Marriott International
MAR Nasdaq Hotels, Resorts & Cruise Lines Financials FY2016–FY2025
Marriott International's revenue rose 4.3% to $26.2 billion in fiscal 2025. Its operating margin was 15.8%, up from 15.0% a year earlier. Free cash flow was $2.6 billion, up 30.5%. It paid out $4.0 billion in dividends and buybacks, 154% of free cash flow. The diluted share count fell 4.1%.
About these figures. Total debt is Marriott's long-term debt and finance leases including the current portion; the SEC data's plain long-term debt tag holds only a small part of it.
What Marriott International does
Marriott franchises, manages and licenses hotels, along with residential, timeshare and other lodging properties, under many brands at different price and service levels. Its brands, in four quality tiers from Luxury to Midscale, include JW Marriott, The Ritz-Carlton, Sheraton and Courtyard. As of year-end 2025 its system included 9,805 properties with 1,779,936 rooms in 145 countries and territories. Marriott owns or leases less than one percent of them.
Marriott earns fees under franchise, management and license agreements. Hotel owners who franchise its brands generally pay an application fee and royalties that typically range from four to seven percent of room revenues. For hotels it manages, it typically earns a base fee tied to the hotel's revenues and an incentive fee tied to its profits. It also earns money from co-branded Marriott Bonvoy credit cards, including through agreements with JPMorgan Chase and American Express in the U.S. Members of its loyalty program booked approximately 68 percent of its global hotel room nights in 2025. It reports four segments: U.S. & Canada; Europe, Middle East & Africa; Greater China; and Asia Pacific excluding China.
Marriott names Hilton, IHG, Hyatt, Wyndham, Accor, Choice Hotels and Best Western among its competitors, along with rental platforms such as Airbnb and Vrbo. Citing industry data, it says it has an approximately 17 percent share of the U.S. hotel market by number of rooms. At year-end 2025 it managed the employment of approximately 414,000 associates, including approximately 266,000 employed by hotel owners.
- Legal name
- MARRIOTT INTERNATIONAL INC /MD/
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 10, 2026
- Accession · CIK
- 0001048286-26-000007
0001048286
Revenue and margins
Marriott International had $26.2B of revenue in fiscal 2025, up 4.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 14.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.6B in fiscal 2025, 10.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Marriott International returned $4.0B to shareholders in fiscal 2025, 154% of free cash flow. The diluted share count fell 4.1%.
Value Marriott International yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$15.8B and divides by 273.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 40.4x · peers 17.5x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Marriott International can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $507M | $338M | $396M | $358M |
| Debt incl. finance leases | $10.1B | $10.1B | $11.9B | $14.4B | $16.2B |
| Net debt / EBITDA | 4.6x | 2.5x | 2.7x | 3.4x | 3.5x |
| Debt / equity | 7.2x | — | — | — | — |
| Interest coverage | 4.2x | 8.6x | 6.8x | 5.4x | 5.1x |
| Current ratio | 0.6x | 0.5x | 0.4x | 0.4x | 0.4x |
| Quick ratio | 0.6x | 0.5x | 0.4x | 0.4x | 0.4x |
| Total assets | $25.6B | $24.8B | $25.7B | $26.2B | $27.5B |
