Balance Sheet Marriott International, Inc.

Equities

MAR

US5719032022

Hotels, Motels & Cruise Lines

Market Closed - Nasdaq Other stock markets 04:00:00 2026-05-18 pm EDT			5-day change	1st Jan Change
359.18 ^USD	+1.70%		+1.66%	+15.77%

May. 15	Bernstein Adjusts Price Target on Marriott International to $402 From $400, Maintains Outperform Rating	MT
May. 12	Morgan Stanley Adjusts Price Target on Marriott International to $353 From $350, Maintains Overweight Rating	MT

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Published financial data: MARRIOTT INTERNATIONAL, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.49B	5.44B	6.39B	6.72B	7.12B
Other Revenues, Total	-75M	-89M	-88M	-103M	-135M
Total Revenues	3.42B	5.36B	6.3B	6.62B	6.98B
Cost of Goods Sold, Total	762M	1.07B	1.16B	1.2B	1.46B
Gross Profit	2.65B	4.28B	5.14B	5.42B	5.52B
Selling General & Admin Expenses, Total	1.31B	1.53B	1.8B	2.07B	1.87B
Depreciation & Amortization - (IS)	220M	193M	189M	183M	213M
Other Operating Expenses	-590M	-911M	-783M	-707M	-700M
Other Operating Expenses, Total	941M	808M	1.21B	1.54B	1.38B
Operating Income	1.71B	3.47B	3.92B	3.88B	4.14B
Interest Expense, Total	-420M	-403M	-565M	-695M	-809M
Interest And Investment Income	28M	26M	30M	40M	42M
Net Interest Expenses	-392M	-377M	-535M	-655M	-767M
Income (Loss) On Equity Invest.	-24M	18M	9M	8M	11M
Other Non Operating Income (Expenses)	10M	11M	40M	31M	9M
EBT, Excl. Unusual Items	1.31B	3.13B	3.44B	3.26B	3.39B
Restructuring Charges	-8M	-12M	-	-68M	-15M
Merger & Related Restructuring Charges	-	-	-60M	-40M	-30M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Insurance Settlements	-	-	-	-	47M
Legal Settlements	18M	-	-	-	-
Other Unusual Items	-136M	-	-	-	-
EBT, Incl. Unusual Items	1.18B	3.11B	3.38B	3.15B	3.39B
Income Tax Expense	81M	756M	295M	776M	793M
Earnings From Continuing Operations	1.1B	2.36B	3.08B	2.38B	2.6B
Net Income to Company	1.1B	2.36B	3.08B	2.38B	2.6B
Net Income - (IS)	1.1B	2.36B	3.08B	2.38B	2.6B
Net Income to Common Incl Extra Items	1.1B	2.36B	3.08B	2.38B	2.6B
Net Income to Common Excl. Extra Items	1.1B	2.36B	3.08B	2.38B	2.6B
Per Share Items
Net EPS - Basic	3.36	7.27	10.23	8.36	9.53
Basic EPS - Continuing Operations	3.36	7.27	10.23	8.36	9.53
Basic Weighted Average Shares Outstanding	327M	324M	302M	284M	273M
Net EPS - Diluted	3.34	7.24	10.18	8.33	9.51
Diluted EPS - Continuing Operations	3.34	7.24	10.18	8.33	9.51
Diluted Weighted Average Shares Outstanding	329M	326M	303M	285M	274M
Normalized Basic EPS	2.49	6.02	7.13	7.17	7.77
Normalized Diluted EPS	2.48	6	7.09	7.14	7.75
Dividend Per Share	-	1	1.96	2.41	2.64
Payout Ratio	-	13.61	19.04	28.72	27.6
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	2.02B	3.76B	4.27B	4.26B	4.6B
EBITA	1.88B	3.67B	4.15B	4.13B	4.45B
EBIT	1.71B	3.47B	3.92B	3.88B	4.14B
EBITDAR	2.22B	4.01B	4.56B	4.52B	4.86B
Total Revenues (As Reported)	13.86B	20.77B	23.71B	25.1B	26.19B
Effective Tax Rate - (Ratio)	6.86	24.28	8.73	24.63	23.36
Current Domestic Taxes	-123M	446M	589M	571M	479M
Current Foreign Taxes	86M	155M	249M	282M	252M
Total Current Taxes	-37M	601M	838M	853M	731M
