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Marriott International (MAR) stock

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NASDAQ: MAR Nasdaq Hotels, Resorts & Cruise Lines Next results ~February 9, 2027

B Fundamentals grade

Marriott International is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$130–$270 across our lower- and higher-growth cases (0.5%–10.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 54% below it.

Price used: $416.30, November 2, 2026

Marriott International valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 12 selling0 purchases and 25 sales by directors and officers, last 12 monthsInsider trades
  • Funds825 adding, 631 cuttingOf 86 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Marriott International files

10-Q filed November 2: Marriott International

Model value +14.2%

Marriott's trailing twelve-month revenue reached $27.4bn to September 2026, up 5.8% year-on-year and an acceleration from the 4.7% pace recorded a quarter earlier. Free-cash-flow margin climbed to 12.7%, well above the 7.4% seen a year ago. A 3.9% reduction in the diluted share count has also boosted per-share metrics. These improvements push the fundamentals grade up from C to B, and our model value follows suit, rising from $166 to $190 a share. Against a share price of $419, however, the rating remains Sell. At that level, the market appears to be pricing in cash-flow growth of roughly 17.0% a year over five years, faster than the 14.6% annual revenue growth the company has actually delivered.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Marriott International stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $26.9bn, up 4.7% on a year earlier, about the same pace as a quarter earlier. That puts it 8 of 8 for growth among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin rose to 11.6% from 6.5% a year earlier. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 4 financial-health checks. Our cash-flow model value is $181 a share, against a share price of $397. At that price, our model says the market is pricing in about 19.3% a year of cash-flow growth for five years, faster than the 14.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Marriott International's trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 12.7%. Where it stands out: long-term debt as % of assets of 0.1% ranks 3 of 24 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$130–$270 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 80.9% while net income grew 1.6%: a 79pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $416.30 is 54% above our value per share of $190.
  • High earnings multiple. The shares trade at 42 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 12 insiders sold $66M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$3.02 against an average estimate of $2.85: beat by 6.0%
Revenue
$7.00bn, up 8.0% on a year earlier
Guidance given
worldwide RevPAR growth growth 3.5% to 4% (Third Quarter 2026); worldwide RevPAR growth growth 3% to 3.5% (Full Year 2026)
Next report
November 2, 2026; average EPS estimate $3.06

Marriott International's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.3%
  • 1 week+5.5%
  • 1 month+16.0%
  • This year+35.0%
  • 1 year+61.1%
  • 5 years+163.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$27.4B
Operating margin
15.8%
Net margin
9.7%
EPS (TTM, diluted)
$9.99

Growth

Revenue growth
+5.8%
Change in growth rate
+1.0 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
$3.5B
FCF margin
12.7%
Stock pay % of revenue
0.8%

Earnings

Last results
November 2, 2026
Next results (est.)
February 9, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Our research
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Agreement
  8. Announcement
  9. Results
  10. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Marriott International valuation models and calculator

What the price is pricing in

The share price implies about 17.1% a year of cash-flow growth for five years.That is close to the 14.6% a year revenue growth Marriott International has delivered.

  • Priced in17.1%
  • Last 12 months5.8%
  • 3 years a year5.2%
  • 5 years a year14.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($416.59, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$190
Price used
$416.59close November 3, 2026
Implied change
▼ 54%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Marriott International's free cash flow after stock-based pay with after-tax interest added back ($3.2B, FY2026 Q3 TTM), growing 5.9% and 5.7% in the next two years (forecasts, guidance and its record), then back to 5.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$270 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Marriott International's free cash flow after stock-based pay ( $3.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Marriott International as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$130–$270 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$160–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$190 ~$190–$190 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Marriott International with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +75%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $116$180$265$377$522$711
8.5% $74$121$182$262$365$499
10% $49$85$132$193$272$373

