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MARMarriott International

Consumer discretionary · Hotels · Nasdaq

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FY2025 at a glance

Sales up 4.3%, free cash flow up to $2.6B

XBRL, from each 10-K

RevenueStatements ↓

$26.2B

from $25.1B in FY2024

FY2016FY2025

Net incomeStatements ↓

$2.6B

from $2.4B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$2.6B

from $2.0B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$9.51

from $8.33 in FY2024

FY2016FY2025

Operating marginStatements ↓

15.8%

from 15.0% in FY2024

FY2016FY2025

Total debtStatements ↓

$23.0M

from $55.0M in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	10.03	Sales (ttm)	27.4B	Net income (ttm)	2.7B	Sales growth	+4.3%	EPS growth	+14.2%	Sales Q/Q	+8.0%
Free cash flow	3.5B	Gross margin	-	Oper. margin	15.8%	Net margin	9.7%	FCF margin	12.7%	ROE	n/m
ROA	9.5%	R&D / sales	-	Dividend	2.64	Debt/Eq	n/m	Curr. ratio	0.53	Cash	453.0M
Op. cash flow (ttm)	4.1B	EBITDA	4.3B	EBITDA margin	16.4%	Net debt	-430.0M	Quick ratio	0.53	Interest cover	5.12
Payout ratio	27.8%	Tax rate	23.4%	Stock pay / sales	0.9%	Shares out.	257.5M	Shares Y/Y	-4.1%	Book / share	-19.74
Cash / share	1.76	Sales / share	106.48	Asset turnover	0.98	Sales 3Y CAGR	+8.0%	Sales 5Y CAGR	+19.9%	EPS 3Y CAGR	+9.5%
Employees	414,000	Sales / employee	66K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 30%$2.0B → $2.6B · Cash from operations − capital expenditure · 10-K ↗

What management wrote about it → · Every company →

MAR against Consumer discretionary peers

Ten years, side by side → · All 47 →

MARPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth

+4.3%27th of 47 · median +5.4%

Net margin

9.7%27th of 47 · median 10.8%

Free cash flow margin

12.7%14th of 45 · median 9.4%

MAR and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
MAR Marriott International	$27.4B	+4.3%	-	9.7%	-	12.7%	-
BKNG Booking Holdings	$28.1B	+13.4%	-	25.5%	-	32.8%	-
MCD McDonald's	$27.8B	+3.7%	-	32.4%	-	27.0%	-
CCL Carnival Corporation	$27.6B	+6.4%	-	11.4%	22.1%	11.5%	1.73
CVNA Carvana	$27.5B	+48.6%	19.0%	6.2%	39.2%	4.1%	1.19
GPC Genuine Parts Company	$25.3B	+3.5%	37.1%	0.1%	0.7%	3.0%	1.10

Profitability

0 of 2

!
Net margin below the peer median9.7% vs 10.8%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 5.2% → 9.9%

Balance sheet

2 of 4

✓
Interest covered more than 5 timesOperating income is 5.1× interest expense
!
Equity below zeroDebt $23.0M, equity −$5.1B
!
Current ratio below 1Current ratio 0.53
✓
More cash than debtNet cash $430.0M

Debt / equity at each year end, FY2016 to FY2025: 1.66 → 0.16

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$2.6B last year
✓
Share count down over 5 years−16.0%
✓
Dividend per share up over 5 years$0.48 → $2.64
✓
Cash from operations above net income$3.2B vs $2.6B

Free cash flow, FY2016 to FY2025: 1.4B → 2.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$16.2B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 26.2B Net income 2.6B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $26.2B of revenue came from

by product, year to Dec 31, 2025

Reimbursements $19.2B · 73%
Net fee revenues $5.3B · 20%
Owned, leased, and other $1.7B · 6%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

MAR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue26.2B

Net income2.6B

Free cash flow2.6B

EPS (diluted)9.51

Dividend per share2.64

Diluted shares273.6M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
US And Canada	19.3B	73.9%	+4.0%
EMEA	2.4B	9.2%	0.0%
APEC	1.1B	4.1%	+9.9%
Greater China	590.0M	2.3%	+1.4%

10-K 0001048286-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Reimbursements	19.2B	73.3%	+3.9%
Net fee revenues	5.3B	20.3%	+4.7%
Owned, leased, and other	1.7B	6.4%	+8.3%

