01×	39.69×	20.03×	18.44×	17.52×	15.78×
P/S (TTM) at period end	3.18×	3.09×	2.79×	2.27×	3.88×	4.06×	2.35×	1.70×	2.16×	1.75×	1.51×	1.64×	1.18×	1.02×	0.83×	1.22×	0.84×	0.50×	0.93×	1.52×	1.25×	1.34×	1.13×	0.89×	1.21×	1.21×	0.84×	0.86×	0.57×
P/B at period end	–	–	–	82.97×	38.06×	99.92×	70.15×	15.89×	12.34×	5.26×	–	–	–	–	–	8.96×	9.19×	4.67×	8.48×	6.96×	4.28×	3.31×	2.64×	2.09×	2.69×	2.94×	2.54×	2.66×	1.98×
EV / EBITDA (TTM)	23.33×	23.71×	19.73×	16.14×	33.72×	131.25×	28.39×	16.93×	19.03×	26.71×	17.44×	20.32×	16.21×	14.27×	18.33×	18.94×	343.60×	9.86×	10.69×	15.59×	17.51×	21.87×	21.17×	17.87×	17.70×	11.21×	10.34×	10.07×	7.14×
EV / Sales (TTM)	3.82×	3.68×	3.32×	2.78×	4.59×	5.04×	2.90×	2.14×	2.55×	2.74×	1.78×	1.91×	1.41×	1.26×	1.00×	1.41×	1.04×	0.73×	1.14×	1.66×	1.39×	1.39×	1.26×	1.08×	1.46×	1.43×	0.98×	0.97×	0.58×
Returns
Return on equity	–	–	–	415.1%	77.7%	(62.1%)	181.1%	85.7%	40.7%	15.8%	–	–	–	–	–	28.9%	(34.7%)	26.2%	48.7%	23.2%	20.6%	14.6%	13.1%	7.8%	6.8%	14.7%	13.8%	15.2%	12.5%
Return on invested capital	24.5%	24.0%	30.0%	23.5%	14.5%	0.4%	11.7%	17.1%	10.7%	7.3%	219.5%	54.3%	42.8%	40.5%	22.7%	14.8%	(3.9%)	8.7%	17.7%	16.5%	9.6%	8.7%	7.4%	5.8%	4.9%	10.4%	10.2%	11.2%	13.7%
Dividend yield	0.9%	0.9%	0.9%	0.7%	–	0.4%	1.2%	1.5%	1.1%	1.4%	1.2%	1.0%	1.3%	1.6%	1.3%	0.3%	0.7%	1.8%	0.9%	0.5%	0.6%	0.5%	0.7%	0.9%	0.7%	0.6%	0.7%	0.5%	–
Financial health
Current ratio	0.43×	0.40×	0.43×	0.45×	0.57×	0.49×	0.47×	0.42×	0.47×	0.65×	0.43×	0.53×	0.71×	0.53×	0.52×	1.35×	1.25×	1.34×	1.24×	1.31×	1.01×	0.83×	0.70×	0.79×	1.18×	0.74×	0.92×	0.94×	0.83×
Debt / equity	(4.30×)	(4.83×)	(17.41×)	17.72×	7.17×	24.13×	15.56×	4.20×	2.30×	1.66×	(1.14×)	(1.71×)	(2.23×)	(2.28×)	(2.78×)	1.78×	2.31×	2.24×	2.07×	0.70×	0.53×	0.32×	0.38×	0.50×	0.81×	0.62×	0.58×	0.49×	0.16×
Effective tax rate	23.4%	24.6%	8.7%	24.3%	6.9%	42.7%	20.4%	18.7%	51.1%	34.8%	31.6%	30.8%	30.2%	32.7%	44.4%	16.9%	15.6%	50.4%	38.8%	34.8%	34.3%	15.3%	(8.8%)	6.8%	36.1%	36.4%	37.2%	38.3%	39.0%
Share count
Diluted shares outstanding	274	285	303	326	329	326	336	354	380	296	273	297	313	333	362	378	356	371	402	436	466	486	498	509	519	515	539	540	550

