MarriottMAR

MarriottMAR

Revenue: is the business selling more than it used to?

$26.2B+4% YoYFY 2025

→Revenue reached $26.2B in 2025, compounding +8% a year since 2022 and the pace is picking up. The last twelve months (+5%) ran below that pace, so growth is slowing. The trailing twelve months are already running at $26.9B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Net income: how much of that revenue becomes profit?

$2.6B+10% YoYFY 2025

→Net income was $2.6B in 2025, compounding +3% a year over three years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

How fast is it growing, year by year?

+4.3%revenue growth, FY 2025

→Revenue grew +4% in 2025 against a five-year average of +21%. Earnings grew faster (+10%), so each new dollar of sales is arriving more profitably.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Revenue per share: is your slice growing as fast as the company?

$95.71revenue per share, FY 2025

→Revenue per share reached $95.71 in 2025, compounding +14% a year against +8% for MAR as a whole. Buybacks added roughly 6.5 points to your per-share result. Free cash flow per share stands at $9.53.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Free cash flow: what is left in real cash after everything?

$2.6B+30% YoYFY 2025

→Free cash flow was $2.6B in 2025, compounding +9% a year since 2022. The trailing twelve months stand at $3.1B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

How much of every sales dollar ends up as free cash?

→10 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 2% of revenue (stock compensation 1%). That share has risen since 2022, so the cost of competing is climbing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently +10% against +4%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin has held near 16% since 2022. After everything, 10 cents of each sales dollar reaches net profit. MAR doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

What does it earn on the money it uses?

→Return on capital needs both a profit and an equity base; one of them isn't available here.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

What has the market paid for MAR over time?

35.6xP/E today

→At 35.6x earnings, the market is paying +43% more than MAR's own 10-year median of 24.9x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

What cash return does the business throw off per dollar of market value?

3.6%FCF yield today

→Every dollar of market value currently buys 3.6% of annual free cash flow, less than its 11-year median of 4.2% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Could it handle its debt if things went wrong?

→The company holds $462M in cash against $23M of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Is the company's own capital growing?

→Shareholders' equity is negative at $-4.5B: liabilities exceed assets. Usually the mark of heavy buybacks or accumulated losses, and always worth understanding which.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

How much goes back, and how much leaks out as stock comp?

→Shareholders received $3.3B in buybacks and $718M in dividends in 2025. Stock compensation issued $236M of new shares in the same year, offsetting 6% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

How fast is your ownership being diluted - or concentrated?

→The share count shrank 4.1% in 2025, averaging 5.6% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Is the dividend cheque growing?

→The dividend per share reached $2.62 in 2025, compounding +41% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Can it afford the dividend?

→The dividend consumed 28% of profit and 28% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Does MAR earn more on its capital than that capital costs?

→MAR earns 21.6% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 19.8% in 2022, so the trend is up, though the path has been bumpy.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

MAR has issued or retired shares - did shareholders end up better off?

→MAR has shrunk its share count -24% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +182% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MarriottMAR

Are the people running it buying or selling?

→Insiders sold $34M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 50 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30