Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Marriott International Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Base management fees
- Base management fees exhibited a generally upward trend from March 2015 through December 2019, starting at $165 million and peaking near $309 million in December 2019 before declining to $214 million in March 2020. Seasonal fluctuations are apparent, with the strongest quarters typically in the fourth quarter of each year.
- Franchise fees
- Franchise fees showed consistent growth over the period analyzed. From $204 million in March 2015, fees escalated steadily to a high of $530 million in December 2019, followed by a decline to $415 million in March 2020. The growth indicates expanding franchise operations or increased franchise revenue per unit over time.
- Incentive management fees
- Incentive management fees fluctuated significantly but generally increased through the period, with notable peaks in December 2016 and December 2017. The fees reached $175 million in December 2019 but showed irregular patterns, indicative of variability related to performance incentives or management contract structures.
- Gross fee revenues
- Gross fee revenues grew notably from $458 million in March 2015, showing seasonal increases especially toward year-end quarters. The highest recorded value was $999 million in December 2019 before falling to $629 million in March 2020, reflecting an overall increasing trend with a recent downturn.
- Contract investment amortization
- This cost item appeared only from March 2018 onward, gradually increasing in absolute terms (negative values), from -$13 million to -$25 million by March 2020, indicating rising amortization expenses related to contract investments.
- Net fee revenues
- Net fee revenues paralleled gross fee revenues closely but reflected deductions for contract amortization in later periods. The trend was an increase from $458 million in March 2015 to a peak near $984 million in December 2019, followed by a sharp decline to $604 million in March 2020.
- Owned, leased, and other revenue
- Owned, leased, and other revenues showed variability with lower amounts in early periods (around $257 million in March 2015) but surged to a peak of $536 million in December 2016. Subsequent periods demonstrated declines and fluctuations, ending at $280 million in March 2020. This pattern suggests volatility in owned and leased property revenues.
- Cost reimbursement revenue
- Cost reimbursement revenue steadily increased from $2,798 million in March 2015 to a peak of $4,588 million in June 2017, followed by some fluctuation around $3,700 million to $4,000 million in recent periods. The increase reflects higher reimbursable expenses over time, likely due to growth in operational scale.
- Total Revenues
- Total revenues increased from $3,513 million in March 2015 to a high of $5,795 million in June 2017, then experienced declines and fluctuations, finishing at $4,681 million in March 2020. The initial growth indicates expansion, with a subsequent stabilization and slight drop reflecting recent market conditions.
- Owned, leased, and other-direct costs
- These costs displayed a negative value pattern, aligned with owned and leased revenues, indicating direct expenses associated with these operations. Values deepened from about -$194 million in early 2015 to a maximum negative of -$367 million in December 2016, then moderated to -$272 million by March 2020.
- Reimbursed expenses
- Reimbursed expenses moved in close relation to cost reimbursement revenue, increasing from approximately -$2,798 million in March 2015 to about -$4,370 million in December 2019 before easing to -$3,877 million in March 2020. This reflects the scale and variability of reimbursable operating expenses.
- Cost of revenues
- Overall cost of revenues rose from -$2,992 million to a peak around -$4,915 million in December 2017 before fluctuating near -$4,000 million levels towards early 2020, mirroring revenue trends and costs associated with larger operations.
- Gross profit
- Gross profit demonstrated an increasing trend through 2015 to 2018, peaking at $1,111 million in June 2018. Some volatility occurred afterward, with gross profit decreasing to $532 million by March 2020, denoting pressures on profitability possibly due to increased costs or decreased revenues.
- Depreciation, amortization, and other expenses
- This expense category increased in magnitude over time, from roughly -$31 million in early years to significant spikes of -$179 million in December 2019, decreasing to -$150 million in March 2020. This suggests increased capital investments or asset base expansion and related amortization.
- General, administrative, and other expenses
- These expenses fluctuated moderately but generally increased from around -$145 million in the first quarter of 2015 to near -$270 million by early 2020, indicating rising overhead costs consistent with business scale or inflation.
- Merger-related costs and charges
- Merger-related costs were sporadic, with occasional large negative impacts such as -$228 million in September 2016, -$136 million in December 2016, and -$173 million in June 2019, but also positive recoveries like $53 million in March 2020. This volatility reflects the impact of acquisitions and restructuring activities on the financials.
- Operating income
- Operating income displayed growth from $332 million in March 2015, peaking at $818 million in June 2018, then fluctuating with a significant dip to $114 million in March 2020. Such fluctuations are indicative of operational leverage effects and recent economic pressures.
- Gains (losses) and other income
- This income component was inconsistent but contributed substantially in some quarters, notably $657 million in December 2017 and $138 million in December 2019. This suggests occasional non-operational gains or one-time income events significantly influencing net income.
- Interest expense
- Interest expenses increased steadily over the period, rising from approximately -$36 million to about -$102 million by June 2019, indicating greater debt levels or higher interest rates impacting financing costs.
- Interest income
- Interest income remained relatively stable around $5–$14 million per quarter, showing little influence on overall financial variance.
- Equity in earnings (losses)
- Equity earnings showed variability, with notable positive spikes, particularly a $61 million gain in September 2018, but also occasional losses, such as -$4 million in March 2020, reflecting the influence of investments in affiliates on overall profitability.
- Income before income taxes
- Income before taxes generally increased from $307 million in March 2015 to a peak of $1,179 million in December 2017, showing strong earnings growth, before declining sharply to $19 million in March 2020. This suggests substantial challenges starting in late 2019.
- Provision for income taxes
- Tax provisions mostly followed income trends, ranging from -$100 million to -$978 million at the annual peak in December 2017, and then dropping to a small positive tax benefit of $12 million in March 2020, indicating fluctuations in taxable income and tax strategies over time.
- Net income
- Net income trends align with operating and pre-tax income patterns, increasing from $207 million in March 2015 to a high of $667 million in June 2018, but falling sharply to $31 million in March 2020. This demonstrates that although profitability improved over most of the period, there was a substantial decline in early 2020.