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$26,904	$26,186	$25,100	$23,713	$20,773	$13,857	$10,571	$20,972	$20,758	$20,452	$15,407	$14,486	$13,796	$12,784	$11,814	$12,317	$11,691	$10,908	$12,879	$12,990	$11,995	$11,129	$10,099	$9,014	$8,415	$7,768	$7,911	$8,739	$7,968	$9,046
Cost of revenue	($21,574)	($20,964)	($20,128)	($18,733)	($16,215)	($11,056)	($9,112)	($17,755)	($17,084)	($16,639)	($12,735)	($12,363)	($11,830)	($11,020)	($10,190)	($10,715)	($10,216)	($9,673)	($11,256)	($11,034)	($10,231)	($9,677)	($9,015)	($8,114)	($7,584)	($6,693)	($6,975)	($7,747)	($7,092)	–
Gross profit	$5,330	$5,222	$4,972	$4,980	$4,558	$2,801	$1,459	$3,217	$3,674	$3,813	$2,672	$2,123	$1,966	$1,764	$1,624	$1,602	$1,475	$1,235	$1,623	$1,956	$1,764	$1,452	$1,084	$900	$831	$1,075	$936	$992	$876	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($819)	($870)	($945)	($867)	($891)	($823)	($762)	($938)	($927)	($921)	($743)	($634)	($659)	($649)	($582)	($752)	($780)	($722)	($803)	($773)	($677)	($781)	($607)	($523)	($510)	($655)	($125)	($164)	($110)	–
Total operating expenses	($1,080)	($1,081)	($1,205)	($1,116)	($1,096)	($1,051)	($1,375)	($1,417)	($1,308)	($1,309)	($1,248)	($773)	($807)	($776)	($684)	($1,076)	($780)	($1,387)	($858)	($773)	($677)	($753)	($607)	($523)	($510)	($655)	($125)	($326)	($250)	–
Total costs and expenses	($22,654)	($22,045)	($21,333)	($19,849)	($17,311)	($12,107)	($10,487)	($19,172)	($18,392)	($17,948)	($13,983)	($13,136)	($12,637)	($11,796)	($10,874)	($11,791)	($10,996)	($11,060)	($12,114)	($11,807)	($10,908)	($10,430)	($9,622)	($8,637)	($8,094)	($7,348)	($7,100)	($8,073)	($7,342)	($8,437)
Operating income	$4,250	$4,141	$3,767	$3,864	$3,462	$1,750	$84	$1,800	$2,366	$2,504	$1,424	$1,350	$1,159	$988	$940	$526	$695	($152)	$765	$1,183	$1,087	$699	$477	$377	$321	$420	$811	$666	$626	$609
Earnings
EBITDA	$4,954	$4,286	$3,895	$3,986	$3,576	$1,888	$406	$2,146	$2,622	$2,735	$1,581	$1,482	$1,294	$1,115	$1,042	$670	$873	$33	$955	$1,380	$1,275	$883	$643	$537	$508	$642	$1,006	$828	$766	$735
Interest income	$51	$42	$40	$30	$26	$28	$27	$26	$22	$38	$35	$29	$30	$23	$17	$14	$19	$25	$39	$38	–	–	–	–	–	–	–	–	–	–
Interest expense	($849)	($809)	($695)	($565)	($403)	($420)	($445)	($394)	($340)	($288)	($234)	($167)	($115)	($120)	($137)	($164)	($180)	($118)	($163)	($184)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,478	$3,394	$3,151	$3,378	$3,114	$1,180	($466)	$1,599	$2,345	$2,982	$1,239	$1,255	$1,088	$897	$849	$356	$551	($418)	$694	$1,137	$1,092	$829	$654	$488	$471	$421	$771	$637	$632	$531
Income tax expense	($891)	($793)	($776)	($295)	($756)	($81)	$199	($326)	($438)	($1,523)	($431)	($396)	($335)	($271)	($278)	($158)	($93)	$65	($350)	($441)	($380)	($284)	($100)	$43	($32)	($152)	($281)	($237)	($242)	($207)
Net income	$2,587	$2,601	$2,375	$3,083	$2,358	$1,099	($267)	$1,273	$1,907	$1,459	$808	$859	$753	$626	$571	$198	$458	($346)	$362	$696	$608	$669	$596	$502	$277	$236	$479	$400	$390	$324
Per share
Diluted EPS (GAAP)	$9.65	$9.51	$8.33	$10.18	$7.24	$3.34	($0.82)	$3.80	$5.38	$3.84	$2.73	$3.15	$2.54	$2.00	$1.72	$0.55	$1.21	($0.97)	$0.98	$1.73	$1.39	$1.43	$1.23	$1.01	$0.54	$0.46	$0.93	$0.74	$0.72	$0.59
Basic EPS (GAAP)	$9.68	$9.53	$8.36	$10.23	$7.27	$3.36	($0.82)	$3.83	$5.45	$3.89	$2.78	$3.22	$2.60	$2.05	$1.77	$0.56	$1.26	($0.97)	$1.02	$1.83	$1.48	$1.61	$1.31	$1.08	$0.58	$0.48	$0.97	$0.80	$0.77	$0.63
Basic shares outstanding	268	273	284	302	324	327	326	333	350	375	291	267	290	305	323	350	363	356	356	380	410	446	460	471	488	494	487	501	505	516
Margins
Gross margin	19.8%	19.9%	19.8%	21.0%	21.9%	20.2%	13.8%	15.3%	17.7%	18.6%	17.3%	14.7%	14.3%	13.8%	13.7%	13.0%	12.6%	11.3%	12.6%	15.1%	14.7%	13.0%	10.7%	10.0%	9.9%	13.8%	11.8%	11.4%	11.0%	–
Operating margin	15.8%	15.8%	15.0%	16.3%	16.7%	12.6%	0.8%	8.6%	11.4%	12.2%	9.2%	9.3%	8.4%	7.7%	8.0%	4.3%	5.9%	(1.4%)	5.9%	9.1%	9.1%	6.3%	4.7%	4.2%	3.8%	5.4%	10.3%	7.6%	7.9%	6.7%
Net margin	9.6%	9.9%	9.5%	13.0%	11.4%	7.9%	(2.5%)	6.1%	9.2%	7.1%	5.2%	5.9%	5.5%	4.9%	4.8%	1.6%	3.9%	(3.2%)	2.8%	5.4%	5.1%	6.0%	5.9%	5.6%	3.3%	3.0%	6.1%	4.6%	4.9%	3.6%