10-K 0001048286-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	15.4B	20.5B	20.8B	21.0B	10.6B	13.9B	20.8B	23.7B	25.1B	26.2B
SG&A	743.0M	921.0M	927.0M	938.0M	762.0M	823.0M	891.0M	867.0M	945.0M	870.0M
Operating income	1.4B	2.5B	2.4B	1.8B	84.0M	1.8B	3.5B	3.9B	3.8B	4.1B
Interest expense	234.0M	288.0M	340.0M	394.0M	445.0M	420.0M	403.0M	565.0M	695.0M	809.0M
Pretax income	1.2B	3.0B	2.3B	1.6B	-466.0M	1.2B	3.1B	3.4B	3.2B	3.4B
Income tax	431.0M	1.5B	438.0M	326.0M	-199.0M	81.0M	756.0M	295.0M	776.0M	793.0M
Net income	808.0M	1.5B	1.9B	1.3B	-267.0M	1.1B	2.4B	3.1B	2.4B	2.6B
EPS (diluted)	2.73	3.84	5.38	3.80	-0.82	3.34	7.24	10.18	8.33	9.51
Diluted shares	295.7M	379.9M	354.2M	335.5M	325.8M	329.3M	325.8M	302.9M	285.2M	273.6M
Depreciation & amortization	157.0M	231.0M	256.0M	346.0M	322.0M	138.0M	114.0M	122.0M	128.0M	145.0M
EBITDA	1.6B	2.7B	2.6B	2.1B	406.0M	1.9B	3.6B	4.0B	3.9B	4.3B
Operating margin	9.2%	12.2%	11.4%	8.6%	0.8%	12.6%	16.7%	16.3%	15.0%	15.8%
Net margin	5.2%	7.1%	9.2%	6.1%	-2.5%	7.9%	11.4%	13.0%	9.5%	9.9%
Revenue growth	-	+32.7%	+1.5%	+1.0%	-49.6%	+31.1%	+49.9%	+14.2%	+5.8%	+4.3%
EPS growth	-	+40.7%	+40.1%	-29.4%	-122%	-	+117%	+40.6%	-18.2%	+14.2%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	858.0M	383.0M	316.0M	225.0M	877.0M	1.4B	507.0M	338.0M	396.0M	358.0M
Current assets	3.4B	2.7B	2.7B	3.1B	2.8B	3.6B	3.3B	3.3B	3.5B	3.6B
Property & equipment	2.3B	1.8B	2.0B	1.9B	1.5B	1.5B	1.6B	1.6B	1.8B	2.0B
Goodwill	7.6B	9.2B	9.0B	9.0B	9.2B	9.1B	8.9B	8.9B	8.7B	8.9B
Total assets	24.1B	23.8B	23.7B	25.1B	24.7B	25.6B	24.8B	25.7B	26.2B	27.5B
Current liabilities	5.1B	5.8B	6.4B	6.7B	5.8B	6.4B	7.3B	7.8B	8.6B	8.4B
Total debt	8.5B	8.2B	9.3B	247.0M	143.0M	135.0M	92.0M	56.0M	55.0M	23.0M
Shareholders' equity	5.1B	3.6B	2.2B	703.0M	430.0M	1.4B	568.0M	-682.0M	-3.0B	-3.8B
Retained earnings	6.5B	7.2B	9.0B	9.6B	9.2B	10.3B	12.3B	14.8B	16.5B	18.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.6B	2.2B	2.4B	1.7B	1.6B	1.2B	2.4B	3.2B	2.7B	3.2B
Capital spending	199.0M	240.0M	556.0M	653.0M	135.0M	183.0M	332.0M	452.0M	750.0M	604.0M
Free cash flow	1.4B	2.0B	1.8B	1.0B	1.5B	994.0M	2.0B	2.7B	2.0B	2.6B
Stock-based pay (added back)	212.0M	181.0M	184.0M	187.0M	201.0M	182.0M	192.0M	205.0M	237.0M	236.0M
Dividends paid	374.0M	482.0M	543.0M	612.0M	156.0M	0	321.0M	587.0M	682.0M	718.0M
Buybacks	568.0M	3.0B	2.9B	2.3B	150.0M	0	2.6B	4.0B	3.8B	3.3B
Acquisitions	2.4B	0	0	-	-	-	-	-	-	-
Debt raised	1.5B	0	1.6B	1.4B	3.6B	1.8B	983.0M	1.9B	2.9B	3.4B
Debt repaid	326.0M	310.0M	397.0M	835.0M	1.9B	2.2B	804.0M	684.0M	558.0M	1.3B
Investing cash flow	-2.3B	1.2B	-52.0M	-284.0M	35.0M	-187.0M	-297.0M	-465.0M	-734.0M	-948.0M
Financing cash flow	1.5B	-3.9B	-2.4B	-1.5B	-1.0B	-463.0M	-3.0B	-2.9B	-2.0B	-2.3B
Dividend per share	-	1.29	1.56	1.85	0.48	-	1.00	1.96	2.41	2.64

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	212.0M	181.0M	184.0M	187.0M	201.0M	182.0M	192.0M	205.0M	237.0M	236.0M
Stock-based pay / revenue	1.4%	0.9%	0.9%	0.9%	1.9%	1.3%	0.9%	0.9%	0.9%	0.9%
Operating lease cost	-	-	-	185.0M	157.0M	149.0M	165.0M	155.0M	143.0M	139.0M
Operating lease cash paid	-	-	-	176.0M	162.0M	181.0M	191.0M	240.0M	154.0M	152.0M
Finance lease principal paid	-	-	-	6.0M	6.0M	-	-	-	-	-
Right-of-use assets	-	-	1.0B	888.0M	752.0M	1.1B	987.0M	929.0M	845.0M	941.0M
Operating lease liabilities	-	-	1.1B	1.0B	970.0M	1.2B	1.1B	992.0M	898.0M	978.0M
Finance lease liabilities	-	-	163.0M	157.0M	153.0M	146.0M	139.0M	131.0M	124.0M	120.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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