| Total liabilities | $24.1B | $24.2B | $26.4B | $29.2B | $31.3B |
| Shareholders' equity | $1.4B | $568M | −$682M | −$3.0B | −$3.8B |
| Net debt (− = net cash) | $8.7B | $9.6B | $11.5B | $14.1B | $15.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$38.8M
11 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 25, 2026 | J W Marriott Jr10% owner | Sold | 3,500 | $352.09 | $1.2M | Form 4 |
| May 18, 2026 | Peggy RoeEVP & Chf. Customer Officer | Sold | 3,000 | $361.56 | $1.1M | Form 4 |
| May 13, 2026 | Yibing MaoPres. Greater China | Sold | 4,816 | $347.72 | $1.7M | Form 4 |
| Feb 19, 2026 | Rajeev MenonPresident, Apec | Sold | 3,492 | $354.00 | $1.2M | Form 4 |
| Feb 18, 2026 | Benjamin T. BrelandCHRO & EVP, Global Ops. Serv. | Sold | 2,000 | $358.03 | $0.7M | Form 4 |
| Feb 18, 2026 | Rajeev MenonPresident, Apec | Sold | 6,333 | $356.61 | $2.3M | Form 4 |
| Feb 18, 2026 | William P BrownGroup Pres., US and Canada | Sold | 9,456 | $358.25 | $3.4M | Form 4 |
| Feb 17, 2026 | Anthony CapuanoPresident & CEO, Director | Sold | 63,000 | $359.22 | $22.6M | Form 4 |
| Feb 17, 2026 | David S MarriottDirector | Sold | 4,747 | $360.00 | $1.7M | Form 4 |
| Feb 17, 2026 | Drew PintoEVP, Chf. Rev & Technology | Sold | 4,000 | $359.81 | $1.4M | Form 4 |
| Feb 13, 2026 | Rena Hozore ReissEVP & General Counsel | Sold | 2,512 | $357.00 | $0.9M | Form 4 |
| Dec 15, 2025 | Felitia LeeController and CAO | Sold | 1,617 | $305.98 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 8 | 5 / 8 | 7 / 8 |
| Accruals ratio | −0.3% | −1.4% | −2.3% |
| Altman Z'' | 1.73 | 1.62 | 1.92 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
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|---|---|---|---|---|---|---|---|---|
| Marriott International MAR | $103.3B | 4.3% | 15.8% | 10.0% | 27.4% | 40.4x | 7 | |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $15.4B | $20.5B | $20.8B | $21.0B | $10.6B | $13.9B | $20.8B | $23.7B | $25.1B | $26.2B |
| Operating income | $1.4B | $2.5B | $2.4B | $1.8B | $84.0M | $1.8B | $3.5B | $3.9B | $3.8B | $4.1B |
| Interest expense | $234M | $288M | $340M | $394M | $445M | $420M | $403M | $565M | $695M | $809M |
| Pretax income | $1.2B | $3.0B | $2.3B | $1.6B | −$466M | $1.2B | $3.1B | $3.4B | $3.2B | $3.4B |
| Income tax | $431M | $1.5B | $438M | $326M | −$199M | $81.0M | $756M | $295M | $776M | $793M |
| Net income | $808M | $1.5B | $1.9B | $1.3B | −$267M | $1.1B | $2.4B | $3.1B | $2.4B | $2.6B |
| Diluted EPS | $2.73 | $3.84 | $5.38 | $3.80 | −$0.82 | $3.34 | $7.24 | $10.18 | $8.33 | $9.51 |
| Diluted shares | 0.30B | 0.38B | 0.35B | 0.34B | 0.33B | 0.33B | 0.33B | 0.30B | 0.29B | 0.27B |
| Cash flow | ||||||||||
| Cash from operations | $1.6B | $2.2B | $2.4B | $1.7B | $1.6B | $1.2B | $2.4B | $3.2B | $2.7B | $3.2B |
| Capital expenditure | $199M | $240M | $556M | $653M | $135M | $183M | $332M | $452M | $750M | $604M |
| Free cash flow | $1.4B | $2.0B | $1.8B | $1.0B | $1.5B | $994M | $2.0B | $2.7B | $2.0B | $2.6B |
| Depreciation and amortization | $244M | $416M | $256M | $346M | $322M | $138M | $311M | $348M | $383M | $458M |
| Stock-based compensation | $212M | $181M | $184M | $187M | $201M | $182M | $192M | $205M | $237M | $236M |
| Acquisitions | $2.4B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $568M | $3.0B | $2.9B | $2.3B | $150M | $0.0M | $2.6B | $4.0B | $3.8B | $3.3B |
| Dividends paid | $374M | $482M | $543M | $612M | $156M | $0.0M | $321M | $587M | $682M | $718M |