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$60.57$75.94$126.24$102.20$144.60$126.47$158.41$143.62$219.82$274.61$308.40$416.30
Market value$16.5bn$22.5bn$48.0bn$36.2bn$48.5bn$41.2bn$52.2bn$46.8bn$66.6bn$78.3bn$84.4bn$110.5bn
+ Net debt (− = net cash)$4.0bn$7.6bn$7.9bn$9.0bn$10.7bn$9.5bn$8.7bn$9.6bn$11.5bn$14.1bn$15.8bn$16.4bn
Enterprise value$20.5bn$30.1bn$55.8bn$45.2bn$59.2bn$50.7bn$60.9bn$56.3bn$78.1bn$92.4bn$100.2bn$126.9bn
Multiples
Price / sales 1.1x1.5x2.3x1.7x2.3x3.9x3.8x2.3x2.8x3.1x3.2x4.0x
Price / earnings 19.2x27.8x32.9x19.0x38.1x—47.5x19.8x21.6x33.0x32.4x41.7x
Price / free cash flow 13.7x15.8x24.1x20.1x47.0x27.4x52.5x23.0x24.5x39.2x32.4x31.7x
EV / EBITDA 13.9x19.0x20.4x17.2x27.6x124.9x32.3x15.8x19.6x23.7x23.4x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

67 /100

Moderate moat

How hard Marriott International's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 7.9% of total assets over 10 years.

  • Durability 7 / 20

    Operating margin has been a median 13.6%; its worst year was 3.5%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 18.8% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.82 +18% $27.8bn +6%
Next $13.21 +12% $29.5bn +6%

Next year's EPS estimate has moved +0.6% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.2% on 90 days ago. In the last 30 days, 3 analysts raised Marriott International's forecast and 0 cut it.

Consensus EPS forecast Marriott International, last 90 days
$11.50 $12.00 $12.50 $13.00 $13.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.67 Current fiscal year, 60 days ago: $11.72 Current fiscal year, 30 days ago: $11.73 Current fiscal year, 7 days ago: $11.74 Current fiscal year, Now: $11.82 $11.82 Next fiscal year, 90 days ago: $13.14 Next fiscal year, 60 days ago: $13.15 Next fiscal year, 30 days ago: $13.16 Next fiscal year, 7 days ago: $13.16 Next fiscal year, Now: $13.21 $13.21

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.67$13.14
60 days ago $11.72$13.15
30 days ago $11.73$13.16
7 days ago $11.74$13.16
Now $11.82$13.21

