Marriott International Reports Fourth Quarter and Full Year 2024 Results
Marriott International (MAR) reported strong Q4 2024 results with worldwide RevPAR increasing 5.0%, driven by 4.1% growth in U.S. & Canada and 7.2% growth in international markets. The company achieved fourth quarter reported net income of $455 million and adjusted net income of $686 million, with reported diluted EPS of $1.63 and adjusted diluted EPS of $2.45.
Notable achievements include record gross room additions of over 123,000 in 2024, leading to 6.8% net rooms growth. The company's development pipeline reached nearly 3,800 properties with over 577,000 rooms. Marriott returned over $4.4 billion to shareholders through dividends and share repurchases in 2024.
For 2025, Marriott projects worldwide RevPAR growth of 2-4% and net rooms growth of 4-5%. The company expects full-year 2025 adjusted EBITDA between $5,295-$5,435 million and adjusted EPS of $9.82-$10.19.
Marriott International (MAR) ha riportato risultati solidi per il quarto trimestre del 2024, con un incremento del RevPAR globale del 5,0%, guidato da una crescita del 4,1% negli Stati Uniti e Canada e del 7,2% nei mercati internazionali. L'azienda ha conseguito un reddito netto riportato nel quarto trimestre di 455 milioni di dollari e un reddito netto rettificato di 686 milioni di dollari, con un utile per azione diluito riportato di 1,63 dollari e un utile per azione diluito rettificato di 2,45 dollari.
Tra i risultati degni di nota c'è il record di oltre 123.000 camere aggiunte nel 2024, che ha portato a una crescita del 6,8% delle camere nette. Il pipeline di sviluppo dell'azienda ha raggiunto quasi 3.800 proprietà con oltre 577.000 camere. Marriott ha restituito oltre 4,4 miliardi di dollari agli azionisti attraverso dividendi e riacquisti di azioni nel 2024.
Per il 2025, Marriott prevede una crescita del RevPAR globale del 2-4% e una crescita delle camere nette del 4-5%. L'azienda si aspetta un EBITDA rettificato per l'intero anno 2025 compreso tra 5.295 e 5.435 milioni di dollari e un utile per azione rettificato tra 9,82 e 10,19 dollari.
Marriott International (MAR) informó resultados sólidos para el cuarto trimestre de 2024, con un aumento del RevPAR mundial del 5.0%, impulsado por un crecimiento del 4.1% en EE.UU. y Canadá y del 7.2% en mercados internacionales. La compañía logró un ingreso neto reportado del cuarto trimestre de 455 millones de dólares y un ingreso neto ajustado de 686 millones de dólares, con un EPS diluido reportado de 1.63 dólares y un EPS diluido ajustado de 2.45 dólares.
Entre los logros destacados se incluye un récord de adiciones brutas de habitaciones de más de 123,000 en 2024, lo que llevó a un crecimiento del 6.8% en habitaciones netas. La cartera de desarrollo de la compañía alcanzó casi 3,800 propiedades con más de 577,000 habitaciones. Marriott devolvió más de 4.4 mil millones de dólares a los accionistas a través de dividendos y recompra de acciones en 2024.
Para 2025, Marriott proyecta un crecimiento del RevPAR mundial del 2-4% y un crecimiento de habitaciones netas del 4-5%. La compañía espera un EBITDA ajustado para todo el año 2025 entre 5,295 y 5,435 millones de dólares y un EPS ajustado entre 9.82 y 10.19 dólares.
메리어트 인터내셔널 (MAR)가 2024년 4분기에 강력한 실적을 보고했으며, 전 세계 RevPAR가 5.0% 증가했습니다. 이는 미국 및 캐나다에서 4.1%, 국제 시장에서 7.2%의 성장을 이끌었습니다. 회사는 4분기 보고된 순이익 4억 5,500만 달러와 조정된 순이익 6억 8,600만 달러를 달성하였으며, 보고된 희석 기준 EPS는 1.63달러, 조정된 희석 기준 EPS는 2.45달러입니다.
눈에 띄는 성과로는 2024년에 123,000개 이상의 객실이 추가된 기록이 있으며, 이는 순 객실 수가 6.8% 증가한 것을 의미합니다. 회사의 개발 파이프라인은 거의 3,800개의 부동산에 577,000개 이상의 객실로 확대되었습니다. 메리어트는 2024년에 배당금과 자사주 매입을 통해 44억 달러 이상을 주주에게 환원했습니다.
2025년을 위해, 메리어트는 전 세계 RevPAR 성장률을 2-4%로, 순 객실 성장을 4-5%로 예상합니다. 회사는 2025년 전체 조정 EBITDA를 52억 9,500만에서 54억 3,500만 달러 사이로, 조정 EPS를 9.82에서 10.19달러 사이로 예상하고 있습니다.
Marriott International (MAR) a rapporté des résultats solides pour le quatrième trimestre de 2024, avec une augmentation du RevPAR mondial de 5,0 %, soutenue par une croissance de 4,1 % aux États-Unis et au Canada, et de 7,2 % sur les marchés internationaux. L'entreprise a enregistré un revenu net déclaré pour le quatrième trimestre de 455 millions de dollars et un revenu net ajusté de 686 millions de dollars, avec un résultat dilué par action déclaré de 1,63 dollar et un résultat dilué par action ajusté de 2,45 dollars.
Parmi les réalisations notables, on trouve un record d'ajouts bruts de chambres de plus de 123 000 en 2024, ce qui a conduit à une croissance nette des chambres de 6,8 %. Le pipeline de développement de l'entreprise a atteint près de 3 800 propriétés avec plus de 577 000 chambres. Marriott a restitué plus de 4,4 milliards de dollars aux actionnaires par le biais de dividendes et de rachats d'actions en 2024.
Pour 2025, Marriott prévoit une croissance du RevPAR mondial de 2 à 4 % et une croissance nette des chambres de 4 à 5 %. L'entreprise s'attend à un EBITDA ajusté pour l'année 2025 compris entre 5 295 et 5 435 millions de dollars et un bénéfice par action ajusté compris entre 9,82 et 10,19 dollars.
Marriott International (MAR) hat für das vierte Quartal 2024 starke Ergebnisse gemeldet, wobei der weltweite RevPAR um 5,0 % gestiegen ist. Dies wurde durch ein Wachstum von 4,1 % in den USA und Kanada sowie von 7,2 % in internationalen Märkten angekurbelt. Das Unternehmen erzielte einen berichteten Nettogewinn im vierten Quartal von 455 Millionen Dollar und einen bereinigten Nettogewinn von 686 Millionen Dollar, mit einem berichteten verwässerten EPS von 1,63 Dollar und einem bereinigten verwässerten EPS von 2,45 Dollar.
Zu den bemerkenswerten Leistungen gehören ein Rekord von über 123.000 neu hinzugefügten Zimmern im Jahr 2024, was zu einem Nettowachstum von 6,8 % bei den Zimmern führte. Die Entwicklungspipeline des Unternehmens erreichte fast 3.800 Immobilien mit über 577.000 Zimmern. Marriott hat 2024 mehr als 4,4 Milliarden Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurückgegeben.
Für 2025 prognostiziert Marriott ein weltweites RevPAR-Wachstum von 2-4 % und ein Wachstum der Nettoräume von 4-5 %. Das Unternehmen rechnet für das gesamte Jahr 2025 mit einem bereinigten EBITDA zwischen 5.295 und 5.435 Millionen Dollar sowie einem bereinigten EPS zwischen 9,82 und 10,19 Dollar.
