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Marriott International (MAR) Financials

Marriott International logo
$264.11 +3.92 (+1.51%)
Closing price 06/23/2025 04:00 PM Eastern
Extended Trading
$265.63 +1.52 (+0.58%)
As of 06/23/2025 07:17 PM Eastern
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Annual Income Statements for Marriott International

Annual Income Statements for Marriott International

This table shows Marriott International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 859 808 1,459 1,907 1,273 -267 1,099 2,358 3,143 2,452
Consolidated Net Income / (Loss)		 859 808 1,459 1,907 1,273 -267 1,099 2,358 3,083 2,375
Net Income / (Loss) Continuing Operations		 859 808 1,459 1,907 1,273 -267 1,099 2,358 3,143 2,452
Total Pre-Tax Income 		1,255 1,239 2,982 2,345 1,599 -466 1,180 3,114 3,378 3,151
Total Operating Income		 1,350 1,424 2,504 2,366 1,800 84 1,750 3,462 3,864 3,767
Total Gross Profit		 13,753 2,672 3,813 3,674 3,217 1,459 2,801 4,558 5,124 5,101
Total Revenue		 14,486 15,407 20,452 20,758 20,972 10,571 13,857 20,773 23,713 25,100
Operating Revenue		 14,486 15,407 20,452 20,758 20,972 10,571 13,857 20,773 23,713 25,100
Total Cost of Revenue		 733 12,735 16,639 17,084 17,755 9,112 11,056 16,215 18,589 19,999
Operating Cost of Revenue		 733 12,735 16,639 17,084 17,755 9,112 11,056 16,215 18,589 19,999
Total Operating Expenses		 12,403 1,248 1,309 1,308 1,417 1,375 1,051 1,084 1,200 1,257
Selling, General & Admin Expense		 634 743 921 927 938 762 823 891 1,011 1,074
Depreciation Expense		 139 119 229 226 341 346 220 193 189 183
Total Other Income / (Expense), net		 -95 -185 478 -21 -201 -550 -570 -348 -486 -616
Interest Expense		 167 234 288 340 394 445 584 403 565 695
Interest & Investment Income		 45 44 78 125 39 -114 4.00 44 39 48
Other Income / (Expense), net		 27 5.00 688 194 154 9.00 10 11 40 31
Income Tax Expense		 396 431 1,523 438 326 -199 81 756 295 776
Basic Earnings per Share		 $3.22 $2.78 $3.89 $5.45 $3.83 ($0.82) $3.36 $7.27 $10.23 $8.36
Weighted Average Basic Shares Outstanding		 267.30M 290.90M 375.20M 339.67M 324.21M 324.41M 326.31M 308.12M 289.49M 275.70M
Diluted Earnings per Share		 $3.15 $2.73 $3.84 $5.38 $3.80 ($0.82) $3.34 $7.24 $10.18 $8.33
Weighted Average Diluted Shares Outstanding		 267.30M 290.90M 375.20M 339.67M 324.21M 324.41M 326.31M 308.12M 289.49M 275.70M
Weighted Average Basic & Diluted Shares Outstanding		 267.30M 290.90M 375.20M 339.67M 324.21M 324.41M 326.31M 308.12M 289.49M 275.70M
Cash Dividends to Common per Share		 - - $1.29 $1.56 $1.85 $0.48 - $1.00 $1.96 $2.41

Quarterly Income Statements for Marriott International

This table shows Marriott International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 630 692 757 866 765 755 564 945 584 359 665
Consolidated Net Income / (Loss)		 630 673 757 726 752 848 564 772 584 455 665
Net Income / (Loss) Continuing Operations		 630 692 757 866 765 755 564 945 584 359 665
Total Pre-Tax Income 		869 891 844 964 989 581 727 1,040 786 598 764
Total Operating Income		 958 996 951 1,096 1,099 718 876 1,195 944 752 948
Total Gross Profit		 1,226 1,279 1,198 1,422 1,397 1,107 1,190 1,498 1,274 1,139 1,245
Total Revenue		 5,313 5,923 5,615 6,075 5,928 6,095 5,977 6,439 6,255 6,429 6,263
Operating Revenue		 5,313 5,923 5,615 6,075 5,928 6,095 5,977 6,439 6,255 6,429 6,263
Total Cost of Revenue		 4,087 4,644 4,417 4,653 4,531 4,988 4,787 4,941 4,981 5,290 5,018
Operating Cost of Revenue		 4,087 4,644 4,417 4,653 4,531 4,988 4,787 4,941 4,981 5,290 5,018
Total Operating Expenses		 268 252 247 326 285 342 314 303 321 319 296
Selling, General & Admin Expense		 216 236 202 240 239 330 261 248 276 289 245
Depreciation Expense		 50 46 44 48 46 51 45 47 45 46 51
Total Other Income / (Expense), net		 -89 -105 -107 8.00 -110 -277 -149 18 -158 -327 -184
Interest Expense		 100 115 126 - 146 - 163 - 179 - 192
Interest & Investment Income		 8.00 8.00 16 6.00 8.00 9.00 10 14 14 10 10
Other Income / (Expense), net		 3.00 2.00 3.00 2.00 28 7.00 4.00 4.00 7.00 16 -2.00
Income Tax Expense		 239 218 87 238 237 -267 163 268 202 143 99
Basic Earnings per Share		 $1.94 $2.12 $2.44 $2.39 $2.52 $2.88 $1.94 $2.70 $2.08 $1.64 $2.40
Weighted Average Basic Shares Outstanding		 316.54M 308.12M 303.35M 298.24M 293.69M 289.49M 285.62M 281.52M 277.89M 275.70M 273.90M
Diluted Earnings per Share		 $1.94 $2.10 $2.43 $2.38 $2.51 $2.86 $1.93 $2.69 $2.07 $1.64 $2.39
Weighted Average Diluted Shares Outstanding		 316.54M 308.12M 303.35M 298.24M 293.69M 289.49M 285.62M 281.52M 277.89M 275.70M 273.90M
Weighted Average Basic & Diluted Shares Outstanding		 316.54M 308.12M 303.35M 298.24M 293.69M 289.49M 285.62M 281.52M 277.89M 275.70M 273.90M
Cash Dividends to Common per Share		 $0.30 - $0.40 $0.52 $0.52 $0.52 $0.52 $0.63 $0.63 $0.63 $0.63