Deferred Domestic Taxes	159M	154M	-110M	-144M	-12M
Deferred Foreign Taxes	-41M	1M	-433M	67M	74M
Total Deferred Taxes	118M	155M	-543M	-77M	62M
Normalized Net Income	816M	1.95B	2.15B	2.04B	2.12B
Interest Capitalized	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	470M	635M	794M	993M	999M
Selling and Marketing Expenses	470M	635M	794M	993M	999M
General and Administrative Expenses	841M	891M	1.01B	1.07B	870M
Net Rental Expense, Total	200M	255M	283M	265M	261M
Imputed Operating Lease Interest Expense	59.12M	72.79M	106M	104M	104M
Imputed Operating Lease Depreciation	141M	182M	177M	161M	157M
Stock-Based Comp., Other (Total)	182M	192M	205M	237M	236M
Total Stock-Based Compensation	182M	192M	205M	237M	236M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.39B	507M	338M	396M	358M
Total Cash And Short Term Investments	1.39B	507M	338M	396M	358M
Accounts Receivable, Total	1.98B	2.57B	2.71B	2.8B	2.91B
Notes Receivable	-	-	-	-	-
Total Receivables	1.98B	2.57B	2.71B	2.8B	2.91B
Prepaid Expenses	251M	235M	261M	294M	317M
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	3.63B	3.31B	3.31B	3.48B	3.58B
Gross Property Plant And Equipment	3.42B	3.45B	3.4B	3.56B	3.84B
Accumulated Depreciation	-850M	-874M	-890M	-881M	-947M
Net Property Plant And Equipment	2.56B	2.57B	2.51B	2.68B	2.9B
Long-term Investments	387M	335M	308M	298M	298M
Goodwill	9.07B	8.87B	8.89B	8.73B	8.91B
Other Intangibles, Total	8.93B	8.75B	9.19B	9.49B	10.34B
Loans Receivable Long-Term	144M	152M	138M	136M	151M
Deferred Tax Assets Long-Term	228M	240M	673M	650M	570M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	604M	584M	658M	716M	799M
Total Assets	25.55B	24.82B	25.67B	26.18B	27.54B
Liabilities
Accounts Payable, Total	726M	746M	738M	763M	814M
Accrued Expenses, Total	1.83B	2.46B	3.01B	2.92B	2.77B
Current Portion of Long-Term Debt	798M	676M	545M	1.3B	1.2B
Current Portion of Leases	157M	114M	113M	113M	110M
Unearned Revenue Current, Total	2.87B	3.31B	3.33B	3.49B	3.5B
Other Current Liabilities	32M	32M	29M	70M	12M
Total Current Liabilities	6.41B	7.34B	7.76B	8.65B	8.4B
Long-Term Debt	9.19B	9.25B	11.2B	13.02B	14.89B
Long-Term Leases	1.24B	1.16B	1.01B	909M	988M
Unearned Revenue Non Current	5.13B	4.34B	4.7B	5.14B	5.7B
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	169M	313M	209M	81M	79M
Other Non Current Liabilities	2B	1.84B	1.48B	1.38B	1.26B
Total Liabilities	24.14B	24.25B	26.36B	29.17B	31.31B
Common Stock, Total	5M	5M	5M	5M	5M
Additional Paid In Capital	5.89B	5.96B	6.05B	6.18B	6.35B
Retained Earnings	10.3B	12.34B	14.84B	16.53B	18.41B
Treasury Stock	-14.45B	-17.02B	-20.93B	-24.64B	-27.9B
Comprehensive Income and Other	-342M	-729M	-647M	-1.06B	-642M
Total Common Equity	1.41B	568M	-682M	-2.99B	-3.77B
Total Equity	1.41B	568M	-682M	-2.99B	-3.77B
Total Liabilities And Equity	25.55B	24.82B	25.67B	26.18B	27.54B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	326M	308M	289M	276M	265M
ECS Total Common Shares Outstanding	326M	311M	290M	277M	266M
Book Value / Share	4.33	1.83	-2.35	-10.81	-14.18
Tangible Book Value	-16.58B	-17.05B	-18.76B	-21.21B	-23.01B