- Record gross room additions of 123,000 in 2024, with 6.8% net rooms growth
- Worldwide RevPAR increased 5.0% in Q4 2024
- Development pipeline reached 577,000 rooms across 3,800 properties
- Returned $4.4 billion to shareholders through dividends and share repurchases
- Base management and franchise fees increased 10% to $1,128 million in Q4
- Incentive management fees declined from $218M to $206M in Q4 2024
- Owned, leased, and other revenue decreased from $151M to $100M in Q4
- Interest expense increased from $144M to $170M in Q4
- Full year 2024 adjusted diluted EPS decreased to $9.33 from $9.99 in 2023
- Total debt increased to $14.4B from $11.9B year-over-year
Insights
Marriott's Q4 2024 results reveal a company executing effectively across multiple fronts, with several noteworthy developments for investors:
Development & Growth Strategy: The 6.8% net room growth significantly outpaces industry averages, with conversions representing over 50% of additions - a capital-efficient growth strategy that's particularly effective in the current high-interest-rate environment. The 577,000-room pipeline, with 55% in international markets, provides strong visibility for future growth.
Revenue Quality: The 10% increase in base management and franchise fees to
Regional Performance: International markets'
Balance Sheet & Capital Returns: Despite increased debt levels (
Strategic Initiatives: The expansion into midscale segments with Four Points Flex and City Express, along with new outdoor lodging ventures, demonstrates strategic adaptability to capture emerging market opportunities. The growth of Marriott Bonvoy to 228 million members strengthens the company's direct booking capabilities and customer relationships.
- Fourth quarter 2024 RevPAR1 increased 5.0 percent worldwide, with 4.1 percent growth in the
U.S. &Canada and 7.2 percent growth in international markets
- Fourth quarter reported diluted EPS totaled
$1.63 $2.45
- Fourth quarter reported net income totaled
$455 million $686 million
- Fourth quarter adjusted EBITDA totaled
$1,286 million
- With record gross room additions of over 123,000 in 2024, net rooms grew 6.8 percent from year-end 2023
- At the end of the year, Marriott's worldwide development pipeline totaled nearly 3,800 properties and over 577,000 rooms
- The company returned over
$4.4 billion
For a summary of fourth quarter and full year 2024 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/ce86e15d-fd4c-48b1-8ce5-44ad6a468787.pdf
Anthony Capuano, President and Chief Executive Officer, said, "Marriott achieved excellent results in 2024, as we delivered best-in-class experiences that helped drive strong demand for our industry-leading portfolio of brands. Full year global RevPAR rose 4.3 percent and, with record gross room additions of over 123,000, net rooms grew 6.8 percent to over 1.7 million rooms worldwide at year-end.
"In the fourth quarter, worldwide RevPAR rose 5 percent, driven by gains in both ADR and occupancy. International RevPAR increased by more than 7 percent, with APEC and EMEA leading the way and benefiting from strong leisure demand. RevPAR in the
"2024 was a terrific year for our development team. The company signed a record number of new deals, and our industry-leading development pipeline reached over 577,000 rooms at the end of the year. For the full year, conversions represented more than one-third of our rooms signings and over half of our room additions.
"We continued to enhance our portfolio to deliver new travel experiences to our guests around the world. We advanced our presence in the midscale segment with the opening of 28 Four Points Flex hotels across EMEA and APEC and the debut of the City Express by Marriott brand in the
"Looking ahead, I am incredibly optimistic about Marriott's future. With our unparalleled global rooms distribution and brand portfolio, leading loyalty program with nearly 228 million Marriott Bonvoy members and our dedicated associates, I believe Marriott is well-positioned to take advantage of the continued momentum in travel. With our powerful, cash-generating asset-light business model, we look forward to delivering strong, valuable growth as we continue to connect people around the world through the power of travel."
Fourth Quarter 2024 Results
Base management and franchise fees totaled
Incentive management fees totaled
Owned, leased, and other revenue, net of direct expenses, totaled
General, administrative, and other expenses for the 2024 fourth quarter totaled
Interest expense, net, totaled
In the 2024 fourth quarter, the provision for income taxes totaled a
Marriott's reported operating income totaled
Adjusted operating income in the 2024 fourth quarter totaled
Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges and gain on asset dispositions. See the press release schedules for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled
Full Year 2024 EPS Results
Full year 2024 reported diluted EPS totaled
Selected Performance Information
Net rooms grew 6.8 percent from year-end 2023, as the company added roughly 109,000 net rooms globally during 2024, including more than 45,000 net rooms in international markets. At the end of the year, Marriott's global system totaled over 9,300 properties, with roughly 1,706,000 rooms.
At the end of the year, the company's worldwide development pipeline totaled 3,766 properties with over 577,000 rooms, including 175 properties with roughly 29,000 rooms approved for development, but not yet subject to signed contracts. The year-end pipeline included 1,381 properties with over 229,000 rooms under construction, including hotels that are in the process of converting to our system. Fifty-five percent of rooms in the year-end pipeline are in international markets.
In the 2024 fourth quarter, worldwide RevPAR increased 5.0 percent (a 5.0 percent increase using actual dollars) compared to the 2023 fourth quarter. RevPAR in the
Balance Sheet & Common Stock
At year-end 2024, Marriott's total debt was
The company repurchased 2.0 million shares of common stock in the 2024 fourth quarter for
Company Outlook
First Quarter 2025 vs First Quarter 2024 | Full Year 2025 vs Full Year 2024 | |
Comparable systemwide constant $ RevPAR growth | ||
Worldwide | ||
Year-End 2025 vs Year-End 2024 | ||
Net rooms growth | ||
($ in millions, except EPS) | First Quarter 2025 | Full Year 2025 |
Gross fee revenues | ||
Owned, leased, and other revenue, net of direct expenses | Approx. | |
General, administrative, and other expenses | ||
Adjusted EBITDA1,2 | ||
Adjusted EPS – diluted2,3 | ||
Effective tax rate | Approx. | Approx. |
Investment spending4 | ||
Capital return to shareholders5 | Approx. |
1See the press release schedules for the adjusted EBITDA calculations. |
2Adjusted EBITDA and Adjusted EPS – diluted for first quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, or any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. |
3Assumes the level of capital return to shareholders noted above. |
4Includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. |
5Assumes the level and types of investment spending noted above and that no asset sales or property or brand acquisitions occur during the year. |
Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, February 11, 2025, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at http://www.marriott.com/investor, click on "Events & Presentations" and click on the quarterly conference call link. A replay will be available at that same website until February 11, 2026.
The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global: +1 203-518-9814. The conference ID is MAR4Q24. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, February 11, 2025, until 8:00 p.m. ET, Tuesday, February 18, 2025. To access the replay, call US Toll Free: 800-753-0348 or Global: +1 402-220-2672 using conference ID MAR4Q24.
Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of February 11, 2025. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; cash generation and shareholder returns; our growth prospects; our development pipeline; our expectations regarding new brands, offerings and growth opportunities; our Marriott Bonvoy loyalty program; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.
Marriott International, Inc. (Nasdaq: MAR) is based in
Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.
