Marriott International Revenue & Financials

Marriott International's financial profile in fiscal year 2024 reflects the full restoration of the company's economic engine following the COVID-19 disruption, and then some. Total revenues for the fiscal year reached approximately $24 billion, compared to $23.7 billion in fiscal 2023, with gross fee revenues — the company's highest-margin income stream — growing to approximately $5.1 billion, up from $4.7 billion in the prior year. Adjusted EBITDA for fiscal 2024 reached approximately $4.4 billion, representing an adjusted EBITDA margin on fee revenues of over 86 percent — evidence of the extraordinary operating leverage embedded in the asset-light model once scale is achieved. System-wide RevPAR for fiscal 2024 increased 5.3 percent year-over-year in constant currency, driven by continued recovery in international markets — particularly Asia-Pacific, where China's reopening post-COVID added meaningful demand in the first half of the year — and sustained strength in leisure travel across U.S. Resort destinations and European city markets. Average daily rate across the system reached approximately $185, with luxury and premium tier properties commanding ADRs well above $300 in major gateway cities. Net income for fiscal 2024 was approximately $2.2 billion, and diluted earnings per share of approximately $7.25 reflected the ongoing benefits of the company's multi-year share repurchase program, which has meaningfully reduced the diluted share count. Marriott returned approximately $4.4 billion to shareholders in fiscal 2024 through buybacks and dividends, funded by free cash flow generation that exceeded $3.5 billion. Long-term debt stood at approximately $12 billion, a level that management characterizes as optimally structured given the fee-based, capital-light nature of the underlying business. The company maintains investment-grade credit ratings from Moody's and S&P, preserving access to debt capital markets at competitive rates.