Marriott International (MAR) Financials

$350.19 -0.04 (-0.01%)

Closing price 05/13/2026 04:00 PM Eastern

Extended Trading

$349.28 -0.90 (-0.26%)

As of 04:04 AM Eastern

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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	859	808	1,459	1,907	1,273	-267	1,099	2,358	3,143	2,452	2,601
Consolidated Net Income / (Loss)	859	808	1,459	1,907	1,273	-267	1,099	2,358	3,083	2,375	2,601
Net Income / (Loss) Continuing Operations	859	808	1,459	1,907	1,273	-267	1,099	2,358	3,143	2,452	2,601
Total Pre-Tax Income	1,255	1,239	2,982	2,345	1,599	-466	1,180	3,114	3,378	3,151	3,394
Total Operating Income	1,350	1,424	2,504	2,366	1,800	84	1,750	3,462	3,864	3,767	4,141
Total Gross Profit	13,753	2,672	3,813	3,674	3,217	1,459	2,801	4,558	4,980	4,972	5,222
Total Revenue	14,486	15,407	20,452	20,758	20,972	10,571	13,857	20,773	23,713	25,100	26,186
Operating Revenue	14,486	15,407	20,452	20,758	20,972	10,571	13,857	20,773	23,713	25,100	26,186
Total Cost of Revenue	733	12,735	16,639	17,084	17,755	9,112	11,056	16,215	18,733	20,128	20,964
Operating Cost of Revenue	733	12,735	16,639	17,084	17,755	9,112	11,056	16,215	18,733	20,128	20,964
Total Operating Expenses	12,403	1,248	1,309	1,308	1,417	1,375	1,051	1,084	1,056	1,128	1,083
Selling, General & Admin Expense	634	743	921	927	938	762	823	891	867	945	870
Depreciation Expense	139	119	229	226	341	346	220	193	189	183	213
Total Other Income / (Expense), net	-95	-185	478	-21	-201	-550	-570	-348	-486	-616	-747
Interest Expense	167	234	288	340	394	445	584	403	565	695	809
Interest & Investment Income	45	44	78	125	39	-114	4.00	44	39	48	53
Other Income / (Expense), net	27	5.00	688	194	154	9.00	10	11	40	31	9.00
Income Tax Expense	396	431	1,523	438	326	-199	81	756	295	776	793
Basic Earnings per Share	$3.22	$2.78	$3.89	$5.45	$3.83	($0.82)	$3.36	$7.27	$10.23	$8.36	$9.53
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	264.98M
Diluted Earnings per Share	$3.15	$2.73	$3.84	$5.38	$3.80	($0.82)	$3.34	$7.24	$10.18	$8.33	$9.51
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	264.98M
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	264.98M
Cash Dividends to Common per Share	-	-	$1.29	$1.56	$1.85	$0.48	-	$1.00	$1.96	$2.41	$2.64

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	765	755	564	772	584	359	665	763	922	251	648
Consolidated Net Income / (Loss)	752	848	564	772	584	455	665	763	922	251	648
Net Income / (Loss) Continuing Operations	765	755	564	772	584	359	665	763	922	251	648
Total Pre-Tax Income	989	581	727	1,040	786	598	764	1,054	994	582	858
Total Operating Income	1,099	718	876	1,195	944	752	948	1,236	1,180	777	1,064
Total Gross Profit	1,397	1,107	1,190	1,498	1,274	1,139	1,209	1,542	1,424	1,011	1,341
Total Revenue	5,928	6,095	5,977	6,439	6,255	6,429	6,263	6,744	6,489	6,690	6,654
Operating Revenue	5,928	6,095	5,977	6,439	6,255	6,429	6,263	6,744	6,489	6,690	6,654
Total Cost of Revenue	4,531	4,988	4,787	4,941	4,981	5,290	5,054	5,202	5,065	5,679	5,313
Operating Cost of Revenue	4,531	4,988	4,787	4,941	4,981	5,290	5,054	5,202	5,065	5,679	5,313
Total Operating Expenses	285	342	306	295	321	319	260	298	234	255	273
Selling, General & Admin Expense	239	330	261	248	276	289	209	245	234	146	219
Depreciation Expense	46	51	45	47	45	46	51	53	-	-	54
Total Other Income / (Expense), net	-110	-277	-149	-155	-158	-327	-184	-182	8.00	-389	-206
Interest Expense	146	-	163	173	179	-	192	203	-	-	214
Interest & Investment Income	8.00	9.00	10	14	14	10	10	16	5.00	22	5.00
Other Income / (Expense), net	28	7.00	4.00	4.00	7.00	16	-2.00	5.00	3.00	3.00	3.00
Income Tax Expense	237	-267	163	268	202	143	99	291	266	137	210
Basic Earnings per Share	$2.52	$2.88	$1.94	$2.70	$2.08	$1.64	$2.40	$2.78	$2.68	$1.67	$2.44
Weighted Average Basic Shares Outstanding	293.69M	289.49M	285.62M	281.52M	277.89M	275.70M	273.90M	271.46M	268.35M	264.98M	263.69M
Diluted Earnings per Share	$2.51	$2.86	$1.93	$2.69	$2.07	$1.64	$2.39	$2.78	$2.67	$1.67	$2.43
Weighted Average Diluted Shares Outstanding	293.69M	289.49M	285.62M	281.52M	277.89M	275.70M	273.90M	271.46M	268.35M	264.98M	263.69M
Weighted Average Basic & Diluted Shares Outstanding	293.69M	289.49M	285.62M	281.52M	277.89M	275.70M	273.90M	271.46M	268.35M	264.98M	263.69M
Cash Dividends to Common per Share	$0.52	$0.52	$0.52	$0.63	-	$0.63	$0.63	$0.67	-	-	$0.67

