Marriott International (MAR) 10-K Summary — Year Ended Dec 31, 2023
Marriott International reported a year of strong revenue growth and solid profitability. The company's financial performance improved significantly compared to the prior year.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Marriott International reported a year of strong revenue growth and solid profitability. The company's financial performance improved significantly compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$23.7B
Revenue reported for the fiscal year.
Operating income
$3.9B
Income from operations reported for the year.
Net income
$3.1B
Net income reported for the year.
Operating cash flow
$3.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $13.9B | n/a |
| Dec 31, 2022 | $20.8B | +49.9% |
| Dec 31, 2023 | $23.7B | +14.2% |
Business overview
Marriott International operates as a global hospitality company, managing and franchising a broad portfolio of hotels and lodging facilities. The company's business overview section outlines its operations and strategic focus on brand management and property development.
Financial performance
Revenue increased substantially from the prior year, while operating income and net income also showed strong growth. Operating cash flow remained robust, supporting the company's financial position.
Material risks
The filing identifies risk factors including potential impacts from economic conditions, competition, and operational challenges. These risks are described in the risk factors section without exaggeration.
Liquidity and capital
The company maintains a revolving credit facility to support its commercial paper program and general corporate needs. It currently satisfies all covenants and does not expect restrictions on its borrowing or liquidity needs.
What to watch
Readers should monitor any changes in the company's leverage ratio relative to the credit facility covenant limit.