Annual Cash Flow Statements for Marriott International

This table details how cash moves in and out of Marriott International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -8.00 770 -458 -69 -107 641 527 -896 -159 59
Net Cash From Operating Activities		 1,515 1,619 2,227 2,357 1,685 1,639 1,177 2,363 3,170 2,749
Net Cash From Continuing Operating Activities		 1,515 1,619 2,227 2,357 1,685 1,639 1,187 2,363 3,170 2,749
Net Income / (Loss) Continuing Operations		 859 808 1,459 1,907 1,273 -267 1,099 2,358 3,083 2,375
Consolidated Net Income / (Loss)		 859 808 1,459 1,907 1,273 -267 1,099 2,358 3,083 2,375
Depreciation Expense		 139 159 279 284 403 478 295 400 436 492
Non-Cash Adjustments To Reconcile Net Income		 190 564 340 59 -285 288 -63 -346 -211 -636
Changes in Operating Assets and Liabilities, net		 327 88 149 107 294 1,140 -144 -49 -138 518
Net Cash From Investing Activities		 367 -2,346 1,211 -52 -284 35 -187 -297 -465 -734
Net Cash From Continuing Investing Activities		 367 -2,346 1,211 -52 -284 35 -187 -297 -465 -734
Purchase of Property, Plant & Equipment		 -305 -199 -240 -556 -653 -135 -183 -332 -452 -750
Acquisitions		 -258 -2,392 - - - - - 0.00 -101 -26
Sale of Property, Plant & Equipment		 765 278 1,605 527 446 268 52 15 132 52
Other Investing Activities, net		 44 -33 -154 -23 -77 -98 -56 20 -44 -10
Net Cash From Financing Activities		 -1,890 1,497 -3,896 -2,374 -1,508 -1,033 -463 -2,962 -2,864 -1,956
Net Cash From Continuing Financing Activities		 -1,890 1,497 -3,896 -2,374 -1,508 -1,033 -463 -2,962 -2,864 -1,956
Repayment of Debt		 -465 -350 -310 -526 -843 -1,895 -2,318 -969 -163 -395
Repurchase of Common Equity		 -1,917 -568 -3,013 -2,850 -2,260 -150 0.00 -2,566 -3,953 -3,762
Payment of Dividends		 -253 -374 -482 -543 -612 -156 0.00 -321 -587 -682
Issuance of Debt		 790 2,855 60 1,646 2,348 1,271 1,943 983 1,918 2,948
Issuance of Common Equity		 40 34 6.00 4.00 7.00 0.00 2.00 0.00 29 73
Other Financing Activities, net		 -85 -100 -157 -105 -148 -103 -90 -89 -108 -138

Quarterly Cash Flow Statements for Marriott International

This table details how cash moves in and out of Marriott International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 501 -543 46 8.00 164 -377 82 -78 46 9.00 121
Net Cash From Operating Activities		 874 441 887 651 881 751 779 772 880 318 647
Net Cash From Continuing Operating Activities		 884 424 887 651 881 751 779 772 880 318 647
Net Income / (Loss) Continuing Operations		 630 673 757 726 752 848 564 772 584 455 665
Consolidated Net Income / (Loss)		 630 673 757 726 752 848 564 772 584 455 665
Depreciation Expense		 72 188 65 70 69 232 68 74 71 279 136
Non-Cash Adjustments To Reconcile Net Income		 126 -369 -2.00 -58 -24 -127 28 19 1.00 -684 -214
Changes in Operating Assets and Liabilities, net		 56 -68 67 -87 84 -202 119 -93 224 268 60
Net Cash From Investing Activities		 -46 -160 -59 -184 -120 -102 -95 -130 -164 -345 -143
Net Cash From Continuing Investing Activities		 -46 -160 -59 -184 -120 -102 -95 -130 -164 -345 -143
Purchase of Property, Plant & Equipment		 -73 -140 -95 -99 -124 -134 -109 -125 -174 -342 -135
Sale of Property, Plant & Equipment		 3.00 3.00 31 2.00 63 36 9.00 - 5.00 38 5.00
Other Investing Activities, net		 24 -23 5.00 15 -59 -5.00 5.00 -5.00 5.00 -15 -13
Net Cash From Financing Activities		 -327 -824 -782 -459 -597 -1,026 -602 -720 -670 36 -383
Net Cash From Continuing Financing Activities		 -327 -824 -782 -459 -597 -1,026 -602 -720 -670 36 -383
Repayment of Debt		 23 -416 -234 616 -639 94 -687 475 -992 809 -1,354
Repurchase of Common Equity		 -935 -1,331 -1,135 -911 -942 -965 -1,144 -1,012 -1,020 -586 -751
Payment of Dividends		 -97 -126 -124 -157 -154 -152 -151 -179 -176 -176 -174
Issuance of Debt		 683 1,050 783 - 1,135 - 1,468 - 1,480 - 1,960
Issuance of Common Equity		 - - 0.00 - 29 - 33 - 40 - 45
Other Financing Activities, net		 -1.00 -1.00 -72 -7.00 -26 -3.00 -121 -4.00 -2.00 -11 -109

Annual Balance Sheets for Marriott International

This table presents Marriott International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 6,082 24,140 23,846 23,696 25,051 24,701 25,553 24,815 25,674 26,182
Total Current Assets		 1,384 3,371 2,740 2,706 3,127 2,825 3,626 3,313 3,311 3,485
Cash & Equivalents		 96 858 383 316 225 877 1,393 507 338 396
Note & Lease Receivable		 1,103 1,695 1,973 2,133 2,395 1,768 1,982 2,571 2,712 2,795
Prepaid Expenses		 77 230 235 249 252 180 251 235 261 294
Plant, Property, & Equipment, net		 1,029 2,335 1,793 1,956 1,904 1,514 1,503 1,585 1,581 1,833
Total Noncurrent Assets		 3,669 18,434 19,313 19,034 20,020 20,362 20,424 19,917 20,782 20,864
Long-Term Investments		 165 728 734 732 577 422 387 335 308 298
Noncurrent Note & Lease Receivables		 215 245 142 125 117 159 144 152 138 136
Goodwill		 943 7,598 9,207 9,039 9,048 9,175 9,073 8,872 8,886 8,731
Intangible Assets		 1,451 9,270 8,544 - 8,641 8,989 8,926 8,747 9,190 9,488
Noncurrent Deferred & Refundable Income Taxes		 672 116 93 171 154 249 228 240 673 650
Other Noncurrent Operating Assets		 223 477 593 8,967 1,483 1,368 1,666 1,571 1,587 1,561
Total Liabilities & Shareholders' Equity		 6,082 24,140 23,846 23,696 25,051 24,701 25,553 24,815 25,674 26,182
Total Liabilities		 9,672 18,783 20,264 21,471 24,348 24,271 24,139 24,247 26,356 29,174
Total Current Liabilities		 3,233 5,147 5,807 6,437 6,677 5,752 6,407 7,339 7,762 8,649
Short-Term Debt		 300 309 398 833 977 1,173 805 684 553 1,309
Accounts Payable		 593 687 783 767 720 527 726 746 738 763
Current Deferred Revenue		 - - - 2,529 2,258 1,769 - 3,314 3,328 3,487
Current Employee Benefit Liabilities		 861 1,174 1,214 1,345 1,339 831 1,187 1,299 1,390 1,449
Other Current Liabilities		 527 1,111 3,412 963 1,383 1,452 3,689 1,296 1,753 1,641
Total Noncurrent Liabilities		 6,439 13,636 14,457 15,034 17,671 18,519 17,732 16,908 18,594 20,525
Long-Term Debt		 3,807 8,197 7,840 8,514 9,963 9,203 9,333 9,380 11,320 13,138
Noncurrent Deferred Revenue		 1,622 2,675 - 3,663 4,300 6,044 - 4,339 4,696 5,135
Noncurrent Deferred & Payable Income Tax Liabilities		 16 1,020 605 485 290 83 169 313 209 81
Other Noncurrent Operating Liabilities		 994 1,744 6,012 2,372 3,118 3,189 8,230 2,876 2,369 2,171
Total Equity & Noncontrolling Interests		 -3,590 5,357 3,582 2,225 703 430 1,414 568 -682 -2,992
Total Preferred & Common Equity		 -3,590 5,357 3,582 2,225 703 430 1,414 568 -682 -2,992
Total Common Equity		 -3,590 5,357 3,582 2,225 703 430 1,414 568 -682 -2,992
Common Stock		 2,826 5,813 5,775 5,819 5,805 5,856 5,897 5,970 6,056 6,184
Retained Earnings		 4,878 6,501 7,242 8,982 9,644 9,206 10,305 12,342 14,838 16,531
Accumulated Other Comprehensive Income / (Loss)		 -196 -497 -17 -391 -361 -135 -342 -729 -647 -1,063
Other Equity Adjustments		 - - - - - - -14,446 -17,015 -20,929 -24,644