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-8.00	770	-458	-69	-107	641	527	-896	-159	59	-54
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	3,212
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	3,227
Net Income / (Loss) Continuing Operations	859	808	1,459	1,907	1,273	-267	1,099	2,358	3,083	2,375	2,601
Consolidated Net Income / (Loss)	859	808	1,459	1,907	1,273	-267	1,099	2,358	3,083	2,375	2,601
Depreciation Expense	139	159	279	284	403	478	295	400	436	492	599
Non-Cash Adjustments To Reconcile Net Income	190	564	340	59	-285	288	-63	-346	-581	-122	-149
Changes in Operating Assets and Liabilities, net	327	88	149	107	294	1,140	-144	-49	232	4.00	176
Net Cash From Investing Activities	367	-2,346	1,211	-52	-284	35	-187	-297	-465	-734	-948
Net Cash From Continuing Investing Activities	367	-2,346	1,211	-52	-284	35	-187	-297	-465	-734	-948
Purchase of Property, Plant & Equipment	-305	-199	-240	-556	-653	-135	-183	-332	-452	-750	-604
Acquisitions	-258	-2,392	-	-	-	-	-	0.00	-101	-26	-350
Sale of Property, Plant & Equipment	765	278	1,605	527	446	268	52	15	132	52	31
Other Investing Activities, net	44	-33	-154	-23	-77	-98	-56	20	-44	-10	-25
Net Cash From Financing Activities	-1,890	1,497	-3,896	-2,374	-1,508	-1,033	-463	-2,962	-2,864	-1,956	-2,318
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	-2,318
Repayment of Debt	-465	-350	-310	-526	-843	-1,895	-2,318	-969	-163	-395	-1,712
Repurchase of Common Equity	-1,917	-568	-3,013	-2,850	-2,260	-150	0.00	-2,566	-3,953	-3,762	-3,300
Payment of Dividends	-253	-374	-482	-543	-612	-156	0.00	-321	-587	-682	-718
Issuance of Debt	790	2,855	60	1,646	2,348	1,271	1,943	983	1,918	2,948	3,436
Issuance of Common Equity	40	34	6.00	4.00	7.00	0.00	2.00	0.00	29	73	92
Other Financing Activities, net	-85	-100	-157	-105	-148	-103	-90	-89	-108	-138	-116

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	164	-377	82	-78	46	9.00	121	146	2.00	-323	97
Net Cash From Operating Activities	881	751	779	772	880	318	647	643	1,093	829	858
Net Cash From Continuing Operating Activities	881	751	779	772	880	318	647	643	1,093	844	858
Net Income / (Loss) Continuing Operations	752	848	564	772	584	455	665	763	728	445	648
Consolidated Net Income / (Loss)	752	848	564	772	584	455	665	763	728	445	648
Depreciation Expense	69	232	116	74	71	279	136	143	143	177	162
Non-Cash Adjustments To Reconcile Net Income	-24	-127	28	19	1.00	-684	-214	-265	103	227	-112
Changes in Operating Assets and Liabilities, net	84	-202	71	-93	224	268	60	2.00	119	-5.00	160
Net Cash From Investing Activities	-120	-102	-95	-130	-164	-345	-143	-143	-489	-173	-149
Net Cash From Continuing Investing Activities	-120	-102	-95	-130	-164	-345	-143	-143	-489	-173	-149
Purchase of Property, Plant & Equipment	-124	-134	-109	-125	-174	-342	-135	-155	-142	-172	-130
Sale of Property, Plant & Equipment	63	36	9.00	-	5.00	38	5.00	10	10	6.00	5.00
Other Investing Activities, net	-59	-5.00	5.00	-5.00	5.00	-15	-13	2.00	-8.00	-6.00	-24
Net Cash From Financing Activities	-597	-1,026	-602	-720	-670	36	-383	-354	-602	-979	-612
Net Cash From Continuing Financing Activities	-597	-1,026	-602	-720	-670	36	-383	-354	-602	-979	-612
Repayment of Debt	-639	94	-687	475	-992	809	-1,354	579	-1,142	205	-1,088
Repurchase of Common Equity	-942	-965	-1,144	-1,012	-1,020	-586	-751	-749	-800	-1,000	-700
Payment of Dividends	-154	-152	-151	-179	-176	-176	-174	-183	-182	-179	-178
Issuance of Debt	1,135	-	1,468	-	1,480	-	1,960	-	1,476	-	1,425
Issuance of Common Equity	29	-	33	-	40	-	45	-	47	-	53
Other Financing Activities, net	-26	-3.00	-121	-4.00	-2.00	-11	-109	-1.00	-1.00	-5.00	-124

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	2025
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	12/31/2025
Total Assets	6,082	24,140	23,846	23,696	25,051	24,701	25,553	24,815	25,674	26,182	27,540
Total Current Assets	1,384	3,371	2,740	2,706	3,127	2,825	3,626	3,313	3,311	3,485	3,584
Cash & Equivalents	96	858	383	316	225	877	1,393	507	338	396	358
Note & Lease Receivable	1,103	1,695	1,973	2,133	2,395	1,768	1,982	2,571	2,712	2,795	2,909
Prepaid Expenses	77	230	235	249	252	180	251	235	261	294	317
Plant, Property, & Equipment, net	1,029	2,335	1,793	1,956	1,904	1,514	1,503	1,585	1,581	1,833	1,954
Total Noncurrent Assets	3,669	18,434	19,313	19,034	20,020	20,362	20,424	19,917	20,782	20,864	22,002
Long-Term Investments	165	728	734	732	577	422	387	335	308	298	298
Noncurrent Note & Lease Receivables	215	245	142	125	117	159	144	152	138	136	151
Goodwill	943	7,598	9,207	9,039	9,048	9,175	9,073	8,872	8,886	8,731	8,907
Intangible Assets	1,451	9,270	8,544	-	8,641	8,989	8,926	8,747	9,190	9,488	10,336
Noncurrent Deferred & Refundable Income Taxes	672	116	93	171	154	249	228	240	673	650	570
Other Noncurrent Operating Assets	223	477	593	8,967	1,483	1,368	1,666	1,571	1,587	1,561	1,740
Total Liabilities & Shareholders' Equity	6,082	24,140	23,846	23,696	25,051	24,701	25,553	24,815	25,674	26,182	27,540
Total Liabilities	9,672	18,783	20,264	21,471	24,348	24,271	24,139	24,247	26,356	29,174	31,311
Total Current Liabilities	3,233	5,147	5,807	6,437	6,677	5,752	6,407	7,339	7,762	8,649	8,398
Short-Term Debt	300	309	398	833	977	1,173	805	684	553	1,309	1,209
Accounts Payable	593	687	783	767	720	527	726	746	738	763	814
Current Deferred Revenue	-	-	2,121	2,529	2,258	1,769	-	3,314	3,328	3,487	3,497
Current Employee Benefit Liabilities	861	1,174	1,214	1,345	1,339	831	1,187	1,299	1,390	1,449	1,438
Other Current Liabilities	527	1,111	1,291	963	1,383	1,452	3,689	1,296	1,753	1,641	1,440
Total Noncurrent Liabilities	6,439	13,636	14,457	15,034	17,671	18,519	17,732	16,908	18,594	20,525	22,913
Long-Term Debt	3,807	8,197	7,840	8,514	9,963	9,203	9,333	9,380	11,320	13,138	14,995
Noncurrent Deferred Revenue	1,622	2,675	3,402	3,663	4,300	6,044	-	4,339	4,696	5,135	5,695
Noncurrent Deferred & Payable Income Tax Liabilities	16	1,020	605	485	290	83	169	313	209	81	79
Other Noncurrent Operating Liabilities	994	1,744	2,610	2,372	3,118	3,189	8,230	2,876	2,369	2,171	2,144
Total Equity & Noncontrolling Interests	-3,590	5,357	3,582	2,225	703	430	1,414	568	-682	-2,992	-3,771
Total Preferred & Common Equity	-3,590	5,357	3,582	2,225	703	430	1,414	568	-682	-2,992	-3,771
Total Common Equity	-3,590	5,357	3,582	2,225	703	430	1,414	568	-682	-2,992	-3,771
Common Stock	2,826	5,813	5,775	5,819	5,805	5,856	5,897	5,970	6,056	6,184	6,357
Retained Earnings	4,878	6,501	7,242	8,982	9,644	9,206	10,305	12,342	14,838	16,531	18,414
Accumulated Other Comprehensive Income / (Loss)	-196	-497	-17	-391	-361	-135	-342	-729	-647	-1,063	-642
Other Equity Adjustments	-	-	-	-	-	-	-14,446	-17,015	-20,929	-	-27,900

