Cash conversion efficiency remains erratic, with the OCF/NI ratio fluctuating between 0.70 and 1.86, while aggressive share repurchases continue to strain liquidity buffers, evidenced by a current ratio consistently below 0.47.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 3.42B | 3.21B | 2.75B | 3.17B | 2.36B | 1.18B | 1.64B | 1.69B | 2.36B | 2.23B | 1.62B | 1.51B | 1.22B | 1.14B | 989M | 1.09B | 1.15B | 868M | 641M | 778M | 970M | 840M | 891M | 403M | 516M | 403M | 856M | 711M | 605M | 521M |
| Operating CF Margin % | - | 12.27% | 10.95% | 13.37% | 11.38% | 8.49% | 15.5% | 8.03% | 11.35% | 10.89% | 10.51% | 10.46% | 8.87% | 8.92% | 8.37% | 8.84% | 9.85% | 7.96% | 4.98% | 5.99% | 8.09% | 7.55% | 8.82% | 4.47% | 6.13% | 5.19% | 10.82% | 8.14% | 7.59% | 5.76% |
| Operating CF Growth % | 200.8% | 16.84% | -13.28% | 34.15% | 100.76% | -28.19% | -2.73% | -28.51% | 5.84% | 37.55% | 6.86% | 23.77% | 7.37% | 15.27% | -9.18% | -5.39% | 32.6% | 35.41% | -17.61% | -19.79% | 15.48% | -5.72% | 121.09% | -21.9% | 28.04% | -52.92% | 20.39% | 17.52% | 16.12% | - |
| Net Income | 2.58B | 2.6B | 2.38B | 3.08B | 2.36B | 1.1B | -267M | 1.27B | 1.91B | 1.46B | 808M | 859M | 753M | 626M | 571M | 198M | 458M | -353M | 347M | 696M | 608M | 668M | 594M | 476M | 439M | 269M | 490M | 400M | 390M | 324M |
| Depreciation & Amortization | 625M | 599M | 492M | 436M | 400M | 295M | 478M | 403M | 284M | 279M | 159M | 139M | 148M | 127M | 102M | 144M | 178M | 185M | 190M | 197M | 188M | 184M | 166M | 160M | 187M | 222M | 195M | 162M | 140M | 126M |
| Stock-Based Compensation | 241M | 236M | 237M | 205M | 192M | 182M | 201M | 187M | 184M | 181M | 212M | 113M | 109M | 116M | 94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -303M | -277M | -172M | -612M | 280M | -281M | -478M | -200M | -239M | 887M | 103M | 143M | 71M | 73M | 224M | 113M | -27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87M | 76M | 0 |
| Other Non-Cash Items | 461M | 200M | -101M | -11M | -325M | -228M | 1.73B | 295M | 297M | -549M | 443M | 302M | 263M | 148M | 135M | 572M | 422M | 930M | -68M | -186M | 35M | -39M | -65M | -274M | -107M | -104M | -19M | -83M | 6M | 32M |
| Working Capital Changes | -185M | -147M | -82M | 69M | -542M | 110M | -28M | -273M | -76M | -30M | -106M | -41M | -120M | 50M | -137M | 62M | 120M | 106M | 172M | 71M | 139M | 27M | 196M | 41M | -3M | 16M | 190M | 145M | -7M | 39M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10M | -128M | -6M | -81M | -31M | 57M | -53M | -126M | -104M | -82M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | -4M | -17M | 15M | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -954M | -948M | -734M | -465M | -297M | -187M | 35M | -284M | -52M | 1.21B | -2.35B | 367M | -313M | -519M | -585M | -247M | -264M | -69M | -483M | 125M | 119M | -130M | 287M | 311M | 317M | -481M | -1.03B | -787M | -724M | -1.05B |
| Capital Expenditures | -658M | -604M | -750M | -452M | -332M | -183M | -135M | -653M | -556M | -240M | -199M | -305M | -411M | -296M | -437M | -183M | -363M | -186M | -357M | -671M | -529M | -780M | -181M | -210M | -292M | -560M | -1.09B | -990M | -985M | -520M |
| CapEx % of Revenue | 2.48% | 2.31% | 2.99% | 1.91% | 1.6% | 1.32% | 1.28% | 3.11% | 2.68% | 1.17% | 1.29% | 2.11% | 2.98% | 2.32% | 3.7% | 1.49% | 3.1% | 1.71% | 2.77% | 5.17% | 4.41% | 7.01% | 1.79% | 2.33% | 3.47% | 7.21% | 13.84% | 11.33% | 12.36% | 5.75% |
