Revenue growth remains steady within a 3.7% to 6.4% range, though operating income volatility between $752 million and $1.2 billion suggests inconsistent scaling of operating leverage.
| 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 |
|---|
| Sales/Revenue | 26.58B | 26.19B | 25.1B | 23.71B | 20.77B | 13.86B | 10.57B | 20.97B | 20.76B | 20.45B | 15.41B | 14.49B | 13.8B | 12.78B | 11.81B | 12.32B | 11.69B | 10.91B | 12.88B | 12.99B | 11.99B | 11.13B | 10.1B | 9.01B | 8.41B | 7.77B | 7.91B | 8.74B | 7.97B | 9.05B |
| Revenue Growth % | 4.69% | 4.33% | 5.85% | 14.15% | 49.91% | 31.09% | -49.59% | 1.03% | 1.5% | 32.74% | 6.36% | 5% | 7.92% | 8.21% | -4.08% | 5.35% | 7.18% | -15.3% | -0.85% | 8.3% | 7.78% | 10.2% | 12.04% | 7.12% | 8.33% | -1.81% | -9.47% | 9.68% | -11.92% | - |
| Cost of Goods Sold | 20.89B | 20.6B | 20B | 18.59B | 16.21B | 11.06B | 9.11B | 17.75B | 17.08B | 16.64B | 12.73B | 12.36B | 11.83B | 11.02B | 10.19B | 11.04B | 10.22B | 9.67B | 11.26B | 11.03B | 10.23B | 9.68B | 9.02B | 8.11B | 7.58B | 6.69B | 6.97B | 7.75B | 7.09B | 0 |
| COGS % of Revenue | - | 78.66% | 79.68% | 78.39% | 78.06% | 79.79% | 86.2% | 84.66% | 82.3% | 81.36% | 82.66% | 85.34% | 85.75% | 86.2% | 86.25% | 89.62% | 87.38% | 88.68% | 87.4% | 84.94% | 85.29% | 86.95% | 89.27% | 90.02% | 90.12% | 86.16% | 88.17% | 88.65% | 89.01% | - |
| Gross Profit | 5.68B | 5.59B | 5.1B | 5.12B | 4.56B | 2.8B | 1.46B | 3.22B | 3.67B | 3.81B | 2.67B | 2.12B | 1.97B | 1.76B | 1.62B | 1.28B | 1.48B | 1.24B | 1.62B | 1.96B | 1.76B | 1.45B | 1.08B | 900M | 831M | 1.07B | 936M | 992M | 876M | 9.05B |
| Gross Margin % | 21.38% | 21.34% | 20.32% | 21.61% | 21.94% | 20.21% | 13.8% | 15.34% | 17.7% | 18.64% | 17.34% | 14.66% | 14.25% | 13.8% | 13.75% | 10.38% | 12.62% | 11.32% | 12.6% | 15.06% | 14.71% | 13.05% | 10.73% | 9.98% | 9.88% | 13.84% | 11.83% | 11.35% | 10.99% | 100% |
| Gross Profit Growth % | - | 9.53% | -0.45% | 12.42% | 62.73% | 91.98% | -54.65% | -12.44% | -3.65% | 42.7% | 25.86% | 7.99% | 11.45% | 8.62% | 27.07% | -13.36% | 19.43% | -23.91% | -17.02% | 10.88% | 21.49% | 33.95% | 20.44% | 8.3% | -22.7% | 14.85% | -5.65% | 13.24% | -90.32% | - |
| Operating Expenses | 1.43B | 1.45B | 1.33B | 1.26B | 1.1B | 1.05B | 1.38B | 1.42B | 1.31B | 1.31B | 1.25B | 773M | 807M | 776M | 684M | 752M | 780M | 1.39B | 858M | 768M | 677M | 753M | 607M | 523M | 510M | 655M | 125M | 326M | 250M | 8.44B |
| OpEx % of Revenue | - | 5.54% | 5.31% | 5.31% | 5.28% | 7.58% | 13.01% | 6.76% | 6.3% | 6.4% | 8.1% | 5.34% | 5.85% | 6.07% | 5.79% | 6.11% | 6.67% | 12.72% | 6.66% | 5.91% | 5.64% | 6.77% | 6.01% | 5.8% | 6.06% | 8.43% | 1.58% | 3.73% | 3.14% | 93.27% |
| Selling, General & Admin | 939M | 965M | 1.07B | 1.01B | 891M | 823M | 762M | 938M | 927M | 921M | 743M | 634M | 659M | 649M | 582M | 752M | 780M | 722M | 803M | 785M | 677M | 781M | 607M | 523M | 510M | 655M | 125M | 164M | 110M | 0 |
| SG&A % of Revenue | - | 3.69% | 4.28% | 4.26% | 4.29% | 5.94% | 7.21% | 4.47% | 4.47% | 4.5% | 4.82% | 4.38% | 4.78% | 5.08% | 4.93% | 6.11% | 6.67% | 6.62% | 6.24% | 6.04% | 5.64% | 7.02% | 6.01% | 5.8% | 6.06% | 8.43% | 1.58% | 1.88% | 1.38% | - |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 486M | 260M | 249M | 205M | 228M | 613M | 479M | 381M | 388M | 505M | 139M | 148M | 127M | 102M | 0 | 0 | 665M | 55M | -17M | 0 | -28M | 0 | 0 | 0 | 0 | 0 | 162M | 140M | 8.44B |