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	25,087	25,267	25,674	25,756	25,740	26,209	26,182	26,651	27,342	27,833	27,857
Total Current Assets	3,444	3,682	3,311	3,450	3,500	3,573	3,485	3,746	4,034	4,111	3,914
Cash & Equivalents	563	717	338	429	349	394	396	523	671	678	454
Note & Lease Receivable	2,565	2,703	2,712	2,747	2,847	2,920	2,795	2,899	2,983	3,101	3,090
Prepaid Expenses	316	262	261	274	304	259	294	324	380	332	370
Plant, Property, & Equipment, net	1,560	1,572	1,581	1,570	1,558	1,624	1,833	1,856	1,890	1,917	1,962
Total Noncurrent Assets	20,083	20,013	20,782	20,736	20,682	21,012	20,864	21,049	21,418	21,805	21,981
Long-Term Investments	311	311	308	302	304	307	298	300	298	298	304
Noncurrent Note & Lease Receivables	140	159	138	136	146	144	136	145	136	153	151
Goodwill	8,850	8,795	8,886	8,815	8,783	8,890	8,731	8,775	8,896	8,886	8,873
Intangible Assets	8,995	8,993	9,190	9,252	9,263	9,497	9,488	9,620	9,796	10,203	10,365
Noncurrent Deferred & Refundable Income Taxes	240	240	673	673	644	629	650	627	611	571	549
Other Noncurrent Operating Assets	1,547	1,515	1,587	1,558	1,542	1,545	1,561	1,582	1,681	1,694	1,739
Total Liabilities & Shareholders' Equity	25,087	25,267	25,674	25,756	25,740	26,209	26,182	26,651	27,342	27,833	27,857
Total Liabilities	25,311	25,928	26,356	27,372	27,831	28,630	29,174	29,819	30,306	30,952	31,949
Total Current Liabilities	7,520	7,677	7,762	8,170	8,283	8,518	8,649	8,284	8,199	8,798	8,516
Short-Term Debt	894	898	553	910	960	960	1,309	959	1,109	1,557	1,210
Accounts Payable	670	696	738	793	826	807	763	812	778	759	763
Current Deferred Revenue	3,372	3,367	3,328	3,331	3,383	3,402	3,487	3,523	3,579	3,550	3,517
Current Employee Benefit Liabilities	1,092	1,229	1,390	1,079	1,136	1,288	1,449	1,156	1,184	1,323	1,256
Other Current Liabilities	1,492	1,487	1,753	2,057	1,978	2,061	1,641	1,834	1,549	1,609	1,770
Total Noncurrent Liabilities	17,791	18,251	18,594	19,202	19,548	20,112	20,525	21,535	22,107	22,154	23,433
Long-Term Debt	10,403	10,870	11,320	11,748	12,183	12,671	13,138	14,103	14,546	14,442	15,320
Noncurrent Deferred Revenue	4,452	4,434	4,696	4,906	4,994	5,033	5,135	5,323	5,358	5,428	5,900
Noncurrent Deferred & Payable Income Tax Liabilities	285	359	209	194	219	185	81	65	59	117	90
Other Noncurrent Operating Liabilities	2,651	2,588	2,369	2,354	2,152	2,223	2,171	2,044	2,144	2,167	2,123
Total Equity & Noncontrolling Interests	-224	-661	-682	-1,616	-2,091	-2,421	-2,992	-3,168	-2,964	-3,119	-4,092
Total Preferred & Common Equity	-224	-661	-682	-1,616	-2,091	-2,421	-2,992	-3,168	-2,964	-3,119	-4,092
Total Common Equity	-224	-661	-682	-1,616	-2,091	-2,421	-2,992	-3,168	-2,964	-3,119	-4,092
Common Stock	5,957	6,001	6,056	5,983	6,035	6,130	6,184	6,140	6,198	6,296	6,316
Retained Earnings	13,544	14,142	14,838	15,251	15,844	16,251	16,531	17,022	17,602	18,148	18,884
Accumulated Other Comprehensive Income / (Loss)	-716	-849	-647	-794	-905	-714	-1,063	-962	-674	-673	-715
Other Equity Adjustments	-19,009	-19,955	-20,929	-22,056	-23,065	-24,088	-24,644	-25,368	-26,090	-26,890	-28,577