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.85 $3.02 +6.0%
Jun 2026 $3.08 $3.19 +3.6%
Mar 2026 $2.55 $2.72 +6.5%
Dec 2025 $2.62 $2.58 −1.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Gross fee revenues Full Year 2026 $6,025m to $6,055m
    “Gross fee revenues $1,474 to $1,483 $6,025 to $6,055” source
  • Gross fee revenues Third Quarter 2026 $1,474m to $1,483m
    “Gross fee revenues $1,474 to $1,483 $6,025 to $6,055” source
  • Adjusted EPS – diluted Full Year 2026 $11.64 to $11.81 Non-GAAP
    “Adjusted EPS - diluted 2,3 $2.74 to $2.82 $11.64 to $11.81” source
  • Adjusted EPS – diluted Third Quarter 2026 $2.74 to $2.82 Non-GAAP
    “Adjusted EPS - diluted 2,3 $2.74 to $2.82 $11.64 to $11.81” source
  • Worldwide RevPAR growth Full Year 2026 3% growth to 3.5% growth Raised
    “With the outperformance in the second quarter and strong broad-based demand generally expected to continue, we are raising our full year expectation to 3 to 3.5 percent global RevPAR growth.” source
  • Net rooms growth Year-End 2026 4.5% growth to 5% growth
    “Net rooms growth Low end of 4.5% to 5%” source
Show 11 more items
  • Owned, leased, and other revenue, net of owned, leased, and other expense Full Year 2026 $175m to $185m
    “Owned, leased, and other revenue, net of owned, leased, and other expense $30 to $40 $175 to $185” source
  • General and administrative expenses Full Year 2026 $875m to $895m
    “General and administrative expenses $220 to $210 $895 to $875” source
  • Adjusted EBITDA Full Year 2026 $5,965m to $6,025m Non-GAAP
    “Adjusted EBITDA 1,2 $1,439 to $1,468 $5,965 to $6,025” source
  • Adjusted effective tax rate Full Year 2026 26% to 26.5% Non-GAAP
    “Adjusted effective tax rate 2 Approx. 26.7% 26.0% to 26.5%” source
  • Investment spending Full Year 2026 $1,250m to $1,350m
    “Investment spending 4 $1,250 to $1,350” source
  • Capital return to shareholders Full Year 2026 —
    “Capital return to shareholders 5 Over $4,500” source
  • Worldwide RevPAR growth Third Quarter 2026 3.5% growth to 4% growth
    “Worldwide RevPAR growth 3.5% to 4.0% 3.0% to 3.5%” source
  • Owned, leased, and other revenue, net of owned, leased, and other expense Third Quarter 2026 $30m to $40m
    “Owned, leased, and other revenue, net of owned, leased, and other expense $30 to $40 $175 to $185” source
  • General and administrative expenses Third Quarter 2026 $210m to $220m
    “General and administrative expenses $220 to $210 $895 to $875” source
  • Adjusted EBITDA Third Quarter 2026 $1,439m to $1,468m Non-GAAP
    “Adjusted EBITDA 1,2 $1,439 to $1,468 $5,965 to $6,025” source
  • Adjusted effective tax rate Third Quarter 2026 about 26.7% Non-GAAP
    “Adjusted effective tax rate 2 Approx. 26.7% 26.0% to 26.5%” source

How earlier guidance turned out

  • Gross fee revenues, Second Quarter 2026 guided $1,538m to $1,553m Above range: $7,071m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Marriott International's revenue by +5.9% next year and +5.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.0%, weight 70%) and the company's own record (+5.5%, weight 30%) . How the weights are set.

Analyst recommendations

29 analysts, Nov 2026
Buy1448%
Hold1345%
Sell27%

Monthly trend

  1. Nov 2026131329
  2. Oct 2026131329
  3. Sep 2026121328
  4. Aug 2026121227

Counts of recommendations published by analysts covering Marriott International, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
4.75
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
64%
of shares
Held by insiders
18.1%
of shares
Employees
414,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +61.1%

$258.43 on October 31, 2025 to $416.30

ThenNowEffect
Revenue (last 12 months) $25.7bn $26.9bn +4.7%
Net margin 9.6% 9.6% +0.1%
P/E multiple 29.2x 43.2x +47.9%
Share count 279m 268m +3.9%

Biggest factor: p/e multiple.

Last 3 years +123.8%

$186.00 on November 3, 2023 to $416.30

ThenNowEffect
Revenue (last 12 months) $22.9bn $26.9bn +17.4%
Net margin 12.2% 9.6% −20.9%
P/E multiple 21.0x 43.2x +105.4%
Share count 315m 268m +17.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MAR+25%−9%+53%+25%+12%+35%
Industry peers (median)+28%−27%+45%+25%+6%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MAR58%50%58%67%67%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MAR−18%−30%−13%−18%−31%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from December 26, 2019 to April 3, 2020. Getting back needed a 158% gain, reached on February 24, 2021, 327 days after the low.