| Acquisitions | 9M | 0 | 0 | -101M | 0 | 0 | 260M | 395M | 0 | -189M | -2.39B | -258M | -249M | -189M | -286M | -157M | 114M | 2M | 38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -859M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -287M | -344M | 16M | 88M | 35M | -4M | -90M | -26M | 504M | 1.64B | 245M | 816M | 347M | 31M | -17M | 93M | 20M | 127M | -161M | 793M | 770M | 881M | 468M | 521M | 609M | 79M | 69M | 203M | 261M | 331M |
| Cash from Financing | -2.55B | -2.32B | -1.96B | -2.86B | -2.96B | -463M | -1.03B | -1.51B | -2.37B | -3.9B | 1.5B | -1.89B | -933M | -583M | -418M | -1.25B | -497M | -818M | -356M | -762M | -1.1B | -1.27B | -637M | -683M | -1.45B | 564M | 21M | 175M | 301M | 577M |
| Debt Issued (Net) | 1.46B | 1.72B | 2.55B | 1.78B | -3M | -231M | -616M | 1.51B | 1.12B | -250M | 2.53B | 325M | 622M | 249M | 750M | 179M | -595M | -782M | 126M | 925M | 147M | 332M | -141M | -361M | -1.17B | 784M | 312M | 303M | 395M | 1M |
| Equity Issued (Net) | -3.15B | -3.21B | -3.69B | -3.92B | -2.57B | 2M | -150M | -2.25B | -2.85B | -3.01B | -534M | -1.88B | -1.33B | -635M | -966M | -1.3B | 141M | 27M | -383M | -1.55B | -1.17B | -1.52B | -458M | -271M | -217M | -159M | -282M | -311M | -383M | 0 |
| Dividends Paid | -722M | -718M | -682M | -587M | -321M | 0 | -156M | -612M | -543M | -482M | -374M | -253M | -223M | -196M | -191M | -134M | -43M | -63M | -115M | -105M | -93M | -84M | -73M | -68M | -65M | -61M | -55M | -52M | -37M | 0 |
| Share Repurchases | -3.25B | -3.3B | -3.76B | -3.95B | -2.57B | 0 | -150M | -2.26B | -2.85B | -3.01B | -568M | -1.92B | -1.51B | -834M | -1.15B | -1.43B | -57M | 0 | -434M | -1.76B | -1.55B | -1.64B | -664M | -373M | -252M | -235M | -340M | -354M | -398M | 0 |
| Other Financing | -131M | -116M | -138M | -133M | -72M | -234M | -111M | -156M | -105M | -157M | -124M | -85M | 0 | -1M | -11M | 11M | 0 | 0 | 16M | -28M | 15M | -3M | 35M | 17M | 0 | 0 | 46M | 235M | 326M | 576M |
| Net Change in Cash | -78M | -54M | 59M | -159M | -896M | 527M | 641M | -107M | -69M | -458M | 770M | -8M | -22M | 38M | -14M | -403M | 390M | -19M | -198M | 141M | -10M | -564M | 541M | 31M | -614M | 486M | -149M | 99M | 182M | 50M |
| Free Cash Flow | 3.11B | 2.61B | 2B | 2.72B | 2.03B | 994M | 1.5B | 1.03B | 1.8B | 1.99B | 1.42B | 1.21B | 813M | 844M | 552M | 906M | 788M | 682M | 151M | 107M | 441M | 60M | 710M | 193M | 224M | -157M | -239M | -279M | -380M | 1M |
| FCF Margin % | 11.72% | 9.96% | 7.96% | 11.46% | 9.78% | 7.17% | 14.23% | 4.92% | 8.68% | 9.72% | 9.22% | 8.35% | 5.89% | 6.6% | 4.67% | 7.36% | 6.74% | 6.25% | 1.17% | 0.82% | 3.68% | 0.54% | 7.03% | 2.14% | 2.66% | -2.02% | -3.02% | -3.19% | -4.77% | 0.01% |
| FCF Growth % | 69.15% | 30.47% | -26.45% | 33.83% | 104.33% | -33.91% | 45.74% | -42.7% | -9.36% | 39.93% | 17.36% | 48.83% | -3.67% | 52.9% | -39.07% | 14.97% | 15.54% | 351.66% | 41.12% | -75.74% | 635% | -91.55% | 267.88% | -13.84% | 242.68% | 34.31% | 14.34% | 26.58% | -38100% | - |
| FCF per Share | 11.56 | 9.68 | 7.01 | 8.97 | 6.23 | 3.02 | 4.62 | 3.08 | 5.08 | 5.23 | 4.88 | 4.44 | 2.74 | 2.70 | 1.66 | 2.50 | 2.08 | 1.91 | 0.41 | 0.27 | 1.01 | 0.13 | 1.46 | 0.39 | 0.44 | -0.30 | -0.46 | -0.52 | -0.70 | 0.00 |
