Selected Financial Data
since 2005
Income Statement
Marriott International Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2019 | 20,972) | 1,800) | 1,273) |
| Dec 31, 2018 | 20,758) | 2,366) | 1,907) |
| Dec 31, 2017 | 22,894) | 2,359) | 1,372) |
| Dec 31, 2016 | 17,072) | 1,368) | 780) |
| Dec 31, 2015 | 14,486) | 1,350) | 859) |
| Dec 31, 2014 | 13,796) | 1,159) | 753) |
| Dec 31, 2013 | 12,784) | 988) | 626) |
| Dec 28, 2012 | 11,814) | 940) | 571) |
| Dec 30, 2011 | 12,317) | 526) | 198) |
| Dec 31, 2010 | 11,691) | 695) | 458) |
| Jan 1, 2010 | 10,908) | (152) | (346) |
| Jan 2, 2009 | 12,879) | 785) | 362) |
| Dec 28, 2007 | 12,990) | 1,188) | 696) |
| Dec 29, 2006 | 12,160) | 1,011) | 608) |
| Dec 30, 2005 | 11,550) | 555) | 669) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
The financial performance from 2005 to 2019 is characterized by an overall growth trajectory interrupted by a significant cyclical downturn between 2009 and 2010, followed by a period of aggressive expansion and a subsequent stabilization phase.
- Revenue Trends
- Revenues exhibited steady growth from 2005 to 2007, peaking at 12,990 million USD. A contraction occurred leading into 2010, where revenues reached a period low of 10,908 million USD. Following this trough, a consistent upward trend is observed, culminating in a significant surge between 2016 and 2017, where revenues jumped from 17,072 million USD to 22,894 million USD. A slight contraction and plateau followed in 2018 and 2019, with figures stabilizing around 20,972 million USD.
- Operating Income Volatility
- Operating income demonstrated higher volatility than total revenues. After initial growth through 2007, the metric collapsed to a deficit of 152 million USD by January 2010, indicating a period of severe operational pressure. Recovery began in 2011, with operating income scaling rapidly to peak at 2,366 million USD in 2018. However, a notable decline is observed in 2019, with operating income dropping to 1,800 million USD despite relatively stable revenues, suggesting a compression in operating margins.
- Net Income Analysis
- Net income mirrored the operational trends but showed more acute fluctuations. The company experienced a substantial net loss of 346 million USD in 2010. A long-term recovery phase followed, with net income growing from 198 million USD in 2011 to a peak of 1,907 million USD in 2018. Similar to the operating income, net income saw a sharp reduction in 2019, falling to 1,273 million USD.
- Profitability Correlation
- A correlation is observed between the sharp revenue increase in 2017 and the subsequent peak in net income in 2018. The divergence in 2019, where revenues remained relatively flat while both operating and net income declined, indicates an increase in the cost of goods sold or operating expenses during that fiscal year.
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Balance Sheet: Assets
Marriott International Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2019 | 3,127) | 25,051) |
| Dec 31, 2018 | 2,706) | 23,696) |
| Dec 31, 2017 | 2,747) | 23,948) |
| Dec 31, 2016 | 3,371) | 24,140) |
| Dec 31, 2015 | 1,384) | 6,082) |
| Dec 31, 2014 | 1,921) | 6,865) |
| Dec 31, 2013 | 1,903) | 6,794) |
| Dec 28, 2012 | 1,475) | 6,342) |
| Dec 30, 2011 | 1,324) | 5,910) |
| Dec 31, 2010 | 3,382) | 8,983) |
| Jan 1, 2010 | 2,851) | 7,933) |
| Jan 2, 2009 | 3,368) | 8,903) |
| Dec 28, 2007 | 3,572) | 8,942) |
| Dec 29, 2006 | 3,314) | 8,588) |
| Dec 30, 2005 | 2,010) | 8,530) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
The asset profile from 2005 to 2019 is characterized by two distinct phases of scale, separated by a period of contraction and a subsequent transformative expansion. Total assets remained relatively stable between 2005 and 2010 before experiencing a notable decline and a subsequent exponential increase starting in 2016.
- Total Asset Trajectory
- Between 2005 and 2010, total assets fluctuated within a range of 7.9 billion to 8.9 billion US dollars. A significant contraction occurred in 2011, with assets falling to 5.9 billion US dollars, followed by a period of modest recovery reaching 6.8 billion US dollars by 2014. A structural shift is evident in 2016, where total assets surged to 24.1 billion US dollars, representing a nearly fourfold increase from the previous year. This elevated baseline was maintained through 2019, closing at 25.05 billion US dollars.