Price behaviour

52-week range
$261.71 – $416.30
From 52-week high
0.0%
vs 50-day average
+15.2%
vs 200-day average
+17.1%
Volatility (1 year)
27%
Beta vs S&P 500
0.61

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±4.3%
After a week
5 up, 6 down
typical move ±6.1%
After a month
5 up, 6 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 −7.4% +3.3% −6.5% −10.1%
May 6, 2026 −0.7% +1.1% −1.2% +10.9%
February 10, 2026 +8.3% −0.3% +7.5% −4.3%
November 4, 2025 +7.3% −0.8% +10.6% +12.4%
August 5, 2025 +1.4% +0.3% +2.3% +4.0%
May 6, 2025 +3.5% −0.4% +10.9% +5.3%
February 11, 2025 −4.6% −0.2% −5.5% −21.9%
November 4, 2024 −0.3% +1.0% +9.7% +11.4%
July 31, 2024 −8.4% +0.2% −10.1% −2.8%
May 1, 2024 −0.2% +0.6% −0.3% −1.8%
February 13, 2024 −5.4% −0.5% −2.0% −0.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Marriott International’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.32× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MAR Marriott International Grade B $415.63

Own 100 shares, sell the $440 call expiring December 18, 2026 (46 days) for $6.00 a share — $600 per contract.

Previous session · Bid $6.00, ask $7.20, quoted Mon 2 Nov, 17:29 New York time with MAR at $415.63. Option prices move with the shares: check the live chain at your broker before trading.

  • If MAR ends below $440: you keep your shares and the $600 — 1.4% extra on the position, 11.5% a year at that pace.
  • If it ends above $440: your shares are sold at $440, a total return of 7.3% including the premium — at or above our value of ~$190.
$3.0k $0 −$8.2k Break-even $409.63 Price $415.63 ← Our value ~$190
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$600
Annualised
11.5%
Break-even
$409.63
Max gain
$3,037
Chance of selling
~31%

