FT Markets Data
Marriott International Inc

Marriott International Reports Fourth Quarter and Full Year 2024 Results

  • Fourth quarter 2024 RevPAR 1  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 and adjusted diluted EPS totaled $2.45
  • Fourth quarter reported net income totaled $455 million and adjusted net income totaled $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 to shareholders through dividends and share repurchases in 2024

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

BETHESDA, Md. , Feb. 11, 2025 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2024 results.

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 U.S. & Canada rose more than 4 percent, the region's highest RevPAR increase of the year, with all customer segments growing versus the prior-year quarter.

"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 U.S. & Canada. We also strengthened our non-traditional offerings with founding deals in the outdoor lodging segment with key players Postcard Cabins and Trailborn.

"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 $1,128 million in the 2024 fourth quarter, a 10 percent increase compared to base management and franchise fees of $1,026 million in the year-ago quarter. The increase is primarily attributable to RevPAR increases and unit growth, as well as higher residential and co-branded credit card fees.

Incentive management fees totaled $206 million in the 2024 fourth quarter, compared to $218 million in the 2023 fourth quarter, with growth in APEC offset by declines in U.S. & Canada and Greater China.

Owned, leased, and other revenue, net of direct expenses, totaled $100 million in the 2024 fourth quarter, compared to $151 million in the 2023 fourth quarter. The decrease was primarily driven by a $63 million termination fee related to a development project in the year-ago quarter.

General, administrative, and other expenses for the 2024 fourth quarter totaled $289 million, compared to $330 million in the year-ago quarter. The year-over-year decline largely reflects lower administrative, bad debt and litigation expenses.

Interest expense, net, totaled $170 million in the 2024 fourth quarter, compared to $144 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.

In the 2024 fourth quarter, the provision for income taxes totaled a $143 million expense compared to a $267 million benefit in the 2023 fourth quarter. The unfavorable year-over-year change is primarily due to 2023 fourth quarter international intellectual property transactions resulting in $228 million of benefits and a $223 million release of a tax valuation allowance in the year-ago quarter.

Marriott's reported operating income totaled $752 million in the 2024 fourth quarter, compared to 2023 fourth quarter reported operating income of $718 million. Reported net income totaled $455 million in the 2024 fourth quarter, compared to 2023 fourth quarter reported net income of $848 million. Reported diluted earnings per share (EPS) totaled $1.63 in the quarter, compared to reported diluted EPS of $2.87 in the year-ago quarter.

Adjusted operating income in the 2024 fourth quarter totaled $1,072 million, compared to 2023 fourth quarter adjusted operating income of $992 million. Fourth quarter 2024 adjusted net income totaled $686 million, compared to 2023 fourth quarter adjusted net income of $1,055 million. Adjusted diluted EPS in the 2024 fourth quarter totaled $2.45, compared to adjusted diluted EPS of $3.57 in the year-ago quarter.

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 $1,286 million in the 2024 fourth quarter, a 7 percent increase compared to fourth quarter 2023 adjusted EBITDA of $1,197 million. See the press release schedules for the adjusted EBITDA calculation.

Full Year 2024 EPS Results
 Full year 2024 reported diluted EPS totaled $8.33, compared to reported diluted EPS of $10.18 in 2023. Full year 2024 adjusted diluted EPS totaled $9.33, compared to adjusted diluted EPS of $9.99 in 2023. Reported and adjusted results in 2024 included a $19 million ($14 million after-tax and $0.05 per share) guarantee reserve for a U.S. hotel, which was negotiated in connection with the Starwood acquisition. Reported and adjusted results in 2023 included a $63 million ($47 million after‐tax and $0.15 per share) termination fee related to a development project, $228 million ($0.75 per share) of tax benefits from international intellectual property transactions and a $223 million ($0.73 per share) favorable impact from the release of a tax valuation allowance.

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 U.S. & Canada increased 4.1 percent (a 4.0 percent increase using actual dollars), and RevPAR in international markets increased 7.2 percent (a 7.1 percent increase using actual dollars).

Balance Sheet & Common Stock
 At year-end 2024, Marriott's total debt was $14.4 billion and cash and equivalents totaled $0.4 billion, compared to $11.9 billion in debt and $0.3 billion of cash and equivalents at year-end 2023.

The company repurchased 2.0 million shares of common stock in the 2024 fourth quarter for $0.5 billion. For full year 2024, Marriott repurchased 15.4 million shares for $3.7 billion. Year to date through February 7, the company has repurchased 1.2 million shares for $350 million.