Quarterly Balance Sheets for Marriott International

This table presents Marriott International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Total Assets		 24,763 24,815 24,863 25,087 25,267 25,674 25,756 25,740 26,209 26,182 26,651
Total Current Assets		 3,684 3,313 3,264 3,444 3,682 3,311 3,450 3,500 3,573 3,485 3,746
Cash & Equivalents		 1,045 507 554 563 717 338 429 349 394 396 523
Note & Lease Receivable		 2,378 2,571 2,462 2,565 2,703 2,712 2,747 2,847 2,920 2,795 2,899
Prepaid Expenses		 261 235 248 316 262 261 274 304 259 294 324
Plant, Property, & Equipment, net		 1,509 1,585 1,595 1,560 1,572 1,581 1,570 1,558 1,624 1,833 1,856
Total Noncurrent Assets		 19,570 19,917 20,004 20,083 20,013 20,782 20,736 20,682 21,012 20,864 21,049
Long-Term Investments		 332 335 334 311 311 308 302 304 307 298 300
Noncurrent Note & Lease Receivables		 132 152 126 140 159 138 136 146 144 136 145
Goodwill		 8,765 8,872 8,904 8,850 8,795 8,886 8,815 8,783 8,890 8,731 8,775
Intangible Assets		 8,607 8,747 8,832 8,995 8,993 9,190 9,252 9,263 9,497 9,488 9,620
Noncurrent Deferred & Refundable Income Taxes		 228 240 240 240 240 673 673 644 629 650 627
Other Noncurrent Operating Assets		 1,506 1,571 1,568 1,547 1,515 1,587 1,558 1,542 1,545 1,561 1,582
Total Liabilities & Shareholders' Equity		 24,763 24,815 24,863 25,087 25,267 25,674 25,756 25,740 26,209 26,182 26,651
Total Liabilities		 23,700 24,247 24,723 25,311 25,928 26,356 27,372 27,831 28,630 29,174 29,819
Total Current Liabilities		 7,112 7,339 6,969 7,520 7,677 7,762 8,170 8,283 8,518 8,649 8,284
Short-Term Debt		 558 684 358 894 898 553 910 960 960 1,309 959
Accounts Payable		 746 746 722 670 696 738 793 826 807 763 812
Current Deferred Revenue		 3,094 3,314 3,381 3,372 3,367 3,328 3,331 3,383 3,402 3,487 3,523
Current Employee Benefit Liabilities		 1,260 1,299 1,027 1,092 1,229 1,390 1,079 1,136 1,288 1,449 1,156
Other Current Liabilities		 1,454 1,296 1,481 1,492 1,487 1,753 2,057 1,978 2,061 1,641 1,834
Total Noncurrent Liabilities		 16,588 16,908 17,754 17,791 18,251 18,594 19,202 19,548 20,112 20,525 21,535
Long-Term Debt		 8,860 9,380 10,299 10,403 10,870 11,320 11,748 12,183 12,671 13,138 14,103
Noncurrent Deferred Revenue		 4,637 4,339 4,413 4,452 4,434 4,696 4,906 4,994 5,033 5,135 5,323
Noncurrent Deferred & Payable Income Tax Liabilities		 273 313 307 285 359 209 194 219 185 81 65
Other Noncurrent Operating Liabilities		 2,818 2,876 2,735 2,651 2,588 2,369 2,354 2,152 2,223 2,171 2,044
Total Equity & Noncontrolling Interests		 1,063 568 140 -224 -661 -682 -1,616 -2,091 -2,421 -2,992 -3,168
Total Preferred & Common Equity		 1,063 568 140 -224 -661 -682 -1,616 -2,091 -2,421 -2,992 -3,168
Total Common Equity		 1,063 568 140 -224 -661 -682 -1,616 -2,091 -2,421 -2,992 -3,168
Common Stock		 5,924 5,970 5,911 5,957 6,001 6,056 5,983 6,035 6,130 6,184 6,140
Retained Earnings		 11,795 12,342 12,975 13,544 14,142 14,838 15,251 15,844 16,251 16,531 17,022
Accumulated Other Comprehensive Income / (Loss)		 -990 -729 -647 -716 -849 -647 -794 -905 -714 -1,063 -962
Other Equity Adjustments		 - -17,015 -18,099 -19,009 -19,955 -20,929 -22,056 -23,065 -24,088 -24,644 -25,368