1All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2024 and 2023 reflect properties that are comparable in both years. |
IRPR#1
Tables follow
MARRIOTT INTERNATIONAL, INC. | ||
PRESS RELEASE SCHEDULES | ||
TABLE OF CONTENTS | ||
QUARTER 4, 2024 | ||
Consolidated Statements of Income - As Reported | A-2 | |
Non-GAAP Financial Measures | A-4 | |
Total Lodging Products by Ownership Type | A-5 | |
Total Lodging Products by Tier | A-7 | |
Key Lodging Statistics | A-9 | |
Adjusted EBITDA | A-13 | |
Adjusted EBITDA Forecast - First Quarter 2025 | A-14 | |
Adjusted EBITDA Forecast - Full Year 2025 | A-15 | |
Explanation of Non-GAAP Financial and Performance Measures | A-16 | |
MARRIOTT INTERNATIONAL, INC. | |||||
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | |||||
FOURTH QUARTER 2024 AND 2023 | |||||
($ in millions except per share amounts, unaudited) | |||||
As Reported | As Reported | Percent | |||
Three Months Ended | Three Months Ended | Better/(Worse) | |||
December 31, 2024 | December 31, 2023 | Reported 2024 vs. 2023 | |||
REVENUES | |||||
Base management fees | $ 333 | $ 321 | 4 | ||
Franchise fees1 | 795 | 705 | 13 | ||
Incentive management fees | 206 | 218 | (6) | ||
Gross Fee Revenues | 1,334 | 1,244 | 7 | ||
Contract investment amortization2 | (27) | (22) | (23) | ||
Net Fee Revenues | 1,307 | 1,222 | 7 | ||
Owned, leased, and other revenue3 | 418 | 455 | (8) | ||
Cost reimbursement revenue4 | 4,704 | 4,418 | 6 | ||
Total Revenues | 6,429 | 6,095 | 5 | ||
OPERATING COSTS AND EXPENSES | |||||
Owned, leased, and other - direct5 | 318 | 304 | (5) | ||
Depreciation, amortization, and other6 | 46 | 51 | 10 | ||
General, administrative, and other7 | 289 | 330 | 12 | ||
Restructuring and merger-related charges | 52 | 8 | (550) | ||
Reimbursed expenses4 | 4,972 | 4,684 | (6) | ||
Total Expenses | 5,677 | 5,377 | (6) | ||
OPERATING INCOME | 752 | 718 | 5 | ||
Gains and other income, net8 | 16 | 7 | 129 | ||
Interest expense | (180) | (153) | (18) | ||
Interest income | 10 | 9 | 11 | ||
Equity in earnings9 | — | — | — | ||
INCOME BEFORE INCOME TAXES | 598 | 581 | 3 | ||
(Provision) benefit for income taxes | (143) | 267 | (154) | ||
NET INCOME | $ 455 | $ 848 | (46) | ||
EARNINGS PER SHARE | |||||
Earnings per share - basic | $ 1.63 | $ 2.88 | (43) | ||
Earnings per share - diluted | $ 1.63 | $ 2.87 | (43) | ||
Basic Shares | 278.9 | 294.3 | |||
Diluted Shares | 280.1 | 295.6 | |||
1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, and residential branding fees. | |||||
2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments. | |||||
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. | |||||
4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. | |||||
5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. | |||||
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs. | |||||
7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. | |||||
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. | |||||
9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. | |||||
MARRIOTT INTERNATIONAL, INC. | |||||
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | |||||
FULL YEAR 2024 AND 2023 | |||||
($ in millions except per share amounts, unaudited) | |||||
As Reported | As Reported | Percent | |||
Twelve Months Ended | Twelve Months Ended | Better/(Worse) | |||
December 31, 2024 | December 31, 2023 | Reported 2024 vs. 2023 | |||
REVENUES | |||||
Base management fees | $ 1,288 | $ 1,238 | 4 | ||
Franchise fees1 | 3,113 | 2,831 | 10 | ||
Incentive management fees | 769 | 755 | 2 | ||
Gross Fee Revenues | 5,170 | 4,824 | 7 | ||
Contract investment amortization2 | (103) | (88) | (17) | ||
Net Fee Revenues | 5,067 | 4,736 | 7 | ||
Owned, leased, and other revenue3 | 1,551 | 1,564 | (1) | ||
Cost reimbursement revenue4 | 18,482 | 17,413 | 6 | ||
Total Revenues | 25,100 | 23,713 | 6 | ||
OPERATING COSTS AND EXPENSES | |||||
Owned, leased, and other - direct5 | 1,200 | 1,165 | (3) | ||
Depreciation, amortization, and other6 | 183 | 189 | 3 | ||
General, administrative, and other7 | 1,074 | 1,011 | (6) | ||
Restructuring and merger-related charges | 77 | 60 | (28) | ||
Reimbursed expenses4 | 18,799 | 17,424 | (8) | ||
Total Expenses | 21,333 | 19,849 | (7) | ||
OPERATING INCOME | 3,767 | 3,864 | (3) | ||
Gains and other income, net8 | 31 | 40 | (23) | ||
Interest expense | (695) | (565) | (23) | ||
Interest income | 40 | 30 | 33 | ||
Equity in earnings9 | 8 | 9 | (11) | ||
INCOME BEFORE INCOME TAXES | 3,151 | 3,378 | (7) | ||
Provision for income taxes | (776) | (295) | (163) | ||
NET INCOME | $ 2,375 | $ 3,083 | (23) | ||
EARNINGS PER SHARE | |||||
Earnings per share - basic | $ 8.36 | $ 10.23 | (18) | ||
Earnings per share - diluted | $ 8.33 | $ 10.18 | (18) | ||
Basic Shares | 284.2 | 301.5 | |||
Diluted Shares | 285.2 | 302.9 | |||
1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, and residential branding fees. | |||||
2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments. | |||||
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. | |||||
4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. | |||||
5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. | |||||
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs. | |||||
7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. | |||||
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. | |||||
9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. | |||||
MARRIOTT INTERNATIONAL, INC. | |||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||
($ in millions except per share amounts) | |||||||||||
The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin. | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
Percent | Percent | ||||||||||
December 31, | December 31, | Better/ | December 31, | December 31, | Better/ | ||||||
2024 | 2023 | (Worse) | 2024 | 2023 | (Worse) | ||||||
Total revenues, as reported | $ 6,429 | $ 6,095 | $ 25,100 | $ 23,713 | |||||||
Less: Cost reimbursement revenue | (4,704) | (4,418) | (18,482) | (17,413) | |||||||