Tangible Book Value Per Share	-50.83	-54.9	-64.57	-76.66	-86.56
Total Debt	11.39B	11.2B	12.86B	15.34B	17.18B
Net Debt	9.99B	10.7B	12.53B	14.95B	16.82B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	1.6B	2.04B	2.26B	2.12B	2.09B
Equity Method Investments, Total	387M	335M	308M	298M	298M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	686M	688M	669M	768M	772M
Buildings, Total	985M	1.09B	1.11B	1.24B	1.34B
Machinery, Total	545M	649M	622M	619M	643M
Full Time Employees	120K	377K	411K	418K	414K
Accumulated Allowance for Doubtful Accounts (Supple)	187M	191M	197M	199M	212M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.1B	2.36B	3.08B	2.38B	2.6B
Depreciation & Amortization - CF	138M	85M	122M	128M	145M
Amortization of Goodwill and Intangible Assets - (CF)	165M	197M	226M	255M	313M
Depreciation & Amortization, Total	303M	282M	348M	383M	458M
Amortization of Deferred Charges, Total - (CF)	-	-	-	103M	135M
(Gain) Loss From Sale Of Asset	-3M	-	-	-	-
Asset Writedown & Restructuring Costs	-10M	-8M	-	-278M	-15M
Stock-Based Compensation (CF)	182M	192M	205M	237M	236M
Other Operating Activities, Total	-504M	81M	-535M	11M	-56M
Change in Other Net Operating Assets	110M	-542M	69M	-82M	-147M
Cash from Operations	1.18B	2.36B	3.17B	2.75B	3.21B
Capital Expenditure	-183M	-332M	-553M	-776M	-954M
Sale of Property, Plant, and Equipment	12M	1M	71M	16M	9M
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	27M	3M	-16M	26M	-13M
Other Investing Activities, Total	-43M	31M	33M	-	10M
Cash from Investing	-187M	-297M	-465M	-734M	-948M
Long-Term Debt Issued, Total	1.94B	983M	2.46B	3.11B	3.44B
Total Debt Issued	1.94B	983M	2.46B	3.11B	3.44B
Long-Term Debt Repaid, Total	-2.17B	-986M	-684M	-558M	-1.71B
Total Debt Repaid	-2.17B	-986M	-684M	-558M	-1.71B
Issuance of Common Stock	2M	-	29M	73M	92M
Repurchase of Common Stock	-90M	-2.66B	-4.06B	-3.9B	-3.42B
Common Dividends Paid	-	-321M	-587M	-682M	-718M
Common & Preferred Stock Dividends Paid	-	-321M	-587M	-682M	-718M
Other Financing Activities, Total	-144M	17M	-25M	-	-
Cash from Financing	-463M	-2.96B	-2.86B	-1.96B	-2.32B
Net Change in Cash	527M	-896M	-159M	59M	-54M
Supplemental Items
Cash Interest Paid	391M	345M	476M	599M	698M
Cash Income Tax Paid (Refund)	362M	476M	907M	947M	1.07B
Levered Free Cash Flow	1.84B	2.59B	2.49B	1.95B	1.67B
Unlevered Free Cash Flow	2.11B	2.84B	2.84B	2.38B	2.18B
Change In Net Working Capital	-735M	-524M	-388M	-16M	283M
Net Debt Issued / Repaid	-231M	-3M	1.78B	2.55B	1.72B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.26	8.62	9.71	9.34	9.63
Return on Total Capital	8.71	17.67	20.48	19.74	20.08
Return On Equity %	119.2	237.94	-5.41K	-129.29	-76.92
Return on Common Equity	119.2	237.94	-5.41K	-129.29	-76.92
Margin Analysis
Gross Profit Margin %	77.69	79.95	81.51	81.87	79.07
SG&A Margin	38.39	28.49	28.65	31.23	26.77
EBITDA Margin %	59	70.13	67.81	64.34	65.84
EBITA Margin %	54.96	68.54	65.87	62.41	63.76
EBIT Margin %	50.13	64.86	62.29	58.55	59.28
Income From Continuing Operations Margin %	32.18	44.03	48.94	35.89	37.25
Net Income Margin %	32.18	44.03	48.94	35.89	37.25
