# Marriott International Inc. (MAR) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MAR/thesis · /stocks/MAR/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MAR/fundamental

## Navigation

- Overview: /stocks/MAR
- Financials (this page): /stocks/MAR/financials
- Thesis: /stocks/MAR/thesis
- Investment Memo: /stocks/MAR/memo
- Coverage universe: /stocks