Marriott International Inc.

MAR
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$6.2B
Q1 2025 · +4.3% YoY
TTM ROIC
21.6%
FY2025 · NOPAT / Fee-Generating Invested Capital (Goodwill + Intangibles + PP&E + Working Capital; excludes buyback-financing debt) · WACC ~9.3% · Moat spread +12.3pp

Financial Snapshot


ticker: MAR step: 04 generated: 2026-05-12 source: quick-research

Marriott International Inc. (MAR) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Total Revenue (reported) $20.77B $23.71B $25.10B +6%
Fee Revenue (ex-reimbursements) ~$3.7B ~$4.7B ~$5.2B +11%
Gross Margin ~79.9% ~81.5% ~81.9% +40bps
Operating Margin (GAAP) ~8% ~12% ~11%
Net Income (GAAP) $2.35B $3.08B $2.375B -23%*
Adj. EPS (diluted) ~$7.00 ~$8.93 ~$9.31 +4%

FY2024 GAAP net income decline reflects certain nonrecurring items; adj. EPS continued growing.

Note: Reported revenue includes ~$18.8B in reimbursed costs (passed through to hotel owners) that are revenue-neutral to margins. Fee revenue is the economic driver.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$2.4B
Free Cash Flow ~$1.67B
Cash & Equivalents ~$0.7B
Total Debt ~$12.5B

Marriott operates with negative tangible equity due to asset-light model and historical buybacks; debt is serviced by strong recurring fee cash flows. $4.4B returned to shareholders in 2024 via dividends and buybacks.

Key Ratios (approximate)

  • P/E (forward): ~37x | EV/EBITDA: ~18x | FCF Yield: ~2%
  • Net Unit Growth (FY2024): +6.8% (~123,000 gross rooms added) | RevPAR Growth: +3–4% (FY2024)

Growth Profile

Marriott compounds through net unit growth (~5–7%/year permanently expanding the royalty base) and RevPAR growth (pricing + occupancy) flowing directly to fee income. FY2025 revenue reached $26.2B (+4.3% YoY) with a record 610,000-room pipeline. Co-branded credit card fees — renegotiated in 2025 with a projected 35% fee increase — represent a growing high-margin income stream. The Bonvoy platform at 271M members is deepening direct booking penetration (75% of US/Canada room nights), steadily reducing OTA commission costs.

Forward Estimates

  • FY2026: Net unit growth guided 4.5–5%; RevPAR growth tempered by US government travel softness and Greater China flat; adj. EPS estimated ~$10–11 range at consensus
  • Co-branded credit card: Renegotiated royalty rate projected to contribute ~$100–200M incremental high-margin annual fee revenue from FY2026
  • Long-term: 610,000-room pipeline, if added over ~5 years, would expand the royalty base by ~35% — compounding fee revenue without capital deployment

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $MAR.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/mar/financials/md · → thesis · → memo