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.00%	6.36%	32.74%	1.50%	1.03%	-49.59%	31.09%	49.91%	14.15%	5.85%	4.33%
EBITDA Growth	15.29%	4.75%	118.58%	-18.06%	131.51%	-87.89%	259.89%	88.47%	12.06%	-1.15%	10.70%
EBIT Growth	17.99%	3.78%	123.37%	-19.80%	105.31%	-97.62%	1,792.47%	97.33%	12.41%	-2.72%	9.27%
NOPAT Growth	15.20%	0.50%	31.93%	57.05%	48.96%	-97.95%	2,671.89%	60.84%	34.52%	-19.49%	11.77%
Net Income Growth	14.08%	-5.94%	80.57%	30.71%	-66.49%	-120.97%	511.61%	114.56%	30.75%	-22.96%	9.52%
EPS Growth	24.02%	-13.33%	40.66%	40.10%	-58.74%	-121.58%	507.32%	116.77%	40.61%	-18.17%	14.17%
Operating Cash Flow Growth	23.77%	6.86%	37.55%	5.84%	-57.02%	-2.73%	-28.19%	100.76%	34.15%	-13.28%	16.84%
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%	-17.76%
Invested Capital Growth	-82.38%	6,466.85%	-9.71%	-0.36%	1.33%	-55.10%	2.79%	0.18%	7.71%	2.05%	9.44%
Revenue Q/Q Growth	1.03%	0.55%	7.63%	0.24%	0.79%	-23.23%	19.63%	7.65%	0.73%	1.35%	1.01%
EBITDA Q/Q Growth	1.47%	15.41%	20.44%	-18.58%	219.02%	-52.10%	54.51%	13.95%	-5.01%	2.14%	1.28%
EBIT Q/Q Growth	1.62%	14.60%	22.30%	-20.40%	197.36%	-85.17%	76.18%	11.53%	-6.54%	1.15%	0.29%
NOPAT Q/Q Growth	1.86%	10.37%	-29.85%	44.67%	163.16%	-88.04%	12.45%	8.80%	7.98%	-13.88%	0.69%
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%	-7.27%
EPS Q/Q Growth	2.94%	-3.87%	-8.13%	12.55%	-3.11%	-251.85%	135.21%	10.37%	8.07%	-12.77%	0.32%
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%	18.92%
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%	22.82%
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%	-1.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	94.94%	17.34%	18.64%	17.70%	30.68%	13.80%	20.21%	21.94%	21.61%	20.32%	19.94%
EBITDA Margin	10.47%	10.31%	16.97%	13.70%	22.48%	5.40%	14.83%	18.64%	18.30%	17.09%	18.14%
Operating Margin	9.32%	9.24%	12.24%	11.40%	17.17%	0.79%	12.63%	16.67%	16.29%	15.01%	15.81%
EBIT Margin	9.51%	9.28%	15.61%	12.33%	18.63%	0.88%	12.70%	16.72%	16.46%	15.13%	15.85%
Profit (Net Income) Margin	5.93%	5.24%	7.13%	9.19%	12.14%	-2.53%	7.93%	11.35%	13.00%	9.46%	9.93%
Tax Burden Percent	68.45%	65.21%	48.93%	81.32%	159.22%	57.30%	93.14%	75.72%	91.27%	75.37%	76.64%
Interest Burden Percent	91.14%	86.70%	93.42%	91.60%	163.66%	-501.08%	67.05%	89.66%	86.53%	82.96%	81.78%
Effective Tax Rate	31.55%	34.79%	51.07%	18.68%	40.78%	0.00%	6.86%	24.28%	8.73%	24.63%	23.36%
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%	28.16%
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%	24.25%
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%	-105.08%
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%	-76.92%
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%	19.15%
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%	15.45%
Return on Assets (ROA)	13.30%	5.35%	6.08%	8.02%	10.45%	-1.07%	4.37%	9.36%	12.21%	9.16%	9.68%
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%	-76.92%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	924	929	1,225	1,924	2,866	59	1,630	2,622	3,527	2,839	3,173
NOPAT Margin	6.38%	6.03%	5.99%	9.27%	13.67%	0.56%	11.76%	12.62%	14.87%	11.31%	12.12%
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%	3.91%
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%	25.52%
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%	80.06%
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%	3.32%
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	85.62%	8.10%	6.40%	6.30%	13.51%	13.01%	7.58%	5.22%	5.06%	5.01%	4.14%
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	4,150
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	4,749
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	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)	1.09	1.95	2.28	1.70	4.63	3.93	3.77	2.22	2.76	3.08	3.18
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	32.01
Dividend Yield	1.55%	1.49%	1.01%	1.51%	2.52%	1.50%	0.00%	0.69%	0.88%	0.87%	0.85%
Earnings Yield	5.44%	2.69%	3.13%	5.40%	5.31%	0.00%	2.10%	5.12%	4.80%	3.17%	3.12%
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	8.39
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	3.77
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	20.80
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	23.81
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	31.13
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	30.76
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	45.80
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	-4.30
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	-3.98
Financial Leverage	-1.21	5.72	1.49	2.63	12.41	25.46	9.46	8.87	-179.38	-6.80	-4.33
Leverage Ratio	-2.23	17.10	5.37	8.19	33.30	43.91	27.25	25.41	-442.89	-14.11	-7.94
Compound Leverage Factor	-2.03	14.83	5.02	7.50	27.25	-220.03	18.27	22.79	-383.21	-11.71	-6.50
Debt to Total Capital	794.39%	61.36%	69.70%	80.77%	187.92%	96.02%	87.76%	94.66%	106.09%	126.12%	130.33%
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%	9.72%
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%	120.61%
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	-694.39%	38.64%	30.30%	19.23%	12.08%	3.98%	12.24%	5.34%	-6.09%	-26.12%	-30.33%
Debt to EBITDA	2.71	5.36	2.37	3.29	9.28	18.17	4.93	2.60	2.74	3.37	3.41
Net Debt to EBITDA	2.54	4.36	2.05	2.92	8.60	15.90	4.07	2.38	2.59	3.21	3.27
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	3.16
Debt to NOPAT	4.44	9.16	6.72	4.86	15.27	176.46	6.22	3.84	3.37	5.09	5.11
Net Debt to NOPAT	4.16	7.45	5.81	4.31	14.15	154.37	5.13	3.52	3.18	4.84	4.90
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	4.73
Altman Z-Score	4.87	2.08	2.95	2.56	5.35	1.85	2.50	2.94	3.52	3.68	3.77
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	0.43	0.65	0.47	0.42	0.94	0.49	0.57	0.45	0.43	0.40	0.43
Quick Ratio	0.37	0.50	0.41	0.38	0.78	0.46	0.53	0.42	0.39	0.37	0.39
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	2,157
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%	560.56%
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	2.67
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	3.97
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	3.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.24	1.02	0.85	0.87	1.72	0.42	0.55	0.82	0.94	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	11.64	9.16	9.91	11.07	21.73	6.19	9.19	13.45	14.98	14.70	13.83
Accounts Payable Turnover	1.22	19.90	22.64	22.04	47.76	14.61	17.65	22.03	25.05	26.65	26.59
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)	298.27	18.34	16.12	16.56	30.57	24.98	20.68	16.57	14.57	13.70	13.73
Cash Conversion Cycle (CCC)	-298.27	-18.34	-16.12	-16.56	-30.57	-24.98	-20.68	-16.57	-14.57	-13.70	-13.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	178	11,689	10,554	10,516	21,172	9,507	9,772	9,790	10,545	10,761	11,777
Invested Capital Turnover	24.39	2.60	1.84	1.97	3.98	0.69	1.44	2.12	2.33	2.36	2.32
Increase / (Decrease) in Invested Capital	-832	11,511	-1,135	-38	21,312	-11,665	265	18	755	216	1,016
Enterprise Value (EV)	19,631	36,974	53,768	43,632	58,050	50,649	60,648	55,297	76,658	91,096	98,801
Market Capitalization	15,785	30,054	46,647	35,333	47,912	41,572	52,290	46,075	65,431	77,343	83,253
Book Value per Share	($13.96)	$13.72	$9.83	$6.52	$4.32	$1.33	$4.34	$1.79	($2.32)	($10.77)	($14.05)
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)	($85.76)
