Marriott International (MAR)财务
NASDAQ · Consumer Cyclical · Travel Lodging · 员工414,000人 · CEO Anthony G. Capuano Jr.
- 股价
- $399.30 -0.09%
- 市值
- $1040亿
- 企业价值
- $1210亿
- 最近财报
- Q2 '26 2026-08-03提交
- 下次财报
- 2026-11-02 EPS预期 $2.84
营收(TTM)$269亿+4.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)15.8%+0.7 百分点 对比去年同期营业利润 $42.5亿
净利润(TTM)$25.9亿+4.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$31.3亿+86.2% 对比去年同期资本支出 $5.96亿
稀释EPS(TTM)$9.57+8.0% 对比去年同期最近4个季度之和
净现金-$173亿-9.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1040亿 EV $1210亿
- 营收
- $269亿 过去12个月
- 营收增速
- +6% FY2026年一致预期
- 净利润率
- 9.6% 净利润 / 营收,TTM
- P/E
- 41.6× 预期 34.0×(FY2026)
- P/S
- 3.9× 股价 / 营收,TTM
- EV / EBITDA
- 24.1× TTM
- 自由现金流
- $31.3亿 过去12个月
- 净利润
- $25.9亿 过去12个月
- 营收预期
- $278亿 FY2026年一致预期
- 盈利
- 2026-11-02 营收预期 $69.3亿
- 股息
- $2.80 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-03):营收低于预期1.7%,EPS 超预期4.2%营收$70.7亿,预期$71.9亿(-1.7%);EPS $3.19,预期$3.06(+4.2%)。
- 营收增长平稳:同比4.8%Q2 '26营收$70.7亿,此前四个季度的平均值为4.7%。
- 营业利润率15.8%(TTM),较去年同期+0.7 百分点营收增长4.7%,营业利润增长9.5%。
- 税前利润的22.2%被营业外亏损吞噬税前利润$34.8亿,营业利润$42.5亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的2.2%(去年为3.1%)最近4个季度投入$5.96亿(同比-26.1%)。自由现金流$31.3亿,相当于净利润的121.1%。
- 股东回报$43.5亿 = 自由现金流的138.9%回购$36.2亿(去年为$31.1亿),股息$7.31亿,股权激励$2.49亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少1.8%Q2 '26稀释股数2.69亿,一年前为2.74亿。
- 净债务 $173亿现金 + 短期投资 $4.62亿,含租赁债务 $178亿;一年前净债务 $159亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $70.7亿 | $67.4亿 | +4.8% |
| 毛利率 | 22.0% | 26.9% | -4.9 百分点 |
| 营业利润 | $12.3亿 | $12.4亿 | -0.6% |
| 营业利润率 | 17.4% | 18.3% | -0.9 百分点 |
| 净利润 | $7.66亿 | $7.63亿 | +0.4% |
| 稀释EPS | $2.84 | $2.78 | +2.2% |
| 经营现金流 | $9.48亿 | $6.43亿 | +47.4% |
| 资本支出 | $1.52亿 | $1.55亿 | -1.9% |
| 自由现金流 | $7.96亿 | $4.88亿 | +63.1% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $6600万 | $5800万 | +13.8% |
实际 vs 一致预期
2026-08-03| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $70.7亿 | $71.9亿 | -1.7% |
| EPS(一致预期口径) | $3.19 | $3.06 | +4.2% |
来自2026-08-03发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Reimbursements | $50.6亿 | +2.6% | 71.5% | $198亿 | +2.7% | |
| Net fee revenues | $15.5亿 | – | 21.9% | – | – | |
| Fee Service | – | – | – | – | – | |
| Franchise | – | – | – | – | – | |
| Management Service, Base | – | – | – | – | – | |
| Owned, leased, and other | $4.66亿 | – | 6.6% | – | – | |
| Owned, Leased and Other | – | – | – | – | – | |
| Owned, leased, and other revenue | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| U.S. and Canada Segment | $52.6亿 | – | 100.0% | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| US And Canada Segment | – | – | $7.7亿 | -2.0% | – | – | $26.7亿 |
| EMEA Segment | – | – | $1.44亿 | -8.3% | – | – | $5.1亿 |
| Greater China | – | – | $5500万 | +3.8% | – | – | $1.87亿 |
| APEC | – | – | $6900万 | -9.2% | – | – | $2.85亿 |
| Corporate (unallocated) | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $37.3亿
- 资本支出
- -$5.96亿
- 股票回购
- -$36.2亿
- 股息
- -$7.31亿
- 收购
- $0
