MARRIOTT INTERNATIONAL INC /MD/ MAR
We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. Consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties (less than one percent of our system). As of year-end 2025, our system included 9,805 properties (1,779,936 rooms) in 145 countries and territories, and we also had approximately 4,100 properties (nearly 610,000 rooms) in our development pipeline.
We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa ("EMEA"), (3) Greater China, and (4) Asia Pacific excluding China ("APEC"). Our Caribbean & Latin America ("CALA") operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in "Unallocated corporate and other." See Note 14 for more information.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.19B | $25.10B | $23.71B | $20.77B | $13.86B | $10.57B | $20.97B | $20.76B | $20.45B | $15.41B |
| SG&A | $870.0M | $945.0M | $867.0M | $891.0M | $823.0M | $762.0M | $938.0M | $927.0M | $921.0M | $743.0M |
| Total operating expenses | $22.05B | $21.33B | $19.85B | $17.31B | $12.11B | $10.49B | $19.17B | $18.39B | $17.95B | $13.98B |
| Operating income | $4.14B | $3.77B | $3.86B | $3.46B | $1.75B | $84.0M | $1.80B | $2.37B | $2.50B | $1.42B |
| Interest expense | $809.0M | $695.0M | $565.0M | $403.0M | $420.0M | $445.0M | $394.0M | $340.0M | $288.0M | $234.0M |
| Pre-tax income | $3.39B | $3.15B | $3.38B | $3.11B | $1.18B | -$466.0M | $1.60B | $2.35B | $2.98B | $1.24B |
| Income tax | $793.0M | $776.0M | $295.0M | $756.0M | $81.0M | $199.0M | $326.0M | $438.0M | $1.52B | $431.0M |
| Net income | $2.60B | $2.38B | $3.08B | $2.36B | $1.10B | -$267.0M | $1.27B | $1.91B | $1.46B | $808.0M |
| EPS, basic | 9.53 | 8.36 | 10.23 | 7.27 | 3.36 | -0.82 | 3.83 | 5.45 | 3.89 | 2.78 |
| EPS, diluted | 9.51 | 8.33 | 10.18 | 7.24 | 3.34 | -0.82 | 3.80 | 5.38 | 3.84 | 2.73 |
| Shares, diluted (wtd. avg.) | $273.6M | $285.2M | $302.9M | $325.8M | $329.3M | $325.8M | $335.5M | $354.2M | $379.9M | $295.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $358.0M | $396.0M | $366.0M | $525.0M | $1.42B | $894.0M | $253.0M | $360.0M | $429.0M | $887.0M |
| Total current assets | $3.58B | $3.48B | $3.31B | $3.31B | $3.63B | $2.83B | $3.13B | $2.71B | $2.74B | $3.37B |
| Property, plant and equipment | $1.95B | $1.83B | $1.58B | $1.58B | $1.50B | $1.51B | $1.90B | $1.96B | $1.79B | $2.33B |
| Goodwill | $8.91B | $8.73B | $8.89B | $8.87B | $9.07B | $9.18B | $9.05B | $9.04B | $9.21B | $7.60B |
| Other intangibles | $10.34B | $9.49B | $9.19B | $8.75B | $8.93B | $8.99B | $8.64B | $8.38B | $8.54B | $9.27B |
| Total assets | $27.54B | $26.18B | $25.67B | $24.82B | $25.55B | $24.70B | $25.05B | $23.70B | $23.85B | $24.14B |
| Total current liabilities | $8.40B | $8.65B | $7.76B | $7.34B | $6.41B | $5.75B | $6.68B | $6.44B | $5.81B | $5.15B |
| Long-term debt | $23.0M | $55.0M | $56.0M | $92.0M | $135.0M | $143.0M | $247.0M | — | — | — |
| Retained earnings | $18.41B | $16.53B | $14.84B | $12.34B | $10.30B | $9.21B | $9.64B | $8.98B | $7.24B | $6.50B |
| Total equity | -$3.77B | -$2.99B | -$682.0M | $568.0M | $1.41B | $430.0M | $703.0M | $2.23B | $3.58B | $5.12B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.21B | $2.75B | $3.17B | $2.36B | $1.18B | $1.64B | $1.69B | $2.36B | $2.23B | $1.62B |
| Depreciation and amortisation | $145.0M | $128.0M | $122.0M | $114.0M | $138.0M | $322.0M | $346.0M | $256.0M | $231.0M | $157.0M |
| Stock-based compensation | $236.0M | $237.0M | $205.0M | $192.0M | $182.0M | $201.0M | $187.0M | $184.0M | $181.0M | $212.0M |
| Capital expenditure | $604.0M | $750.0M | $452.0M | $332.0M | $183.0M | $135.0M | $653.0M | $556.0M | $240.0M | $199.0M |
| Investing cash flow | -$948.0M | -$734.0M | -$465.0M | -$297.0M | -$187.0M | $35.0M | -$284.0M | -$52.0M | $1.21B | -$2.35B |
| Financing cash flow | -$2.32B | -$1.96B | -$2.86B | -$2.96B | -$463.0M | -$1.03B | -$1.51B | -$2.37B | -$3.90B | $1.50B |
| Dividends paid | $718.0M | $682.0M | $587.0M | $321.0M | $0 | $156.0M | $612.0M | $543.0M | $482.0M | $374.0M |
| Buybacks | $3.30B | $3.76B | $3.95B | $2.57B | $0 | $150.0M | $2.26B | $2.85B | $3.01B | $568.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001048286-26-000007.
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