MARMarriott International
We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. 10-K, Item 1
- Employees
- 414,000
- Headquarters
- Bethesda, MD
- CEO
- Anthony Capuano
- Next results
- around Feb 9, 2027
Dilution: new shares, stock pay and buybacks
prospectuses (S-3, 424B) of the last three years and the 10-K cash flow From EDGARShares offered
Since Nov 11, 2023: 3 sales of new shares, 1 shelf registration; also 6 notes offerings.
- Feb 13, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Dec 13, 2023 Sale of 83 new shares 424B1
- Nov 22, 2023 Sale of 21 new shares 424B1
- Nov 13, 2023 Sale of 72 new shares 424B1
Every offering filing →“We may from time to time offer to sell our common stock, preferred stock or debt securities, either separately or represented by warrants, depositary shares or purchase contracts, as well as units that include any of these securities or securities of other entities.”
S-3ASR, Feb 13, 2024 ↗
Diluted shares: 273.60M in the year to Dec 31, 2025 2025 -4.1%2024 -5.8%2023 -7.0%2022 -1.1%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
FY2025, from the cash flow statement in the 10-K, added up.
Came from
| Operating cash flow | $3.2B |
| Debt raised | $3.4B |
| Shares sold | $92.0M |
| Cash on hand used | $54.0M |
Went to
| Capital spending | $604.0M |
| Buybacks | $3.3B |
| Dividends | $718.0M |
| Debt repaid | $1.3B |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$863.0M |
Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.
Each CEO's years
The CEO of each fiscal year as named in the proxy's pay versus performance table, and what the 10-Ks show for those years. Facts, not a grade.
Mr. Capuano
- Operating cash flow
- $12.7B
- Capital spending
- $2.3B
- Buybacks
- $13.6B
- Dividends
- $2.3B
- Stock-based pay
- $1.1B
- Diluted shares since FY2020
- -16.0%
- Revenue since FY2020
- +148%
- Debt since FY2020
- -$120.0M
- CEO pay (reported)
- $117.0M
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $3.3B | $718.0M | $236.0M | $92.0M | 273.60M |
| 2024-12-31 | $3.8B | $682.0M | $237.0M | $73.0M | 285.20M |
| 2023-12-31 | $4.0B | $587.0M | $205.0M | $29.0M | 302.90M |
| 2022-12-31 | $2.6B | $321.0M | $192.0M | $0 | 325.80M |
| 2021-12-31 | $0 | $0 | $182.0M | $2.0M | 329.30M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividendsCommonStock; sbc = ShareBasedCompensation; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
Price paid per share
What MAR paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.
| Fiscal year to | Shares bought | Spent | Average price | |
|---|---|---|---|---|
| 2013-12-31 | 20.00M | $830.0M | $41.50 | |
| 2012-12-28 | 31.20M | $1.2B | $37.18 | |
| 2011-12-30 | 43.40M | $1.4B | $32.83 | |
| 2010-12-31 | 1.50M | $57.0M | $38.00 |
Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out. The latest year with both numbers tagged is 2013.
Work on MAR in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MAR/export.csv") into a cell.