Revenue growth normalized to 4.8% in 2026Q2, with gross margin volatile (22.0% vs. 26.9% in 2025Q2) but operating margin expanding to 17.4% on flat SG&A.
Marriott International, Inc. (MAR) annual income statement — 29-year revenue, gross profit & net income history
| 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 | 26.9B | 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 % | 4.72% | 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 | 21.48B | 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 | 5.42B | 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 % | 20.16% | 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 | 1.18B | 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 | 914M | 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 | 4.25B | 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 % | 15.8% | 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 | 4.67B | 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 % | 17.38% | 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 % | 5.79% | 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) | 389M | 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 | 4.33B | 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 | -798M | -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 | 51M | 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 | 849M | 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 | -772M | -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 | 3.48B | 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 % | 12.93% | 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 | 335M | 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 % | 9.63% | 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 | 2.59B | 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 % | 9.62% | 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 % | 4.86% | 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) | 3.14B | 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) | 9.60 | 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 % | 8.01% | 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% | - |
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.
Key Metrics
Top Statement Risk
Greater China RevPAR weakness
Metrics are mathematically derived from official filings.
Revenue Growth Steadies After Travel Boom
Revenue growth has decelerated from 6.4% in 2024Q1 to 4.8% in 2026Q2, indicating a normalization from post-pandemic rebound. According to the latest quarterly data, growth remains positive but is converging toward a sustainable mid-single-digit pace.
The sequential trend shows a gradual slowdown from the 6%+ growth seen in early 2024 to the 4-5% range in recent quarters. This suggests the pent-up travel demand has largely been absorbed, and future growth will depend on net unit expansion and international recovery, particularly in Greater China. The modest acceleration from 4.1% in 2025Q4 to 4.8% in 2026Q2 hints at some resilience, but the overall trajectory points to a mature phase.
Gross Margin Volatility Reflects Mix Shifts
Gross margin swung from 26.9% in 2025Q2 to 22.0% in 2026Q2, a 490 basis point decline, as reported in the income statement. This volatility likely stems from changes in the mix of franchise versus managed properties and the timing of incentive fees.
The gross margin is highly sensitive to the proportion of reimbursable expenses, which carry no margin. The peak in 2025Q2 may have benefited from a favorable mix of higher-margin franchise fees, while the recent dip could indicate increased managed property activity or higher system fund spending. Compared to peers like Hilton (41.1%) and IHG (32.0%), Marriott's gross margin is structurally lower due to its larger managed portfolio, but this is not necessarily a sign of weakness; it reflects a different business mix.
Operating Leverage Evident in SG&A Control
SG&A expenses have remained flat around $220-245 million per quarter despite revenue growth, leading to operating margin expansion from 14.7% in 2024Q1 to 17.4% in 2026Q2. This indicates strong operating leverage, as reported in the quarterly data.
The stability of SG&A in absolute terms while revenue grows suggests that Marriott is scaling its fee-based model efficiently. The operating margin improvement from 14.7% to 17.4% over the period underscores the high incremental margins on franchise and management fees. However, the recent dip in operating margin to 17.4% from 18.3% in 2025Q2 warrants monitoring, as it may reflect increased investment in technology or marketing to support growth.
EPS Growth Diverges from Net Income
EPS growth has been volatile, ranging from -43.6% in 2024Q4 to +29.0% in 2025Q3, while net income growth has been more stable. This divergence, based on reported figures, suggests share buybacks and one-time items are influencing EPS.
The large swings in EPS growth, such as the 29% jump in 2025Q3 versus a 3.7% revenue growth, indicate that EPS is being driven by factors beyond operational performance, including share repurchases and potentially tax benefits. The negative EPS growth in 2024Q4 (-43.6%) despite positive revenue growth highlights the impact of non-operating items. Investors should focus on net income quality and the sustainability of buyback-driven EPS growth.
COGS Dominates Cost Structure
COGS consistently represents over 75% of revenue, reflecting the pass-through nature of reimbursable expenses. As reported in the income statement, COGS has grown from $4.8B in 2024Q1 to $5.5B in 2026Q2, tracking revenue growth.
The high COGS ratio is a direct result of Marriott's asset-light model, where the company incurs costs on behalf of managed properties and recovers them at cost. This means that gross profit is a more meaningful measure of underlying profitability than revenue. The stability of COGS as a percentage of revenue (around 78-80%) suggests that the pass-through costs are well-controlled, but any significant deviation could signal inefficiencies in property-level operations.
Margin Compression Risk from Mix Shift
The recent gross margin decline from 26.9% to 22.0% could signal a structural shift toward lower-margin managed properties, which may pressure profitability. According to the latest data, this trend warrants close monitoring.
If the decline in gross margin is not a temporary fluctuation but a reflection of a growing proportion of managed properties relative to franchises, Marriott's overall profitability could face headwinds. Additionally, the company's reliance on incentive management fees, which are tied to property-level profitability, exposes it to economic downturns. Short-sellers might argue that the market is overestimating the durability of Marriott's margins, especially if competition from OTAs forces higher system fund spending.