Total Capital	517	13,863	11,820	11,572	23,286	10,806	11,552	10,632	11,191	11,455	12,433
Total Debt	4,107	8,506	8,238	9,347	21,880	10,376	10,138	10,064	11,873	14,447	16,204
Total Long-Term Debt	3,807	8,197	7,840	8,514	19,926	9,203	9,333	9,380	11,320	13,138	14,995
Net Debt	3,846	6,920	7,121	8,299	20,276	9,077	8,358	9,222	11,227	13,753	15,548
Capital Expenditures (CapEx)	-460	-79	-1,365	29	414	-133	131	317	320	698	573
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	-3,963
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	-3,605
Net Working Capital (NWC)	-1,849	-1,776	-3,067	-3,731	-7,100	-2,927	-2,781	-4,026	-4,451	-5,164	-4,814
Net Nonoperating Expense (NNE)	65	121	-234	17	320	326	531	264	444	464	572
Net Nonoperating Obligations (NNO)	3,768	6,332	6,972	8,291	19,766	9,077	8,358	9,222	11,227	13,753	15,548
Total Depreciation and Amortization (D&A)	139	159	279	284	806	478	295	400	436	492	599
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%	-15.13%
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%	-13.77%
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%	-18.38%
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	$9.53
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	264.98M
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	$9.51
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	264.98M
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	$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	264.98M
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	3,173
Normalized NOPAT Margin	6.38%	7.66%	9.11%	9.88%	14.71%	2.32%	11.76%	12.62%	14.87%	11.31%	12.12%
Pre Tax Income Margin	8.66%	8.04%	14.58%	11.30%	15.25%	-4.41%	8.52%	14.99%	14.25%	12.55%	12.96%
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	5.13
NOPAT to Interest Expense	5.53	3.97	4.25	5.66	7.27	0.13	2.79	6.51	6.24	4.09	3.92
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	4.42
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	3.21
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%	27.60%
Augmented Payout Ratio	252.62%	116.58%	239.55%	177.92%	451.22%	-114.61%	0.00%	122.43%	147.26%	187.12%	154.48%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,984,554.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,984,554.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.45
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.58%	2.90%	6.45%	5.99%	5.52%	5.48%	4.79%	4.74%	3.74%	4.06%	6.24%
EBITDA Growth	15.78%	-19.31%	-6.97%	8.99%	-14.55%	9.40%	8.63%	4.61%	23.46%	6.69%	13.59%
EBIT Growth	17.27%	-27.35%	-7.76%	9.20%	-15.62%	5.93%	7.50%	3.50%	24.40%	1.56%	12.79%
NOPAT Growth	20.32%	39.30%	-20.33%	7.47%	-16.07%	-45.40%	21.42%	0.87%	23.22%	3.83%	-2.61%
Net Income Growth	19.37%	26.00%	-25.50%	6.34%	-22.34%	-46.34%	17.91%	-1.17%	57.88%	-44.84%	-2.56%
EPS Growth	29.38%	36.19%	-20.58%	13.03%	-17.53%	-42.66%	23.83%	3.35%	28.99%	1.83%	1.67%
Operating Cash Flow Growth	0.80%	70.29%	-12.18%	18.59%	-0.11%	-57.66%	-16.94%	-16.71%	24.20%	160.69%	32.61%
Free Cash Flow Firm Growth	-111.72%	-60.10%	-64.50%	147.67%	294.74%	21.58%	-76.53%	-162.33%	-295.57%	-218.45%	198.63%
Invested Capital Growth	10.71%	7.71%	4.06%	1.96%	4.27%	2.05%	7.37%	12.72%	13.27%	9.44%	5.50%
Revenue Q/Q Growth	-2.42%	2.82%	-1.94%	7.73%	-2.86%	2.78%	-2.58%	7.68%	-3.78%	3.10%	-0.54%
EBITDA Q/Q Growth	2.40%	-19.98%	-0.94%	34.28%	-19.72%	2.45%	3.34%	27.91%	-4.19%	-27.83%	28.42%
EBIT Q/Q Growth	2.64%	-35.67%	21.38%	36.25%	-20.68%	-19.24%	23.18%	31.18%	-4.67%	-34.07%	36.79%
NOPAT Q/Q Growth	1.24%	25.41%	-35.15%	30.53%	-20.93%	-18.42%	44.21%	8.43%	-3.41%	-31.26%	35.26%
Net Income Q/Q Growth	3.58%	12.77%	-33.49%	36.88%	-24.35%	-22.09%	46.15%	14.74%	20.84%	-72.78%	158.17%
EPS Q/Q Growth	5.46%	13.94%	-32.52%	39.38%	-23.05%	-20.77%	45.73%	16.32%	-3.96%	-37.45%	45.51%
Operating Cash Flow Q/Q Growth	35.33%	-14.76%	3.73%	-0.90%	13.99%	-63.86%	103.46%	-0.62%	69.98%	-24.15%	3.50%
Free Cash Flow Firm Q/Q Growth	-150.24%	310.22%	-5.25%	147.51%	-60.50%	31.24%	-81.71%	-757.26%	-23.94%	20.51%	146.12%
Invested Capital Q/Q Growth	-1.18%	4.62%	-2.22%	0.85%	1.06%	2.40%	2.88%	5.88%	1.55%	-1.07%	-0.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.57%	18.16%	19.91%	23.26%	20.37%	17.72%	19.88%	22.86%	21.94%	15.11%	20.15%
EBITDA Margin	20.18%	15.70%	15.86%	19.77%	16.34%	16.29%	17.28%	20.52%	20.43%	14.30%	18.47%
Operating Margin	18.54%	11.78%	14.66%	18.56%	15.09%	11.70%	15.14%	18.33%	18.18%	11.61%	15.99%
EBIT Margin	19.01%	11.90%	14.72%	18.62%	15.20%	11.95%	15.10%	18.40%	18.23%	11.66%	16.04%
Profit (Net Income) Margin	12.69%	13.91%	9.44%	11.99%	9.34%	7.08%	10.62%	11.31%	14.21%	3.75%	9.74%
Tax Burden Percent	76.04%	145.96%	77.58%	74.23%	74.30%	76.09%	87.04%	72.39%	92.76%	43.13%	75.52%
Interest Burden Percent	87.76%	80.14%	82.61%	86.74%	82.65%	77.86%	80.76%	84.93%	84.02%	74.62%	80.41%
Effective Tax Rate	23.96%	-45.96%	22.42%	25.77%	25.70%	23.91%	12.96%	27.61%	26.76%	23.54%	24.48%
Return on Invested Capital (ROIC)	34.60%	40.10%	27.08%	32.69%	26.98%	20.97%	31.28%	30.82%	30.81%	20.64%	28.22%
ROIC Less NNEP Spread (ROIC-NNEP)	33.71%	38.14%	26.01%	31.69%	25.99%	20.03%	30.06%	29.85%	31.22%	18.29%	27.18%
Return on Net Nonoperating Assets (RNNOA)	1,574.76%	-6,842.19%	-382.33%	-313.62%	-199.57%	-136.20%	-164.41%	-160.46%	-157.55%	-79.26%	-112.35%
Return on Equity (ROE)	1,609.36%	-6,802.09%	-355.25%	-280.93%	-172.60%	-115.23%	-133.13%	-129.64%	-126.73%	-58.62%	-84.13%
Cash Return on Invested Capital (CROIC)	23.89%	27.26%	29.24%	31.27%	27.85%	24.63%	20.78%	15.07%	15.67%	19.15%	22.37%
Operating Return on Assets (OROA)	17.89%	11.17%	14.01%	17.91%	14.63%	11.56%	14.63%	17.81%	17.49%	11.37%	15.64%
Return on Assets (ROA)	11.94%	13.07%	8.98%	11.53%	8.98%	6.85%	10.29%	10.95%	13.63%	3.66%	9.50%
Return on Common Equity (ROCE)	1,609.36%	-6,802.09%	-355.25%	-280.93%	-172.60%	-115.23%	-133.13%	-129.64%	-126.73%	-58.62%	-84.13%
Return on Equity Simple (ROE_SIMPLE)	-439.94%	0.00%	-178.84%	-140.41%	-114.33%	0.00%	-78.16%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	836	1,048	680	887	701	572	825	895	864	594	804
NOPAT Margin	14.10%	17.19%	11.37%	13.78%	11.21%	8.90%	13.18%	13.27%	13.32%	8.88%	12.08%
Net Nonoperating Expense Percent (NNEP)	0.89%	1.96%	1.07%	1.00%	0.99%	0.94%	1.22%	0.97%	-0.41%	2.34%	1.04%
Return On Investment Capital (ROIC_SIMPLE)	7.52%	9.36%	6.15%	8.03%	6.26%	5.00%	6.94%	7.05%	6.71%	4.78%	6.46%
Cost of Revenue to Revenue	76.43%	81.84%	80.09%	76.74%	79.63%	82.28%	80.12%	77.14%	78.06%	84.89%	79.85%
SG&A Expenses to Revenue	4.03%	5.41%	4.37%	3.85%	4.41%	4.50%	3.91%	3.63%	3.61%	2.18%	3.29%
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	4.81%	5.61%	5.25%	4.71%	5.13%	4.96%	4.73%	4.42%	3.61%	3.81%	4.10%
Earnings before Interest and Taxes (EBIT)	1,127	725	880	1,199	951	768	946	1,241	1,183	780	1,067
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,196	957	948	1,273	1,022	1,047	1,082	1,384	1,326	957	1,229
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	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)	2.45	2.76	3.05	2.81	2.81	3.08	2.59	2.91	2.73	3.18	3.26
Price to Earnings (P/E)	18.76	20.82	24.87	22.63	24.46	31.54	25.72	29.41	24.53	32.01	33.54
Dividend Yield	0.95%	0.88%	0.83%	0.91%	0.93%	0.87%	1.06%	0.94%	1.00%	0.85%	0.82%
Earnings Yield	5.33%	4.80%	4.02%	4.42%	4.09%	3.17%	3.89%	3.40%	4.08%	3.12%	2.98%
Enterprise Value to Invested Capital (EV/IC)	6.80	7.27	8.27	7.79	7.86	8.47	7.22	7.64	7.20	8.39	8.77