Adjusted total revenues† | 1,725 | 1,677 | 6,618 | 6,300 | |||||||
Operating income, as reported | 752 | 718 | 3,767 | 3,864 | |||||||
Less: Cost reimbursement revenue | (4,704) | (4,418) | (18,482) | (17,413) | |||||||
Add: Reimbursed expenses | 4,972 | 4,684 | 18,799 | 17,424 | |||||||
Add: Restructuring and merger-related charges | 52 | 8 | 77 | 60 | |||||||
Adjusted operating income† | 1,072 | 992 | 8 % | 4,161 | 3,935 | 6 % | |||||
Operating income margin | 12 % | 12 % | 15 % | 16 % | |||||||
Adjusted operating income margin† | 62 % | 59 % | 63 % | 62 % | |||||||
Net income, as reported | 455 | 848 | 2,375 | 3,083 | |||||||
Less: Cost reimbursement revenue | (4,704) | (4,418) | (18,482) | (17,413) | |||||||
Add: Reimbursed expenses | 4,972 | 4,684 | 18,799 | 17,424 | |||||||
Add: Restructuring and merger-related charges | 52 | 8 | 77 | 60 | |||||||
Less: Gain on asset dispositions1 | (11) | — | (11) | (24) | |||||||
Income tax effect of above adjustments | (78) | (67) | (98) | (3) | |||||||
Less: Income tax special items | — | — | — | (100) | |||||||
Adjusted net income† | $ 686 | $ 1,055 | (35) % | $ 2,660 | $ 3,027 | (12) % | |||||
Diluted earnings per share, as reported | $ 1.63 | $ 2.87 | $ 8.33 | $ 10.18 | |||||||
Adjusted diluted earnings per share† | $ 2.45 | $ 3.57 | (31) % | $ 9.33 | $ 9.99 | (7) % | |||||
† Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. | |||||||||||
1 Gain on asset dispositions reported in Gains and other income, net. | |||||||||||
MARRIOTT INTERNATIONAL, INC. | ||||||
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE | ||||||
As of December 31, 2024 | ||||||
US & | Total International1 | Total Worldwide | ||||
Properties | Rooms | Properties | Rooms | Properties | Rooms | |
Managed | 618 | 213,371 | 1,363 | 358,518 | 1,981 | 571,889 |
Marriott Hotels | 101 | 56,734 | 191 | 60,158 | 292 | 116,892 |
Sheraton | 25 | 19,642 | 180 | 61,432 | 205 | 81,074 |
Courtyard | 156 | 25,372 | 129 | 28,189 | 285 | 53,561 |
Westin | 41 | 22,486 | 78 | 23,732 | 119 | 46,218 |
JW Marriott | 23 | 13,189 | 75 | 26,941 | 98 | 40,130 |
The Ritz-Carlton | 42 | 12,798 | 78 | 18,307 | 120 | 31,105 |
Renaissance | 21 | 9,065 | 53 | 16,403 | 74 | 25,468 |
Four Points | 1 | 134 | 94 | 25,241 | 95 | 25,375 |
Le Méridien | — | — | 69 | 19,629 | 69 | 19,629 |
W Hotels | 23 | 6,535 | 44 | 12,145 | 67 | 18,680 |
St. Regis | 13 | 2,669 | 49 | 10,638 | 62 | 13,307 |
Residence Inn | 73 | 12,002 | 9 | 1,116 | 82 | 13,118 |
Delta Hotels by Marriott | 25 | 6,770 | 26 | 4,925 | 51 | 11,695 |
Gaylord Hotels | 6 | 10,220 | — | — | 6 | 10,220 |
The Luxury Collection | 6 | 2,296 | 41 | 7,863 | 47 | 10,159 |
Aloft | 2 | 505 | 43 | 9,498 | 45 | 10,003 |
Fairfield by Marriott | 6 | 1,431 | 53 | 8,124 | 59 | 9,555 |
Autograph Collection | 9 | 2,862 | 17 | 3,167 | 26 | 6,029 |
Marriott Executive Apartments | — | — | 38 | 5,304 | 38 | 5,304 |
EDITION | 5 | 1,379 | 15 | 2,844 | 20 | 4,223 |
Element | 3 | 810 | 15 | 2,961 | 18 | 3,771 |
SpringHill Suites | 22 | 3,755 | — | — | 22 | 3,755 |
AC Hotels by Marriott | 8 | 1,512 | 13 | 2,223 | 21 | 3,735 |
Moxy | 1 | 380 | 13 | 2,876 | 14 | 3,256 |
Protea Hotels | — | — | 22 | 2,737 | 22 | 2,737 |
Tribute Portfolio | — | — | 11 | 1,415 | 11 | 1,415 |
TownePlace Suites | 6 | 825 | — | — | 6 | 825 |
Bulgari | — | — | 7 | 650 | 7 | 650 |
Owned/Leased | 14 | 5,539 | 37 | 8,773 | 51 | 14,312 |
Sheraton | 1 | 1,218 | 4 | 1,830 | 5 | 3,048 |
Marriott Hotels | 2 | 1,304 | 5 | 1,631 | 7 | 2,935 |
Courtyard | 7 | 987 | 4 | 894 | 11 | 1,881 |
W Hotels | 2 | 765 | 2 | 665 | 4 | 1,430 |
Westin | 1 | 1,073 | — | — | 1 | 1,073 |
Protea Hotels | — | — | 5 | 912 | 5 | 912 |
The Ritz-Carlton | — | — | 2 | 548 | 2 | 548 |
Renaissance | — | — | 2 | 505 | 2 | 505 |
JW Marriott | — | — | 1 | 496 | 1 | 496 |
The Luxury Collection | — | — | 3 | 383 | 3 | 383 |
Autograph Collection | — | — | 5 | 360 | 5 | 360 |
Residence Inn | 1 | 192 | 1 | 140 | 2 | 332 |
Tribute Portfolio | — | — | 2 | 249 | 2 | 249 |
St. Regis | — | — | 1 | 160 | 1 | 160 |
Franchised, Licensed, and Other | 5,603 | 835,489 | 1,589 | 268,957 | 7,192 | 1,104,446 |
Courtyard | 913 | 122,312 | 132 | 24,426 | 1,045 | 146,738 |
Fairfield by Marriott | 1,168 | 110,064 | 104 | 14,631 | 1,272 | 124,695 |
Residence Inn | 799 | 95,055 | 37 | 4,723 | 836 | 99,778 |
Marriott Hotels | 233 | 73,945 | 70 | 20,066 | 303 | 94,011 |
Sheraton | 140 | 43,394 | 81 | 23,124 | 221 | 66,518 |
Autograph Collection | 153 | 34,542 | 148 | 29,567 | 301 | 64,109 |
SpringHill Suites | 541 | 62,911 | — | — | 541 | 62,911 |
TownePlace Suites | 519 | 52,383 | — | — | 519 | 52,383 |
Westin | 94 | 31,764 | 33 | 10,232 | 127 | 41,996 |
Four Points | 147 | 21,894 | 90 | 16,437 | 237 | 38,331 |
AC Hotels by Marriott | 118 | 19,517 | 105 | 15,323 | 223 | 34,840 |
Aloft | 164 | 23,505 | 28 | 5,253 | 192 | 28,758 |
Renaissance | 69 | 19,250 | 33 | 8,726 | 102 | 27,976 |
Moxy | 43 | 7,425 | 104 | 19,649 | 147 | 27,074 |
MGM Collection with Marriott Bonvoy** | 12 | 26,210 | — | — | 12 | 26,210 |
Tribute Portfolio | 88 | 16,578 | 53 | 7,493 | 141 | 24,071 |
Timeshare* | 72 | 18,839 | 21 | 3,911 | 93 | 22,750 |
Delta Hotels by Marriott | 67 | 15,047 | 21 | 4,627 | 88 | 19,674 |
The Luxury Collection | 13 | 7,607 | 57 | 10,429 | 70 | 18,036 |
City Express by Marriott | 1 | 83 | 152 | 17,694 | 153 | 17,777 |
Element | 87 | 11,618 | 5 | 722 | 92 | 12,340 |
Design Hotels* | 20 | 2,157 | 141 | 9,949 | 161 | 12,106 |
Le Méridien | 24 | 5,262 | 24 | 6,184 | 48 | 11,446 |
JW Marriott | 12 | 6,080 | 15 | 3,273 | 27 | 9,353 |
Sonder by Marriott Bonvoy | 104 | 6,501 | 59 | 2,694 | 163 | 9,195 |
Four Points Flex by Sheraton*** | — | — | 28 | 5,037 | 28 | 5,037 |
Protea Hotels | — | — | 37 | 3,283 | 37 | 3,283 |
W Hotels | 1 | 1,117 | 1 | 226 | 2 | 1,343 |
Marriott Executive Apartments | — | — | 4 | 509 | 4 | 509 |
The Ritz-Carlton | 1 | 429 | — | — | 1 | 429 |
The Ritz-Carlton Yacht Collection* | — | — | 2 | 377 | 2 | 377 |
