Nasdaq:MAR
MARRIOTT INTERNATIONAL INC /MD/
A global hospitality powerhouse driving consistent revenue growth through a diversified portfolio of luxury and select-service hotel brands worldwide.
Key Metrics
Investment Thesis
Bull Case
Investors may favor Marriott for its consistent top-line growth trajectory and strong cash generation capabilities that support robust capital return programs via dividends and buybacks. The company's dominant market position and extensive brand diversity provide a defensive moat against sector volatility, positioning it well for long-term value creation.
Bear Case
Bearish investors should consider the company's negative shareholders' equity of -$3.77B and substantial debt obligations as potential vulnerabilities during interest rate hikes or recessionary periods. Additionally, the heavy reliance on franchise licensing creates exposure to economic slowdowns that could disproportionately impact independent property performance.
About MARRIOTT INTERNATIONAL INC /MD/
Marriott International Inc operates as a global leader in the lodging industry, managing a vast portfolio of hotel brands across North America, Europe, Asia, and the Middle East. The company generates revenue primarily through room rates, food and beverage sales, and licensing fees for its extensive network of properties. With 2025 revenues reaching $26.19B and net income of $2.60B, Marriott continues to demonstrate resilience in a competitive hospitality market.
Analysis
Management Discussion
Management executed a strong balance sheet strategy with $3.21B in operating cash flows supporting significant share repurchases of $3.30B while maintaining liquidity with $358M in cash equivalents. Despite high debt levels evidenced by $3.44B in new issuances, the company maintained profitability with a net profit of $2.60B driven by revenue growth from $20.77B in 2022 to $26.19B in 2025.
Industry Overview
The global lodging industry is characterized by high capital intensity and cyclical demand patterns driven by travel trends and discretionary spending power. Marriott stands out as a market leader navigating this landscape with a scale that few competitors can match, leveraging technology to optimize occupancy rates across its vast footprint.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $20.77B | $23.71B | $25.10B | $26.19B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $20.77B | $23.71B | $25.10B | $26.19B |
| Operating Expenses | $17.31B | $19.85B | $21.33B | $22.05B |
| Operating Income | $3.46B | $3.86B | $3.77B | $4.14B |
| G&A | $891.0M | $1.01B | $1.07B | $870.0M |
| Stock-Based Comp | $192.0M | $205.0M | $237.0M | $236.0M |
| Depreciation | $114.0M | $122.0M | $128.0M | $145.0M |
| Amortization | — | — | $255.0M | $313.0M |
| Other OpEx | $16.42B | $18.84B | $20.26B | $21.18B |
| Non-Operating Income | $-348.0M | $-486.0M | $-616.0M | $-747.0M |
| Interest Expense | $403.0M | $565.0M | — | — |
| Interest Income | $26.0M | $30.0M | $40.0M | $42.0M |
| Pre-Tax Income | $3.11B | $3.38B | $3.15B | $3.39B |
| Income Tax | $756.0M | $295.0M | $776.0M | $793.0M |
| Continuing Ops | $2.36B | $3.08B | $2.38B | $2.60B |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $2.36B | $3.08B | $2.38B | $2.60B |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $2.36B | $3.08B | $2.38B | $2.60B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $3.31B | $3.31B | $3.48B | $3.58B |
| Cash & Equivalents | $507.0M | $338.0M | $396.0M | $358.0M |
| Other Current Assets | $2.81B | $2.97B | $3.09B | $3.23B |
| Long-Term Assets | $21.50B | $22.36B | $22.70B | $23.96B |
| PP&E (Net) | $1.58B | $1.58B | $1.83B | $1.95B |
| Intangibles | $8.75B | $9.19B | $9.49B | $10.34B |
| Goodwill | $8.87B | $8.89B | $8.73B | $8.91B |
| Operating Leases | $987.0M | $929.0M | $845.0M | $941.0M |
| Other LT Assets | $976.0M | $1.47B | $1.50B | $1.52B |
| Total Assets | $24.82B | $25.67B | $26.18B | $27.54B |
| Current Liabilities | $7.34B | $7.76B | $8.65B | $8.40B |
| Current Leases | $106.0M | $105.0M | $104.0M | $99.0M |
| Other Current Liab | $7.23B | $7.66B | $8.54B | $8.30B |
| Long-Term Liabilities | $16.91B | $18.59B | $20.52B | $22.91B |
| LT Operating Leases | $1.03B | $887.0M | $794.0M | $879.0M |
| Other LT Liab | $15.87B | $17.71B | $19.73B | $22.03B |
| Total Liabilities | $24.25B | $26.36B | $29.17B | $31.31B |
| Shareholders' Equity | $568.0M | $-682.0M | $-2.99B | $-3.77B |
| Retained Earnings | $12.34B | $14.84B | $16.53B | $18.41B |
| AOCI | $-729.0M | $-647.0M | $-1.06B | $-642.0M |
| Total L&E | $24.82B | $25.67B | $26.18B | $27.54B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $2.36B | $3.08B | $2.38B | $2.60B |
| Non-Cash Adjustments | $5.0M | $87.0M | $374.0M | $611.0M |
| Working Capital Changes | $0 | $0 | $0 | $0 |
| Cash from Operations | $2.36B | $3.17B | $2.75B | $3.21B |
| Capital Expenditures | $332.0M | $452.0M | $750.0M | — |
| Cash from Investing | $-297.0M | $-465.0M | $-734.0M | $-948.0M |
| Debt Issuances | $983.0M | $1.92B | $2.95B | $3.44B |
| Debt Repayments | $804.0M | $684.0M | $558.0M | $1.31B |
| Share Buybacks | $2.57B | $3.95B | $3.76B | $3.30B |
| Dividends Paid | $321.0M | $587.0M | $682.0M | $718.0M |
| Cash from Financing | $-2.96B | $-2.86B | $-1.96B | $-2.32B |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-896.0M | $-159.0M | $59.0M | $-54.0M |
| Beginning Cash | $1.42B | $525.0M | $366.0M | $425.0M |
| Ending Cash | $525.0M | $366.0M | $425.0M | $371.0M |
Frequently Asked Questions
How does MARRIOTT INTERNATIONAL INC /MD/ make money?
The company's financials reflect a diverse mix of lodging operations including full-service hotels, limited-service properties, and timeshare clubs, alongside licensing revenue from independent franchisees that contribute to the $26.19B total revenue.
What are the main risks for MAR?
Major risks include sensitivity to economic downturns reducing travel demand, rising operating costs affecting margins, foreign exchange volatility impacting international earnings, and regulatory changes regarding labor or licensing fees.
What is MAR's competitive advantage?
Marriott benefits from an unparalleled global brand portfolio offering guests varied price points and loyalty programs, massive economies of scale in procurement, and a robust digital ecosystem that drives direct booking efficiency.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.