ICICI Bank vs Marriott: Revenue, Profit and Business Model
ICICI Bank reported ~$23B of revenue in FY2026 and ~$6.3B of net income. Marriott reported $26.2B of revenue in FY2025 and $2.6B of net income.
Latest financial snapshot
ICICI Bank
- Latest revenue
- ~$23B (FY2026)
- Net income
- ~$6.3B
- Net margin
- 27.4%
- Revenue growth
- +19.0% a year, FY2022–FY2026
Marriott
- Latest revenue
- $26.2B (FY2025)
- Net income
- $2.6B
- Net margin
- 9.9%
- Revenue growth
- +6.1% a year, FY2016–FY2025
Financial summary
ICICI Bank
ICICI Bank's finances moved from crisis to steady compounding over a decade. Bad corporate loans to infrastructure, power, and steel projects drove a non-performing asset surge between 2015 and 2018. After Sandeep Bakhshi became CEO in October 2018, the bank cut concentrated corporate exposure and rebuilt around granular retail and business lending. Standalone net profit reached Rs 47,227 crore in FY2025 and Rs 50,146.6 crore in FY2026, a 6.2% rise as margins held at 4.32%. Profit growth picked up again in Q1 FY2027 to 15.9% (Rs 14,805 crore), helped by 12.7% net interest income growth, 23.5% fee growth, and lower provisions. Consolidated Q1 FY2027 profit was about Rs 15,440 crore.
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
ICICI Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$23B | ~$6.3B | 27.4% | +8.7% | Source |
| FY2025 | ~$21.1B | ~$5.9B | 28.0% | +27.6% | Source |
| FY2024 | ~$16.6B | ~$5.1B | 31.0% | +22.1% | Source |
| FY2023 | ~$13.6B | ~$3.9B | 29.1% | +18.2% | Source |
| FY2022 | ~$11.5B | ~$2.9B | 25.4% | — | 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
ICICI Bank
- Net interest income and lending spread
Core driver
Interest earned on loans and investments less deposit and borrowing costs.
- Retail banking fees
Major fee stream
Credit cards, payments, wealth products, account services, and retail banking charges.
- Wholesale and business banking
Institutional stream
Corporate loans, trade finance, cash management, treasury services, and business banking.
- Treasury and investments
Market-linked stream
Investment portfolio, derivatives, foreign exchange, and balance-sheet treasury activity.
- Subsidiaries and associates
Diversified contribution
Insurance, asset management, securities, and other financial-services interests.
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
ICICI Bank
How it makes money
ICICI Bank makes money mainly from net interest income: the gap between what it earns on loans and investments and what it pays on deposits and borrowings. Net interest income was Rs 22,979 crore in Q4 FY2026 alone and Rs 24,384 crore in Q1 FY2027, with a 4.32% FY2026 net interest margin. Fee income from cards, payments, wealth products, trade, and transaction banking is the second engine;
Growth strategy
Management frames its strategy as 'risk-calibrated core operating profit' growth. In FY2026 that meant leaning into segments growing faster than retail: total advances rose 15.8%, business banking 24.4%, and rural lending 25.6%, while retail loans grew 9.5% as the bank slowed unsecured credit. Digital platforms such as iMobile and InstaBIZ are used to cut servicing costs and widen cross-sell.
Competitive advantage
ICICI Bank's edge is a combination of low-cost deposits, strong underwriting data, and distribution. Net NPAs were 0.33% at March 2026 and 0.35% at June 2026, with about Rs 131 billion of contingency provisions held on top of specific provisions. That buffer lets the bank grow loans without the provisioning shocks that hit it in 2015-2018.
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 ICICI Bank vs Marriott
Which company has higher revenue — ICICI Bank Limited or Marriott International?
ICICI Bank Limited reported ~$23B (FY2026), while Marriott International reported $26.2B (FY2025). By last reported revenue, Marriott International is the larger business, with ICICI Bank Limited 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 ICICI Bank Limited vs Marriott International?
ICICI Bank Limited's market capitalisation stands at $100.0B, while Marriott International's is $91.5B. ICICI Bank Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Marriott International.
Which is more financially efficient — ICICI Bank Limited or Marriott International?
ICICI Bank Limited generates $185k / employee in revenue per employee, while Marriott International generates $177k / employee. ICICI Bank 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 ICICI Bank Limited and Marriott International make money?
ICICI Bank Limited and Marriott International generate revenue in fundamentally different ways. ICICI Bank Limited: ICICI Bank makes money mainly from net interest income: the gap between what it earns on loans and investments and what it pays on deposits and borrowings. Marriott International: Marriott makes money mainly from fees.
Which company is valued higher relative to revenue — ICICI Bank Limited or Marriott International?
On a price-to-sales (P/S) basis, ICICI Bank Limited trades at 4.4x P/S and Marriott International at 3.5x P/S. ICICI Bank Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Marriott International. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ICICI Bank Limited bigger than Marriott International?
By last reported revenue, Marriott International ($26.2B (FY2025)) is the larger company compared to ICICI Bank Limited (~$23B (FY2026)). 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 ICICI Bank vs Marriott overview