Collar

Own the shares, buy the $390 put and sell the $440 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.10 a share ($10.00 per contract of 100 shares).
  • Worst case at expiry: -6.2%, if the shares fall below $390 (-6.2% from today).
  • Best case at expiry: +5.8%, if the shares rise above $440 (+5.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $190: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Marriott International in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Marriott International
$23B $24B $25B $26B $27B $28B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $23.7B Revenue (TTM), FY24 Q1: $24.1B Revenue (TTM), FY24 Q2: $24.4B Revenue (TTM), FY24 Q3: $24.8B Revenue (TTM), FY24 Q4: $25.1B Revenue (TTM), FY25 Q1: $25.4B Revenue (TTM), FY25 Q2: $25.7B Revenue (TTM), FY25 Q3: $25.9B Revenue (TTM), FY25 Q4: $26.2B Revenue (TTM), FY26 Q1: $26.6B Revenue (TTM), FY26 Q2: $26.9B Revenue (TTM), FY26 Q3: $27.4B $27.4B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $23.7B
FY24 Q1 $24.1B
FY24 Q2 $24.4B
FY24 Q3 $24.8B
FY24 Q4 $25.1B
FY25 Q1 $25.4B
FY25 Q2 $25.7B
FY25 Q3 $25.9B
FY25 Q4 $26.2B
FY26 Q1 $26.6B
FY26 Q2 $26.9B
FY26 Q3 $27.4B
Revenue growth, TTM YoY Marriott International
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.2% Revenue growth, TTM YoY, FY24 Q1: 8.5% Revenue growth, TTM YoY, FY24 Q2: 6.6% Revenue growth, TTM YoY, FY24 Q3: 5.2% Revenue growth, TTM YoY, FY24 Q4: 5.8% Revenue growth, TTM YoY, FY25 Q1: 5.4% Revenue growth, TTM YoY, FY25 Q2: 5.1% Revenue growth, TTM YoY, FY25 Q3: 4.7% Revenue growth, TTM YoY, FY25 Q4: 4.3% Revenue growth, TTM YoY, FY26 Q1: 4.7% Revenue growth, TTM YoY, FY26 Q2: 4.7% Revenue growth, TTM YoY, FY26 Q3: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.2%
FY24 Q1 8.5%
FY24 Q2 6.6%
FY24 Q3 5.2%
FY24 Q4 5.8%
FY25 Q1 5.4%
FY25 Q2 5.1%
FY25 Q3 4.7%
FY25 Q4 4.3%
FY26 Q1 4.7%
FY26 Q2 4.7%
FY26 Q3 5.8%
Operating margin (TTM) Marriott International
15% 15.5% 16% 16.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.3% Operating margin (TTM), FY24 Q1: 15.7% Operating margin (TTM), FY24 Q2: 15.9% Operating margin (TTM), FY24 Q3: 15.1% Operating margin (TTM), FY24 Q4: 15.0% Operating margin (TTM), FY25 Q1: 15.1% Operating margin (TTM), FY25 Q2: 15.1% Operating margin (TTM), FY25 Q3: 15.9% Operating margin (TTM), FY25 Q4: 15.8% Operating margin (TTM), FY26 Q1: 16.0% Operating margin (TTM), FY26 Q2: 15.8% Operating margin (TTM), FY26 Q3: 15.8% 15.8%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.3%
FY24 Q1 15.7%
FY24 Q2 15.9%
FY24 Q3 15.1%
FY24 Q4 15.0%
FY25 Q1 15.1%
FY25 Q2 15.1%
FY25 Q3 15.9%
FY25 Q4 15.8%
FY26 Q1 16.0%
FY26 Q2 15.8%
FY26 Q3 15.8%
FCF margin (TTM) Marriott International
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.5% FCF margin (TTM), FY24 Q1: 10.8% FCF margin (TTM), FY24 Q2: 11.0% FCF margin (TTM), FY24 Q3: 10.7% FCF margin (TTM), FY24 Q4: 8.0% FCF margin (TTM), FY25 Q1: 7.3% FCF margin (TTM), FY25 Q2: 6.5% FCF margin (TTM), FY25 Q3: 7.4% FCF margin (TTM), FY25 Q4: 10.0% FCF margin (TTM), FY26 Q1: 10.6% FCF margin (TTM), FY26 Q2: 11.6% FCF margin (TTM), FY26 Q3: 12.7% 12.7%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.5%
FY24 Q1 10.8%
FY24 Q2 11.0%
FY24 Q3 10.7%
FY24 Q4 8.0%
FY25 Q1 7.3%
FY25 Q2 6.5%
FY25 Q3 7.4%
FY25 Q4 10.0%
FY26 Q1 10.6%
FY26 Q2 11.6%
FY26 Q3 12.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Marriott International took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $26.2B
  2. Selling, general and admin $870M · 3.3%
  3. Other operating costs $21.2B · 80.9%
  4. Operating income $4.1B · 15.8%
  5. Income tax $793M · 3.0%
  6. Interest and other $747M · 2.9%
  7. Net income $2.6B · 9.9%