Company Outlook  

First Quarter 2025

vs First Quarter 2024

Full Year 2025

vs Full Year 2024

Comparable systemwide constant $

RevPAR growth



Worldwide

3% to 4%

2% to 4%






Year-End 2025

vs Year-End 2024

Net rooms growth


4% to 5%




($ in millions, except EPS)

First Quarter 2025

Full Year 2025

Gross fee revenues

$1,240 to $1,255

$5,370 to $5,480

Owned, leased, and other revenue, net of direct expenses

Approx. $55

$345 to $355

General, administrative, and other expenses

$255 to $245

$985 to $965

Adjusted EBITDA1,2

$1,170 to $1,195

$5,295 to $5,435

Adjusted EPS – diluted2,3

$2.20 to $2.26

$9.82 to $10.19

Effective tax rate

Approx. 22%

Approx. 26%

Investment spending4


$1,000 to $1,100

Capital return to shareholders5


Approx. $4,000


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 Bethesda, Maryland, USA, and encompasses a portfolio of over 9,300 properties across more than 30 leading brands in 144 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform.  For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.  In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

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.

1 All 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 & Canada

Total International 1

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) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.

* 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 & Canada

Total International 1

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) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.

* 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 & Canada - All5


$     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 %

Fairfield by Marriott


$       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 & Canada - All5


$     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, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott.  Systemwide also includes Moxy.

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 & Canada - All5


$     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 %

Fairfield by Marriott


$       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 & Canada - All5


$     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, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott.  Systemwide also includes Moxy.

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

Europe


$     201.35


6.2 %


72.2 %


0.9 %

pts.


$     278.89


4.9 %

Middle East & Africa


$     164.07


8.7 %


74.1 %


3.1 %

pts.


$     221.34


4.2 %

Greater China


$       84.87


-1.8 %


69.1 %


1.4 %

pts.


$     122.90


-3.8 %

Asia Pacific excluding China


$     134.72


11.6 %


74.1 %


1.9 %

pts.


$     181.85


8.8 %

Caribbean & Latin America


$     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

Europe


$     145.51


7.2 %


70.0 %


2.8 %

pts.


$     207.80


2.9 %

Middle East & Africa


$     152.57


9.7 %


73.5 %


3.3 %

pts.


$     207.49


4.8 %

Greater China


$       79.52


-1.7 %


68.2 %


1.2 %

pts.


$     116.57


-3.3 %

Asia Pacific excluding China


$     138.35


12.5 %


74.4 %


2.3 %

pts.


$     186.03


9.1 %

Caribbean & Latin America


$     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 Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.

2 Includes US & Canada - All and International - All.


 

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

Europe


$     215.26


7.0 %


72.1 %


0.7 %

pts.


$     298.73


6.0 %

Middle East & Africa


$     132.47


11.2 %


68.6 %


2.9 %

pts.


$     193.15


6.5 %

Greater China


$       84.57


-2.5 %


68.7 %


1.2 %

pts.


$     123.16


-4.2 %

Asia Pacific excluding China


$     122.13


12.2 %


72.5 %


3.7 %

pts.


$     168.45


6.5 %

Caribbean & Latin America


$     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

Europe


$     154.31


7.6 %


70.3 %


2.7 %

pts.


$     219.39


3.5 %

Middle East & Africa


$     123.62


12.1 %


68.0 %


2.8 %

pts.


$     181.72


7.6 %

Greater China


$       78.91


-2.3 %


67.7 %


1.0 %

pts.


$     116.55


-3.7 %

Asia Pacific excluding China


$     124.66


12.9 %


72.5 %


3.8 %

pts.


$     171.98


6.9 %

Caribbean & Latin America


$     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 Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.

2 Includes US & Canada - All and International - All.


 

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 2025


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  2025


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, United States generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are labeled as "adjusted" and/or identified with the symbol "†". We discuss the manner in which the non-GAAP measures reported in this press release, schedules, and infographic are determined and management's reasons for reporting these non-GAAP measures below, and the press release schedules reconcile each to the most directly comparable GAAP measures (with respect to the forward-looking non-GAAP measures, to the extent available without unreasonable efforts). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, net income, earnings per share, or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.

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 U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period. We believe constant dollar analysis provides valuable information regarding the performance of hotels in our system as it removes currency fluctuations from the presentation of such results.

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®.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-reports-fourth-quarter-and-full-year-2024-results-302372780.html

SOURCE Marriott International, Inc.