MAR MARRIOTT INTERNATIONAL INC /MD/

Overview and Growth

In fiscal 2025, MARRIOTT INTERNATIONAL INC /MD/ recorded $26.19B of revenue, net income of $2.60B, and an operating cash inflow of $3.21B. The $26.19B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 4.3% from $25.10B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $9.51, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 14.2% from $8.33 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The company employed $27.54B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.95x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $4.14B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 15.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $2.60B, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 9.9%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $3.39B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 13.0%, adding a pre-tax profitability layer between revenue and net income. The company recognized $793.00M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 23.4%, without assuming a statutory-rate comparison. The net-income-to-assets relationship measured 9.4%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

Equity was negative at -$3.77B, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. Current assets were $3.58B against $8.40B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.43x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Cash and equivalents totaled $358.00M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 4.3%, excluding receivables and other current assets. Borrowings totaled $23.00M, adding a fixed financing obligation alongside the company’s equity capital. Relative to total assets, debt measured 0.1%, showing how much of the asset base was matched by borrowing. Measured against total assets, cash and equivalents represented 1.3%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 5.2% higher than fiscal 2024 assets of $26.18B, measuring the company’s own balance-sheet change. Cash and equivalents were 9.6% lower than fiscal 2024 cash of $396.00M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $3.21B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.23x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $604.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 18.8%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $2.61B, leaving a positive amount after capital expenditures. Free cash flow represented 10.0% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 9.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.