- Current Asset Volatility
- Current assets exhibited higher relative volatility than total assets. An initial peak of 3.57 billion US dollars in 2007 was followed by a decline, reaching a low of 1.32 billion US dollars in 2011. While there was a recovery toward 1.9 billion US dollars by 2014, current assets dipped again to 1.38 billion US dollars in 2015. Following the 2016 expansion, current assets rose to 3.37 billion US dollars and stabilized between 2.7 billion and 3.1 billion US dollars through 2019.
- Asset Composition and Liquidity Shift
- A fundamental change in the balance sheet composition is observed over the analyzed period. In the early phase (2005-2010), current assets constituted a substantial portion of total assets, often representing approximately 30% to 40% of the total asset base. However, following the massive expansion in 2016, the proportion of current assets relative to total assets decreased significantly. By 2019, current assets represented approximately 12.5% of total assets, indicating a strategic shift toward non-current assets and a change in the overall capital structure.
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Balance Sheet: Liabilities and Stockholders’ Equity
Marriott International Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Long-term debt, including current portion | Shareholders’ equity (deficit) | |
|---|---|---|---|
| Dec 31, 2019 | 6,677) | 10,940) | 703) |
| Dec 31, 2018 | 6,437) | 9,347) | 2,225) |
| Dec 31, 2017 | 6,010) | 8,238) | 3,731) |
| Dec 31, 2016 | 5,147) | 8,506) | 5,357) |
| Dec 31, 2015 | 3,233) | 4,107) | (3,590) |
| Dec 31, 2014 | 3,060) | 3,781) | (2,200) |
| Dec 31, 2013 | 2,675) | 3,153) | (1,415) |
| Dec 28, 2012 | 2,773) | 2,935) | (1,285) |
| Dec 30, 2011 | 2,558) | 2,171) | (781) |
| Dec 31, 2010 | 2,501) | 2,829) | 1,585) |
| Jan 1, 2010 | 2,287) | 2,298) | 1,142) |
| Jan 2, 2009 | 2,533) | 3,095) | 1,380) |
| Dec 28, 2007 | 2,876) | 2,965) | 1,429) |
| Dec 29, 2006 | 2,522) | 1,833) | 2,618) |
| Dec 30, 2005 | 1,992) | 1,737) | 3,252) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
The financial profile from 2005 to 2019 is characterized by a substantial expansion of the liability base and significant volatility in shareholders' equity. Total obligations increased steadily over the first decade before experiencing accelerated growth in the latter part of the period, reflecting a fundamental shift in the capital structure.
- Current Liabilities Trend
- Current liabilities rose from 1,992 million in 2005 to 6,677 million by 2019. While growth was gradual between 2005 and 2015, a notable acceleration occurred in 2016, where obligations increased by approximately 59% in a single year, remaining at elevated levels through 2019.
- Long-term Debt Trajectory
- Long-term debt exhibited a consistent long-term upward trend, starting at 1,737 million in 2005 and reaching 10,940 million in 2019. The most significant expansion took place in 2016, when debt more than doubled from the 2015 level of 4,107 million to 8,506 million, continuing to climb steadily thereafter.
- Shareholders' Equity Volatility
- Equity experienced a period of severe deterioration, shifting from 3,252 million in 2005 to a deficit position beginning in 2011. This equity deficit deepened annually, reaching a peak deficit of 3,590 million in 2015. A sharp reversal occurred in 2016, with equity returning to a positive 5,357 million, followed by a consistent downward trend to 703 million by 2019.
- Capital Structure Observations
- The simultaneous surge in long-term debt and the sudden restoration of positive equity in 2016 indicates a major corporate event, such as a large-scale acquisition or significant recapitalization. The period from 2017 to 2019 is marked by increasing leverage, as long-term debt continued to rise while the equity base diminished, ending the period with a high debt-to-equity profile.