Apartments by Marriott Bonvoy | — | — | 2 | 231 | 2 | 231 |
Bulgari | — | — | 2 | 161 | 2 | 161 |
Residences | 72 | 7,664 | 65 | 8,020 | 137 | 15,684 |
The Ritz-Carlton Residences | 43 | 4,754 | 21 | 1,854 | 64 | 6,608 |
St. Regis Residences | 11 | 1,267 | 14 | 1,947 | 25 | 3,214 |
W Residences | 10 | 1,092 | 8 | 765 | 18 | 1,857 |
Marriott Hotels Residences | — | — | 4 | 1,145 | 4 | 1,145 |
JW Marriott Residences | — | — | 3 | 767 | 3 | 767 |
Westin Residences | 3 | 266 | 2 | 353 | 5 | 619 |
Bulgari Residences | — | — | 5 | 526 | 5 | 526 |
Sheraton Residences | — | — | 3 | 472 | 3 | 472 |
The Luxury Collection Residences | 1 | 91 | 3 | 115 | 4 | 206 |
Renaissance Residences | 1 | 112 | — | — | 1 | 112 |
EDITION Residences | 3 | 82 | — | — | 3 | 82 |
Le Méridien Residences | — | — | 1 | 62 | 1 | 62 |
Autograph Collection Residences | — | — | 1 | 14 | 1 | 14 |
Grand Total | 6,307 | 1,062,063 | 3,054 | 644,268 | 9,361 | 1,706,331 |
1 "International" refers to: (i) | ||||||
* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other." | ||||||
** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented in "Franchised, Licensed and Other" within their respective brands. | ||||||
*** Four Points Flex by Sheraton refers to properties previously referred to as Four Points Express. | ||||||
Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. | ||||||
MARRIOTT INTERNATIONAL, INC. | ||||||
TOTAL LODGING PRODUCTS BY TIER | ||||||
As of December 31, 2024 | ||||||
US & | Total International1 | Total Worldwide | ||||
Total Systemwide | Properties | Rooms | Properties | Rooms | Properties | Rooms |
Luxury | 209 | 62,150 | 449 | 102,080 | 658 | 164,230 |
JW Marriott | 35 | 19,269 | 91 | 30,710 | 126 | 49,979 |
JW Marriott Residences | — | — | 3 | 767 | 3 | 767 |
The Ritz-Carlton | 43 | 13,227 | 80 | 18,855 | 123 | 32,082 |
The Ritz-Carlton Residences | 43 | 4,754 | 21 | 1,854 | 64 | 6,608 |
The Ritz-Carlton Yacht Collection* | — | — | 2 | 377 | 2 | 377 |
The Luxury Collection | 19 | 9,903 | 101 | 18,675 | 120 | 28,578 |
The Luxury Collection Residences | 1 | 91 | 3 | 115 | 4 | 206 |
W Hotels | 26 | 8,417 | 47 | 13,036 | 73 | 21,453 |
W Residences | 10 | 1,092 | 8 | 765 | 18 | 1,857 |
St. Regis | 13 | 2,669 | 50 | 10,798 | 63 | 13,467 |
St. Regis Residences | 11 | 1,267 | 14 | 1,947 | 25 | 3,214 |
EDITION | 5 | 1,379 | 15 | 2,844 | 20 | 4,223 |
EDITION Residences | 3 | 82 | — | — | 3 | 82 |
Bulgari | — | — | 9 | 811 | 9 | 811 |
Bulgari Residences | — | — | 5 | 526 | 5 | 526 |
Premium | 1,240 | 406,402 | 1,361 | 326,188 | 2,601 | 732,590 |
Marriott Hotels | 336 | 131,983 | 266 | 81,855 | 602 | 213,838 |
Marriott Hotels Residences | — | — | 4 | 1,145 | 4 | 1,145 |
Sheraton | 166 | 64,254 | 265 | 86,386 | 431 | 150,640 |
Sheraton Residences | — | — | 3 | 472 | 3 | 472 |
Westin | 136 | 55,323 | 111 | 33,964 | 247 | 89,287 |
Westin Residences | 3 | 266 | 2 | 353 | 5 | 619 |
Autograph Collection | 162 | 37,404 | 170 | 33,094 | 332 | 70,498 |
Autograph Collection Residences | — | — | 1 | 14 | 1 | 14 |
Renaissance | 90 | 28,315 | 88 | 25,634 | 178 | 53,949 |
Renaissance Residences | 1 | 112 | — | — | 1 | 112 |
Delta Hotels by Marriott | 92 | 21,817 | 47 | 9,552 | 139 | 31,369 |
Le Méridien | 24 | 5,262 | 93 | 25,813 | 117 | 31,075 |
Le Méridien Residences | — | — | 1 | 62 | 1 | 62 |
MGM Collection with Marriott Bonvoy** | 12 | 26,210 | — | — | 12 | 26,210 |
Tribute Portfolio | 88 | 16,578 | 66 | 9,157 | 154 | 25,735 |
Design Hotels* | 20 | 2,157 | 141 | 9,949 | 161 | 12,106 |
Gaylord Hotels | 6 | 10,220 | — | — | 6 | 10,220 |
Sonder by Marriott Bonvoy | 104 | 6,501 | 59 | 2,694 | 163 | 9,195 |
Marriott Executive Apartments | — | — | 42 | 5,813 | 42 | 5,813 |
Apartments by Marriott Bonvoy | — | — | 2 | 231 | 2 | 231 |
Select | 4,785 | 574,589 | 1,043 | 189,358 | 5,828 | 763,947 |
Courtyard | 1,076 | 148,671 | 265 | 53,509 | 1,341 | 202,180 |
Fairfield by Marriott | 1,174 | 111,495 | 157 | 22,755 | 1,331 | 134,250 |
Residence Inn | 873 | 107,249 | 47 | 5,979 | 920 | 113,228 |
SpringHill Suites | 563 | 66,666 | — | — | 563 | 66,666 |
Four Points | 148 | 22,028 | 184 | 41,678 | 332 | 63,706 |
TownePlace Suites | 525 | 53,208 | — | — | 525 | 53,208 |
Aloft | 166 | 24,010 | 71 | 14,751 | 237 | 38,761 |
AC Hotels by Marriott | 126 | 21,029 | 118 | 17,546 | 244 | 38,575 |
Moxy | 44 | 7,805 | 117 | 22,525 | 161 | 30,330 |
Element | 90 | 12,428 | 20 | 3,683 | 110 | 16,111 |
Protea Hotels | — | — | 64 | 6,932 | 64 | 6,932 |
Midscale | 1 | 83 | 180 | 22,731 | 181 | 22,814 |
City Express by Marriott | 1 | 83 | 152 | 17,694 | 153 | 17,777 |
Four Points Flex by Sheraton*** | — | — | 28 | 5,037 | 28 | 5,037 |
Timeshare* | 72 | 18,839 | 21 | 3,911 | 93 | 22,750 |
Grand Total | 6,307 | 1,062,063 | 3,054 | 644,268 | 9,361 | 1,706,331 |
1 "International" refers to: (i) | ||||||
* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other." | ||||||
** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented within their respective brands. | ||||||
*** Four Points Flex by Sheraton refers to properties previously referred to as Four Points Express. | ||||||
Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. | ||||||
MARRIOTT INTERNATIONAL, INC. | |||||||||||||
KEY LODGING STATISTICS | |||||||||||||
In Constant $ | |||||||||||||
Comparable Company-Operated US & Canada Properties | |||||||||||||
Three Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
JW Marriott | $ 231.25 | 7.1 % | 69.9 % | 2.7 % | pts. | $ 330.63 | 2.9 % | ||||||
The Ritz-Carlton | $ 355.73 | 8.5 % | 64.7 % | 1.1 % | pts. | $ 549.45 | 6.6 % | ||||||
W Hotels | $ 217.14 | 3.1 % | 66.3 % | 1.7 % | pts. | $ 327.53 | 0.4 % | ||||||
Composite US & Canada Luxury1 | $ 298.79 | 4.9 % | 67.6 % | 1.4 % | pts. | $ 441.90 | 2.8 % | ||||||
Marriott Hotels | $ 163.85 | 4.0 % | 66.3 % | 0.3 % | pts. | $ 247.31 | 3.6 % | ||||||
Sheraton | $ 155.85 | 9.0 % | 64.6 % | 1.8 % | pts. | $ 241.44 | 5.9 % | ||||||
Westin | $ 166.27 | 3.3 % | 66.1 % | 0.3 % | pts. | $ 251.55 | 2.9 % | ||||||