- 债务净发行
- $12.7亿
- 股权激励费用
- $2.49亿
- 自由现金流
- $31.3亿
- 股东回报 / FCF
- 138.9%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 41.6× | 31.5× | 20.5× – 49.2× |
| EV / EBITDA | 24.1× | 21.9× | 15.0× – 33.7× |
| EV / 营收 | 4.5× | 3.7× | 2.8× – 4.6× |
| 股价 / FCF | 33.2× | 35.0× | 23.8× – 54.4× |
| 股价 / 净资产 | -23.7× | 61.6× 5年中的2年 | 38.2× – 85.0× |
| FCF收益率 | 3.0% | 3.1% | 1.8% – 4.2% |
| 投入资本回报率 | 18.6% | 14.5% | 8.2% – 19.1% |
| 净资产收益率 | -66.7% | -21.5% | -452.1% – 415.1% |
分析师
一致目标价 $389.25 (-2.5%)
区间 $343.00 – $426.00 · 评级 Hold
强烈买入0
买入23
持有28
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $278亿 | +6.1% | $11.75 | +23.8% | 34.0× | 18 |
| FY2027 | $294亿 | +5.9% | $13.10 | +11.5% | 30.5× | 20 |
| FY2028 | $310亿 | +5.3% | $14.54 | +10.9% | 27.5× | 12 |
| FY2029 | $319亿 | +2.9% | $16.16 | +11.2% | 24.7× | 9 |
| FY2030 | $326亿 | +2.1% | $18.87 | +16.8% | 21.2× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Marriott International, Inc.在近期10-Q / 10-K文件中标记的全部208项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $33.4亿 | $29.8亿 | +11.9% | $29.1亿 | $28亿 | +4.1% |
| Accounts and Financing Receivable, Allowance for Credit Loss | $2.12亿2025-12-31 | $1.99亿 | +6.5% | $2.12亿 | $1.99亿 | +6.5% |
| Accounts Payable, Trade, Current | $8.19亿 | $7.78亿 | +5.3% | $8.14亿 | $7.63亿 | +6.7% |
| Accounts Receivable, Allowance for Credit Loss | $2.15亿 | $2.09亿 | +2.9% | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $9.47亿2025-12-31 | $8.81亿 | +7.5% | $9.47亿 | $8.81亿 | +7.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$6.85亿 | -$6.74亿 | -1.6% | -$6.42亿 | -$10.6亿 | +39.6% |
| Additional Paid in Capital, Common Stock | $63.7亿 | $61.9亿 | +2.9% | $63.5亿 | $61.8亿 | +2.8% |
| Advertising Expense | – | – | – | $9.99亿 | $9.93亿 | +0.6% |
| Amortization of Intangible Assets | – | – | – | $3.13亿 | $2.55亿 | +22.7% |
| Assets | $281亿 | $273亿 | +2.7% | $275亿 | $262亿 | +5.2% |
| Assets, Current | $42.3亿 | $40.3亿 | +4.8% | $35.8亿 | $34.9亿 | +2.8% |
| Cash and Cash Equivalents, at Carrying Value | $4.62亿 | $6.71亿 | -31.1% | $3.58亿 | $3.96亿 | -9.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.72亿 | $6.92亿 | -31.8% | $3.71亿 | $4.25亿 | -12.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $400万 | $1.46亿 | -97.3% | -$5400万 | $5900万 | -191.5% |
| Common Stock, Capital Shares Reserved for Future Issuance | 1000万2025-12-31 | 1100万 | -9.1% | 1000万 | 1100万 | -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 | 8亿2025-12-31 | 8亿 | 0.0% | 8亿 | 8亿 | 0.0% |
| Common Stock, Shares, Outstanding | 2.66亿2025-12-31 | 2.77亿 | -3.9% | 2.66亿 | 2.77亿 | -3.9% |
| Common Stock, Value, Issued | $500万 | $500万 | 0.0% | $500万 | $500万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $7.96亿 | $10.5亿 | -24.3% | $30.2亿 | $19.6亿 | +54.3% |
| Costs and Expenses | $58.4亿 | $55.1亿 | +6.1% | $220亿 | $213亿 | +3.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.09亿 | $4.47亿 | -8.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.52亿 | $2.82亿 | -10.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $7.31亿 | $8.53亿 | -14.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $7000万 | $1.24亿 | -43.5% |
