Johnson & Johnson vs Marriott: Revenue, Profit and Business Model
Johnson & Johnson reported $94.2B of revenue in FY2025 and $26.8B of net income. Marriott reported $26.2B of revenue in FY2025 and $2.6B of net income.
Latest financial snapshot
Johnson & Johnson
- Latest revenue
- $94.2B (FY2025)
- Net income
- $26.8B
- Net margin
- 28.5%
- Revenue growth
- +3.0% a year, FY2016–FY2025
Marriott
- Latest revenue
- $26.2B (FY2025)
- Net income
- $2.6B
- Net margin
- 9.9%
- Revenue growth
- +6.1% a year, FY2016–FY2025
Financial summary
Johnson & Johnson
J&J's sales grew from $85.2 billion in 2023 to $88.8 billion in 2024 and $94.2 billion in 2025, while FY2025 net earnings reached $26.8 billion. Q2 2026 sales were $25.31 billion (Innovative Medicine $16.38 billion, MedTech $8.93 billion), net earnings were $5.53 billion, adjusted EPS was $2.90, and first-half free cash flow was about $8.7 billion. Management guides 2026 sales of $100.8 to $101.4 billion and adjusted EPS of $11.60 to $11.75. The company has raised its dividend for more than 60 consecutive years, and its market value was roughly $644 billion in mid-September 2026.
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
Johnson & Johnson
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.2B | $26.8B | 28.5% | +6.0% | Source |
| FY2024 | $88.8B | $14.1B | 15.8% | +4.3% | Source |
| FY2023 | $85.2B | $35.2B | 41.3% | +6.5% | Source |
| FY2022 | $80B | $17.9B | 22.4% | +1.6% | Source |
| FY2021 | $78.7B | $20.9B | 26.5% | -4.7% | Source |
| FY2020 | $82.6B | $14.7B | 17.8% | +0.6% | Source |
| FY2019 | $82.1B | $15.1B | 18.4% | +0.6% | Source |
| FY2018 | $81.6B | $15.3B | 18.8% | +6.7% | Source |
| FY2017 | $76.5B | $1.3B | 1.7% | +6.3% | Source |
| FY2016 | $71.9B | $16.5B | 23.0% | — | 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
Johnson & Johnson
- Innovative Medicine~64%
Innovative Medicine generated $60.401 billion in FY2025 sales across oncology, immunology, neuroscience, pulmonary hypertension, infectious disease, and cardiovascular/metabolism.
- MedTech~36%
MedTech generated $33.792 billion in FY2025 sales across surgery, orthopaedics, cardiovascular, and vision products.
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
Johnson & Johnson
How it makes money
J&J makes money in two ways. Innovative Medicine (about 64% of FY2025 sales, $60.4 billion) sells patented prescription medicines to wholesalers, specialty pharmacies, hospitals, and governments; key products include DARZALEX for multiple myeloma, TREMFYA and STELARA in immunology, ERLEADA in prostate cancer, CARVYKTI cell therapy, and CAPLYTA, added through the 2025 Intra-Cellular Therapies deal.
Growth strategy
J&J is narrowing its portfolio toward higher-growth areas. It spun off consumer health as Kenvue in 2023, announced in October 2025 that it will separate its orthopaedics business as DePuy Synthes, and used acquisitions to refill its pipeline: Abiomed ($16.6 billion, 2022), Shockwave Medical ($13.1 billion, 2024), and Intra-Cellular Therapies ($14.6 billion, 2025).
Competitive advantage
J&J's edge is breadth plus balance-sheet strength. It runs one of the largest pharmaceutical R&D budgets in the industry, holds a AAA credit rating from S&P (one of only two US companies with that rating, alongside Microsoft), and sells into hospitals across pharmaceuticals and devices at the same time.
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 Johnson & Johnson vs Marriott
Which company has higher revenue — Johnson & Johnson or Marriott International?
Johnson & Johnson reported $94.2B (FY2025), while Marriott International reported $26.2B (FY2025). By last reported revenue, Johnson & Johnson is the larger business, with Marriott International reporting a smaller revenue base.
What is the market cap of Johnson & Johnson vs Marriott International?
Johnson & Johnson's market capitalisation stands at $643.9B, while Marriott International's is $91.5B. Johnson & Johnson carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Marriott International.
Which is more financially efficient — Johnson & Johnson or Marriott International?
Johnson & Johnson generates $669k / employee in revenue per employee, while Marriott International generates $177k / employee. Johnson & Johnson 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 Johnson & Johnson and Marriott International make money?
Johnson & Johnson and Marriott International generate revenue in fundamentally different ways. Johnson & Johnson: J&J makes money in two ways. Marriott International: Marriott makes money mainly from fees.
Which company is valued higher relative to revenue — Johnson & Johnson or Marriott International?
On a price-to-sales (P/S) basis, Johnson & Johnson trades at 6.8x P/S and Marriott International at 3.5x P/S. Johnson & Johnson 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 Johnson & Johnson bigger than Marriott International?
By last reported revenue, Johnson & Johnson ($94.2B (FY2025)) 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 Johnson & Johnson vs Marriott overview