Marriott vs Walmart: Revenue, Profit and Business Model
Marriott reported $26.2B of revenue in FY2025 and $2.6B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
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.
Walmart
Walmart's FY2026 total revenues rose 4.7% to $713.2 billion and net income attributable to Walmart rose to $21.9 billion from $19.4 billion in FY2025. In Q2 FY27 (quarter ended July 31, 2026), total revenues rose 5.9% to $187.9 billion and adjusted EPS was $0.81 versus $0.68 a year earlier. Adjusted operating income growth of about 17% in constant currency included a benefit from roughly $2.9 billion in IEEPA tariff refunds, much of which Walmart said it reinvested in prices. Walmart raised its full-year sales and operating income growth guidance with the Q2 report.
Revenue and profit by year
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 |
Walmart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $713.2B | $21.9B | 3.1% | +4.7% | Source |
| FY2025 | $681B | $19.4B | 2.9% | +5.1% | Source |
| FY2024 | $648.1B | $15.5B | 2.4% | +6.0% | Source |
| FY2023 | $611.3B | $11.7B | 1.9% | +6.7% | Source |
| FY2022 | $572.8B | $13.7B | 2.4% | +2.4% | Source |
| FY2021 | $559.2B | $13.5B | 2.4% | +6.7% | Source |
| FY2020 | $524B | $14.9B | 2.8% | +1.9% | Source |
| FY2019 | $514.4B | $6.7B | 1.3% | +2.8% | Source |
| FY2018 | $500.3B | $9.9B | 2.0% | +3.0% | Source |
| FY2017 | $485.9B | $13.6B | 2.8% | — | Source |
Where the revenue comes from
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.
Walmart
- Walmart U.S.
Largest segment, roughly two-thirds of revenue
U.S. supercenters, discount stores, Neighborhood Markets, Walmart.com, marketplace, and Walmart Connect.
- Walmart International
Second-largest segment
Operations including Walmex in Mexico and Central America, Flipkart in India, Walmart Canada, and Walmart China.
- Sam's Club U.S.
Smallest segment
Membership warehouse club sales, fuel, and membership fees.
- Advertising, Membership, and Marketplace Services
Higher-margin income across segments
Global advertising grew 38% and membership fee revenue 17% in Q2 FY27.
Business model and strategy
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.
Walmart
How it makes money
Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce. Walmart U.S. is the largest segment at roughly two-thirds of revenue, followed by Walmart International (including Walmex, Flipkart, Walmart Canada, and Walmart China) and Sam's Club U.S.
Growth strategy
Walmart is pushing store-fulfilled delivery, marketplace assortment, advertising, and membership while keeping its price position. In Q2 FY27 it reported 23% global ecommerce growth, 38% global advertising growth, 17% higher membership fee revenue, and U.S. marketplace sales up 52%.
Competitive advantage
Walmart's edge is purchasing scale, a dense U.S. store network that doubles as a fulfillment network, frequent grocery trips, and first-party purchase data that supports its advertising business.
Questions about Marriott vs Walmart
Which company has higher revenue — Marriott International or Walmart Inc.?
Marriott International reported $26.2B (FY2025), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. 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 Marriott International vs Walmart Inc.?
Marriott International's market capitalisation stands at $91.5B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Marriott International.
Which is more financially efficient — Marriott International or Walmart Inc.?
Marriott International generates $177k / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Walmart Inc. 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 Marriott International and Walmart Inc. make money?
Marriott International and Walmart Inc. generate revenue in fundamentally different ways. Marriott International: Marriott makes money mainly from fees. Walmart Inc.: Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce.
Which company is valued higher relative to revenue — Marriott International or Walmart Inc.?
On a price-to-sales (P/S) basis, Marriott International trades at 3.5x P/S and Walmart Inc. at 1.1x P/S. Marriott International commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Walmart Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Marriott International bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (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 Marriott vs Walmart overview