Net Avail. For Common Margin %	32.18	44.03	48.94	35.89	37.25
Normalized Net Income Margin	23.9	36.48	34.11	30.78	30.36
Levered Free Cash Flow Margin	54.01	48.27	39.48	29.47	23.97
Unlevered Free Cash Flow Margin	61.7	52.97	45.09	36.04	31.21
Asset Turnover
Asset Turnover	0.14	0.21	0.25	0.26	0.26
Fixed Assets Turnover	1.41	2.09	2.48	2.55	2.51
Receivables Turnover (Average Receivables)	1.86	2.39	2.42	2.44	2.5
Short Term Liquidity
Current Ratio	0.57	0.45	0.43	0.4	0.43
Quick Ratio	0.53	0.42	0.39	0.37	0.39
Operating Cash Flow to Current Liabilities	0.18	0.32	0.41	0.32	0.38
Days Sales Outstanding (Average Receivables)	196.1	152.6	150.93	149.95	146.27
Average Days Payable Outstanding	300.09	250.13	232.47	228.9	196.99
Long Term Solvency
Total Debt/Equity	805.23	1.97K	-1.89K	-512.87	-455.64
Total Debt / Total Capital	88.95	95.17	105.6	124.22	128.12
LT Debt/Equity	737.69	1.83K	-1.79K	-465.64	-420.95
Long-Term Debt / Total Capital	81.49	88.46	100.2	112.78	118.37
Total Liabilities / Total Assets	94.47	97.71	102.66	111.43	113.69
EBIT / Interest Expense	4.08	8.62	6.95	5.58	5.12
EBITDA / Interest Expense	5.27	9.95	8.06	6.51	6
(EBITDA - Capex) / Interest Expense	4.84	9.13	7.08	5.39	4.83
Total Debt / EBITDA	5.14	2.79	2.82	3.39	3.54
Net Debt / EBITDA	4.51	2.67	2.75	3.31	3.46
Total Debt / (EBITDA - Capex)	5.6	3.05	3.21	4.1	4.4
Net Debt / (EBITDA - Capex)	4.92	2.91	3.13	3.99	4.31
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	61.16	56.84	17.62	5.05	5.5
Gross Profit, 1 Yr. Growth %	83.98	59.72	19.92	5.51	4.39
EBITDA, 1 Yr. Growth %	127.43	84.57	12.87	-0.33	8.75
EBITA, 1 Yr. Growth %	232.8	92.7	13.05	-0.48	8.61
EBIT, 1 Yr. Growth %	266.6	99.66	12.95	-1.25	7.67
Earnings From Cont. Operations, 1 Yr. Growth %	-511.61	114.56	30.75	-22.96	9.52
Net Income, 1 Yr. Growth %	-511.61	114.56	30.75	-22.96	9.52
Normalized Net Income, 1 Yr. Growth %	-1.67K	134.33	9.98	-4.54	5.08
Diluted EPS Before Extra, 1 Yr. Growth %	-507.32	116.77	40.61	-18.17	14.17
Accounts Receivable, 1 Yr. Growth %	12.1	29.72	5.48	3.06	4.08
Net Property, Plant and Equip., 1 Yr. Growth %	13.2	0.27	-2.41	6.69	8.1
Total Assets, 1 Yr. Growth %	3.45	-2.89	3.46	1.98	5.19
Tangible Book Value, 1 Yr. Growth %	-6.48	2.81	10.01	13.08	8.5
Common Equity, 1 Yr. Growth %	228.84	-59.83	-220.07	338.71	26.04
Cash From Operations, 1 Yr. Growth %	-28.19	100.76	34.15	-13.28	16.84
Capital Expenditures, 1 Yr. Growth %	35.56	81.42	66.57	40.33	22.94
Levered Free Cash Flow, 1 Yr. Growth %	486.02	39.45	-4.86	-24.26	-13.35
Unlevered Free Cash Flow, 1 Yr. Growth %	255.39	34.05	-0.9	-18.56	-7.89
Dividend Per Share, 1 Yr. Growth %	-	-	96	22.96	9.54
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-20.28	58.98	35.82	11.16	5.27
Gross Profit, 2 Yr. CAGR %	-19.13	72.32	38.4	12.49	5.18
EBITDA, 2 Yr. CAGR %	-10.01	112.86	43.97	6.06	3.73
EBITA, 2 Yr. CAGR %	-6.39	155.12	46.9	6.07	3.57
EBIT, 2 Yr. CAGR %	-8.32	172.74	49.4	5.61	2.7
Earnings From Cont. Operations, 2 Yr. CAGR %	-7.09	197.18	67.49	0.36	-8.15
Net Income, 2 Yr. CAGR %	-7.09	197.18	67.49	0.36	-8.15
Normalized Net Income, 2 Yr. CAGR %	-15.66	513.7	59.46	2.11	-0.67
