Marriott International Inc. (NASDAQ:MAR)

The financial data presents multi-year trends for revenues, operating income, and net income in US dollars, measured in millions. Analysis reveals notable fluctuations and general growth patterns across the reviewed periods.

Revenues

Revenues show an overall upward trajectory from 2005 to 2019, starting at 11,550 million USD and rising to 20,972 million USD in 2019. The growth, however, is not strictly linear. There is a slight dip during 2009 and 2010, likely influenced by global economic conditions during that period, with revenues dropping from 12,879 million USD in 2008 to 10,908 million USD in 2009. Following this trough, revenues begin to recover and generally increase year on year, peaking notably in 2017 at 22,894 million USD before decreasing slightly in subsequent years but remaining well above the earlier years’ figures.

Operating Income (Loss)

Operating income exhibits greater volatility compared to revenues. Starting at 555 million USD in 2005, it nearly doubles to 1,011 million USD in 2006 and continues increasing up to 1,188 million USD in 2007. Notably, in 2009 there is a sharp decrease, resulting in a negative operating income of -152 million USD, indicating an operating loss likely related to the economic downturn at the time. Recovery ensues with operating income rebounding to positive figures and generally rising, reaching a peak of 2,366 million USD in 2018. In 2019, operating income decreases to 1,800 million USD, which still represents a significant increase relative to the early years.

Net Income (Loss)

Net income displays a pattern somewhat similar to operating income but includes more pronounced fluctuations. It begins at 669 million USD in 2005, remains relatively stable with minor growth until 2008, then falls sharply to a loss of -346 million USD in 2009. This significant net loss aligns temporally with the operating loss observed for the same year. Following this, net income recovers and improves significantly, reaching a high of 1,907 million USD in 2018. The subsequent decline to 1,273 million USD in 2019, while notable, still indicates profitability well above the early period levels.

In summary, all three financial metrics reflect resilience and growth over the eleven-year span, with a clear disruption around 2009 corresponding to adverse economic conditions. After this period, the company demonstrates steady recovery and expansion in revenues, operating income, and net income, achieving peak values towards the late 2010s, with slight contractions in the final year reported. This trend suggests effective operational adjustments and market positioning in the post-crisis period.

Current Assets

The current assets show notable fluctuations over the periods analyzed. Starting at 2,010 million USD in 2005, there is a steady increase reaching a peak of 3,572 million USD in 2007. However, in 2009, a decline occurs to 2,851 million USD, followed by a recovery and another peak in 2010 at 3,382 million USD. A significant drop is observed in 2011 to 1,324 million USD, which remains relatively low in the subsequent years until a gradual increase begins in 2015, reaching 3,371 million USD. The values fluctuate slightly thereafter, ending at 3,127 million USD in 2019. Overall, the current assets demonstrate variability with periods of sharp declines and recoveries, suggesting volatility in short-term liquidity or changes in working capital management.

Total Assets

Total assets remain relatively stable in the earlier years, with values ranging from 8,530 million USD in 2005 to a high of 8,983 million USD in 2010. However, a substantial decrease occurs in 2011 to 5,910 million USD, followed by a gradual recovery and stabilization around 6,000 to 6,865 million USD through 2014. Beginning in 2015, there is a dramatic increase in total assets, jumping to 24,140 million USD, and maintaining similar levels slightly decreasing to 23,696 million USD in 2018 but increasing again to 25,051 million USD in 2019. This significant growth in total assets starting 2015 may indicate acquisitions, asset revaluation, or expansion efforts. The sharp decline around 2011 and subsequent growth highlight restructuring or major strategic changes during the period.

Current Liabilities

Current liabilities exhibited a general upward trend over the period from 2005 to 2019. Starting at US$1,992 million in 2005, the amount increased gradually with some fluctuations, reaching US$6,677 million by the end of 2019. Notably, there was a significant surge between 2015 and 2016, where current liabilities escalated from US$3,233 million to US$5,147 million, and this upward momentum continued steadily through 2019.