| Debt and Lease Obligation | $169亿 | $157亿 | +8.0% | $162亿 | $144亿 | +12.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$800万 | -$1.25亿 | +93.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $7400万 | $6700万 | +10.4% |
| Deferred Income Tax Assets, Net | $5.24亿 | $6.11亿 | -14.2% | $5.7亿 | $6.5亿 | -12.3% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $6200万 | -$7700万 | +180.5% |
| Deferred Income Tax Liabilities, Net | $9900万 | $5900万 | +67.8% | $7900万 | $8100万 | -2.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$400万 | -$1900万 | +78.9% |
| Deferred Tax Asset, Interest Carryforward | $1.06亿2025-12-31 | $1.23亿 | -13.8% | $1.06亿 | $1.23亿 | -13.8% |
| Deferred Tax Assets, Deferred Income | $1.14亿2025-12-31 | $1.14亿 | 0.0% | $1.14亿 | $1.14亿 | 0.0% |
| Deferred Tax Assets, Gross | $23.6亿2025-12-31 | $24亿 | -1.7% | $23.6亿 | $24亿 | -1.7% |
| Deferred Tax Assets, Net | $4.91亿2025-12-31 | $5.69亿 | -13.7% | $4.91亿 | $5.69亿 | -13.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $13.5亿2025-12-31 | $13.3亿 | +1.4% | $13.5亿 | $13.3亿 | +1.4% |
| Deferred Tax Assets, Operating Loss Carryforwards | $9.82亿2025-12-31 | $10.5亿 | -6.1% | $9.82亿 | $10.5亿 | -6.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $28.7亿2025-12-31 | $29.6亿 | -3.2% | $28.7亿 | $29.6亿 | -3.2% |
| Deferred Tax Assets, Other | $4700万2025-12-31 | $3600万 | +30.6% | $4700万 | $3600万 | +30.6% |
| Deferred Tax Assets, Property, Plant and Equipment | $2900万2025-12-31 | $1500万 | +93.3% | $2900万 | $1500万 | +93.3% |
| Deferred Tax Assets, Tax Credit Carryforwards | $6400万2025-12-31 | $6200万 | +3.2% | $6400万 | $6200万 | +3.2% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $2.89亿2025-12-31 | $3.02亿 | -4.3% | $2.89亿 | $3.02亿 | -4.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $1.34亿2025-12-31 | $1.53亿 | -12.4% | $1.34亿 | $1.53亿 | -12.4% |
| Deferred Tax Assets, Valuation Allowance | $10.1亿2025-12-31 | $10.7亿 | -5.5% | $10.1亿 | $10.7亿 | -5.5% |
| Deferred Tax Liabilities, Gross | $8.61亿2025-12-31 | $7.64亿 | +12.7% | $8.61亿 | $7.64亿 | +12.7% |
| Deferred Tax Liabilities, Leasing Arrangements | $2.45亿2025-12-31 | $2.23亿 | +9.9% | $2.45亿 | $2.23亿 | +9.9% |
| Deferred Tax Liabilities, Other | $3200万2025-12-31 | $6400万 | -50.0% | $3200万 | $6400万 | -50.0% |
| Deferred Tax Liabilities, Other Finite-Lived Assets | $5.84亿2025-12-31 | $4.77亿 | +22.4% | $5.84亿 | $4.77亿 | +22.4% |
| Defined Contribution Plan, Cost | – | – | – | $2.64亿 | $2.4亿 | +10.0% |
| Depreciation | – | – | – | $1.45亿 | $1.28亿 | +13.3% |
| Dividends, Cash | – | – | – | $7.18亿 | $6.82亿 | +5.3% |
| Dividends, Common Stock | $1.92亿 | $1.83亿 | +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 | – | – | – | $7.13亿 | – | – |
| 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 | – | – | – | -$5600万 | – | – |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01