Shares of revenue. Source: Marriott International's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10.9 11.7 12.3 11.8 12.8 13.8 14.5 15.4 20.5 20.8 21.0 10.6 13.9 20.8 23.7 25.1 26.2 27.4
EBITDA 0.0 0.9 0.7 1.0 1.1 1.3 1.5 1.6 2.7 2.6 2.1 0.4 1.9 3.6 4.0 3.9 4.3 —
Operating income −0.2 0.7 0.5 0.9 1.0 1.2 1.4 1.4 2.5 2.4 1.8 0.1 1.8 3.5 3.9 3.8 4.1 4.3
Net income −0.3 0.5 0.2 0.6 0.6 0.8 0.9 0.8 1.5 1.9 1.3 −0.3 1.1 2.4 3.1 2.4 2.6 2.7
Diluted EPS −$0.97 $1.21 $0.55 $1.72 $2.00 $2.54 $3.15 $2.73 $3.84 $5.38 $3.80 −$0.82 $3.34 $7.24 $10.18 $8.33 $9.51 $9.99
Growth (year on year)
Revenue −15.3% +7.2% +5.4% −4.1% +8.2% +7.9% +5.0% +6.4% +32.7% +1.5% +1.0% −49.6% +31.1% +49.9% +14.2% +5.8% +4.3% +5.8%
EBITDA −96.5% — −23.3% +55.5% +7.0% +16.1% +14.5% +6.7% +73.0% −4.1% −18.2% −81.1% +365.0% +89.4% +11.5% −2.3% +10.0% —
Operating income −119.9% — −24.3% +78.7% +5.1% +17.3% +16.5% +5.5% +75.8% −5.5% −23.9% −95.3% — +97.8% +11.6% −2.5% +9.9% +5.5%
Net income −195.6% — −56.8% — +9.6% +20.3% +14.1% −5.9% +80.6% +30.7% −33.2% −121.0% — +114.6% +30.7% −23.0% +9.5% +1.6%
Diluted EPS −199.0% — −54.5% — +16.3% +27.0% +24.0% −13.3% +40.7% +40.1% −29.4% −121.6% — +116.8% +40.6% −18.2% +14.2% +5.7%
Margins
EBITDA margin 0.3% 7.5% 5.4% 8.8% 8.7% 9.4% 10.2% 10.3% 13.4% 12.6% 10.2% 3.8% 13.6% 17.2% 16.8% 15.5% 16.4% —
Operating margin −1.4% 5.9% 4.3% 8.0% 7.7% 8.4% 9.3% 9.2% 12.2% 11.4% 8.6% 0.8% 12.6% 16.7% 16.3% 15.0% 15.8% 15.8%
Net margin −3.2% 3.9% 1.6% 4.8% 4.9% 5.5% 5.9% 5.2% 7.1% 9.2% 6.1% −2.5% 7.9% 11.4% 13.0% 9.5% 9.9% 9.7%
Free-cash-flow margin 6.6% 7.2% 7.4% 4.7% 6.6% 5.9% 8.4% 9.2% 9.7% 8.7% 4.9% 14.2% 7.2% 9.8% 11.5% 8.0% 10.0% 12.7%
Cash flow
Cash from operations 0.9 1.2 1.1 1.0 1.1 1.2 1.5 1.6 2.2 2.4 1.7 1.6 1.2 2.4 3.2 2.7 3.2 4.1
Capital spending 0.1 0.3 0.2 0.4 0.3 0.4 0.3 0.2 0.2 0.6 0.7 0.1 0.2 0.3 0.5 0.8 0.6 0.6
Free cash flow 0.7 0.8 0.9 0.6 0.8 0.8 1.2 1.4 2.0 1.8 1.0 1.5 1.0 2.0 2.7 2.0 2.6 3.5
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 0.6 0.8 0.8 0.5 0.7 0.7 1.1 1.2 1.8 1.6 0.8 1.3 0.8 1.8 2.5 1.8 2.4 3.3
Balance sheet
Cash 0.1 0.5 0.1 0.1 0.1 0.1 0.1 0.9 0.4 0.3 0.2 0.9 1.4 0.5 0.3 0.4 0.4 0.5
Total debt 2.3 2.8 2.2 2.9 3.2 3.8 4.1 8.5 8.2 9.3 10.9 10.4 10.1 10.1 11.9 14.4 16.2 16.8
Net debt (negative = net cash) 2.2 2.3 2.1 2.8 3.1 3.7 4.0 7.6 7.9 9.0 10.7 9.5 8.7 9.6 11.5 14.1 15.8 16.4
Diluted shares 356m 378m 362m 333m 313m 297m 273m 296m 380m 354m 336m 326m 329m 326m 303m 285m 274m 266m
Returned to shareholders
Dividends 0.1 0.0 0.1 0.2 0.2 0.2 0.3 0.4 0.5 0.5 0.6 0.2 0.0 0.3 0.6 0.7 0.7 0.7
Buybacks 0.0 0.1 1.4 1.1 0.8 1.5 1.9 0.6 3.0 2.9 2.3 0.2 0.0 2.6 4.0 3.8 3.3 4.1
Total returned 0.1 0.1 1.6 1.3 1.0 1.7 2.2 0.9 3.5 3.4 2.9 0.3 0.0 2.9 4.5 4.4 4.0 4.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · September 30, 2026
What it owns · $28.0bn
Short-term assets $4.3bnLonger-term assets $23.7bn
What it owes, and who funded it · $8.1bn
Short-term liabilities $8.1bnShareholders' equity $-5.1bn
  • Short-term assets cover short-term liabilities $4.3bn of assets due within a year against $8.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $453m of cash against $23m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $4.1bn of operating cash flow against $23m of debt.
  • Operating profit covers interest at least five times over Operating income of $4.3bn against $870m of interest.