Annual Metrics And Ratios for Marriott International

This table displays calculated financial ratios and metrics derived from Marriott International's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 5.00% 6.36% 32.74% 1.50% 1.03% -49.59% 31.09% 49.91% 14.15% 5.85%
EBITDA Growth		 15.29% 4.75% 118.58% -18.06% 131.51% -87.89% 259.89% 88.47% 12.06% -1.15%
EBIT Growth		 17.99% 3.78% 123.37% -19.80% 105.31% -97.62% 1,792.47% 97.33% 12.41% -2.72%
NOPAT Growth		 15.20% 0.50% 31.93% 57.05% 48.96% -97.95% 2,671.89% 60.84% 34.52% -19.49%
Net Income Growth		 14.08% -5.94% 80.57% 30.71% -66.49% -120.97% 511.61% 114.56% 30.75% -22.96%
EPS Growth		 24.02% -13.33% 40.66% 40.10% -58.74% -121.58% 507.32% 116.77% 40.61% -18.17%
Operating Cash Flow Growth		 23.77% 6.86% 37.55% 5.84% -57.02% -2.73% -28.19% 100.76% 34.15% -13.28%
Free Cash Flow Firm Growth		 111.03% -702.63% 122.30% -16.87% -994.05% 175.25% -88.36% 90.75% 6.45% -5.35%
Invested Capital Growth		 -82.38% 6,466.85% -9.71% -0.36% 1.33% -55.10% 2.79% 0.18% 7.71% 2.05%
Revenue Q/Q Growth		 1.03% 0.55% 7.63% 0.24% 0.79% -23.23% 19.63% 7.65% 0.73% 1.35%
EBITDA Q/Q Growth		 1.47% 15.41% 20.44% -18.58% 219.02% -52.10% 54.51% 13.95% -5.01% 2.14%
EBIT Q/Q Growth		 1.62% 14.60% 22.30% -20.40% 197.36% -85.17% 76.18% 11.53% -6.54% 1.15%
NOPAT Q/Q Growth		 1.86% 10.37% -29.85% 44.67% 163.16% -88.04% 12.45% 8.80% 7.98% -13.88%
Net Income Q/Q Growth		 0.59% 9.49% -9.77% 11.91% -5.80% -251.70% 135.33% 9.52% 6.02% -14.20%
EPS Q/Q Growth		 2.94% -3.87% -8.13% 12.55% -3.11% -251.85% 135.21% 10.37% 8.07% -12.77%
Operating Cash Flow Q/Q Growth		 11.89% -1.34% 2.91% 2.48% -4.41% -22.62% 54.66% 0.38% 10.84% -13.61%
Free Cash Flow Firm Q/Q Growth		 -7.68% 2.34% 13.77% -18.58% -2,436.27% 450.26% 40.35% -10.36% 20.98% -8.50%
Invested Capital Q/Q Growth		 -42.02% -2.46% -9.45% -0.57% 193.50% 4.22% 1.80% 7.54% 4.62% 2.40%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 94.94% 17.34% 18.64% 17.70% 30.68% 13.80% 20.21% 21.94% 21.61% 20.32%
EBITDA Margin		 10.47% 10.31% 16.97% 13.70% 22.48% 5.40% 14.83% 18.64% 18.30% 17.09%
Operating Margin		 9.32% 9.24% 12.24% 11.40% 17.17% 0.79% 12.63% 16.67% 16.29% 15.01%
EBIT Margin		 9.51% 9.28% 15.61% 12.33% 18.63% 0.88% 12.70% 16.72% 16.46% 15.13%
Profit (Net Income) Margin		 5.93% 5.24% 7.13% 9.19% 12.14% -2.53% 7.93% 11.35% 13.00% 9.46%
Tax Burden Percent		 68.45% 65.21% 48.93% 81.32% 159.22% 57.30% 93.14% 75.72% 91.27% 75.37%
Interest Burden Percent		 91.14% 86.70% 93.42% 91.60% 163.66% -501.08% 67.05% 89.66% 86.53% 82.96%
Effective Tax Rate		 31.55% 34.79% 51.07% 18.68% 40.78% 0.00% 6.86% 24.28% 8.73% 24.63%
Return on Invested Capital (ROIC)		 155.56% 15.65% 11.02% 18.26% 13.58% 0.38% 16.91% 26.80% 34.68% 26.65%
ROIC Less NNEP Spread (ROIC-NNEP)		 153.70% 13.26% 14.53% 18.04% 23.64% -1.88% 10.82% 23.80% 30.35% 22.94%
Return on Net Nonoperating Assets (RNNOA)		 -185.23% 75.80% 21.63% 47.42% 146.74% -47.75% 102.29% 211.14% -5,443.46% -155.94%
Return on Equity (ROE)		 -29.67% 91.45% 32.64% 65.68% 173.91% -47.37% 119.20% 237.94% -5,408.77% -129.29%
Cash Return on Invested Capital (CROIC)		 295.63% -178.35% 21.22% 18.62% -147.66% 76.43% 14.16% 26.62% 27.26% 24.63%
Operating Return on Assets (OROA)		 21.32% 9.46% 13.30% 10.77% 16.03% 0.37% 7.00% 13.79% 15.46% 14.65%
Return on Assets (ROA)		 13.30% 5.35% 6.08% 8.02% 10.45% -1.07% 4.37% 9.36% 12.21% 9.16%
Return on Common Equity (ROCE)		 -29.67% 91.45% 32.64% 65.68% 173.91% -47.37% 119.20% 237.94% -5,408.77% -129.29%
Return on Equity Simple (ROE_SIMPLE)		 -23.93% 15.08% 81.46% 85.71% 362.16% -62.09% 77.72% 415.14% -452.05% -79.38%
Net Operating Profit after Tax (NOPAT)		 924 929 1,225 1,924 2,866 59 1,630 2,622 3,527 2,839
NOPAT Margin		 6.38% 6.03% 5.99% 9.27% 13.67% 0.56% 11.76% 12.62% 14.87% 11.31%
Net Nonoperating Expense Percent (NNEP)		 1.86% 2.39% -3.52% 0.22% 3.52% 2.26% 6.09% 3.00% 4.34% 3.72%
Return On Investment Capital (ROIC_SIMPLE)		 178.73% 6.70% 10.36% 16.63% 12.31% 0.54% 14.11% 24.66% 31.51% 24.79%
Cost of Revenue to Revenue		 5.06% 82.66% 81.36% 82.30% 169.32% 86.20% 79.79% 78.06% 78.39% 79.68%
SG&A Expenses to Revenue		 4.38% 4.82% 4.50% 4.47% 8.95% 7.21% 5.94% 4.29% 4.26% 4.28%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 85.62% 8.10% 6.40% 6.30% 13.51% 13.01% 7.58% 5.22% 5.06% 5.01%
Earnings before Interest and Taxes (EBIT)		 1,377 1,429 3,192 2,560 3,908 93 1,760 3,473 3,904 3,798
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,516 1,588 3,471 2,844 4,714 571 2,055 3,873 4,340 4,290
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 5.61 13.02 15.88 138.17 96.68 36.98 81.12 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.09 1.95 2.28 1.70 4.63 3.93 3.77 2.22 2.76 3.08
Price to Earnings (P/E)		 18.38 37.20 31.97 18.53 76.30 0.00 47.58 19.54 20.82 31.54
Dividend Yield		 1.55% 1.49% 1.01% 1.51% 2.52% 1.50% 0.00% 0.69% 0.88% 0.87%
Earnings Yield		 5.44% 2.69% 3.13% 5.40% 5.31% 0.00% 2.10% 5.12% 4.80% 3.17%
Enterprise Value to Invested Capital (EV/IC)		 110.29 3.16 5.09 4.15 11.21 5.33 6.21 5.65 7.27 8.47
Enterprise Value to Revenue (EV/Rev)		 1.36 2.40 2.63 2.10 5.60 4.79 4.38 2.66 3.23 3.63
Enterprise Value to EBITDA (EV/EBITDA)		 12.95 23.28 15.49 15.34 49.81 88.70 29.51 14.28 17.66 21.23
Enterprise Value to EBIT (EV/EBIT)		 14.26 25.87 16.84 17.04 60.09 544.62 34.46 15.92 19.64 23.99
Enterprise Value to NOPAT (EV/NOPAT)		 21.25 39.81 43.89 22.68 82.84 861.39 37.21 21.09 21.74 32.08
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.96 22.84 24.14 18.51 34.45 30.90 51.53 23.40 24.18 33.14
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.18 0.00 22.78 22.24 0.00 4.32 44.43 21.24 27.66 34.73
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 -1.14 1.59 2.30 4.20 31.12 24.13 7.17 17.72 -17.41 -4.83
Long-Term Debt to Equity		 -1.06 1.53 2.19 3.83 28.34 21.40 6.60 16.51 -16.60 -4.39
Financial Leverage		 -1.21 5.72 1.49 2.63 12.41 25.46 9.46 8.87 -179.38 -6.80