Diluted EPS Before Extra, 2 Yr. CAGR %	-6.25	197.14	74.58	7.26	-3.35
Accounts Receivable, 2 Yr. CAGR %	-9.03	20.59	16.98	4.27	3.57
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.15	6.54	-1.08	2.04	7.4
Total Assets, 2 Yr. CAGR %	1	0.23	0.24	2.72	3.57
Tangible Book Value, 2 Yr. CAGR %	-1.19	-1.94	6.35	11.53	10.76
Common Equity, 2 Yr. CAGR %	41.82	14.93	-30.55	129.51	135.15
Cash From Operations, 2 Yr. CAGR %	-16.42	20.07	64.11	7.86	0.66
Capital Expenditures, 2 Yr. CAGR %	-47.06	56.82	73.83	52.88	31.34
Levered Free Cash Flow, 2 Yr. CAGR %	98.98	216.71	15.23	-15.06	-19.4
Unlevered Free Cash Flow, 2 Yr. CAGR %	72.01	130.1	15.32	-10.17	-13.74
Dividend Per Share, 2 Yr. CAGR %	-	44.34	-	55.24	16.06
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-13.16	-0.11	43.79	24.67	9.24
Gross Profit, 3 Yr. CAGR %	-12.12	1.82	52.71	26.43	8.84
EBITDA, 3 Yr. CAGR %	-11.31	14.72	72.73	27.36	6.69
EBITA, 3 Yr. CAGR %	-10.66	19.67	94.5	29.02	6.64
EBIT, 3 Yr. CAGR %	-12.1	19.48	103.3	30.14	6.01
Earnings From Cont. Operations, 3 Yr. CAGR %	-16.78	22.81	126.02	29.29	3.32
Net Income, 3 Yr. CAGR %	-16.78	22.81	126.02	29.29	3.32
Normalized Net Income, 3 Yr. CAGR %	-17.26	19.41	246	34.08	2.76
Diluted EPS Before Extra, 3 Yr. CAGR %	-14.69	23.97	131.55	35.61	9.52
Accounts Receivable, 3 Yr. CAGR %	-2.42	2.39	15.33	12.14	4.2
Net Property, Plant and Equip., 3 Yr. CAGR %	9.46	-2.7	3.47	1.45	4.02
Total Assets, 3 Yr. CAGR %	2.55	-0.32	1.3	0.81	3.53
Tangible Book Value, 3 Yr. CAGR %	2.96	0.13	1.89	8.55	10.51
Common Equity, 3 Yr. CAGR %	-14.02	-6.86	16.62	28.38	87.95
Cash From Operations, 3 Yr. CAGR %	-20.66	11.93	24.59	32.68	10.77
Capital Expenditures, 3 Yr. CAGR %	-30.96	-20.19	60	61.86	42.17
Levered Free Cash Flow, 3 Yr. CAGR %	6.66	77.05	112.9	1.36	-14.78
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.74	58.53	74.36	3.75	-9.66
Dividend Per Share, 3 Yr. CAGR %	-	-18.54	59.83	-	38.21
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.34	1.4	3.85	4.26	26.93
Gross Profit, 5 Yr. CAGR %	0.62	3.61	5.61	5.96	30.8
EBITDA, 5 Yr. CAGR %	0.17	4.53	8.15	11.35	40.86
EBITA, 5 Yr. CAGR %	0.39	5.73	9.53	14.03	51.17
EBIT, 5 Yr. CAGR %	-1.11	5.46	9.25	13.72	54.71
Earnings From Cont. Operations, 5 Yr. CAGR %	6.34	10.08	10.08	13.28	57.66
Net Income, 5 Yr. CAGR %	6.34	10.08	10.08	13.28	57.66
Normalized Net Income, 5 Yr. CAGR %	-4.29	4.96	8.32	12.16	110.03
Diluted EPS Before Extra, 5 Yr. CAGR %	4.12	13.52	13.6	17	63.26
Accounts Receivable, 5 Yr. CAGR %	3.21	5.44	4.92	3.14	10.47
Net Property, Plant and Equip., 5 Yr. CAGR %	1.9	7.48	5.11	-0.83	5.02
Total Assets, 5 Yr. CAGR %	1.14	0.8	1.62	0.89	2.2
Tangible Book Value, 5 Yr. CAGR %	7.58	3.77	4.3	4.54	5.35
Common Equity, 5 Yr. CAGR %	-23.39	-30.81	-21.06	33.6	54.38
Cash From Operations, 5 Yr. CAGR %	-6.18	1.19	6.11	10.28	14.4
Capital Expenditures, 5 Yr. CAGR %	-1.66	6.71	-0.11	3.51	47.86
Levered Free Cash Flow, 5 Yr. CAGR %	-0.23	0.68	10.35	33.16	45.37
Unlevered Free Cash Flow, 5 Yr. CAGR %	0.92	1.15	10.39	27.34	32.38
Dividend Per Share, 5 Yr. CAGR %	-	-4.97	4.67	5.43	40.63