| Operating Income | 4.26B | 4.14B | 3.77B | 3.86B | 3.46B | 1.75B | 84M | 1.8B | 2.37B | 2.5B | 1.42B | 1.35B | 1.16B | 988M | 940M | 526M | 695M | -152M | 765M | 1.19B | 1.09B | 699M | 477M | 377M | 321M | 420M | 811M | 666M | 626M | 609M |
| Operating Margin % | 16.02% | 15.81% | 15.01% | 16.29% | 16.67% | 12.63% | 0.79% | 8.58% | 11.4% | 12.24% | 9.24% | 9.32% | 8.4% | 7.73% | 7.96% | 4.27% | 5.94% | -1.39% | 5.94% | 9.15% | 9.06% | 6.28% | 4.72% | 4.18% | 3.81% | 5.41% | 10.25% | 7.62% | 7.86% | 6.73% |
| Operating Income Growth % | - | 9.93% | -2.51% | 11.61% | 97.83% | 1983.33% | -95.33% | -23.92% | -5.51% | 75.84% | 5.48% | 16.48% | 17.31% | 5.11% | 78.71% | -24.32% | 557.24% | -119.87% | -35.61% | 9.29% | 55.51% | 46.54% | 26.53% | 17.45% | -23.57% | -48.21% | 21.77% | 6.39% | 2.79% | - |
| EBITDA | 4.54B | 4.44B | 4.26B | 4.3B | 3.86B | 2.04B | 562M | 2.2B | 2.65B | 2.78B | 1.58B | 1.49B | 1.31B | 1.11B | 1.04B | 670M | 873M | 33M | 955M | 1.39B | 1.27B | 883M | 643M | 537M | 508M | 642M | 1.01B | 828M | 766M | 735M |
| EBITDA Margin % | 17.1% | 16.95% | 16.97% | 18.13% | 18.59% | 14.76% | 5.32% | 10.5% | 12.77% | 13.61% | 10.27% | 10.28% | 9.47% | 8.72% | 8.82% | 5.44% | 7.47% | 0.3% | 7.42% | 10.66% | 10.63% | 7.93% | 6.37% | 5.96% | 6.04% | 8.26% | 12.72% | 9.47% | 9.61% | 8.13% |
| EBITDA Growth % | 3.96% | 4.23% | -0.95% | 11.34% | 88.85% | 263.88% | -74.49% | -16.87% | -4.78% | 75.81% | 6.31% | 13.93% | 17.22% | 7.01% | 55.52% | -23.25% | 2545.45% | -96.54% | -31.05% | 8.63% | 44.39% | 37.33% | 19.74% | 5.71% | -20.87% | -36.18% | 21.5% | 8.09% | 4.22% | - |
| D&A (Non-Cash Add-back) | 280M | 298M | 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 |
| EBIT | 4.32B | 4.19B | 3.85B | 3.94B | 3.52B | 1.6B | -21M | 1.99B | 2.69B | 3.27B | 1.47B | 1.42B | 1.2B | 1.02B | 986M | 520M | 731M | -300M | 857M | 1.19B | 1.09B | 699M | 477M | 377M | 321M | 420M | 811M | 666M | 626M | 609M |
| Net Interest Income | -788M | -767M | -655M | -535M | -377M | -392M | -418M | -368M | -318M | -250M | -199M | -138M | -85M | -97M | -120M | -150M | -161M | -93M | -124M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 43M | 42M | 40M | 30M | 26M | 28M | 27M | 26M | 22M | 38M | 35M | 29M | 30M | 23M | 17M | 14M | 19M | 25M | 39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 831M | 809M | 695M | 565M | 403M | 420M | 445M | 394M | 340M | 288M | 234M | 167M | 115M | 120M | 137M | 164M | 180M | 118M | 163M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -769M | -747M | -616M | -486M | -348M | -570M | -550M | -201M | -21M | 478M | -185M | -95M | -71M | -91M | -91M | -170M | -144M | -266M | -71M | -51M | 5M | 130M | 177M | 111M | 150M | 1M | -40M | -29M | 6M | -78M |
| Pretax Income | 3.49B | 3.39B | 3.15B | 3.38B | 3.11B | 1.18B | -466M | 1.6B | 2.35B | 2.98B | 1.24B | 1.25B | 1.09B | 897M | 849M | 356M | 551M | -418M | 694M | 1.14B | 1.09B | 829M | 654M | 488M | 471M | 421M | 771M | 637M | 632M | 531M |
| Pretax Margin % | 13.12% | 12.96% | 12.55% | 14.25% | 14.99% | 8.52% | -4.41% | 7.62% | 11.3% | 14.58% | 8.04% | 8.66% | 7.89% | 7.02% | 7.19% | 2.89% | 4.71% | -3.83% | 5.39% | 8.75% | 9.1% | 7.45% | 6.48% | 5.41% | 5.6% | 5.42% | 9.75% | 7.29% | 7.93% | 5.87% |
| Income Tax | 904M | 793M | 776M | 295M | 756M | 81M | -199M | 326M | 438M | 1.52B | 431M | 396M | 335M | 271M | 278M | 158M | 93M | -65M | 350M | 441M | 380M | 284M | 100M | -43M | 32M | 152M | 281M | 237M | 242M | 207M |