Leverage Ratio		 -2.23 17.10 5.37 8.19 33.30 43.91 27.25 25.41 -442.89 -14.11
Compound Leverage Factor		 -2.03 14.83 5.02 7.50 27.25 -220.03 18.27 22.79 -383.21 -11.71
Debt to Total Capital		 794.39% 61.36% 69.70% 80.77% 187.92% 96.02% 87.76% 94.66% 106.09% 126.12%
Short-Term Debt to Total Capital		 58.03% 2.23% 3.37% 7.20% 16.78% 10.86% 6.97% 6.43% 4.94% 11.43%
Long-Term Debt to Total Capital		 736.36% 59.13% 66.33% 73.57% 171.14% 85.17% 80.79% 88.22% 101.15% 114.69%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -694.39% 38.64% 30.30% 19.23% 12.08% 3.98% 12.24% 5.34% -6.09% -26.12%
Debt to EBITDA		 2.71 5.36 2.37 3.29 9.28 18.17 4.93 2.60 2.74 3.37
Net Debt to EBITDA		 2.54 4.36 2.05 2.92 8.60 15.90 4.07 2.38 2.59 3.21
Long-Term Debt to EBITDA		 2.51 5.16 2.26 2.99 8.45 16.12 4.54 2.42 2.61 3.06
Debt to NOPAT		 4.44 9.16 6.72 4.86 15.27 176.46 6.22 3.84 3.37 5.09
Net Debt to NOPAT		 4.16 7.45 5.81 4.31 14.15 154.37 5.13 3.52 3.18 4.84
Long-Term Debt to NOPAT		 4.12 8.83 6.40 4.43 13.90 156.51 5.73 3.58 3.21 4.63
Altman Z-Score		 4.87 2.08 2.95 2.56 5.35 1.85 2.50 2.94 3.52 3.68
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.43 0.65 0.47 0.42 0.94 0.49 0.57 0.45 0.43 0.40
Quick Ratio		 0.37 0.50 0.41 0.38 0.78 0.46 0.53 0.42 0.39 0.37
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,756 -10,582 2,360 1,962 -15,580 11,724 1,365 2,604 2,772 2,623
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 8,127.59% 1,628.02% 0.00% 898.47% 745.43% 990.63% 393.84%
Free Cash Flow to Firm to Interest Expense		 10.52 -45.22 8.19 5.77 -39.54 26.35 2.34 6.46 4.91 3.77
Operating Cash Flow to Interest Expense		 9.07 6.92 7.73 6.93 8.55 3.68 2.02 5.86 5.61 3.96
Operating Cash Flow Less CapEx to Interest Expense		 11.83 7.26 12.47 6.85 7.50 3.98 1.79 5.08 5.04 2.95
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 2.24 1.02 0.85 0.87 1.72 0.42 0.55 0.82 0.94 0.97
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 11.64 9.16 9.91 11.07 21.73 6.19 9.19 13.45 14.98 14.70
Accounts Payable Turnover		 1.22 19.90 22.64 22.04 47.76 14.61 17.65 22.03 25.05 26.65
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 298.27 18.34 16.12 16.56 30.57 24.98 20.68 16.57 14.57 13.70
Cash Conversion Cycle (CCC)		 -298.27 -18.34 -16.12 -16.56 -30.57 -24.98 -20.68 -16.57 -14.57 -13.70
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 178 11,689 10,554 10,516 21,172 9,507 9,772 9,790 10,545 10,761
Invested Capital Turnover		 24.39 2.60 1.84 1.97 3.98 0.69 1.44 2.12 2.33 2.36
Increase / (Decrease) in Invested Capital		 -832 11,511 -1,135 -38 21,312 -11,665 265 18 755 216
Enterprise Value (EV)		 19,631 36,974 53,768 43,632 58,050 50,649 60,648 55,297 76,658 91,096
Market Capitalization		 15,785 30,054 46,647 35,333 47,912 41,572 52,290 46,075 65,431 77,343
Book Value per Share		 ($13.96) $13.72 $9.83 $6.52 $4.32 $1.33 $4.34 $1.79 ($2.32) ($10.77)
Tangible Book Value per Share		 ($23.27) ($29.48) ($38.86) ($19.97) ($103.91) ($54.68) ($50.92) ($53.87) ($63.87) ($76.33)
Total Capital		 517 13,863 11,820 11,572 23,286 10,806 11,552 10,632 11,191 11,455
Total Debt		 4,107 8,506 8,238 9,347 21,880 10,376 10,138 10,064 11,873 14,447
Total Long-Term Debt		 3,807 8,197 7,840 8,514 19,926 9,203 9,333 9,380 11,320 13,138
Net Debt		 3,846 6,920 7,121 8,299 20,276 9,077 8,358 9,222 11,227 13,753
Capital Expenditures (CapEx)		 -460 -79 -1,365 29 414 -133 131 317 320 698
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,645 -2,325 -3,052 -3,214 -5,596 -2,631 -3,369 -3,849 -4,236 -4,251
Debt-free Net Working Capital (DFNWC)		 -1,549 -1,467 -2,669 -2,898 -5,146 -1,754 -1,976 -3,342 -3,898 -3,855
Net Working Capital (NWC)		 -1,849 -1,776 -3,067 -3,731 -7,100 -2,927 -2,781 -4,026 -4,451 -5,164
Net Nonoperating Expense (NNE)		 65 121 -234 17 320 326 531 264 444 464
Net Nonoperating Obligations (NNO)		 3,768 6,332 6,972 8,291 19,766 9,077 8,358 9,222 11,227 13,753
Total Depreciation and Amortization (D&A)		 139 159 279 284 806 478 295 400 436 492
Debt-free, Cash-free Net Working Capital to Revenue		 -11.36% -15.09% -14.92% -15.48% -21.59% -24.89% -24.31% -18.53% -17.86% -16.94%
Debt-free Net Working Capital to Revenue		 -10.69% -9.52% -13.05% -13.96% -24.54% -16.59% -14.26% -16.09% -16.44% -15.36%
Net Working Capital to Revenue		 -12.76% -11.53% -15.00% -17.97% -33.85% -27.69% -20.07% -19.38% -18.77% -20.57%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.22 $2.68 $3.66 $0.00 $7.66 ($0.82) $3.36 $7.27 $10.23 $8.36
Adjusted Weighted Average Basic Shares Outstanding		 253.48M 383.56M 357.44M 0.00 324.21M 324.41M 326.31M 308.12M 289.49M 275.70M
Adjusted Diluted Earnings per Share		 $3.15 $2.64 $3.61 $0.00 $7.60 ($0.82) $3.34 $7.24 $10.18 $8.33
Adjusted Weighted Average Diluted Shares Outstanding		 253.48M 383.56M 357.44M 0.00 648.43M 324.41M 326.31M 308.12M 289.49M 275.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $3.83 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 253.48M 383.56M 357.44M 0.00 324.21M 324.41M 326.31M 308.12M 289.49M 275.70M
Normalized Net Operating Profit after Tax (NOPAT)		 924 1,180 1,864 2,050 3,086 246 1,630 2,622 3,527 2,839
Normalized NOPAT Margin		 6.38% 7.66% 9.11% 9.88% 14.71% 2.32% 11.76% 12.62% 14.87% 11.31%
Pre Tax Income Margin		 8.66% 8.04% 14.58% 11.30% 15.25% -4.41% 8.52% 14.99% 14.25% 12.55%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 8.25 6.11 11.08 7.53 9.92 0.21 3.01 8.62 6.91 5.46
NOPAT to Interest Expense		 5.53 3.97 4.25 5.66 7.27 0.13 2.79 6.51 6.24 4.09
EBIT Less CapEx to Interest Expense		 11.00 6.44 15.82 7.44 8.87 0.51 2.79 7.83 6.34 4.46
NOPAT Less CapEx to Interest Expense		 8.29 4.31 8.99 5.57 6.22 0.43 2.57 5.72 5.68 3.08
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 29.45% 46.29% 33.04% 28.47% 96.15% -58.43% 0.00% 13.61% 19.04% 28.72%
Augmented Payout Ratio		 252.62% 116.58% 239.55% 177.92% 451.22% -114.61% 0.00% 122.43% 147.26% 187.12%