| FCF Conversion (FCF/Net Income) | 1.21x | 1.23x | 1.16x | 1.03x | 1.00x | 1.07x | -6.14x | 1.32x | 1.24x | 1.53x | 2.00x | 1.76x | 1.63x | 1.82x | 1.73x | 5.50x | 2.51x | -2.51x | 1.77x | 1.12x | 1.60x | 1.26x | 1.49x | 0.80x | 1.86x | 1.71x | 1.79x | 1.78x | 1.55x | 1.61x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical fee revenue volatility
According to recent financial disclosures, Marriott's OCF/NI ratio has exhibited significant volatility, ranging from a low of 0.70 in 2024Q4 to a high of 1.86 in 2025Q4, suggesting that reported net income is frequently decoupled from the actual cash generated by core operations.
The wide variance in the conversion of net income to operating cash flow indicates that non-cash items and working capital swings heavily influence periodic results. Investors should monitor whether this divergence stems from the timing of incentive fee recognition or shifts in the underlying asset-light cost structure.
As reported in quarterly filings, Marriott's FCF margins have fluctuated between -0.4% and 14.7% over the last ten quarters, reflecting a lack of consistent cash generation efficiency despite the company's asset-light business model and its reliance on recurring franchise and management fee streams.
The negative FCF observed in 2024Q4 highlights the sensitivity of the company's cash flow to cyclical downturns and potential spikes in capital requirements. This inconsistency suggests that while the model is theoretically capital-light, the actual cash flow trajectory remains susceptible to operational and macroeconomic pressures.
Based on the provided cash flow statements, Marriott has experienced erratic working capital movements, with quarterly changes swinging from a $363 million outflow in 2026Q1 to a $210 million inflow in 2023Q4, indicating significant instability in the timing of cash collections and payables management.
These fluctuations may imply that the company's cash position is highly sensitive to the timing of incentive fee payments from managed properties. Such volatility warrants further investigation into whether these swings are purely seasonal or indicative of broader challenges in managing property-level cash flows.
Data from recent filings shows that Marriott consistently prioritizes shareholder returns, with quarterly share repurchases frequently exceeding $700 million, a pace that appears aggressive given the company's relatively lean cash balance and the inherent cyclicality of its fee-based revenue model.
The commitment to returning capital through buybacks, even during periods of fluctuating cash flow, suggests a management focus on EPS accretion. However, investors should monitor if this strategy limits the company's ability to fund necessary technology investments or respond to competitive threats in the lodging sector.
Quick answers to the most common questions about buying MAR stock.
Marriott International, Inc. (MAR) generated $3.21B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Marriott International, Inc. (MAR) generated $2.61B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Marriott International, Inc. (MAR) spent $604.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Marriott International, Inc. (MAR) returned $718.0M to shareholders via cash dividends and spent $3.30B on share repurchases. This shows the company's commitment to returning capital to its equity investors.