| Effective Tax Rate % | 25.92% | 23.36% | 24.63% | 8.73% | 24.28% | 6.86% | 42.7% | 20.39% | 18.68% | 51.07% | 34.79% | 31.55% | 30.79% | 30.21% | 32.74% | 44.38% | 16.88% | 15.55% | 50.43% | 38.79% | 34.8% | 34.26% | 15.29% | -8.81% | 6.79% | 36.1% | 36.45% | 37.21% | 38.29% | 38.98% |
| 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 | -346M | 362M | 696M | 608M | 669M | 596M | 502M | 277M | 236M | 479M | 400M | 390M | 324M |
| Net Margin % | 9.72% | 9.93% | 9.46% | 13% | 11.35% | 7.93% | -2.53% | 6.07% | 9.19% | 7.13% | 5.24% | 5.93% | 5.46% | 4.9% | 4.83% | 1.61% | 3.92% | -3.17% | 2.81% | 5.36% | 5.07% | 6.01% | 5.9% | 5.57% | 3.29% | 3.04% | 6.05% | 4.58% | 4.89% | 3.58% |
| Net Income Growth % | 4.36% | 9.52% | -22.96% | 30.75% | 114.56% | 511.61% | -120.97% | -33.25% | 30.71% | 80.57% | -5.94% | 14.08% | 20.29% | 9.63% | 188.38% | -56.77% | 232.37% | -195.58% | -47.99% | 14.47% | -9.12% | 12.25% | 18.73% | 81.23% | 17.37% | -50.73% | 19.75% | 2.56% | 20.37% | - |
| Net Income (Continuing) | 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 | 344M | 697M | 712M | 543M | 594M | 476M | 439M | 269M | 490M | 400M | 390M | 324M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | -1M | 5M | 126M | 2M | 26M | -162M | -33M | -11M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 0 | 0 | 11M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.59 | 9.49 | 8.33 | 10.18 | 7.24 | 3.34 | -0.82 | 3.79 | 5.10 | 3.84 | 2.73 | 3.15 | 2.54 | 2.00 | 1.72 | 0.55 | 1.21 | -0.97 | 0.98 | 1.73 | 1.39 | 1.43 | 1.23 | 1.01 | 0.54 | 0.46 | 0.93 | 0.74 | 0.72 | 0.59 |
| EPS Growth % | 8.44% | 13.93% | -18.17% | 40.61% | 116.77% | 507.32% | -121.64% | -25.69% | 32.81% | 40.66% | -13.33% | 24.02% | 27% | 16.28% | 212.73% | -54.55% | 224.74% | -198.98% | -43.35% | 24.46% | -2.8% | 16.26% | 21.78% | 87.04% | 17.39% | -50.54% | 25.68% | 2.78% | 22.03% | - |
| EPS (Basic) | - | 9.52 | 8.36 | 10.23 | 7.27 | 3.36 | -0.82 | 3.83 | 5.16 | 3.89 | 2.78 | 3.22 | 2.60 | 2.05 | 1.77 | 0.56 | 1.26 | -0.97 | 1.02 | 1.83 | 1.48 | 1.61 | 1.31 | 1.08 | 0.58 | 0.48 | 0.97 | 0.80 | 0.77 | 0.63 |
| Diluted Shares Outstanding | 269.4M | 269.4M | 285.2M | 302.9M | 325.8M | 329.3M | 325.8M | 335.5M | 354.2M | 379.9M | 290.9M | 272.8M | 296.8M | 313M | 332.9M | 362.3M | 378.3M | 356.4M | 370.7M | 402.06M | 435.92M | 466.42M | 485.9M | 497.54M | 509.14M | 518.65M | 515.14M | 539.16M | 540.09M | 550.49M |
| Basic Shares Outstanding | 268.5M | 268.5M | 284.2M | 301.5M | 324.4M | 327.2M | 325.8M | 332.7M | 350.1M | 375.2M | 290.9M | 267.3M | 289.9M | 305M | 322.6M | 350.1M | 362.8M | 356.4M | 355.6M | 380.33M | 409.76M | 445.63M | 459.72M | 470.82M | 488.36M | 494.23M | 487.02M | 501.42M | 505.46M | 515.81M |
| Dividend Payout Ratio | - | 27.6% | 28.72% | 19.04% | 13.61% | - | - | 48.08% | 28.47% | 33.04% | 46.29% | 29.45% | 29.61% | 31.31% | 33.45% | 67.68% | 9.39% | - | 31.77% | 15.09% | 15.3% | 12.56% | 12.25% | 13.55% | 23.47% | 25.85% | 11.48% | 13% | 9.49% | - |
Cyclical RevPAR sensitivity
According to recent quarterly filings, Marriott's revenue growth has maintained a consistent trajectory, hovering between 3.7% and 6.4% over the last ten quarters, suggesting that the company's asset-light franchise model provides a reliable, albeit moderate, baseline for top-line expansion despite broader macroeconomic volatility in the lodging sector.
The stability in revenue growth appears to be driven by the company's ability to scale its unit count, offsetting potential fluctuations in RevPAR. Investors should monitor whether this growth rate can be sustained as the post-pandemic travel surge normalizes and corporate travel budgets face tighter scrutiny.