Quarterly Metrics And Ratios for Marriott International

This table displays calculated financial ratios and metrics derived from Marriott International's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 34.64% 33.22% 33.72% 13.81% 11.58% 2.90% 6.45% 5.99% 5.52% 5.48% 4.79%
EBITDA Growth		 63.97% 66.57% 60.73% 14.51% 15.78% -19.31% -6.97% 8.99% -14.55% 9.40% 8.63%
EBIT Growth		 76.33% 56.18% 69.75% 15.34% 17.27% -27.35% -7.76% 9.20% -15.62% 5.93% 7.50%
NOPAT Growth		 61.03% 38.73% 93.00% 12.52% 20.32% 39.30% -20.33% 7.47% -16.07% -45.40% 21.42%
Net Income Growth		 186.36% 43.80% 100.80% 7.08% 19.37% 26.00% -25.50% 6.34% -22.34% -46.34% 17.91%
EPS Growth		 189.55% 47.89% 113.16% 15.53% 29.38% 36.19% -20.58% 13.03% -17.53% -42.66% 23.83%
Operating Cash Flow Growth		 41.20% 2.08% 122.86% 0.15% 0.80% 70.29% -12.18% 18.59% -0.11% -57.66% -16.94%
Free Cash Flow Firm Growth		 2,702.61% 164.81% 9,741.83% -72.14% -111.72% -60.10% -64.50% 147.67% 294.74% 21.58% -76.53%
Invested Capital Growth		 -5.16% 0.18% 0.72% 5.68% 10.71% 7.71% 4.06% 1.96% 4.27% 2.05% 7.37%
Revenue Q/Q Growth		 -0.47% 11.48% -5.20% 8.19% -2.42% 2.82% -1.94% 7.73% -2.86% 2.78% -2.58%
EBITDA Q/Q Growth		 1.27% 14.81% -14.08% 14.62% 2.40% -19.98% -0.94% 34.28% -19.72% 2.45% 3.34%
EBIT Q/Q Growth		 0.95% 3.85% -4.41% 15.09% 2.64% -35.67% 21.38% 36.25% -20.68% -19.24% 23.18%
NOPAT Q/Q Growth		 -5.33% 8.32% 13.38% -3.23% 1.24% 25.41% -35.15% 30.53% -20.93% -18.42% 44.21%
Net Income Q/Q Growth		 -7.08% 6.83% 12.48% -4.10% 3.58% 12.77% -33.49% 36.88% -24.35% -22.09% 46.15%
EPS Q/Q Growth		 -5.83% 8.25% 15.71% -2.06% 5.46% 13.94% -32.52% 39.38% -23.05% -20.77% 45.73%
Operating Cash Flow Q/Q Growth		 34.46% -49.54% 101.13% -26.61% 35.33% -14.76% 3.73% -0.90% 13.99% -63.86% 103.46%
Free Cash Flow Firm Q/Q Growth		 19.48% -38.27% 6.49% -64.52% -150.24% 310.22% -5.25% 147.51% -60.50% 31.24% -81.71%
Invested Capital Q/Q Growth		 -5.67% 7.54% 1.22% 2.93% -1.18% 4.62% -2.22% 0.85% 1.06% 2.40% 2.88%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.08% 21.59% 21.34% 23.41% 23.57% 18.16% 19.91% 23.26% 20.37% 17.72% 19.88%
EBITDA Margin		 19.44% 20.02% 18.15% 19.23% 20.18% 15.70% 15.86% 19.77% 16.34% 16.29% 17.28%
Operating Margin		 18.03% 16.82% 16.94% 18.04% 18.54% 11.78% 14.66% 18.56% 15.09% 11.70% 15.14%
EBIT Margin		 18.09% 16.85% 16.99% 18.07% 19.01% 11.90% 14.72% 18.62% 15.20% 11.95% 15.10%
Profit (Net Income) Margin		 11.86% 11.36% 13.48% 11.95% 12.69% 13.91% 9.44% 11.99% 9.34% 7.08% 10.62%
Tax Burden Percent		 72.50% 75.53% 89.69% 75.31% 76.04% 145.96% 77.58% 74.23% 74.30% 76.09% 87.04%
Interest Burden Percent		 90.43% 89.28% 88.47% 87.80% 87.76% 80.14% 82.61% 86.74% 82.65% 77.86% 80.76%
Effective Tax Rate		 27.50% 24.47% 10.31% 24.69% 23.96% -45.96% 22.42% 25.77% 25.70% 23.91% 12.96%
Return on Invested Capital (ROIC)		 26.97% 26.98% 34.14% 31.39% 34.60% 40.10% 27.08% 32.69% 26.98% 20.97% 31.28%
ROIC Less NNEP Spread (ROIC-NNEP)		 26.20% 26.07% 33.06% 30.30% 33.71% 38.14% 26.01% 31.69% 25.99% 20.03% 30.06%
Return on Net Nonoperating Assets (RNNOA)		 221.17% 231.27% 308.41% 358.22% 1,574.76% -6,842.19% -382.33% -313.62% -199.57% -136.20% -164.41%
Return on Equity (ROE)		 248.15% 258.24% 342.55% 389.61% 1,609.36% -6,802.09% -355.25% -280.93% -172.60% -115.23% -133.13%
Cash Return on Invested Capital (CROIC)		 31.06% 26.62% 29.98% 25.96% 23.89% 27.26% 29.24% 31.27% 27.85% 24.63% 20.78%
Operating Return on Assets (OROA)		 14.17% 13.90% 15.05% 16.67% 17.89% 11.17% 14.01% 17.91% 14.63% 11.56% 14.63%
Return on Assets (ROA)		 9.29% 9.37% 11.94% 11.02% 11.94% 13.07% 8.98% 11.53% 8.98% 6.85% 10.29%
Return on Common Equity (ROCE)		 248.15% 258.24% 342.55% 389.61% 1,609.36% -6,802.09% -355.25% -280.93% -172.60% -115.23% -133.13%
Return on Equity Simple (ROE_SIMPLE)		 202.54% 0.00% 1,955.71% -1,243.75% -439.94% 0.00% -178.84% -140.41% -114.33% 0.00% -78.16%
Net Operating Profit after Tax (NOPAT)		 695 752 853 825 836 1,048 680 887 701 572 825
NOPAT Margin		 13.07% 12.70% 15.19% 13.59% 14.10% 17.19% 11.37% 13.78% 11.21% 8.90% 13.18%
Net Nonoperating Expense Percent (NNEP)		 0.77% 0.90% 1.08% 1.09% 0.89% 1.96% 1.07% 1.00% 0.99% 0.94% 1.22%
Return On Investment Capital (ROIC_SIMPLE)		 6.63% 7.08% 7.90% 7.45% 7.52% 9.36% 6.15% 8.03% 6.26% 5.00% 6.94%
Cost of Revenue to Revenue		 76.92% 78.41% 78.66% 76.59% 76.43% 81.84% 80.09% 76.74% 79.63% 82.28% 80.12%
SG&A Expenses to Revenue		 4.07% 3.98% 3.60% 3.95% 4.03% 5.41% 4.37% 3.85% 4.41% 4.50% 3.91%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 5.04% 4.25% 4.40% 5.37% 4.81% 5.61% 5.25% 4.71% 5.13% 4.96% 4.73%
Earnings before Interest and Taxes (EBIT)		 961 998 954 1,098 1,127 725 880 1,199 951 768 946
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,033 1,186 1,019 1,168 1,196 957 948 1,273 1,022 1,047 1,082
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 41.73 81.12 358.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.30 2.22 2.26 2.39 2.45 2.76 3.05 2.81 2.81 3.08 2.59
Price to Earnings (P/E)		 20.78 19.54 18.31 18.60 18.76 20.82 24.87 22.63 24.46 31.54 25.72
Dividend Yield		 0.44% 0.69% 0.86% 0.90% 0.95% 0.88% 0.83% 0.91% 0.93% 0.87% 1.06%
Earnings Yield		 4.81% 5.12% 5.46% 5.38% 5.33% 4.80% 4.02% 4.42% 4.09% 3.17% 3.89%
Enterprise Value to Invested Capital (EV/IC)		 5.76 5.65 6.05 6.39 6.80 7.27 8.27 7.79 7.86 8.47 7.22
Enterprise Value to Revenue (EV/Rev)		 2.72 2.66 2.70 2.84 2.91 3.23 3.54 3.32 3.34 3.63 3.15
Enterprise Value to EBITDA (EV/EBITDA)		 15.41 14.28 14.07 14.80 14.99 17.66 19.98 18.53 19.67 21.23 18.26
Enterprise Value to EBIT (EV/EBIT)		 16.83 15.92 15.50 16.25 16.40 19.64 22.27 20.62 22.00 23.99 20.68
Enterprise Value to NOPAT (EV/NOPAT)		 21.75 21.09 19.76 20.87 20.98 21.74 25.40 23.69 25.05 32.08 26.80
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.26 23.40 21.00 22.85 23.95 24.18 27.85 25.46 25.96 33.14 30.53
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.04 21.24 20.24 25.31 29.90 27.66 28.85 25.16 28.81 34.73 35.97
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 8.86 17.72 76.12 -50.43 -17.80 -17.41 -7.83 -6.29 -5.63 -4.83 -4.75
Long-Term Debt to Equity		 8.33 16.51 73.56 -46.44 -16.44 -16.60 -7.27 -5.83 -5.23 -4.39 -4.45
