Marriott International (MAR) financials

NASDAQ · Consumer Cyclical · Travel Lodging · 414,000 employees · CEO Anthony G. Capuano Jr.

Price: $399.30 -0.09%
Market cap: $104B
Enterprise value: $121B
Last report: Q2 '26 filed 2026-08-03
Next report: 2026-11-02 EPS est. $2.84

Revenue (TTM)$26.9B+4.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)15.8%+0.7 pp vs a year agoOperating income $4.25B

Net income (TTM)$2.59B+4.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.13B+86.2% vs a year agoCapex $596M

Diluted EPS (TTM)$9.57+8.0% vs a year agoSum of the last 4 quarters

Net cash-$17.3B-9.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $104B
Revenue: $26.9B
Revenue growth: +6%
Profit margin: 9.6%
P/E: 41.6×
P/S: 3.9×
EV / EBITDA: 24.1×
Free cash flow: $3.13B
Net income: $2.59B
Revenue estimate: $27.8B
Earnings: 2026-11-02
Dividend: $2.80

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-03): revenue missed by 1.7%, EPS beat by 4.2%Revenue $7.07B vs $7.19B expected (-1.7%); EPS $3.19 vs $3.06 (+4.2%).
Revenue growth steady: 4.8% year on yearQ2 '26 revenue $7.07B, against an average of 4.7% over the four quarters before.
Operating margin 15.8% (TTM), +0.7 pp on a year agoOperating income grew 9.5% while revenue grew 4.7%.
22.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.48B vs operating income $4.25B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 2.2% of revenue (a year ago 3.1%)$596M invested in the last 4 quarters (-26.1% on a year earlier). Free cash flow $3.13B = 121.1% of net income.
Returned $4.35B to shareholders = 138.9% of free cash flowBuybacks $3.62B (a year earlier $3.11B), dividends $731M, stock-based pay $249M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 1.8% in a year269M diluted shares in Q2 '26, 274M a year earlier.
Net debt $17.3BCash + short-term investments $462M, debt incl. leases $17.8B; a year ago net debt $15.9B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$7.07B	$6.74B	+4.8%
Gross margin	22.0%	26.9%	-4.9 pp
Operating income	$1.23B	$1.24B	-0.6%
Operating margin	17.4%	18.3%	-0.9 pp
Net income	$766M	$763M	+0.4%
Diluted EPS	$2.84	$2.78	+2.2%
Operating cash flow	$948M	$643M	+47.4%
Capex	$152M	$155M	-1.9%
Free cash flow	$796M	$488M	+63.1%
R&D	$0	$0	–
Stock-based compensation	$66M	$58M	+13.8%

Reported vs consensus

2026-08-03

	Actual	Consensus	vs consensus
Revenue	$7.07B	$7.19B	-1.7%
EPS (as estimated)	$3.19	$3.06	+4.2%

From the report of 2026-08-03 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Reimbursements	$5.06B	+2.6%	71.5%	$19.8B	+2.7%
Net fee revenues	$1.55B	–	21.9%	–	–
Fee Service	–	–	–	–	–
Franchise	–	–	–	–	–
Management Service, Base	–	–	–	–	–
Owned, leased, and other	$466M	–	6.6%	–	–
Owned, Leased and Other	–	–	–	–	–
Owned, leased, and other revenue	–	–	–	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
U.S. and Canada Segment	$5.26B	–	100.0%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
US And Canada Segment	–	–	$770M	-2.0%	–	–	$2.67B
EMEA Segment	–	–	$144M	-8.3%	–	–	$510M
Greater China	–	–	$55M	+3.8%	–	–	$187M
APEC	–	–	$69M	-9.2%	–	–	$285M
Corporate (unallocated)	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.73B
Capex: -$596M
Buybacks: -$3.62B
Dividends: -$731M
Acquisitions: $0
Net debt issued: $1.27B
Stock-based compensation: $249M
Free cash flow: $3.13B
Returned to shareholders / FCF: 138.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	41.6×	31.5×	20.5× – 49.2×
EV / EBITDA	24.1×	21.9×	15.0× – 33.7×
EV / Sales	4.5×	3.7×	2.8× – 4.6×
Price / FCF	33.2×	35.0×	23.8× – 54.4×
Price / Book	-23.7×	61.6× 2 of 5 years	38.2× – 85.0×
FCF yield	3.0%	3.1%	1.8% – 4.2%
Return on invested capital	18.6%	14.5%	8.2% – 19.1%
Return on equity	-66.7%	-21.5%	-452.1% – 415.1%