From Marriott International's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$4.1B
Dividends (TTM)
$738M
Returned to shareholders
138%
of free cash flow
Buybacks, last 3 fiscal years
$11B
Diluted share count
−3.9%
year over year
Total shareholder yield
4.4%
dividends 0.7% + buybacks 3.8% of market value
Dividend payout ratio
28%
of net income paid out

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated MAR CCL BKNG RCL EXPE ABNB Median
Revenue, last 12 months $27.4bn $27.6bn $28.2bn $19.1bn $15.7bn $13.2bn $5.2bn
Revenue growth, last 12 months 5.8% 5.2% 12.9% 9.7% 12.0% 13.6% 9.7%
Revenue growth, 3-year average 5.2% 11.3% 13.4% 13.3% 8.6% 13.1% 8.0%
Revenue growth, latest quarter 8.0% 3.5% 8.1% 8.8% 14.0% 16.5% 8.1%
Gross margin — 39.5% 98.1% 49.1% 82.1% 82.9% 47.7%
Operating margin 15.8% 16.0% 32.9% 27.6% 16.0% 20.8% 16.0%
Operating margin, 3-year average 15.6% 15.4% 31.4% 26.4% 11.3% 19.5% 15.3%
Net margin 9.7% 11.4% 25.5% 23.8% 13.0% 20.4% 11.4%
Cash from operations / revenue 14.8% 24.7% 34.9% 36.0% 33.2% 36.9% 20.4%
Free-cash-flow margin 12.7% 11.5% 33.8% 7.9% 28.4% 36.9% 12.1%
Free-cash-flow margin, 3-year average 10.3% 9.2% 34.7% 5.8% 19.3% 38.6% 10.3%
Stock pay / revenue 0.8% 0.4% 2.1% 0.7% 2.6% 13.0% 1.3%
Change in share count −3.9% −2.1% −4.6% −3.3% −5.4% −3.8% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% 9.7% 17 of 25
Change in growth rate Growth +1.0pp -0.5pp 7 of 25
Operating margin Profitability 15.8% 16.0% 13 of 22
Net margin Profitability 9.7% 11.4% 14 of 25
Free-cash-flow margin Cash generation 12.7% 12.7% 12 of 24
Stock pay as % of revenue Cash generation 0.8% 1.4% 4 of 24
Long-term debt as % of assets Balance sheet 0.1% 41.9% 3 of 24
Change in share count Balance sheet -3.9% -3.5% 10 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Reimbursements $19.2B 73.3% ▲ 3.9%
Fee Service $5.3B 20.3% ▲ 4.7%
Owned Leased and Other $1.7B 6.4% ▲ 8.3%

From Marriott International's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$60.1B
Institutions reporting
1,744
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
179 / 82