Financial Leverage		 8.44 8.87 9.33 11.82 46.72 -179.38 -14.70 -9.90 -7.68 -6.80 -5.47
Leverage Ratio		 24.87 25.41 26.20 32.11 124.45 -442.89 -34.29 -21.96 -16.70 -14.11 -10.95
Compound Leverage Factor		 22.49 22.69 23.18 28.19 109.21 -354.92 -28.33 -19.04 -13.80 -10.99 -8.85
Debt to Total Capital		 89.86% 94.66% 98.70% 102.02% 105.95% 106.09% 114.64% 118.92% 121.60% 126.12% 126.64%
Short-Term Debt to Total Capital		 5.32% 6.43% 3.32% 8.07% 8.09% 4.94% 8.24% 8.69% 8.56% 11.43% 8.06%
Long-Term Debt to Total Capital		 84.53% 88.22% 95.39% 93.95% 97.87% 101.15% 106.39% 110.23% 113.03% 114.69% 118.57%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 10.14% 5.34% 1.30% -2.02% -5.95% -6.09% -14.64% -18.92% -21.60% -26.12% -26.64%
Debt to EBITDA		 2.77 2.60 2.50 2.56 2.58 2.74 2.97 3.00 3.25 3.37 3.44
Net Debt to EBITDA		 2.37 2.38 2.29 2.37 2.35 2.59 2.79 2.86 3.08 3.21 3.25
Long-Term Debt to EBITDA		 2.61 2.42 2.42 2.36 2.38 2.61 2.75 2.79 3.02 3.06 3.22
Debt to NOPAT		 3.91 3.84 3.52 3.62 3.60 3.37 3.77 3.84 4.13 5.09 5.05
Net Debt to NOPAT		 3.34 3.52 3.22 3.34 3.29 3.18 3.55 3.65 3.92 4.84 4.78
Long-Term Debt to NOPAT		 3.68 3.58 3.40 3.33 3.33 3.21 3.50 3.56 3.84 4.63 4.73
Altman Z-Score		 2.53 2.61 2.79 2.92 3.01 3.11 3.26 3.22 3.17 3.29 3.08
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.52 0.45 0.47 0.46 0.48 0.43 0.42 0.42 0.42 0.40 0.45
Quick Ratio		 0.48 0.42 0.43 0.42 0.45 0.39 0.39 0.39 0.39 0.37 0.41
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,190 734 782 277 -139 293 278 687 271 356 65
Operating Cash Flow to CapEx		 1,248.57% 321.90% 1,385.94% 671.13% 1,444.26% 766.33% 779.00% 617.60% 520.71% 104.61% 497.69%
Free Cash Flow to Firm to Interest Expense		 11.90 6.39 6.21 0.00 -0.95 0.00 1.70 0.00 1.52 0.00 0.34
Operating Cash Flow to Interest Expense		 8.74 3.83 7.04 0.00 6.03 0.00 4.78 0.00 4.92 0.00 3.37
Operating Cash Flow Less CapEx to Interest Expense		 8.04 2.64 6.53 0.00 5.62 0.00 4.17 0.00 3.97 0.00 2.69
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.78 0.82 0.89 0.92 0.94 0.94 0.95 0.96 0.96 0.97 0.97
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 12.84 13.45 14.20 14.83 15.28 14.98 15.21 15.68 15.50 14.70 14.82
Accounts Payable Turnover		 20.75 22.03 23.65 24.67 25.31 25.05 25.03 25.73 26.21 26.65 25.21
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 17.59 16.57 15.43 14.79 14.42 14.57 14.58 14.19 13.93 13.70 14.48
Cash Conversion Cycle (CCC)		 -17.59 -16.57 -15.43 -14.79 -14.42 -14.57 -14.58 -14.19 -13.93 -13.70 -14.48
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,104 9,790 9,909 10,199 10,079 10,545 10,311 10,399 10,509 10,761 11,071
Invested Capital Turnover		 2.06 2.12 2.25 2.31 2.45 2.33 2.38 2.37 2.41 2.36 2.37
Increase / (Decrease) in Invested Capital		 -495 18 71 548 975 755 402 200 430 216 760
Enterprise Value (EV)		 52,395 55,297 59,902 65,197 68,509 76,658 85,291 81,041 82,603 91,096 79,910
Market Capitalization		 44,354 46,075 50,133 54,774 57,769 65,431 73,364 68,551 69,673 77,343 65,671
Book Value per Share		 $3.28 $1.79 $0.45 ($0.74) ($2.22) ($2.32) ($5.66) ($7.32) ($8.60) ($10.77) ($11.49)
Tangible Book Value per Share		 ($50.25) ($53.87) ($57.11) ($59.56) ($61.86) ($63.87) ($68.91) ($70.50) ($73.91) ($76.33) ($78.21)
Total Capital		 10,481 10,632 10,797 11,073 11,107 11,191 11,042 11,052 11,210 11,455 11,894
Total Debt		 9,418 10,064 10,657 11,297 11,768 11,873 12,658 13,143 13,631 14,447 15,062
Total Long-Term Debt		 8,860 9,380 10,299 10,403 10,870 11,320 11,748 12,183 12,671 13,138 14,103
Net Debt		 8,041 9,222 9,769 10,423 10,740 11,227 11,927 12,490 12,930 13,753 14,239
Capital Expenditures (CapEx)		 70 137 64 97 61 98 100 125 169 304 130
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3,915 -3,849 -3,901 -3,745 -3,814 -4,236 -4,239 -4,172 -4,379 -4,251 -4,102
Debt-free Net Working Capital (DFNWC)		 -2,870 -3,342 -3,347 -3,182 -3,097 -3,898 -3,810 -3,823 -3,985 -3,855 -3,579
Net Working Capital (NWC)		 -3,428 -4,026 -3,705 -4,076 -3,995 -4,451 -4,720 -4,783 -4,945 -5,164 -4,538
Net Nonoperating Expense (NNE)		 65 79 96 99 84 200 116 115 117 117 160
Net Nonoperating Obligations (NNO)		 8,041 9,222 9,769 10,423 10,740 11,227 11,927 12,490 12,930 13,753 14,239
Total Depreciation and Amortization (D&A)		 72 188 65 70 69 232 68 74 71 279 136
Debt-free, Cash-free Net Working Capital to Revenue		 -20.29% -18.53% -17.58% -16.34% -16.20% -17.86% -17.61% -17.07% -17.68% -16.94% -16.16%
Debt-free Net Working Capital to Revenue		 -14.87% -16.09% -15.08% -13.88% -13.16% -16.44% -15.83% -15.64% -16.09% -15.36% -14.10%
Net Working Capital to Revenue		 -17.77% -19.38% -16.70% -17.78% -16.97% -18.77% -19.61% -19.57% -19.97% -20.57% -17.88%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.94 $2.12 $2.44 $2.39 $2.52 $2.88 $1.94 $2.70 $2.08 $1.64 $2.40
Adjusted Weighted Average Basic Shares Outstanding		 316.54M 308.12M 303.35M 298.24M 293.69M 289.49M 285.62M 281.52M 277.89M 275.70M 273.90M
Adjusted Diluted Earnings per Share		 $1.94 $2.10 $2.43 $2.38 $2.51 $2.86 $1.93 $2.69 $2.07 $1.64 $2.39
Adjusted Weighted Average Diluted Shares Outstanding		 316.54M 308.12M 303.35M 298.24M 293.69M 289.49M 285.62M 281.52M 277.89M 275.70M 273.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 316.54M 308.12M 303.35M 298.24M 293.69M 289.49M 285.62M 281.52M 277.89M 275.70M 273.90M
Normalized Net Operating Profit after Tax (NOPAT)		 695 752 853 825 836 503 680 887 701 572 825
Normalized NOPAT Margin		 13.07% 12.70% 15.19% 13.59% 14.10% 8.25% 11.37% 13.78% 11.21% 8.90% 13.18%
Pre Tax Income Margin		 16.36% 15.04% 15.03% 15.87% 16.68% 9.53% 12.16% 16.15% 12.57% 9.30% 12.20%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 9.61 8.68 7.57 0.00 7.72 0.00 5.40 0.00 5.31 0.00 4.93
NOPAT to Interest Expense		 6.95 6.54 6.77 0.00 5.72 0.00 4.17 0.00 3.92 0.00 4.30
EBIT Less CapEx to Interest Expense		 8.91 7.49 7.06 0.00 7.30 0.00 4.79 0.00 4.37 0.00 4.25
NOPAT Less CapEx to Interest Expense		 6.25 5.35 6.26 0.00 5.31 0.00 3.56 0.00 2.97 0.00 3.62
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 9.06% 13.61% 16.25% 18.09% 19.29% 19.04% 21.25% 21.66% 23.77% 28.72% 28.47%
Augmented Payout Ratio		 66.42% 122.43% 151.42% 172.86% 167.81% 147.26% 158.34% 160.05% 173.37% 187.12% 164.54%

