Marriott International
MAR · NasdaqHotels & Motels · Fiscal year ends Dec 31
Marriott International reported revenue of $26.2B in the fiscal year ended Dec 2025, up 4.3% from the year before. Operating income was $4.1B, an operating margin of 15.8%, and net income was $2.6B. Operating cash flow of $3.2B less capital expenditure of $604M left free cash flow of $2.6B. It held more cash than debt (net cash $335M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.9B | $20.8B | $23.7B | $25.1B | $26.2B |
| Operating income | $1.8B | $3.5B | $3.9B | $3.8B | $4.1B |
| Interest expense | $420M | $403M | $565M | $695M | $809M |
| Pre-tax income | $1.2B | $3.1B | $3.4B | $3.2B | $3.4B |
| Income tax | $81M | $756M | $295M | $776M | $793M |
| Net income | $1.1B | $2.4B | $3.1B | $2.4B | $2.6B |
| Diluted EPS | 3.34 | 7.24 | 10.18 | 8.33 | 9.51 |
| Diluted shares | 329M | 326M | 303M | 285M | 274M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.4B | $507M | $338M | $396M | $358M |
| Current assets | $3.6B | $3.3B | $3.3B | $3.5B | $3.6B |
| Net PP&E | $1.5B | $1.6B | $1.6B | $1.8B | $2B |
| Goodwill | $9.1B | $8.9B | $8.9B | $8.7B | $8.9B |
| Total assets | $25.6B | $24.8B | $25.7B | $26.2B | $27.5B |
| Current liabilities | $6.4B | $7.3B | $7.8B | $8.6B | $8.4B |
| Long-term debt | $135M | $92M | $56M | $55M | $23M |
| Shareholders' equity | $1.4B | $568M | −$682M | −$3B | −$3.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $2.4B | $3.2B | $2.7B | $3.2B |
| Capital expenditure | $183M | $332M | $452M | $750M | $604M |
| Free cash flow | $994M | $2B | $2.7B | $2B | $2.6B |
| Depreciation & amortisation | $138M | $114M | $122M | $128M | $145M |
| Stock-based compensation | $182M | $192M | $205M | $237M | $236M |
| Share buybacks | $0 | $2.6B | $4B | $3.8B | $3.3B |
| Dividends paid | $0 | $321M | $587M | $682M | $718M |
| Dividend per share | – | 1.00 | 1.96 | 2.41 | 2.64 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 49.9% | 14.2% | 5.8% | 4.3% |
| Operating income growth (YoY) | – | 97.8% | 11.6% | −2.5% | 9.9% |
| EPS growth (YoY) | – | 116.8% | 40.6% | −18.2% | 14.2% |
| Operating margin | 12.6% | 16.7% | 16.3% | 15.0% | 15.8% |
| Net margin | 7.9% | 11.4% | 13.0% | 9.5% | 9.9% |
| Return on equityBlank when equity is negative | 77.7% | 415.1% | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 9.1% | 19.8% | 21.6% | 21.5% | 21.6% |
| Free cash flow margin | 7.2% | 9.8% | 11.5% | 8.0% | 10.0% |
| Cash conversion (CFO ÷ net income) | 1.07x | 1.00x | 1.03x | 1.16x | 1.23x |
| Interest cover | 4.17x | 8.59x | 6.84x | 5.42x | 5.12x |
| Debt ÷ equity | 0.10x | 0.16x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.3B | −$415M | −$282M | −$341M | −$335M |
| Current ratio | 0.57x | 0.45x | 0.43x | 0.40x | 0.43x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.