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MAR

Marriott International, Inc.

MAR

Marriott International, Inc. • NASDAQ
$304.79 ▲ 0.05% (+0.14)
Market Cap $81.79 B
52w High $307.52
52w Low $205.40
Dividend Yield 2.64%
P/E 32.15
Volume 455.06K
Outstanding Shares 268.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.489B ▼ $244M ▼ $728M ▼ 11.219% ▼ $2.68 ▼ $1.25B ▼
Q2-2025 $6.744B ▲ $581M ▲ $763M ▲ 11.314% ▲ $2.78 ▲ $1.31B ▲
Q1-2025 $6.263B ▼ $297M ▼ $665M ▲ 10.618% ▲ $2.4 ▲ $1.092B ▲
Q4-2024 $6.429B ▲ $387M ▲ $455M ▼ 7.077% ▼ $1.63 ▼ $1.057B ▲
Q3-2024 $6.255B $330M $584M 9.337% $2.07 $1.036B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $678M ▲ $27.833B ▲ $30.952B ▲ $-3.119B ▼
Q2-2025 $671M ▲ $27.342B ▲ $30.306B ▲ $-2.964B ▲
Q1-2025 $523M ▲ $26.651B ▲ $29.819B ▲ $-3.168B ▼
Q4-2024 $396M ▲ $26.182B ▼ $29.174B ▲ $-2.992B ▼
Q3-2024 $394M $26.209B $28.63B $-2.421B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $728M ▼ $1.093B ▲ $-489M ▼ $-602M ▼ $2M ▼ $951M ▲
Q2-2025 $763M ▲ $643M ▼ $-143M $-354M ▲ $146M ▲ $778M ▲
Q1-2025 $665M ▲ $647M ▲ $-143M ▲ $-383M ▼ $121M ▲ $512M ▲
Q4-2024 $455M ▼ $318M ▼ $-345M ▼ $36M ▲ $9M ▼ $-24M ▼
Q3-2024 $584M $880M $-164M $-670M $46M $706M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fee Service
Fee Service
 $1.33Bn ▲$1.27Bn ▼$1.40Bn ▲$1.34Bn ▼
Franchise
Franchise
 $800.00M ▲$750.00M ▼$860.00M ▲$880.00M ▲
Management Service Base
Management Service Base
 $540.00M ▲$530.00M ▼$540.00M ▲$460.00M ▼
Owned Leased and Other
Owned Leased and Other
 $420.00M ▲$360.00M ▼$440.00M ▲$420.00M ▼
Reimbursements
Reimbursements
 $4.89Bn ▲$4.72Bn ▼$4.93Bn ▲$4.76Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily from the pandemic low and is now well above pre‑crisis levels, showing that travel demand has come back strongly. Profitability has improved a lot compared with 2020–2021, with operating profit and cash-style earnings both much healthier. That said, net income and earnings per share recently slipped from the prior year, even as sales rose, which suggests higher costs, taxes, interest, or one‑time items are weighing on the bottom line. Overall, it is a solid, mature earnings profile with clear sensitivity to the travel cycle and cost environment.

Balance Sheet

Balance Sheet The balance sheet is functional but clearly geared. Total assets have been fairly stable, but debt has risen over time and is now large relative to the company’s cash on hand. Shareholders’ equity has turned negative in recent years, which is often a sign of substantial share repurchases and an asset‑light, franchise-heavy model, but it also highlights reliance on debt and ongoing cash generation. The structure works as long as cash flows stay strong, yet it leaves less room for error in a severe downturn or prolonged travel slump.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has recovered well from pandemic lows and has consistently covered both investment spending and shareholder returns. Free cash flow is solid and has generally trended upward, even after higher spending on new projects and property improvements. The business does not appear to be cash‑hungry; instead, it converts a meaningful portion of its earnings into usable cash, which helps support its more levered balance sheet. Any sharp drop in travel demand, however, would quickly flow through to cash generation.

Competitive Edge

Competitive Edge Marriott holds a leading global position in hotels, with a huge, diversified portfolio of brands across price points and regions. Its loyalty program, Marriott Bonvoy, is a central competitive advantage: a very large member base makes the network more attractive to guests and hotel owners, which in turn reinforces its scale. The business is mostly asset‑light, relying on management and franchise fees from properties it does not own, which can be more resilient and profitable over time. Key competitive pressures come from other large hotel chains, online travel platforms, and alternative accommodations such as home‑sharing services, plus the usual volatility of global travel and corporate demand.

Innovation and R&D

Innovation and R&D Innovation is focused on digital, data, and new concepts rather than traditional lab-style research. The Marriott Bonvoy app, contactless services, and experiments with smart, connected rooms aim to make stays more seamless and personalized. The company is investing in cloud systems and artificial intelligence to tailor offers, manage pricing and demand, and run hotels more efficiently. Product innovation shows up in new brands, all‑inclusive resorts, curated home rentals, and experience-based rewards, which are designed to deepen loyalty and capture emerging travel trends. Sustainability and social-impact targets add another layer of long-term positioning, though execution and measurable progress will matter.

Summary

Marriott has largely completed its recovery from the pandemic shock, with revenue and operating profit back on a strong footing and healthy cash generation. The company combines an asset‑light business model with an exceptionally powerful loyalty ecosystem and global scale, giving it clear advantages in attracting both guests and hotel owners. On the other hand, the capital structure leans heavily on debt, and accounting equity is negative, which heightens sensitivity to downturns in travel or prolonged periods of higher interest rates. Future results will hinge on how well Marriott navigates travel cycles, executes its technology and brand expansion plans, and maintains the strength of its loyalty program in an increasingly competitive and digital travel landscape.

NEWS

November 24, 2025 · 12:00 PM UTC

AEG and Marriott Bonvoy Renew Global Partnership, Expanding More Than Decade-long Alliance Across Music, Sports, Live-Entertainment and Ticketing

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November 21, 2025 · 4:15 PM UTC

Marriott International Chief Financial Officer and Executive Vice President, Development to Speak at the Barclays 2025 Eat, Sleep, Play, Shop Conference December 4; Remarks to be Webcast

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November 18, 2025 · 10:00 AM UTC

The Ritz-Carlton and Late Checkout Unveil Chapter Two of Their Award-Winning Collaboration

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November 13, 2025 · 7:40 AM UTC

Marriott International Named One of the Top 2025 World's Best Workplaces by Fortune and Great Place To Work

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November 11, 2025 · 6:00 AM UTC

Marriott International Accelerates Branded Residential Growth in Europe, Middle East & Africa

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