Key Financial Trends

Marriott’s Q1 2025 results showed strong profitability gains, a stable margin profile and healthy returns on capital, albeit accompanied by weaker cash flow generation and rising leverage.

  • Net income rose 18% year-over-year to $665 million, up from $564 million in Q1 2024.
  • Diluted EPS jumped 24% to $2.39, versus $1.93 a year ago.
  • Return on invested capital (ROIC) improved to 31.3% from 27.1% in Q1 2024.
  • The quarterly dividend was maintained at $0.63 per share, reflecting a 26% payout ratio on Q1 net income.
  • Revenue grew 4.8% YoY to $6.26 billion, compared with 6.4% growth in Q1 2024.
  • Gross margin remained stable at about 19.9%, in line with recent quarters.
  • Altman Z-score of 3.08 suggests low risk of financial distress.
  • Net debt-to-EBITDA stands at 3.25x, within the company’s historical range.
  • Free cash flow to firm plunged 76% YoY to just $65 million, reflecting higher invested capital and lower operating cash conversion.
  • Net debt increased 19% YoY to $14.24 billion, driven by debt-funded investments and share repurchases.
06/23/25 11:26 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Marriott International's Financials

When does Marriott International's fiscal year end?

According to the most recent income statement we have on file, Marriott International's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Marriott International's net income changed over the last 9 years?

Marriott International's net income appears to be on an upward trend, with a most recent value of $2.38 billion in 2024, rising from $859 million in 2015. The previous period was $3.08 billion in 2023. View Marriott International's forecast to see where analysts expect Marriott International to go next.

What is Marriott International's operating income?
Marriott International's total operating income in 2024 was $3.77 billion, based on the following breakdown:
  • Total Gross Profit: $5.10 billion
  • Total Operating Expenses: $1.26 billion
How has Marriott International's revenue changed over the last 9 years?

Over the last 9 years, Marriott International's total revenue changed from $14.49 billion in 2015 to $25.10 billion in 2024, a change of 73.3%.

How much debt does Marriott International have?

Marriott International's total liabilities were at $29.17 billion at the end of 2024, a 10.7% increase from 2023, and a 201.6% increase since 2015.

How much cash does Marriott International have?

In the past 9 years, Marriott International's cash and equivalents has ranged from $96 million in 2015 to $1.39 billion in 2021, and is currently $396 million as of their latest financial filing in 2024.

How has Marriott International's book value per share changed over the last 9 years?

Over the last 9 years, Marriott International's book value per share changed from -13.96 in 2015 to -10.77 in 2024, a change of -22.9%.


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This page (NASDAQ:MAR) was last updated on 6/24/2025 by MarketBeat.com Staff
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