Marriott International (MAR) financial statements
Marriott International reported revenue of $26.2B in fiscal 2025, up 6.1% a year over 9 years.
Net income was $2.6B and the operating margin 15.8%, against 9.2% in 2016.
Free cash flow was $2.6B, and the company returned $718M in dividends and $3.3B in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marriott International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.4B | $20.5B | $20.8B | $21.0B | $10.6B | $13.9B | $20.8B | $23.7B | $25.1B | $26.2B |
| Selling, general and admin | $743M | $921M | $927M | $938M | $762M | $823M | $891M | $867M | $945M | $870M |
| Operating income | $1.4B | $2.5B | $2.4B | $1.8B | $84M | $1.8B | $3.5B | $3.9B | $3.8B | $4.1B |
| Interest expense | $234M | $288M | $340M | $394M | $445M | $420M | $403M | $565M | $695M | $809M |
| Pre-tax 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 | $81M | $756M | $295M | $776M | $793M |
| Net income | $808M | $1.5B | $1.9B | $1.3B | -$267M | $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 | 296M | 380M | 354M | 336M | 326M | 329M | 326M | 303M | 285M | 274M |
| 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% |
Balance sheet
Fiscal years, from Marriott International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $858M | $383M | $316M | $225M | $877M | $1.4B | $507M | $338M | $396M | $358M |
| Total current assets | $3.4B | $2.7B | $2.7B | $3.1B | $2.8B | $3.6B | $3.3B | $3.3B | $3.5B | $3.6B |
| Property, plant and 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 |
| Total current liabilities | $5.1B | $5.8B | $6.4B | $6.7B | $5.8B | $6.4B | $7.3B | $7.8B | $8.6B | $8.4B |
| Long-term debt | $8.2B | $7.8B | $8.5B | $10.0B | $9.2B | $9.3B | $9.4B | $11.3B | $13.1B | $15.0B |
| Total liabilities | $18.8B | $20.3B | $21.5B | $24.3B | $24.3B | $24.1B | $24.2B | $26.4B | $29.2B | $31.3B |
| Shareholders' equity | $5.4B | $3.7B | $2.2B | $703M | $430M | $1.4B | $568M | -$682M | -$3.0B | -$3.8B |
| Net debt | $7.3B | $7.5B | $8.2B | $9.7B | $8.3B | $7.9B | $8.9B | $11.0B | $12.7B | $14.6B |
Cash flow
Fiscal years, from Marriott International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $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 |
| Stock-based compensation | $212M | $181M | $184M | $187M | $201M | $182M | $192M | $205M | $237M | $236M |
| Dividends paid | $374M | $482M | $543M | $612M | $156M | $0 | $321M | $587M | $682M | $718M |
| Share buybacks (net) | -$568M | -$3.0B | -$2.9B | -$2.3B | -$150M | $0 | -$2.6B | -$4.0B | -$3.8B | -$3.3B |
| Net borrowing | $1.2B | -$310M | $1.2B | $562M | $1.7B | -$381M | $179M | $1.2B | $2.4B | $2.1B |
| Free cash flow margin | 9.2% | 9.7% | 8.7% | 4.9% | 14.2% | 7.2% | 9.8% | 11.5% | 8.0% | 10.0% |
| Dividends per share | $1.26 | $1.27 | $1.53 | $1.82 | $0.48 | — | $0.99 | $1.94 | $2.39 | $2.62 |
Questions
What was Marriott International's revenue in 2025?
$26.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Marriott International generate?
$2.6B in fiscal 2025 (operating cash flow minus capital spending).
From Marriott International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.