Composite US & Canada Premium2 | $ 161.05 | 3.9 % | 65.8 % | 0.2 % | pts. | $ 244.78 | 3.6 % | ||||||
US & Canada Full-Service3 | $ 190.69 | 4.2 % | 66.2 % | 0.5 % | pts. | $ 288.11 | 3.5 % | ||||||
Courtyard | $ 108.30 | 5.8 % | 65.2 % | 2.3 % | pts. | $ 166.06 | 2.1 % | ||||||
Residence Inn | $ 142.67 | 3.0 % | 73.8 % | 0.8 % | pts. | $ 193.31 | 1.9 % | ||||||
Composite US & Canada Select4 | $ 120.77 | 4.2 % | 68.6 % | 2.0 % | pts. | $ 175.95 | 1.1 % | ||||||
US & | $ 173.93 | 4.2 % | 66.8 % | 0.8 % | pts. | $ 260.48 | 2.9 % | ||||||
Comparable Systemwide US & Canada Properties | |||||||||||||
Three Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
JW Marriott | $ 221.96 | 6.1 % | 69.5 % | 1.4 % | pts. | $ 319.38 | 3.9 % | ||||||
The Ritz-Carlton | $ 354.42 | 9.0 % | 65.1 % | 1.3 % | pts. | $ 544.19 | 6.8 % | ||||||
W Hotels | $ 217.14 | 3.1 % | 66.3 % | 1.7 % | pts. | $ 327.53 | 0.4 % | ||||||
Composite US & Canada Luxury1 | $ 279.24 | 4.9 % | 68.0 % | 1.1 % | pts. | $ 410.79 | 3.2 % | ||||||
Marriott Hotels | $ 134.64 | 4.4 % | 64.4 % | 0.7 % | pts. | $ 209.18 | 3.2 % | ||||||
Sheraton | $ 124.37 | 7.7 % | 63.8 % | 1.6 % | pts. | $ 195.03 | 5.0 % | ||||||
Westin | $ 154.30 | 4.0 % | 66.1 % | -0.1 % | pts. | $ 233.47 | 4.2 % | ||||||
Composite US & Canada Premium2 | $ 139.98 | 5.1 % | 65.0 % | 0.9 % | pts. | $ 215.35 | 3.6 % | ||||||
US & Canada Full-Service3 | $ 155.83 | 5.0 % | 65.3 % | 1.0 % | pts. | $ 238.50 | 3.5 % | ||||||
Courtyard | $ 105.19 | 2.5 % | 65.2 % | 0.4 % | pts. | $ 161.38 | 2.0 % | ||||||
Residence Inn | $ 123.91 | 3.3 % | 73.4 % | 1.0 % | pts. | $ 168.77 | 1.9 % | ||||||
$ 86.67 | 3.0 % | 65.4 % | 0.5 % | pts. | $ 132.56 | 2.2 % | |||||||
Composite US & Canada Select4 | $ 105.60 | 3.1 % | 68.1 % | 0.8 % | pts. | $ 154.96 | 2.0 % | ||||||
US & | $ 126.05 | 4.1 % | 67.0 % | 0.8 % | pts. | $ 188.13 | 2.8 % | ||||||
1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. | |||||||||||||
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. | |||||||||||||
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. | |||||||||||||
4 Includes Courtyard, Residence Inn, | |||||||||||||
5 Includes US & Canada Full-Service and Composite US & Canada Select. | |||||||||||||
MARRIOTT INTERNATIONAL, INC. | |||||||||||||
KEY LODGING STATISTICS | |||||||||||||
In Constant $ | |||||||||||||
Comparable Company-Operated US & Canada Properties | |||||||||||||
Twelve Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
JW Marriott | $ 232.59 | 3.9 % | 70.4 % | 0.7 % | pts. | $ 330.26 | 2.8 % | ||||||
The Ritz-Carlton | $ 343.28 | 4.0 % | 66.0 % | 1.1 % | pts. | $ 520.44 | 2.3 % | ||||||
W Hotels | $ 214.90 | 1.1 % | 67.0 % | 1.0 % | pts. | $ 320.94 | -0.4 % | ||||||
Composite US & Canada Luxury1 | $ 291.59 | 2.4 % | 68.5 % | 0.8 % | pts. | $ 425.71 | 1.2 % | ||||||
Marriott Hotels | $ 170.12 | 4.3 % | 70.0 % | 0.6 % | pts. | $ 242.87 | 3.4 % | ||||||
Sheraton | $ 160.07 | 8.0 % | 68.1 % | 2.3 % | pts. | $ 235.17 | 4.4 % | ||||||
Westin | $ 173.15 | 4.1 % | 69.5 % | 0.7 % | pts. | $ 248.96 | 3.0 % | ||||||
Composite US & Canada Premium2 | $ 166.40 | 4.3 % | 69.2 % | 0.5 % | pts. | $ 240.48 | 3.6 % | ||||||
US & Canada Full-Service3 | $ 193.35 | 3.6 % | 69.0 % | 0.6 % | pts. | $ 280.04 | 2.8 % | ||||||
Courtyard | $ 112.33 | 2.7 % | 67.1 % | 0.7 % | pts. | $ 167.38 | 1.5 % | ||||||
Residence Inn | $ 150.27 | 1.5 % | 76.3 % | -0.3 % | pts. | $ 197.05 | 1.9 % | ||||||
Composite US & Canada Select4 | $ 125.41 | 2.2 % | 70.4 % | 0.5 % | pts. | $ 178.09 | 1.4 % | ||||||
US & | $ 177.07 | 3.4 % | 69.4 % | 0.5 % | pts. | $ 255.23 | 2.6 % | ||||||
Comparable Systemwide US & Canada Properties | |||||||||||||
Twelve Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
JW Marriott | $ 225.02 | 3.7 % | 70.9 % | 0.3 % | pts. | $ 317.30 | 3.3 % | ||||||
The Ritz-Carlton | $ 341.41 | 4.3 % | 66.3 % | 1.2 % | pts. | $ 514.56 | 2.4 % | ||||||
W Hotels | $ 214.90 | 1.1 % | 67.0 % | 1.0 % | pts. | $ 320.94 | -0.4 % | ||||||
Composite US & Canada Luxury1 | $ 274.18 | 2.5 % | 69.1 % | 0.7 % | pts. | $ 396.56 | 1.5 % | ||||||
Marriott Hotels | $ 142.05 | 4.3 % | 68.0 % | 0.8 % | pts. | $ 208.88 | 3.2 % | ||||||
Sheraton | $ 127.89 | 6.3 % | 66.9 % | 1.6 % | pts. | $ 191.15 | 3.7 % | ||||||
Westin | $ 159.62 | 3.6 % | 69.7 % | 0.4 % | pts. | $ 229.17 | 2.9 % | ||||||
Composite US & Canada Premium2 | $ 144.81 | 4.5 % | 68.1 % | 0.9 % | pts. | $ 212.64 | 3.0 % | ||||||
US & Canada Full-Service3 | $ 159.54 | 4.1 % | 68.2 % | 0.9 % | pts. | $ 233.87 | 2.7 % | ||||||
Courtyard | $ 111.97 | 1.2 % | 68.8 % | -0.3 % | pts. | $ 162.77 | 1.7 % | ||||||
Residence Inn | $ 131.10 | 2.2 % | 76.5 % | 0.2 % | pts. | $ 171.36 | 2.0 % | ||||||
$ 92.86 | 1.1 % | 68.9 % | -0.4 % | pts. | $ 134.73 | 1.7 % | |||||||
Composite US & Canada Select4 | $ 111.84 | 1.9 % | 71.5 % | 0.0 % | pts. | $ 156.50 | 1.9 % | ||||||
US & | $ 131.26 | 3.0 % | 70.1 % | 0.4 % | pts. | $ 187.14 | 2.4 % | ||||||
1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. | |||||||||||||
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. | |||||||||||||
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. | |||||||||||||
4 Includes Courtyard, Residence Inn, | |||||||||||||
5 Includes US & Canada Full-Service and Composite US & Canada Select. | |||||||||||||
MARRIOTT INTERNATIONAL, INC. | |||||||||||||
KEY LODGING STATISTICS | |||||||||||||
In Constant $ | |||||||||||||
Comparable Company-Operated International Properties | |||||||||||||
Three Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
$ 201.35 | 6.2 % | 72.2 % | 0.9 % | pts. | $ 278.89 | 4.9 % | |||||||
$ 164.07 | 8.7 % | 74.1 % | 3.1 % | pts. | $ 221.34 | 4.2 % | |||||||
$ 84.87 | -1.8 % | 69.1 % | 1.4 % | pts. | $ 122.90 | -3.8 % | |||||||
$ 134.72 | 11.6 % | 74.1 % | 1.9 % | pts. | $ 181.85 | 8.8 % | |||||||
$ 188.08 | 9.5 % | 65.9 % | 0.6 % | pts. | $ 285.28 | 8.5 % | |||||||
International - All1 | $ 132.84 | 6.4 % | 71.5 % | 1.7 % | pts. | $ 185.84 | 3.8 % | ||||||
Worldwide2 | $ 150.30 | 5.3 % | 69.5 % | 1.3 % | pts. | $ 216.32 | 3.3 % | ||||||