Enterprise Value to Revenue (EV/Rev)	2.91	3.23	3.54	3.32	3.34	3.63	3.15	3.48	3.31	3.77	3.85
Enterprise Value to EBITDA (EV/EBITDA)	14.99	17.66	19.98	18.53	19.67	21.23	18.26	20.18	18.28	20.80	20.92
Enterprise Value to EBIT (EV/EBIT)	16.40	19.64	22.27	20.62	22.00	23.99	20.68	22.92	20.72	23.81	23.99
Enterprise Value to NOPAT (EV/NOPAT)	20.98	21.74	25.40	23.69	25.05	32.08	26.80	29.95	27.20	31.13	32.48
Enterprise Value to Operating Cash Flow (EV/OCF)	23.95	24.18	27.85	25.46	25.96	33.14	30.53	35.98	31.74	30.76	29.93
Enterprise Value to Free Cash Flow (EV/FCFF)	29.90	27.66	28.85	25.16	28.81	34.73	35.97	53.72	48.80	45.80	40.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-17.80	-17.41	-7.83	-6.29	-5.63	-4.83	-4.75	-5.28	-5.13	-4.30	-4.04
Long-Term Debt to Equity	-16.44	-16.60	-7.27	-5.83	-5.23	-4.39	-4.45	-4.91	-4.63	-3.98	-3.74
Financial Leverage	46.72	-179.38	-14.70	-9.90	-7.68	-6.80	-5.47	-5.38	-5.05	-4.33	-4.13
Leverage Ratio	124.45	-442.89	-34.29	-21.96	-16.70	-14.11	-10.95	-10.50	-9.75	-7.94	-7.51
Compound Leverage Factor	109.21	-354.92	-28.33	-19.04	-13.80	-10.99	-8.85	-8.92	-8.20	-5.93	-6.04
Debt to Total Capital	105.95%	106.09%	114.64%	118.92%	121.60%	126.12%	126.64%	123.36%	124.22%	130.33%	132.90%
Short-Term Debt to Total Capital	8.09%	4.94%	8.24%	8.69%	8.56%	11.43%	8.06%	8.74%	12.09%	9.72%	9.73%
Long-Term Debt to Total Capital	97.87%	101.15%	106.39%	110.23%	113.03%	114.69%	118.57%	114.62%	112.13%	120.61%	123.17%
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	-5.95%	-6.09%	-14.64%	-18.92%	-21.60%	-26.12%	-26.64%	-23.36%	-24.22%	-30.33%	-32.90%
Debt to EBITDA	2.58	2.74	2.97	3.00	3.25	3.37	3.44	3.53	3.41	3.41	3.38
Net Debt to EBITDA	2.35	2.59	2.79	2.86	3.08	3.21	3.25	3.31	3.20	3.27	3.22
Long-Term Debt to EBITDA	2.38	2.61	2.75	2.79	3.02	3.06	3.22	3.28	3.08	3.16	3.13
Debt to NOPAT	3.60	3.37	3.77	3.84	4.13	5.09	5.05	5.24	5.08	5.11	5.24
Net Debt to NOPAT	3.29	3.18	3.55	3.65	3.92	4.84	4.78	4.91	4.77	4.90	5.00
Long-Term Debt to NOPAT	3.33	3.21	3.50	3.56	3.84	4.63	4.73	4.87	4.58	4.73	4.86
Altman Z-Score	3.01	3.11	3.26	3.22	3.17	3.29	3.08	3.29	3.15	3.37	3.46
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	0.48	0.43	0.42	0.42	0.42	0.40	0.45	0.49	0.47	0.43	0.46
Quick Ratio	0.45	0.39	0.39	0.39	0.39	0.37	0.41	0.45	0.43	0.39	0.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-139	293	278	687	271	356	65	-428	-531	-422	195
Operating Cash Flow to CapEx	1,444.26%	766.33%	779.00%	617.60%	520.71%	104.61%	497.69%	443.45%	828.03%	499.40%	686.40%
Free Cash Flow to Firm to Interest Expense	-0.95	0.00	1.70	0.00	1.52	0.00	0.34	-2.11	0.00	0.00	0.91
Operating Cash Flow to Interest Expense	6.03	0.00	4.78	0.00	4.92	0.00	3.37	3.17	0.00	0.00	4.01
Operating Cash Flow Less CapEx to Interest Expense	5.62	0.00	4.17	0.00	3.97	0.00	2.69	2.45	0.00	0.00	3.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.94	0.94	0.95	0.96	0.96	0.97	0.97	0.97	0.96	0.97	0.98
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	15.28	14.98	15.21	15.68	15.50	14.70	14.82	14.90	14.64	13.83	13.92
Accounts Payable Turnover	25.31	25.05	25.03	25.73	26.21	26.65	25.21	25.55	26.28	26.59	26.95
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)	14.42	14.57	14.58	14.19	13.93	13.70	14.48	14.29	13.89	13.73	13.54
Cash Conversion Cycle (CCC)	-14.42	-14.57	-14.58	-14.19	-13.93	-13.70	-14.48	-14.29	-13.89	-13.73	-13.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,079	10,545	10,311	10,399	10,509	10,761	11,071	11,722	11,904	11,777	11,680
Invested Capital Turnover	2.45	2.33	2.38	2.37	2.41	2.36	2.37	2.32	2.31	2.32	2.34
Increase / (Decrease) in Invested Capital	975	755	402	200	430	216	760	1,323	1,395	1,016	609
Enterprise Value (EV)	68,509	76,658	85,291	81,041	82,603	91,096	79,910	89,517	85,721	98,801	102,440
Market Capitalization	57,769	65,431	73,364	68,551	69,673	77,343	65,671	74,831	70,698	83,253	86,668
Book Value per Share	($2.22)	($2.32)	($5.66)	($7.32)	($8.60)	($10.77)	($11.49)	($10.82)	($11.49)	($14.05)	($15.44)
Tangible Book Value per Share	($61.86)	($63.87)	($68.91)	($70.50)	($73.91)	($76.33)	($78.21)	($79.07)	($81.81)	($85.76)	($88.04)
Total Capital	11,107	11,191	11,042	11,052	11,210	11,455	11,894	12,691	12,880	12,433	12,438
Total Debt	11,768	11,873	12,658	13,143	13,631	14,447	15,062	15,655	15,999	16,204	16,530
Total Long-Term Debt	10,870	11,320	11,748	12,183	12,671	13,138	14,103	14,546	14,442	14,995	15,320
Net Debt	10,740	11,227	11,927	12,490	12,930	13,753	14,239	14,686	15,023	15,548	15,772
Capital Expenditures (CapEx)	61	98	100	125	169	304	130	145	132	166	125
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,814	-4,236	-4,239	-4,172	-4,379	-4,251	-4,102	-3,727	-3,808	-3,963	-3,846
Debt-free Net Working Capital (DFNWC)	-3,097	-3,898	-3,810	-3,823	-3,985	-3,855	-3,579	-3,056	-3,130	-3,605	-3,392
Net Working Capital (NWC)	-3,995	-4,451	-4,720	-4,783	-4,945	-5,164	-4,538	-4,165	-4,687	-4,814	-4,602
Net Nonoperating Expense (NNE)	84	200	116	115	117	117	160	132	-58	343	156
Net Nonoperating Obligations (NNO)	10,740	11,227	11,927	12,490	12,930	13,753	14,239	14,686	15,023	15,548	15,772
Total Depreciation and Amortization (D&A)	69	232	68	74	71	279	136	143	143	177	162
Debt-free, Cash-free Net Working Capital to Revenue	-16.20%	-17.86%	-17.61%	-17.07%	-17.68%	-16.94%	-16.16%	-14.51%	-14.69%	-15.13%	-14.47%
Debt-free Net Working Capital to Revenue	-13.16%	-16.44%	-15.83%	-15.64%	-16.09%	-15.36%	-14.10%	-11.90%	-12.07%	-13.77%	-12.76%
Net Working Capital to Revenue	-16.97%	-18.77%	-19.61%	-19.57%	-19.97%	-20.57%	-17.88%	-16.21%	-18.08%	-18.38%	-17.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.52	$2.88	$1.94	$2.70	$2.08	$1.64	$2.40	$2.78	$2.68	$1.67	$2.44
Adjusted Weighted Average Basic Shares Outstanding	293.69M	289.49M	285.62M	281.52M	277.89M	275.70M	273.90M	271.46M	268.35M	264.98M	263.69M
Adjusted Diluted Earnings per Share	$2.51	$2.86	$1.93	$2.69	$2.07	$1.64	$2.39	$2.78	$2.67	$1.67	$2.43
Adjusted Weighted Average Diluted Shares Outstanding	293.69M	289.49M	285.62M	281.52M	277.89M	275.70M	273.90M	271.46M	268.35M	264.98M	263.69M
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	293.69M	289.49M	285.62M	281.52M	277.89M	275.70M	273.90M	271.46M	268.35M	264.98M	263.69M
Normalized Net Operating Profit after Tax (NOPAT)	836	503	680	887	701	572	825	895	864	594	804
Normalized NOPAT Margin	14.10%	8.25%	11.37%	13.78%	11.21%	8.90%	13.18%	13.27%	13.32%	8.88%	12.08%
Pre Tax Income Margin	16.68%	9.53%	12.16%	16.15%	12.57%	9.30%	12.20%	15.63%	15.32%	8.70%	12.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.72	0.00	5.40	0.00	5.31	0.00	4.93	6.11	0.00	0.00	4.99
NOPAT to Interest Expense	5.72	0.00	4.17	0.00	3.92	0.00	4.30	4.41	0.00	0.00	3.76
EBIT Less CapEx to Interest Expense	7.30	0.00	4.79	0.00	4.37	0.00	4.25	5.40	0.00	0.00	4.40
NOPAT Less CapEx to Interest Expense	5.31	0.00	3.56	0.00	2.97	0.00	3.62	3.69	0.00	0.00	3.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.29%	19.04%	21.25%	21.66%	23.77%	28.72%	28.47%	28.74%	25.49%	27.60%	27.94%
Augmented Payout Ratio	167.81%	147.26%	158.34%	160.05%	173.37%	187.12%	164.54%	154.64%	128.38%	154.48%	153.68%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Marriott International (MAR) based on quarterly data from the last four years (2022–2025). The bullets are categorized by potential impact on the stock, with positive items first, then neutral, and finally negative.