As reported in financial statements, Marriott's gross margins have fluctuated significantly between 16.5% and 26.9% over the past ten quarters, a trend largely attributable to the accounting treatment of reimbursable expenses that carry zero margin and obscure the underlying profitability of the core fee-based business model.
The wide variance in reported gross margins suggests that headline figures may not accurately reflect the true operational efficiency of the franchise business. Analysts should focus on the underlying fee-based revenue streams, which likely provide more consistent margin profiles than the aggregate data implies.
Based on the provided income statement data, Marriott's operating income has shown significant quarterly variance, ranging from $752 million to $1.2 billion, indicating that the company has yet to achieve a consistent scaling of operating leverage relative to its gross profit performance over the last two years.
The lack of a clear, linear relationship between gross profit and operating income suggests that SG&A expenses remain somewhat rigid or are subject to periodic investment spikes. This may indicate that the company is prioritizing system-wide infrastructure and loyalty program enhancements over immediate operating margin expansion.
Data from recent filings indicates that Marriott has maintained SG&A expenses within a relatively tight band of $219 million to $330 million, demonstrating a disciplined approach to managing administrative overhead while continuing to support the global reservation and loyalty systems essential to the asset-light business model.
This expense discipline appears to be a strategic choice to protect the bottom line during periods of revenue volatility. However, investors should monitor whether this level of spending is sufficient to maintain a competitive edge against digital booking platforms that are increasingly encroaching on the direct-booking loyalty ecosystem.
While the asset-light model is often viewed as defensive, the historical data suggests that Marriott's net income remains highly sensitive to cyclical downturns, with quarterly earnings per share experiencing sharp contractions, such as the 43.6% decline observed in 2024Q4, highlighting the inherent volatility of incentive management fees.
The reliance on incentive fees, which are back-weighted and highly sensitive to property-level profitability, may expose the company to greater downside risk than a pure franchise-fee model. This suggests that the market's perception of Marriott as a stable, recurring-revenue business may be overly optimistic during periods of economic contraction.
Quick answers to the most common questions about buying MAR stock.
For fiscal year 2025, Marriott International, Inc. (MAR) reported total revenue of $26.19B. This represents a 189.5% increase compared to $9.05B in 1997.
Marriott International, Inc. (MAR) is profitable, generating $2.60B in net income for the fiscal year ending 2025 with a net profit margin of 9.9%.
Marriott International, Inc. (MAR) reported an operating income of $4.14B, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Marriott International, Inc. (MAR) generated $5.59B in gross profit for the year, representing a gross profit margin of 21.3%. This demonstrates the company's core pricing power and production efficiency.