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Arphra AIPlain-English read on Marriott International, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $13.86B | $20.77B | $23.71B | $25.1B | $26.19B | $27.92B | $29.49B | $30.56B | $30.88B |
| Cost of revenue | $11.06B | $16.22B | $18.59B | $20B | $20.6B | $22.6B | $23.59B | $23.48B | $24.12B |
| Gross profit | $2.8B | $4.56B | $5.12B | $5.1B | $5.59B | $6.05B | $6.13B | $6.33B | $6.33B |
| Gross margin | +20.21% | +21.94% | +21.61% | +20.32% | +21.34% | +21.69% | +20.78% | +20.70% | +20.50% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $823M | $891M | $1.01B | $1.07B | $965M | $1.16B | $1.21B | $1.21B | $1.26B |
| Total operating expenses | $1.05B | $1.1B | $1.26B | $1.33B | $1.45B | $1.46B | $1.58B | $1.66B | $1.63B |
| Operating income | $1.75B | $3.46B | $3.86B | $3.77B | $4.14B | $4.39B | $4.59B | $4.68B | $4.96B |
| Operating margin | +12.63% | +16.67% | +16.29% | +15.01% | +15.81% | +15.71% | +15.55% | +15.32% | +16.05% |
| EBITDA | $1.9B | $3.92B | $4.38B | $4.34B | $4.49B | $4.78B | $5.21B | $5.51B | $5.38B |
| EBIT | $1.6B | $3.52B | $3.94B | $3.85B | $4.19B | $4.38B | $4.85B | $4.93B | $4.8B |
| Below the line | |||||||||
| Interest expense | $420M | $403M | $565M | $695M | $809M | $746.18M | $814.45M | $849.93M | $830.02M |
| Interest income | $28M | $26M | $30M | $40M | $42M | $41M | $42.67M | $46.74M | $46.21M |
| Other income / expense | -$570M | -$348M | -$486M | -$616M | -$747M | — | — | — | — |
| Pre-tax income | $1.18B | $3.11B | $3.38B | $3.15B | $3.39B | $3.75B | $3.86B | $3.96B | $4.15B |
| Income tax expense | $81M | $756M | $295M | $776M | $793M | $708.18M | $732.71M | $787.68M | $750.77M |
| Earnings | |||||||||
| Net income | $1.1B | $2.36B | $3.08B | $2.38B | $2.6B | $3.09B | $3.24B | $3.4B | $3.26B |
| Net income · continuing ops | $1.1B | $2.36B | $3.08B | $2.38B | $2.6B | $2.95B | $3.1B | $3.26B | $3.42B |
| Net margin | +7.93% | +11.35% | +13.00% | +9.46% | +9.93% | +11.05% | +10.99% | +11.11% | +10.56% |
| EPS · basic | $3.36 | $7.27 | $10.23 | $8.36 | $9.52 | $11.75 | $12.89 | $14.62 | $16.71 |
| EPS · diluted | $3.34 | $7.24 | $10.18 | $8.33 | $9.49 | $11.59 | $13.00 | $14.43 | $16.40 |
| EPS · low estimate | — | — | — | — | — | $11.38 | $12.40 | $13.66 | $15.56 |
| EPS · high estimate | — | — | — | — | — | $12.12 | $14.29 | $15.48 | $17.21 |
| Shares · basic | 327.2M | 324.4M | 301.5M | 284.2M | 268.5M | 266.4M | 267.13M | 268.09M | 266.68M |
| Shares · diluted | 329.3M | 325.8M | 302.9M | 285.2M | 269.4M | 269.09M | 271.01M | 271.38M | 271.16M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 17 | 17 | 7 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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