Top buyers and sellers, Q2 2026: 825 institutions bought and 631 sold ; the biggest buyer was Jpmorgan Chase & Co (+1.0M shares) and the biggest seller Citadel Advisors LLC (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.9B 16.1M 9.9% ▲ 3.6%
Vanguard Capital Management LLC $5.2B 14.0M 8.7% 0.0%
State Street Corp $3.6B 9.6M 6.0% ▲ 2.9%
Invesco Ltd. $3.6B 9.6M 5.9% ▼ 2.0%
FMR LLC $2.5B 6.8M 4.2% ▼ 3.7%
Wellington Management Group LLP $2B 5.5M 3.4% ▼ 6.4%
Geode Capital Management, LLC $2B 5.3M 3.3% ▲ 0.8%
Morgan Stanley $1.8B 5.0M 3.1% ▲ 5.9%
Jpmorgan Chase & Co $1.5B 4.1M 2.6% ▲ 33.9%
Vanguard Portfolio Management LLC $1.5B 4.0M 2.5% ▼ 4.0%
Massachusetts Financial Services Co $1.4B 3.7M 2.3% ▼ 13.0%
Capital International Investors $963M 2.6M 1.6% ▼ 15.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Marriott International's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $66.4M 25 trades by 12 insiders · 0% under pre-set plans
Net ▼ $66.4M net selling
Insider Date Trade Shares Price Value
Marriott J W Jr 10% owner September 25, 2026 Sell 3,500 $352.09 $1.2M
Harrison Deborah Marriott Director September 25, 2026 Sell 3,500 $352.09 $1.2M
Marriott David S Director September 25, 2026 Sell 3,500 $352.09 $1.2M
Roe Peggy EVP & Chf. Customer Officer May 18, 2026 Sell 3,000 $361.56 $1.1M
Mao Yibing Pres. Greater China May 13, 2026 Sell 4,816 $347.72 $1.7M
Menon Rajeev President, APEC February 19, 2026 Sell 3,492 $354.00 $1.2M
Menon Rajeev President, APEC February 18, 2026 Sell 6,333 $356.61 $2.3M
Breland Benjamin T. CHRO & EVP, Global Ops. Serv. February 18, 2026 Sell 2,000 $358.03 $716,060
Brown William P Group Pres., US and Canada February 18, 2026 Sell 9,456 $358.25 $3.4M
Marriott David S Director February 17, 2026 Sell 4,747 $360.00 $1.7M
Capuano Anthony President & CEO February 17, 2026 Sell 41,602 $359.43 $15M
Capuano Anthony President & CEO February 17, 2026 Sell 16,610 $358.47 $6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 37 trades and filings

No trades in Marriott International disclosed in the last 12 months; 37 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded March 14, 2025, filed April 11, 2025
  • Val T. Hoyle(D-OR 4):Purchase, $1,001 - $15,000, traded October 29, 2024, filed September 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 6, 2026
  • February 10, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Marriott International was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Marriott International in brief

What does Marriott International do?
Marriott International is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Marriott International's stock ticker?
Marriott International trades under the ticker MAR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Marriott International's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Marriott International reported revenue of $27.4B, 5.8% higher than a year earlier, according to its SEC filings.
What is Marriott International's free cash flow?
Marriott International's free-cash-flow margin is 12.7% of revenue over the trailing twelve months, ranking 12 of the 24 hotels, resorts & cruise lines companies we cover.
What is Marriott International's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Marriott International's free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$130–$270 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Marriott International's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Marriott International buying back stock, and does it pay a dividend?
Marriott International spent $4.1B on share repurchases over the trailing twelve months, and its diluted share count fell 3.9% over the year.
What is Marriott International's market cap?
On November 2, 2026, Marriott International's market capitalisation was about $111B, with a price-to-earnings ratio of 41.7 and net debt of $16.4B. Market figures come from third-party market data and may be delayed.
Does Marriott International pay a dividend?
Yes: Marriott International paid $738M in dividends over the trailing twelve months, a dividend yield of 0.68% and a payout ratio of 27.8%.
Who are Marriott International's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Marriott International are Carnival Corporation, Booking Holdings, Royal Caribbean Group, Expedia Group and Airbnb. The side-by-side comparison below sets their revenue, margins and growth against Marriott International's.
Are insiders buying or selling Marriott International stock?
Over the last 12 months, Marriott International's directors and officers reported 0 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is Marriott International's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Marriott International announces its own schedule.