Comparable Systemwide International Properties | |||||||||||||
Three Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
$ 145.51 | 7.2 % | 70.0 % | 2.8 % | pts. | $ 207.80 | 2.9 % | |||||||
$ 152.57 | 9.7 % | 73.5 % | 3.3 % | pts. | $ 207.49 | 4.8 % | |||||||
$ 79.52 | -1.7 % | 68.2 % | 1.2 % | pts. | $ 116.57 | -3.3 % | |||||||
$ 138.35 | 12.5 % | 74.4 % | 2.3 % | pts. | $ 186.03 | 9.1 % | |||||||
$ 148.88 | 7.3 % | 65.0 % | 0.0 % | pts. | $ 228.95 | 7.3 % | |||||||
International - All1 | $ 126.71 | 7.2 % | 70.4 % | 2.0 % | pts. | $ 179.92 | 4.2 % | ||||||
Worldwide2 | $ 126.26 | 5.0 % | 68.1 % | 1.2 % | pts. | $ 185.42 | 3.2 % | ||||||
1 Includes | |||||||||||||
2 Includes US & | |||||||||||||
MARRIOTT INTERNATIONAL, INC. | |||||||||||||
KEY LODGING STATISTICS | |||||||||||||
In Constant $ | |||||||||||||
Comparable Company-Operated International Properties | |||||||||||||
Twelve Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
$ 215.26 | 7.0 % | 72.1 % | 0.7 % | pts. | $ 298.73 | 6.0 % | |||||||
$ 132.47 | 11.2 % | 68.6 % | 2.9 % | pts. | $ 193.15 | 6.5 % | |||||||
$ 84.57 | -2.5 % | 68.7 % | 1.2 % | pts. | $ 123.16 | -4.2 % | |||||||
$ 122.13 | 12.2 % | 72.5 % | 3.7 % | pts. | $ 168.45 | 6.5 % | |||||||
$ 182.62 | 8.7 % | 66.0 % | 2.0 % | pts. | $ 276.82 | 5.5 % | |||||||
International - All1 | $ 124.96 | 6.6 % | 69.9 % | 2.1 % | pts. | $ 178.79 | 3.3 % | ||||||
Worldwide2 | $ 147.09 | 4.9 % | 69.7 % | 1.5 % | pts. | $ 211.12 | 2.7 % | ||||||
Comparable Systemwide International Properties | |||||||||||||
Twelve Months Ended December 31, 2024 and December 31, 2023 | |||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||
$ 154.31 | 7.6 % | 70.3 % | 2.7 % | pts. | $ 219.39 | 3.5 % | |||||||
$ 123.62 | 12.1 % | 68.0 % | 2.8 % | pts. | $ 181.72 | 7.6 % | |||||||
$ 78.91 | -2.3 % | 67.7 % | 1.0 % | pts. | $ 116.55 | -3.7 % | |||||||
$ 124.66 | 12.9 % | 72.5 % | 3.8 % | pts. | $ 171.98 | 6.9 % | |||||||
$ 151.98 | 8.8 % | 65.8 % | 1.8 % | pts. | $ 231.13 | 5.8 % | |||||||
International - All1 | $ 121.75 | 7.6 % | 69.2 % | 2.4 % | pts. | $ 175.89 | 3.9 % | ||||||
Worldwide2 | $ 128.23 | 4.3 % | 69.8 % | 1.0 % | pts. | $ 183.58 | 2.8 % | ||||||
1 Includes | |||||||||||||
2 Includes US & | |||||||||||||
MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) | |||||||||
Fiscal Year 2024 | |||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||
Net income, as reported | $ 564 | $ 772 | $ 584 | $ 455 | $ 2,375 | ||||
Cost reimbursement revenue | (4,433) | (4,728) | (4,617) | (4,704) | (18,482) | ||||
Reimbursed expenses | 4,501 | 4,645 | 4,681 | 4,972 | 18,799 | ||||
Interest expense | 163 | 173 | 179 | 180 | 695 | ||||
Interest expense from unconsolidated joint ventures | 2 | 2 | 1 | 3 | 8 | ||||
Provision for income taxes | 163 | 268 | 202 | 143 | 776 | ||||
Depreciation and amortization | 45 | 47 | 45 | 46 | 183 | ||||
Contract investment amortization | 23 | 27 | 26 | 27 | 103 | ||||
Depreciation and amortization classified in reimbursed expenses | 48 | 50 | 52 | 56 | 206 | ||||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 5 | 3 | 4 | 3 | 15 | ||||
Stock-based compensation | 53 | 57 | 63 | 64 | 237 | ||||
Restructuring and merger-related charges | 8 | 8 | 9 | 52 | 77 | ||||
Gain on asset dispositions | — | — | — | (11) | (11) | ||||
Adjusted EBITDA† | $ 1,142 | $ 1,324 | $ 1,229 | $ 1,286 | $ 4,981 | ||||
Change from 2023 Adjusted EBITDA† | 4 % | 9 % | 8 % | 7 % | 7 % | ||||
Fiscal Year 2023 | |||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||
Net income, as reported | $ 757 | $ 726 | $ 752 | $ 848 | $ 3,083 | ||||
Cost reimbursement revenue | (4,147) | (4,457) | (4,391) | (4,418) | (17,413) | ||||
Reimbursed expenses | 4,136 | 4,366 | 4,238 | 4,684 | 17,424 | ||||
Interest expense | 126 | 140 | 146 | 153 | 565 | ||||
Interest expense from unconsolidated joint ventures | 1 | 1 | 3 | 1 | 6 | ||||
Provision (benefit) for income taxes | 87 | 238 | 237 | (267) | 295 | ||||
Depreciation and amortization | 44 | 48 | 46 | 51 | 189 | ||||
Contract investment amortization | 21 | 22 | 23 | 22 | 88 | ||||
Depreciation and amortization classified in reimbursed expenses | 31 | 38 | 39 | 51 | 159 | ||||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 4 | 3 | 6 | 6 | 19 | ||||
Stock-based compensation | 37 | 56 | 54 | 58 | 205 | ||||
Restructuring and merger-related charges | 1 | 38 | 13 | 8 | 60 | ||||
Gain on asset dispositions | — | — | (24) | — | (24) | ||||
Adjusted EBITDA† | $ 1,098 | $ 1,219 | $ 1,142 | $ 1,197 | $ 4,656 | ||||
† Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. | |||||||||
MARRIOTT INTERNATIONAL, INC. | |||||
NON-GAAP FINANCIAL MEASURES | |||||
ADJUSTED EBITDA FORECAST | |||||
FIRST QUARTER 2025 | |||||
($ in millions) | |||||
Range | |||||
Estimated | First Quarter 2024 | ||||
Net income excluding certain items1 | $ 611 | $ 630 | |||
Interest expense | 191 | 191 | |||
Interest expense from unconsolidated joint ventures | 2 | 2 | |||
Provision for income taxes | 172 | 178 | |||
Depreciation and amortization | 47 | 47 | |||
Contract investment amortization | 28 | 28 | |||
Depreciation and amortization classified in reimbursed expenses | 60 | 60 | |||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 4 | 4 | |||
Stock-based compensation | 55 | 55 | |||
Adjusted EBITDA† | $ 1,170 | $ 1,195 | $ 1,142 | ||
Increase over 2024 Adjusted EBITDA† | 2 % | 5 % | |||
† Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. | |||||
1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. | |||||
MARRIOTT INTERNATIONAL, INC. | |||||
NON-GAAP FINANCIAL MEASURES | |||||
ADJUSTED EBITDA FORECAST | |||||
FULL YEAR 2025 | |||||
($ in millions) | |||||
Range | |||||
Estimated | Full Year 2024 | ||||
Net income excluding certain items1 | $ 2,697 | $ 2,799 | |||
Interest expense | 810 | 810 | |||
Interest expense from unconsolidated joint ventures | 7 | 7 | |||
Provision for income taxes | 950 | 988 | |||
Depreciation and amortization | 200 | 200 | |||