Revenue has trended higher over the period, rising from about $5.92B in 2022 Q4 to $6.69B in 2025 Q4.
Operating cash flow has been positive across the 2025 quarters, including roughly $844M (Q4 2025), $1.093B (Q3 2025), $0.643B (Q2 2025), and $0.647B (Q1 2025) from continuing operating activities.
Marriott continued returning cash to shareholders via regular dividends (around $0.63–$0.67 per share per quarter) and notable share buybacks (for example, about $1B in Q4 2025).
In Q4 2025, the company posted meaningful free cash flow for the quarter, with CFO about $844M and capex around $172M, signaling solid cash generation after investing activities.
Gross margin has fluctuated and was roughly 15% in Q4 2025 (gross profit ≈ $1.01B on $6.69B revenue), indicating some compression versus earlier years.
Total liabilities remain high relative to assets, and several balance sheets show negative equity, signaling leverage risk rather than a clean balance sheet.
The company has used debt financing in multiple quarters to fund operations and capital returns, suggesting ongoing leverage rather than rapid deleveraging.
Long-term debt has grown notably over the period (for example, about $14.42B in 2025 Q3), increasing interest expense and refinancing risk.
Financing cash flows were consistently negative in several quarters due to buybacks and debt repayments, contributing to net cash outflows in multiple periods.