| Dividends and buybacks | $942M | $3.5B | $3.4B | $2.9B | $306M | $0.0M | $2.9B | $4.5B | $4.4B | $4.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $858M | $383M | $316M | $225M | $877M | $1.4B | $507M | $338M | $396M | $358M |
| Total debt | $8.5B | $8.2B | $9.3B | $10.9B | $10.4B | $10.1B | $10.1B | $11.9B | $14.4B | $16.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $157M | $153M | $146M | $139M | $131M | $124M | $120M |
| Current assets | $3.4B | $2.7B | $2.7B | $3.1B | $2.8B | $3.6B | $3.3B | $3.3B | $3.5B | $3.6B |
| Current liabilities | $5.1B | $5.8B | $6.4B | $6.7B | $5.8B | $6.4B | $7.3B | $7.8B | $8.6B | $8.4B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $2.3B | $1.8B | $2.0B | $1.9B | $1.5B | $1.5B | $1.6B | $1.6B | $1.8B | $2.0B |
| Total assets | $24.1B | $23.8B | $23.7B | $25.1B | $24.7B | $25.6B | $24.8B | $25.7B | $26.2B | $27.5B |
| Total liabilities | $19.0B | $20.3B | $21.5B | $24.3B | $24.3B | $24.1B | $24.2B | $26.4B | $29.2B | $31.3B |
| Shareholders' equity | $5.1B | $3.6B | $2.2B | $703M | $430M | $1.4B | $568M | −$682M | −$3.0B | −$3.8B |
| Margins | ||||||||||
| Operating margin | 9.2% | 12.2% | 11.4% | 8.6% | 0.8% | 12.6% | 16.7% | 16.3% | 15.0% | 15.8% |
| EBITDA margin | 10.8% | 14.3% | 12.6% | 10.2% | 3.8% | 13.6% | 18.2% | 17.8% | 16.5% | 17.6% |
| Net margin | 5.2% | 7.1% | 9.2% | 6.1% | −2.5% | 7.9% | 11.4% | 13.0% | 9.5% | 9.9% |
| FCF margin | 9.2% | 9.7% | 8.7% | 4.9% | 14.2% | 7.2% | 9.8% | 11.5% | 8.0% | 10.0% |
| Returns | ||||||||||
| Return on capital | 14.1% | 10.3% | 17.0% | 12.6% | 0.6% | 16.2% | 25.9% | 33.6% | 25.9% | 27.4% |
| Return on capital employed | 13.0% | 13.5% | 13.4% | 10.1% | 0.5% | 9.2% | 18.9% | 21.8% | 21.3% | 22.6% |
| Return on equity | 105.6% | 33.5% | 65.7% | 87.0% | — | — | — | — | — | — |
| Return on assets | 5.4% | 6.1% | 8.0% | 5.2% | −1.1% | 4.4% | 9.4% | 12.2% | 9.2% | 9.7% |
| Growth | ||||||||||
| Revenue growth | 6.4% | 32.7% | 1.5% | 1.0% | −49.6% | 31.1% | 49.9% | 14.2% | 5.9% | 4.3% |
| Net income growth | −5.9% | 80.6% | 30.7% | −33.3% | −121.0% | — | 114.6% | 30.8% | −23.0% | 9.5% |
| EPS growth | −13.3% | 40.7% | 40.1% | −29.4% | −121.6% | — | 116.8% | 40.6% | −18.2% | 14.2% |
| FCF growth | 17.4% | 39.9% | −9.4% | −42.7% | 45.7% | −33.9% | 104.3% | 33.8% | −26.5% | 30.5% |
| Share count change | 8.4% | 28.5% | −6.8% | −5.3% | −2.9% | 1.1% | −1.1% | −7.0% | −5.8% | −4.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.6x | 2.7x | 3.4x | 5.0x | 23.4x | 4.6x | 2.5x | 2.7x | 3.4x | 3.5x |
| Debt / equity | 1.7x | 2.3x | 4.2x | — | — | 7.2x | — | — | — | — |
| Interest coverage | 6.1x | 8.7x | 7.0x | 4.6x | 0.2x | 4.2x | 8.6x | 6.8x | 5.4x | 5.1x |
| Current ratio | 0.7x | 0.5x | 0.4x | 0.5x | 0.5x | 0.6x | 0.5x | 0.4x | 0.4x | 0.4x |
| Quick ratio | 0.7x | 0.5x | 0.4x | 0.5x | 0.5x | 0.6x | 0.5x | 0.4x | 0.4x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.3% | 1.2% | 2.7% | 3.1% | 1.3% | 1.3% | 1.6% | 1.9% | 3.0% | 2.3% |
| Stock comp / revenue | 1.4% | 0.9% | 0.9% | 0.9% | 1.9% | 1.3% | 0.9% | 0.9% | 0.9% | 0.9% |
| Payouts / FCF | 66.3% | 175.9% | 188.4% | 278.3% | 20.4% | 0.0% | 142.2% | 167.0% | 222.3% | 154.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 4.0 | 6.0 | 6.0 | 5.0 | 7.0 | 7.0 | 6.0 | 5.0 | 7.0 |
| Altman Z'' | 1.1 | 1.0 | 1.0 | 0.8 | 0.5 | 1.1 | 1.5 | 1.7 | 1.6 | 1.9 |
| Accruals ratio | −5.4% | −3.2% | −1.9% | −1.7% | −7.7% | −0.3% | −0.0% | −0.3% | −1.4% | −2.3% |
Source: SEC EDGAR XBRL filings (CIK 0001048286). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.