Contract investment amortization | 118 | 118 | |||
Depreciation and amortization classified in reimbursed expenses | 270 | 270 | |||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 18 | 18 | |||
Stock-based compensation | 225 | 225 | |||
Adjusted EBITDA† | $ 5,295 | $ 5,435 | $ 4,981 | ||
Increase over 2024 Adjusted EBITDA† | 6 % | 9 % | |||
† Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. | |||||
1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. | |||||
MARRIOTT INTERNATIONAL, INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES
In our press release and schedules, on the related conference call, and in the infographic made available in connection with our press release, we report certain financial measures that are not required by, or presented in accordance with,
Adjusted Operating Income and Adjusted Operating Income Margin. Adjusted operating income and Adjusted operating income margin exclude cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and certain non-cash impairment charges (when applicable). Adjusted operating income margin reflects Adjusted operating income divided by Adjusted total revenues. We believe that these are meaningful metrics because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below.
Adjusted Net Income and Adjusted Diluted Earnings Per Share. Adjusted net income and Adjusted diluted earnings per share reflect our net income and diluted earnings per share excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, certain non-cash impairment charges (when applicable), and gains and losses on asset dispositions made by us or by our joint venture investees (when applicable and if above a specified threshold). Additionally, Adjusted net income and Adjusted diluted earnings per share exclude the income tax effect of the above adjustments (calculated using an estimated tax rate applicable to each adjustment) and income tax special items, which in 2023 primarily related to the resolution of tax audits. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below.
Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA"). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization, provision (benefit) for income taxes, restructuring and merger-related charges, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes certain non-cash impairment charges and gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold).
In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, and Adjusted EBITDA, we exclude restructuring and merger-related charges as well as non-cash impairment charges (if above a specified threshold) related to our management and franchise contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the "Contract investment amortization," "Depreciation, amortization, and other," and "Equity in earnings" captions of our Consolidated Statements of Income (our "Income Statements"), to allow for period-over period comparisons of our ongoing operations before the impact of these items. We exclude cost reimbursement revenue and reimbursed expenses, which relate to property-level and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. We do not operate these programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and certain other counterparties, we do not seek a mark-up. For property-level services, we are typically reimbursed at the same time that we incur expenses. However, for centralized programs and services, we may be reimbursed before or after we incur expenses, causing timing differences between the costs we incur and the related reimbursement from hotel owners and certain other counterparties in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Because we do not retain any such profits or losses over time, we exclude the net impact when evaluating period-over-period changes in our operating results.
We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons of our ongoing operations before these items. Our use of Adjusted EBITDA also facilitates comparison with results from other lodging companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA also excludes depreciation and amortization expense, which we report under "Depreciation, amortization, and other" as well as depreciation and amortization classified in "Contract investment amortization," "Reimbursed expenses," and "Equity in earnings" of our Income Statements, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. Depreciation and amortization classified in "Reimbursed expenses" reflects depreciation and amortization of Marriott-owned assets, for which we receive cash from hotel owners and certain other counterparties to reimburse the company for its investments made for the benefit of the system. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted.
RevPAR. In addition to the foregoing non-GAAP financial measures, we present Revenue per Available Room ("RevPAR") as a performance measure. We believe RevPAR, which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate ("ADR"), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property's available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. Comparisons to prior periods are on a constant
We define our comparable properties as hotels in our system that were open and operating under one of our brands since the beginning of the last full calendar year (since January 1, 2023 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, and timeshare properties.
We use the term "hotel owners" throughout these schedules to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to management agreements, franchise agreements, license agreements or similar arrangements, and we use the term "hotels in our system" to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms "hotel owners" and "hotels in our system" exclude Homes & Villas by Marriott Bonvoy® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.
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SOURCE Marriott International, Inc.
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