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Cash Flow Statement
Marriott International Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2019 | 1,685) | (284) | (1,508) |
| Dec 31, 2018 | 2,357) | (52) | (2,374) |
| Dec 31, 2017 | 2,436) | 1,020) | (3,931) |
| Dec 31, 2016 | 1,582) | (2,409) | 1,589) |
| Dec 31, 2015 | 1,430) | 367) | (1,805) |
| Dec 31, 2014 | 1,224) | (313) | (933) |
| Dec 31, 2013 | 1,140) | (519) | (583) |
| Dec 28, 2012 | 989) | (585) | (418) |
| Dec 30, 2011 | 1,089) | (247) | (1,245) |
| Dec 31, 2010 | 1,151) | (264) | (497) |
| Jan 1, 2010 | 868) | (69) | (818) |
| Jan 2, 2009 | 641) | (483) | (356) |
| Dec 28, 2007 | 778) | 125) | (762) |
| Dec 29, 2006 | 970) | 119) | (1,099) |
| Dec 30, 2005 | 837) | (130) | (1,274) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
An analysis of the cash flow trends from 2005 to 2019 reveals a company with a strong and growing capacity to generate cash from its core operations, coupled with strategic shifts in investment and financing activities, most notably during the 2016-2017 period.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a long-term growth trajectory. Starting at 837 million USD in 2005, the figure generally increased, despite a temporary contraction during the 2009 fiscal year where it reached a period low of 641 million USD. A period of sustained growth followed, culminating in a peak of 2.436 billion USD in 2017. Although a decline to 1.685 billion USD is observed in 2019, the operating cash flow remains significantly higher than the levels recorded in the first decade of the analyzed period.
- Investing Cash Flow Volatility
- Investing activities were characterized by relative stability with modest outflows until 2016. A substantial shift occurred in 2016 with a net cash outflow of 2.409 billion USD, suggesting a major capital deployment or acquisition. This was immediately followed by a significant cash inflow of 1.020 billion USD in 2017, indicating a strategic divestiture of assets or a reallocation of capital following the previous year's investment. Outside of this 2016-2017 window, the company typically maintained modest net outflows, consistent with routine capital expenditures.
- Financing Cash Flow Patterns
- Financing activities remained predominantly negative throughout nearly the entire 15-year period, signifying a consistent trend of cash outflows for debt repayment, dividend distributions, or share repurchases. A notable exception occurred in 2016, where a net cash inflow of 1.589 billion USD was recorded, likely to fund the concurrent spike in investing activities. The most significant outflow occurred in 2017, reaching 3.931 billion USD, which suggests a major restructuring of debt or a large-scale return of capital to shareholders.
The overall financial profile indicates a business model capable of funding significant strategic investments and substantial financing outflows through its own operating cash generation, with periodic use of external financing to support large-scale expansion.
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Per Share Data
Marriott International Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2019 | 3.83 | 3.80 | 1.85 |
| Dec 31, 2018 | 5.45 | 5.38 | 1.56 |
| Dec 31, 2017 | 3.66 | 3.61 | 1.29 |
| Dec 31, 2016 | 2.68 | 2.64 | 1.15 |
| Dec 31, 2015 | 3.22 | 3.15 | 0.95 |
| Dec 31, 2014 | 2.60 | 2.54 | 0.77 |
| Dec 31, 2013 | 2.05 | 2.00 | 0.64 |
| Dec 28, 2012 | 1.77 | 1.72 | 0.49 |
| Dec 30, 2011 | 0.56 | 0.55 | 0.39 |
| Dec 31, 2010 | 1.26 | 1.21 | 0.21 |
| Jan 1, 2010 | -0.97 | -0.97 | 0.09 |
| Jan 2, 2009 | 1.03 | 0.99 | 0.34 |
| Dec 28, 2007 | 1.85 | 1.75 | 0.29 |
| Dec 29, 2006 | 1.50 | 1.41 | 0.24 |
| Dec 30, 2005 | 1.55 | 1.45 | 0.20 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance between 2005 and 2019 is characterized by significant cyclicality in earnings per share, contrasted by a consistent long-term growth trajectory in shareholder dividend distributions.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share exhibited a volatile pattern over the 15-year period. Following a period of growth between 2005 and 2007, a sharp contraction occurred, resulting in negative earnings in 2010. A robust recovery phase followed, with basic EPS increasing from 1.26 in 2010 to a peak of 5.45 in 2018. This growth trend reversed in 2019, with basic EPS declining to 3.83.
- Dividend Distribution Patterns
- Dividend per share shows a strong and steady upward trend, increasing from 0.20 in 2005 to 1.85 in 2019. Although a temporary reduction to 0.09 was recorded in 2010, coinciding with the period of negative earnings, the dividend distribution resumed a consistent year-over-year increase from 2011 through 2019. This indicates a strategic priority to increase shareholder returns despite interim earnings volatility.
- Earnings Dilution Analysis
- The variance between basic and diluted earnings per share remained consistently narrow throughout the analyzed timeframe. The minimal gap between these two metrics suggests that the impact of dilutive securities, such as stock options or convertible bonds, had a negligible effect on the per-share profitability of the company.
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