Analyst consensus

Hold52 analysts

Bearish · 1 · Hold · 28 · Bullish · 23

Earnings history

	EPS	Estimate
Q3 2024	$2.26	$2.31	Miss
Q4 2024	$2.45	$2.37	Beat
Q1 2025	$2.32	$2.25	Beat
Q2 2025	$2.65	$2.61	Beat
Q3 2025	$2.47	$2.38	Beat
Q4 2025	$2.58	$2.60	Miss
Q1 2026	$2.72	$2.56	Beat
Q2 2026	$3.19	$3.06	Beat

Peers

Company overview

IPO dateMar 23, 1998

CEOAnthony G. Capuano Jr.

Employees414,000

SectorConsumer Cyclical

IndustryTravel Lodging

CountryUS

ExchangeNASDAQ Global Select

Websitewww.marriott.com

Marriott International, Inc. is a leading global hospitality firm responsible for managing, franchising, and licensing a wide range of accommodation options, including hotels, residential units, and timeshare resorts, on an international scale. The company segments its extensive operations into North America (covering the U.S. and Canada) and its various international divisions. Under its corporate umbrella, Marriott oversees a diverse collection of esteemed brands, such as JW Marriott, The Ritz-Carlton, W Hotels, Sheraton, Westin, and Courtyard, among many others. As of February 15, 2022, its impressive network encompassed nearly 8,000 properties—specifically 7,989 establishments—operating across 139 countries and territories under 30 distinct hotel brand names. Established in 1927, Marriott International, Inc. maintains its corporate headquarters in Bethesda, Maryland.

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