MARRIOTT INTERNATIONAL INC MD（MAR）の決算・業績分析
MARRIOTT INTERNATIONAL INC MDの2025年有価証券報告書をAI分析。売上高$26.2B(+4.3%)。営業利益$4.1B。Consumer Discretionary。
目次
MARRIOTT INTERNATIONAL INC MDの2025年度 業績サマリー
MARRIOTT INTERNATIONAL INC MD（証券コード: MAR）の2025年度決算・業績分析。売上高は$26.2B（前年比+4.3%）。営業利益は$4.1B（前年比+9.9%）。純利益は$2.6B（前年比+9.5%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
MARRIOTT INTERNATIONAL INC MDの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 49.9% YoY to $20.8B (XBRL), driven by global RevPAR increases and demand normalization (10-K).
- Net income jumped 114.6% YoY to $2.4B (XBRL), with operating margin expanding to 16.7% (XBRL).
- ROE reached 166.8% (XBRL), reflecting strong profitability and low leverage (net debt: -$282M or -0.1x EBITDA (XBRL)).
- Shareholder returns totaled $2.9B (XBRL), including $2.6B in share repurchases and $321M in dividends.
MARRIOTT INTERNATIONAL INC MDの売上高変化の要因
- •Total revenue grew 49.9% YoY to $20.8B (XBRL), driven by global RevPAR increases (4.3% YoY) and demand normalization across most regions (10-K). U.S. & Canada, EMEA, and APEC saw strong growth (3.0%, 9.1%, and 12.9% YoY, respectively), while Greater China declined 2.3% due to macroeconomic factors and outbound travel (10-K). Segment-specific revenue figures are not disclosed in the XBRL data or 10-K text (N/A).
MARRIOTT INTERNATIONAL INC MDの営業利益変化の要因
- •Operating income rose 97.8% YoY to $3.5B (XBRL), with operating margin expanding to 16.7% (XBRL). Net income surged 114.6% YoY to $2.4B (XBRL), reflecting improved cost management and higher RevPAR (10-K). Gross profit and cost of sales data are not available in the provided information (N/A).
MARRIOTT INTERNATIONAL INC MDの事業リスクと対応
High industry competition could harm pricing power and guest attraction (10-K).
Economic downturns, pandemics, or geopolitical events may reduce revenues and disrupt operations (10-K).
Premature termination of hotel owner agreements could lead to financial losses and legal costs (10-K).
New lodging supply may depress room rates and occupancy in key markets (10-K).
Geopolitical instability, public health crises, and regulatory changes could negatively impact global operations (10-K).
Technology disruption (e.g., direct booking channels) and failure to innovate could reduce customer preference (10-K).
MARRIOTT INTERNATIONAL INC MDの今後の見通し・業績予想
MARRIOTT INTERNATIONAL INC MDの事業内容
Marriott International operates, franchises, and licenses hotel, residential, timeshare, and lodging properties globally (10-K). Its revenue model relies heavily on franchising and licensing fees, with less than 1% ownership of properties (10-K). Key segments include U.S. & Canada, Europe, Middle East & Africa (EMEA), Greater China, and Asia Pacific excluding China (APEC), with brands spanning luxury (e.g., JW Marriott, The Ritz-Carlton) to midscale (e.g., Courtyard, Moxy) (10-K). Competitive advantages include a broad brand portfolio and extensive global reach, though no significant customer concentration is reported (10-K).
MARRIOTT INTERNATIONAL INC MDのAI業績分析レポート（2024年度）
Marriott International Inc. (MAR) FY2024 Annual Report Analysis
Highlights
Business Overview
Marriott International operates, franchises, and licenses hotel, residential, timeshare, and lodging properties globally (10-K). Its revenue model relies heavily on franchising and licensing fees, with less than 1% ownership of properties (10-K). Key segments include U.S. & Canada, Europe, Middle East & Africa (EMEA), Greater China, and Asia Pacific excluding China (APEC), with brands spanning luxury (e.g., JW Marriott, The Ritz-Carlton) to midscale (e.g., Courtyard, Moxy) (10-K). Competitive advantages include a broad brand portfolio and extensive global reach, though no significant customer concentration is reported (10-K).
Revenue Analysis
Total revenue grew 49.9% YoY to $20.8B (XBRL), driven by global RevPAR increases (4.3% YoY) and demand normalization across most regions (10-K). U.S. & Canada, EMEA, and APEC saw strong growth (3.0%, 9.1%, and 12.9% YoY, respectively), while Greater China declined 2.3% due to macroeconomic factors and outbound travel (10-K). Segment-specific revenue figures are not disclosed in the XBRL data or 10-K text (N/A).
Profitability Analysis
Operating income rose 97.8% YoY to $3.5B (XBRL), with operating margin expanding to 16.7% (XBRL). Net income surged 114.6% YoY to $2.4B (XBRL), reflecting improved cost management and higher RevPAR (10-K). Gross profit and cost of sales data are not available in the provided information (N/A).
Balance Sheet Analysis
Equity ratio stood at 5.5% (XBRL), with total equity increasing to $1.4B (XBRL) in FY2024. Current ratio was 0.43x (XBRL), indicating potential liquidity constraints. Net debt was -$282M (-0.1x EBITDA (XBRL)), and cash reserves totaled $338M (XBRL). Long-term debt was $56M (XBRL), with no details on maturity schedules or interest rates (N/A).
Cash Flow Analysis
Operating cash flow was $2.4B (XBRL), matching net income. Free cash flow (FCF) was $2.0B (XBRL), calculated as operating cash flow ($2.4B) minus CapEx ($332M) (XBRL). Investing activities included $332M in CapEx (XBRL), while financing activities totaled -$3.0B (XBRL), driven by $2.6B in share repurchases and $321M in dividends (XBRL).
Working Capital Analysis
N/A. Data on receivables, inventory, payables, or cash conversion cycle is not available in the XBRL or 10-K text.
Risks
Outlook
Management expects $80M–$90M in annual G&A cost reductions starting in 2025 from efficiency initiatives (10-K). Key trends include global RevPAR growth, demand normalization, and continued focus on cost optimization (10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 20.8B | 21.0B | 10.6B | 13.9B | 20.8B | 23.7B |
| Operating Income | 2.4B | 1.8B | 84M | 1.8B | 3.5B | 3.9B |
| Net Income | 1.9B | 1.3B | -267M | 1.1B | 2.4B | 3.1B |
| Total Assets | 25.1B | 24.7B | 25.6B | 24.8B | 25.7B | 26.2B |
| Total Equity | 3.6B | 2.2B | 703M | 430M | 1.4B | 568M |
| Operating Cash Flow | 2.4B | 1.7B | 1.6B | 1.2B | 2.4B | 3.2B |
Consumer Discretionaryの企業一覧
MARRIOTT INTERNATIONAL INC MDと同じ「Consumer Discretionary」セクターの企業