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.

Marriott International Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
Base management fees	214)	298)	291)	309)	282)	288)	279)	300)	273)	284)	269)	285)	264)	268)	180)	186)	172)	172)	170)	191)	165)
Franchise fees	415)	501)	530)	525)	450)	455)	502)	475)	417)	411)	426)	416)	365)	296)	250)	235)	207)	201)	227)	221)	204)
Incentive management fees	—)	175)	134)	165)	163)	167)	151)	176)	155)	170)	136)	148)	153)	149)	81)	94)	101)	81)	68)	81)	89)
Gross fee revenues	629)	974)	955)	999)	895)	910)	932)	951)	845)	865)	831)	849)	782)	713)	511)	515)	480)	454)	465)	493)	458)
Contract investment amortization	(25)	(17)	(16)	(15)	(14)	(14)	(13)	(13)	(18)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net fee revenues	604)	957)	939)	984)	881)	896)	919)	938)	827)	865)	831)	849)	782)	713)	511)	515)	480)	454)	465)	493)	458)
Owned, leased, and other revenue	280)	426)	393)	418)	375)	409)	397)	423)	406)	453)	452)	458)	439)	536)	279)	245)	247)	257)	229)	243)	257)
Cost reimbursement revenue	3,797)	3,988)	3,952)	3,903)	3,756)	3,984)	3,735)	4,048)	3,776)	4,557)	4,380)	4,488)	4,340)	4,207)	3,152)	3,142)	3,045)	2,995)	2,884)	2,953)	2,798)
Revenues	4,681)	5,371)	5,284)	5,305)	5,012)	5,289)	5,051)	5,409)	5,009)	5,875)	5,663)	5,795)	5,561)	5,456)	3,942)	3,902)	3,772)	3,706)	3,578)	3,689)	3,513)
Owned, leased, and other-direct	(272)	(334)	(326)	(331)	(325)	(321)	(315)	(334)	(336)	(358)	(356)	(355)	(358)	(367)	(194)	(173)	(166)	(181)	(175)	(183)	(194)
Reimbursed expenses	(3,877)	(4,370)	(4,070)	(4,107)	(3,892)	(4,151)	(3,855)	(3,964)	(3,808)	(4,557)	(4,380)	(4,488)	(4,340)	(4,207)	(3,152)	(3,142)	(3,045)	(2,995)	(2,884)	(2,953)	(2,798)
Cost of revenues	(4,149)	(4,704)	(4,396)	(4,438)	(4,217)	(4,472)	(4,170)	(4,298)	(4,144)	(4,915)	(4,736)	(4,843)	(4,698)	(4,574)	(3,346)	(3,315)	(3,211)	(3,176)	(3,059)	(3,136)	(2,992)
Gross profit	532)	667)	888)	867)	795)	817)	881)	1,111)	865)	960)	927)	952)	863)	882)	596)	587)	561)	530)	519)	553)	521)
Depreciation, amortization, and other	(150)	(179)	(52)	(56)	(54)	(62)	(52)	(58)	(54)	(72)	(68)	(85)	(65)	(71)	(36)	(30)	(31)	(32)	(31)	(32)	(44)
General, administrative, and other	(270)	(267)	(220)	(229)	(222)	(242)	(221)	(217)	(247)	(259)	(199)	(226)	(210)	(234)	(161)	(154)	(155)	(188)	(149)	(152)	(145)
Merger-related costs and (charges) recoveries	2)	53)	(9)	(173)	(9)	(91)	(12)	(18)	(34)	(59)	(28)	(21)	(51)	(136)	(228)	(14)	(8)	—)	—)	—)	—)
Operating income	114)	274)	607)	409)	510)	422)	596)	818)	530)	570)	632)	620)	537)	441)	171)	389)	367)	310)	339)	369)	332)
Gains (losses) and other income, net	(4)	138)	10)	1)	5)	3)	18)	114)	59)	657)	6)	25)	—)	2)	3)	—)	—)	7)	—)	20)	—)
Interest expense	(93)	(95)	(100)	(102)	(97)	(94)	(86)	(85)	(75)	(72)	(73)	(73)	(70)	(75)	(55)	(57)	(47)	(46)	(43)	(42)	(36)
Interest income	6)	6)	8)	6)	6)	6)	5)	6)	5)	14)	9)	8)	7)	13)	9)	7)	6)	10)	5)	6)	8)
Equity in earnings (losses)	(4)	3)	2)	—)	8)	8)	61)	21)	13)	10)	6)	12)	11)	2)	3)	5)	—)	3)	8)	2)	3)
Income before income taxes	19)	326)	527)	314)	432)	345)	594)	874)	532)	1,179)	580)	592)	485)	383)	131)	344)	326)	284)	309)	355)	307)
(Provision) benefit for income taxes	12)	(47)	(140)	(82)	(57)	(28)	(91)	(207)	(112)	(978)	(188)	(178)	(120)	(139)	(61)	(97)	(107)	(82)	(99)	(115)	(100)
Net income	31)	279)	387)	232)	375)	317)	503)	667)	420)	201)	392)	414)	365)	244)	70)	247)	219)	202)	210)	240)	207)

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.

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Marriott International Inc. (NASDAQ:MAR)

Income Statement Quarterly Data

Income Statement
Quarterly Data