Long-term Debt, Including Current Portion

Long-term debt demonstrated a notable increase over the observed years, albeit with periods of fluctuation. Beginning at US$1,737 million in 2005, the debt rose sharply to US$2,965 million in 2007, followed by a peak of US$3,095 million in early 2009. The debt amount decreased to US$2,171 million by the end of 2011, then increased again, reaching a substantial increment to US$8,506 million by 2016. From 2016 onward, the long-term debt remained elevated, peaking at US$10,940 million in 2019. This pattern indicates significant borrowing activity or debt restructuring, particularly pronounced post-2014.

Shareholders’ Equity (Deficit)

Shareholders’ equity exhibited a declining trend through much of the period, particularly from 2005 to 2015. Starting at a positive US$3,252 million in 2005, equity values decreased steadily, turning into a deficit by 2011 at -US$781 million and worsening to -US$3,590 million by 2015. However, a notable shift occurred after 2015, as shareholders' equity recovered sharply to US$5,357 million in 2016. Subsequent years saw a decrease again but equity remained positive, settling at US$703 million in 2019. This recovery after 2015 suggests a significant financial turnaround or recapitalization effort during that period.

The financial data reveals distinct trends in the three main cash flow activities over the analyzed periods.

Net Cash Provided by Operating Activities

This cash flow category generally exhibits an upward trend across the years. Starting at 837 million USD in 2005, it peaks notably at 2436 million USD in 2017 before experiencing a slight decline in subsequent years, ending at 1685 million USD in 2019. Despite fluctuations, the overall increase suggests improved operational efficiency or increased profitability over time.

Net Cash (Used in) Provided by Investing Activities

Investing activities exhibit significant volatility with both positive and negative cash flows. Early years demonstrate relatively minor positive cash flows, such as 119 million USD in 2006 and 125 million USD in 2007. However, from 2009 onwards, there are substantial negative cash flows, notably -585 million USD in 2012 and a sharp decline to -2409 million USD in 2016. This volatility indicates fluctuating investment behavior, possibly reflecting acquisitions, capital expenditures, or asset sales. The large negative flows suggest periods of substantial investment outlay.

Net Cash Provided by (Used in) Financing Activities

Financing activities predominantly account for negative cash flows throughout most years, indicating net debt repayments or dividend payments. Beginning at -1274 million USD in 2005, these outflows reduce in magnitude for some periods, such as -356 million USD in 2009, but overall remain sizable and negative, with the largest outflow occurring in 2015 at -3931 million USD. The positive cash flow outliers, such as 1589 million USD in 2016, suggest occasional capital raising or debt issuance. The continued negative trend implies a focus on deleveraging or returning capital to shareholders.

In summary, operating activities consistently generate positive cash flow with an increasing pattern over time, investing activities display more cyclical and often negative cash flows indicating active asset management, and financing activities predominantly use cash, reflecting repayments and capital returns with occasional inflows from financing events.

Over the observed period, earnings per share (EPS) for both basic and diluted categories exhibit notable fluctuations, reflecting periods of both growth and decline. Initially, basic EPS showed a slight decrease from 1.55 US$ in 2005 to 1.5 US$ in 2006, followed by an upward trend reaching 1.85 US$ in 2007. A significant drop is observed by 2009, with basic EPS falling to 1.03 US$, and further plunging to -0.97 US$ in 2010, indicating a net loss for that year. Subsequently, EPS recovered and showed a general upward trajectory, peaking at 5.45 US$ in 2018 before declining to 3.83 US$ in 2019. Diluted EPS followed a closely similar pattern, confirming consistent earnings performance per share upon full dilution adjustment.

Dividend per share demonstrates a more consistent upward trend throughout the period. Starting at 0.2 US$ in 2005, dividends increased steadily each year, with only a brief decline noted in 2010 to 0.09 US$. Afterward, dividends resumed growth, reaching 1.85 US$ by 2019. This steady increase in dividend payouts suggests a commitment to returning value to shareholders and reflects improving or stable cash flow conditions despite earnings volatility.

Basic Earnings Per Share

Experienced volatility with a significant downturn in 2009-2010, followed by a recovery and growth peak in 2018, before a moderate decrease in the final year.

Diluted Earnings Per Share

Mirrored the trends of basic EPS closely, confirming the robustness of earnings across share dilution.

Dividend Per Share

Displayed a persistent upward trend with only a minor interruption, indicating sustained confidence in cash generation and shareholder returns.