Analysts

Consensus target $389.25 (-2.5%)
range $343.00 – $426.00 · rating Hold

Strong buy0

Buy23

Hold28

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$27.8B	+6.1%	$11.75	+23.8%	34.0×	18
FY2027	$29.4B	+5.9%	$13.10	+11.5%	30.5×	20
FY2028	$31B	+5.3%	$14.54	+10.9%	27.5×	12
FY2029	$31.9B	+2.9%	$16.16	+11.2%	24.7×	9
FY2030	$32.6B	+2.1%	$18.87	+16.8%	21.2×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 208 figures Marriott International, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	$3.34B	$2.98B	+11.9%	$2.91B	$2.8B	+4.1%
Accounts and Financing Receivable, Allowance for Credit Loss	$212M2025-12-31	$199M	+6.5%	$212M	$199M	+6.5%
Accounts Payable, Trade, Current	$819M	$778M	+5.3%	$814M	$763M	+6.7%
Accounts Receivable, Allowance for Credit Loss	$215M	$209M	+2.9%	–	–	–
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$947M2025-12-31	$881M	+7.5%	$947M	$881M	+7.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$685M	-$674M	-1.6%	-$642M	-$1.06B	+39.6%
Additional Paid in Capital, Common Stock	$6.37B	$6.19B	+2.9%	$6.35B	$6.18B	+2.8%
Advertising Expense	–	–	–	$999M	$993M	+0.6%
Amortization of Intangible Assets	–	–	–	$313M	$255M	+22.7%
Assets	$28.1B	$27.3B	+2.7%	$27.5B	$26.2B	+5.2%
Assets, Current	$4.23B	$4.03B	+4.8%	$3.58B	$3.49B	+2.8%
Cash and Cash Equivalents, at Carrying Value	$462M	$671M	-31.1%	$358M	$396M	-9.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$472M	$692M	-31.8%	$371M	$425M	-12.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$4M	$146M	-97.3%	-$54M	$59M	-191.5%
Common Stock, Capital Shares Reserved for Future Issuance	10M2025-12-31	11M	-9.1%	10M	11M	-9.1%
Common Stock, Dividends, Per Share, Cash Paid	$0.73	$0.67	+9.0%	–	–	–
Common Stock, Dividends, Per Share, Declared	–	–	–	$2.64	$2.41	+9.5%
Common Stock, Par or Stated Value Per Share	$0.012025-12-31	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	800M2025-12-31	800M	0.0%	800M	800M	0.0%
Common Stock, Shares, Outstanding	266M2025-12-31	277M	-3.9%	266M	277M	-3.9%
Common Stock, Value, Issued	$5M	$5M	0.0%	$5M	$5M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$796M	$1.05B	-24.3%	$3.02B	$1.96B	+54.3%
Costs and Expenses	$5.84B	$5.51B	+6.1%	$22B	$21.3B	+3.3%
Current Federal Tax Expense (Benefit)	–	–	–	$409M	$447M	-8.5%
Current Foreign Tax Expense (Benefit)	–	–	–	$252M	$282M	-10.6%
Current Income Tax Expense (Benefit)	–	–	–	$731M	$853M	-14.3%
Current State and Local Tax Expense (Benefit)	–	–	–	$70M	$124M	-43.5%
Debt and Lease Obligation	$16.9B	$15.7B	+8.0%	$16.2B	$14.4B	+12.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$8M	-$125M	+93.6%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$74M	$67M	+10.4%
Deferred Income Tax Assets, Net	$524M	$611M	-14.2%	$570M	$650M	-12.3%
Deferred Income Tax Expense (Benefit)	–	–	–	$62M	-$77M	+180.5%
Deferred Income Tax Liabilities, Net	$99M	$59M	+67.8%	$79M	$81M	-2.5%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$4M	-$19M	+78.9%
Deferred Tax Asset, Interest Carryforward	$106M2025-12-31	$123M	-13.8%	$106M	$123M	-13.8%
Deferred Tax Assets, Deferred Income	$114M2025-12-31	$114M	0.0%	$114M	$114M	0.0%
Deferred Tax Assets, Gross	$2.36B2025-12-31	$2.4B	-1.7%	$2.36B	$2.4B	-1.7%
Deferred Tax Assets, Net	$491M2025-12-31	$569M	-13.7%	$491M	$569M	-13.7%
Deferred Tax Assets, Net of Valuation Allowance	$1.35B2025-12-31	$1.33B	+1.4%	$1.35B	$1.33B	+1.4%
Deferred Tax Assets, Operating Loss Carryforwards	$982M2025-12-31	$1.05B	-6.1%	$982M	$1.05B	-6.1%
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$2.87B2025-12-31	$2.96B	-3.2%	$2.87B	$2.96B	-3.2%
Deferred Tax Assets, Other	$47M2025-12-31	$36M	+30.6%	$47M	$36M	+30.6%
Deferred Tax Assets, Property, Plant and Equipment	$29M2025-12-31	$15M	+93.3%	$29M	$15M	+93.3%
Deferred Tax Assets, Tax Credit Carryforwards	$64M2025-12-31	$62M	+3.2%	$64M	$62M	+3.2%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	$289M2025-12-31	$302M	-4.3%	$289M	$302M	-4.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	$134M2025-12-31	$153M	-12.4%	$134M	$153M	-12.4%
Deferred Tax Assets, Valuation Allowance	$1.01B2025-12-31	$1.07B	-5.5%	$1.01B	$1.07B	-5.5%
Deferred Tax Liabilities, Gross	$861M2025-12-31	$764M	+12.7%	$861M	$764M	+12.7%
Deferred Tax Liabilities, Leasing Arrangements	$245M2025-12-31	$223M	+9.9%	$245M	$223M	+9.9%
Deferred Tax Liabilities, Other	$32M2025-12-31	$64M	-50.0%	$32M	$64M	-50.0%
Deferred Tax Liabilities, Other Finite-Lived Assets	$584M2025-12-31	$477M	+22.4%	$584M	$477M	+22.4%
Defined Contribution Plan, Cost	–	–	–	$264M	$240M	+10.0%
Depreciation	–	–	–	$145M	$128M	+13.3%
Dividends, Cash	–	–	–	$718M	$682M	+5.3%
Dividends, Common Stock	$192M	$183M	+4.9%	–	–	–
Earnings Per Share, Basic	$2.90	$2.78	+4.3%	$9.53	$8.36	+14.0%
Earnings Per Share, Diluted	$2.90	$2.78	+4.3%	$9.51	$8.33	+14.2%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	$713M	–	–
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	21.0%	0.0%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	–	–	–	-$56M	–	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01