Alibaba vs Marriott: Revenue, Profit and Business Model
Alibaba reported ~$142.3B of revenue in FY2026 and ~$14.4B of net income. Marriott reported $26.2B of revenue in FY2025 and $2.6B of net income.
Latest financial snapshot
Financial summary
Alibaba
Revenue rose from ~$22 billion (RMB158.3 billion) in FY2017 to ~$142 billion (RMB1.024 trillion) in FY2026. Net income was ~$14.4 billion (RMB103.6 billion) in FY2026, down from ~$17.5 billion (RMB126.0 billion) in FY2025. Alibaba reports on a March 31 fiscal year and invests heavily in commerce, cloud and AI infrastructure.
Marriott
Marriott reported FY2025 revenue of $26.186 billion and net income of $2.601 billion, with gross fee revenues of $5.438 billion. Because owners fund the hotels, Marriott's capital needs are modest and most cash goes back to shareholders: over $4.0 billion was returned in 2025. In Q2 2026 revenue was $7.071 billion, net income $766 million and adjusted EBITDA $1.592 billion; management raised 2026 guidance to global RevPAR growth of 3% to 3.5%, adjusted EBITDA of $5.97 to $6.03 billion and more than $4.5 billion of capital returns.
Revenue and profit by year
Alibaba
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$142.3B | ~$14.4B | 10.1% | +2.7% | Source |
| FY2025 | ~$138.5B | ~$17.5B | 12.6% | +5.9% | Source |
| FY2024 | ~$130.8B | ~$9.9B | 7.6% | +8.3% | Source |
| FY2023 | ~$120.7B | ~$9.1B | 7.5% | +1.8% | Source |
| FY2022 | ~$118.6B | ~$6.5B | 5.5% | +18.9% | Source |
| FY2021 | ~$99.7B | ~$19.9B | 20.0% | +40.7% | Source |
| FY2020 | ~$70.8B | ~$19.5B | 27.5% | +35.3% | Source |
| FY2019 | ~$52.4B | ~$11.2B | 21.3% | +50.6% | Source |
| FY2018 | ~$34.8B | ~$8.5B | 24.5% | +58.1% | Source |
| FY2017 | ~$22B | ~$6.1B | 27.6% | — | Source |
Marriott
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $26.2B | $2.6B | 9.9% | +4.3% | Source |
| FY2024 | $25.1B | $2.4B | 9.5% | +5.8% | Source |
| FY2023 | $23.7B | $3.1B | 13.0% | +14.2% | Source |
| FY2022 | $20.8B | $2.4B | 11.4% | +49.9% | Source |
| FY2021 | $13.9B | $1.1B | 7.9% | +31.1% | Source |
| FY2020 | $10.6B | -$267M | -2.5% | -49.6% | Source |
| FY2019 | $21B | $1.3B | 6.1% | +1.0% | Source |
| FY2018 | $20.8B | $1.9B | 9.2% | +1.5% | Source |
| FY2017 | $20.5B | $1.5B | 7.1% | +32.7% | Source |
| FY2016 | $15.4B | $808M | 5.2% | — | Source |
Where the revenue comes from
Alibaba
- China commerce
Not formally reported
Alibaba earns revenue through China commerce.
- international digital commerce
Not formally reported
Alibaba earns revenue through international digital commerce.
- cloud intelligence
Not formally reported
Alibaba earns revenue through cloud intelligence.
- logistics services
Not formally reported
Alibaba earns revenue through logistics services.
- local services and digital media
Not formally reported
Alibaba earns revenue through local services and digital media.
Marriott
- Franchise Fees
$3.325B in FY2025
Fees paid by hotel owners and franchisees for using Marriott brands, reservation systems, standards, and distribution.
- Base Management Fees
$1.322B in FY2025
Management fees earned for operating hotels on behalf of third-party owners, typically tied to property revenue.
- Incentive Management Fees
$791M in FY2025
Performance-linked fees earned when managed hotels meet profitability thresholds.
- Cost Reimbursement Revenue
$19.204B in FY2025
Reimbursement revenue tied to centralized programs and services, including loyalty and other owner-supported costs.
- Owned, Leased, and Other Revenue
$1.679B in FY2025
Revenue from owned or leased hotels and other lodging-related activities outside the pure fee stream.
Business model and strategy
Alibaba
How it makes money
Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Taobao and Tmall primarily connect merchants with consumers rather than operating only as first-party retailers.
Growth strategy
Facing intense regulatory scrutiny and fierce domestic competition, Alibaba's growth strategy recently underwent a large structural overhaul. They announced a plan to split the empire into six separate, independent business groups (like Cloud, E-commerce, and Logistics), allowing each to operate faster and potentially seek their own IPOs.
Competitive advantage
Alibaba's primary moat was its large network effect within China; virtually every merchant had to be on Taobao because that's where all the consumers were, and vice versa. their proprietary logistics network (Cainiao) and deep integration with Alipay created a frictionless ecosystem for Chinese consumers.
Marriott
How it makes money
Marriott makes money mainly from fees. Franchise fees ($3.325B in FY2025) come from owners who license a Marriott brand, reservation system and Bonvoy distribution; this line also includes co-branded credit card and residential branding fees. Base management fees ($1.322B) and incentive management fees ($791M) come from hotels Marriott operates for owners.
Growth strategy
Growth comes from adding rooms rather than buying buildings. Marriott signed nearly 1,200 organic deals (about 163,000 rooms) in 2025 and posted record signings in the first half of 2026.
Competitive advantage
Marriott's advantage is scale on both sides of the market. For travelers, Marriott Bonvoy (more than 295 million members by June 2026) and over 30 brands across price points create reasons to book direct. For owners and lenders, that demand engine, plus Marriott's distribution and procurement scale, makes a Marriott flag easier to finance and fill, which feeds a record development pipeline of about 629,000 rooms.
Questions about Alibaba vs Marriott
Which company has higher revenue — Alibaba Group Holding Limited or Marriott International?
Alibaba Group Holding Limited reported ~$142.3B (FY2026), while Marriott International reported $26.2B (FY2025). By last reported revenue, Alibaba Group Holding Limited is the larger business, with Marriott International reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Alibaba Group Holding Limited vs Marriott International?
Alibaba Group Holding Limited's market capitalisation stands at $266.6B, while Marriott International's is $91.5B. Alibaba Group Holding Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Marriott International.
Which is more financially efficient — Alibaba Group Holding Limited or Marriott International?
Alibaba Group Holding Limited generates $1.08M / employee in revenue per employee, while Marriott International generates $177k / employee. Alibaba Group Holding Limited shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Alibaba Group Holding Limited and Marriott International make money?
Alibaba Group Holding Limited and Marriott International generate revenue in fundamentally different ways. Alibaba Group Holding Limited: Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Marriott International: Marriott makes money mainly from fees.
Which company is valued higher relative to revenue — Alibaba Group Holding Limited or Marriott International?
On a price-to-sales (P/S) basis, Alibaba Group Holding Limited trades at 1.9x P/S and Marriott International at 3.5x P/S. Marriott International commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Alibaba Group Holding Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Alibaba Group Holding Limited bigger than Marriott International?
By last reported revenue, Alibaba Group Holding Limited (~$142.3B (FY2026)) is the larger company compared to Marriott International ($26.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Alibaba vs Marriott overview