Marriott International

Consumer Discretionary Hotels, Resorts & Cruise Lines Bethesda, Maryland Last filing Feb 10, 2026 · FY2025

                    Revenue
                    FY2025
                
$26.2B
                    3y CAGR +8.0%
                    
                    P71
                    
                    +4.3%
                    
                    Net income
                    FY2025
                
$2.6B
                    Net margin +9.9%
                    
                    P58
                    
                    +9.5%
                    
                    Total assets
                    FY2025
                
$27.5B
                    ROA +9.4%
                    
                    P52
                    
                    +5.2%
                    
                    Operating cash flow
                    FY2025
                
$3.2B
                    FCF margin +10.0%
                    
                    P61
                    
                    +16.8%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 5 years

Total assets $27.5B

Total liabilities ~$31.3B

Shareholders equity $-3.8B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	1.4%	1.6%	1.4%	2.4%	10.1%
Accounts Receivable	11.1%	11.1%	11.4%	12.4%	14.3%
Prepaid Expenses	1.2%	1.2%	1.1%	1.1%	1.8%
Total Current Assets	13.7%	13.9%	14.0%	15.9%	26.2%
Property,Plant and Equipment	7.5%	7.3%	6.7%	7.6%	10.8%
Operating Lease Assets	3.6%	3.4%	3.9%	4.8%	7.7%
Intangible Assets	73.5%	72.6%	76.2%	84.8%	129.9%
Long Term Investments	1.1%	1.2%	1.3%	1.6%	2.8%
Deferred Tax Assets	2.2%	2.6%	2.8%	1.2%	1.6%
Other Noncurrent Assets	3.6%	3.4%	3.4%	3.5%	5.4%
Total Assets	105.2%	104.3%	108.3%	119.5%	184.4%
Liabilities
Accounts Payable	3.1%	3.0%	3.1%	3.6%	5.2%
Accrued Liabilities	5.5%	5.8%	5.9%	6.3%	8.6%
Current Portion of Long Term Debt	4.6%	5.2%	2.3%	3.3%	5.8%
Other Current Liabilities	5.5%	6.5%	7.4%	6.2%	8.4%
Total Current Liabilities	32.1%	34.5%	32.7%	35.3%	46.2%
Long Term Debt	57.3%	52.3%	47.7%	45.2%	67.4%
Operating Lease Liabilities Noncurrent	3.4%	3.2%	3.7%	5.0%	7.9%
Deferred Tax Liabilities	0.3%	0.3%	0.9%	1.5%	1.2%
Other Noncurrent Liabilities	4.8%	5.5%	6.2%	8.9%	14.4%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	24.3%	24.6%	25.5%	28.7%	42.5%
Retained Earnings	70.3%	65.9%	62.6%	59.4%	74.4%
Treasury Stock	106.5%	98.2%	88.3%	81.9%	104.3%
Accumulated Other Comprehensive Income	-2.5%	-4.2%	-2.7%	-3.5%	-2.5%
Total Stockholders Equity	-14.4%	-11.9%	-2.9%	2.7%	10.2%
Total Liabilitiesand Equity	105.2%	104.3%	108.3%	119.5%	184.4%

Income Statement

Revenue, expense, and profitability

13 accounts · 5 years

Revenue $26.2B

Operating income $4.1B

Net income $2.6B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Selling,General and Administrative	3.3%	3.8%	3.7%	4.3%	5.9%
Expenses Other Operating Expenses	0.8%	1.0%	1.1%	1.0%	1.6%
Other Income Expense Operating Income	15.8%	15.0%	16.3%	16.7%	12.6%
Other Income Expense Interest Income	0.2%	0.2%	0.1%	0.1%	0.2%
Other Income Expense Interest Expense	3.1%	2.8%	2.4%	1.9%	3.0%
Other Income Expense Other Income/expense	0.1%	0.2%	0.2%	0.1%	-1.3%
Other Income Expense Income Before Tax	13.0%	12.6%	14.2%	15.0%	8.5%
Income Tax Income Tax Expense	3.0%	3.1%	1.2%	3.6%	0.6%
net Income net Income	9.9%	9.5%	13.0%	11.4%	7.9%
net Income Comprehensive Income	11.5%	7.8%	13.3%	9.5%	6.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $3.2B

Investing cash flow $-948.0M

Financing cash flow $-2.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	9.9%	9.5%	13.0%	11.4%	7.9%
Operating Activities Depreciation and Amortization	2.3%	2.0%	1.2%	1.4%	2.1%
Operating Activities Stock Based Compensation	0.9%	0.9%	0.9%	0.9%	1.3%
Operating Activities Deferred Income Taxes	-1.1%	-0.7%	-2.6%	1.3%	-2.0%
Operating Activities Changes In Operating Assets and Liabilities	-2.2%	-1.7%	0.3%	-2.6%	0.8%
Operating Activities Other Non Cash Items	0.6%	-1.1%	-0.6%	-0.4%	-1.4%
Operating Activities net Cash From Operating Activities	12.3%	11.0%	13.4%	11.4%	8.5%
Investing Activities Capital Expenditures	-2.3%	-3.0%	-1.9%	-1.6%	-1.3%
Investing Activities Other Investing Activities	-1.3%	0.1%	-0.1%	0.2%	-0.0%
Investing Activities net Cash From Investing Activities	-3.6%	-2.9%	-2.0%	-1.4%	-1.3%
Financing Activities Proceeds From Debt	13.1%	11.7%	8.1%	4.7%	12.9%
Financing Activities Repayment of Debt	-6.5%	-1.6%	-0.6%	-4.7%	-14.6%
Financing Activities Repurchase of Common Stock	-12.6%	-15.0%	-16.7%	-12.4%	0.0%
Financing Activities Dividends Paid	-2.7%	-2.7%	-2.5%	-1.5%	0.0%
Financing Activities Proceeds From Stock Issuance	0.4%	0.3%	0.1%	0.0%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	-0.4%	-0.5%	-0.5%	-0.4%	-0.6%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.1%	0.1%	-1.0%
Financing Activities net Cash From Financing Activities	-8.9%	-7.8%	-12.1%	-14.3%	-3.3%
Cash Reconciliation net Change In Cash	-0.2%	0.2%	-0.7%	-4.3%	3.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+15.8%	+15.0%	+16.3%	+16.7%	+12.6%
Net margin	+9.9%	+9.5%	+13.0%	+11.4%	+7.9%
FCF margin	+10.0%	+8.0%	+11.5%	+9.8%	+7.2%
Growth
Revenue CAGR (3y)	+8.0%	+21.9%	+30.9%	-0.3%	-12.6%
Returns
ROE	-69.0%	-79.4%	-452.1%	+415.1%	+77.7%
ROA	+9.4%	+9.1%	+12.0%	+9.5%	+4.3%
ROIC	+26.3%	+25.7%	+32.5%	+25.9%	+16.0%
Liquidity
Current ratio	0.43x	0.40x	0.43x	0.45x	0.57x
Quick ratio	0.39x	0.37x	0.39x	0.42x	0.53x
Leverage
D/E	-8.30x	-9.75x	-38.65x	42.69x	17.07x
Interest coverage	5.12x	5.42x	6.84x	8.59x	4.17x
Efficiency
Asset turnover	0.95x	0.96x	0.92x	0.84x	0.54x
Cash conversion cycle	—	—	—	—	—

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Marriott International

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