05/14/26 04:24 AM ETAI Generated. May Contain Errors.

Marriott International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Marriott International's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Marriott International's net income appears to be on an upward trend, with a most recent value of $2.60 billion in 2025, rising from $859 million in 2015. The previous period was $2.38 billion in 2024. Find out what analysts predict for Marriott International in the coming months.

Marriott International's total operating income in 2025 was $4.14 billion, based on the following breakdown:

Total Gross Profit: $5.22 billion
Total Operating Expenses: $1.08 billion

Over the last 10 years, Marriott International's total revenue changed from $14.49 billion in 2015 to $26.19 billion in 2025, a change of 80.8%.

Marriott International's total liabilities were at $31.31 billion at the end of 2025, a 7.3% increase from 2024, and a 223.7% increase since 2015.

In the past 10 years, Marriott International's cash and equivalents has ranged from $96 million in 2015 to $1.39 billion in 2021, and is currently $358 million as of their latest financial filing in 2025.

Over the last 10 years, Marriott International's book value per share changed from -13.96 in 2015 to -14.05 in 2025, a change of 0.6%.

Related Companies

Financial statements for NASDAQ:MAR last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Marriott International (MAR) Financials

Financials Breakdown Chart

Key Financial Trends

Marriott International Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Marriott International (MAR) Financials

Annual Income Statements for Marriott International

Quarterly Income Statements for Marriott International

Annual Cash Flow Statements for Marriott International

Quarterly Cash Flow Statements for Marriott International

Annual Balance Sheets for Marriott International

Quarterly Balance Sheets for Marriott International

Annual Metrics And Ratios for Marriott International

Quarterly Metrics And Ratios for Marriott International

Financials Breakdown Chart

Key Financial Trends

Marriott International Financials - Frequently Asked Questions

When does Marriott International's fiscal year end?

How has Marriott International's net income changed over the last 10 years?

What is Marriott International's operating income?

How has Marriott International's revenue changed over the last 10 years?

How much debt does Marriott International have?

How much cash does Marriott International have?

How has Marriott International's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools