Marriott International (MAR) FY2014 results: revenue $13.8 billion, up 7.9% on the year
Marriott International Inc. (MAR) reported revenue of $13.8 billion for fiscal 2014, the year ended 31 December 2014, up 7.9% on the year before. Net income was $753 million, up 20.3%, and diluted earnings per share $2.54. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2015.
Revenue
$13.8 billion
+7.9% on the year
FY2007FY2014
Operating margin
8.4%
7.7% a year earlier
FY2007FY2014
Net income
$753 million
+20.3% on the year
FY2007FY2014
Diluted EPS
$2.54
+27.0% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
13,796
12,784
11,814
+7.9%
Operating income
1,159
988
940
+17.3%
Operating margin
8.4%
7.7%
8.0%
Interest expense
115
120
137
-4.2%
Pre-tax income
1,088
897
849
+21.3%
Income tax
335
271
278
+23.6%
Effective tax rate
30.8%
30.2%
32.7%
Net income
753
626
571
+20.3%
Net margin
5.5%
4.9%
4.8%
Diluted EPS
$2.54
$2.00
$1.72
+27.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,224
1,140
989
+7.4%
Capital expenditure
411
296
437
+38.9%
Free cash flow
813
844
552
-3.7%
Free cash flow margin
5.9%
6.6%
4.7%
Cash from investing
-313
-519
-585
Cash from financing
-933
-583
-418
Depreciation and amortisation
199
127
102
+56.7%
Share-based compensation
109
116
94.0
-6.0%
Buybacks
1,510
834
1,145
+81.1%
Dividends paid
223
196
191
+13.8%
Dividend per share
n/a
n/a
$0.49
Diluted shares, weighted
297m
313m
333m
-5.2%
Shares outstanding at period end
280m
298m
311m
-6.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
-2,200
-1,415
-1,285
Debt
3,771
3,147
2,935
+19.8%
Other liabilities
5,262
5,062
4,692
+4.0%
Total liabilities and equity
6,833
6,794
6,342
+0.6%
Fixed assets
1,460
1,543
1,539
-5.4%
Goodwill
894
874
874
+2.3%
Intangible assets
1,351
1,131
1,115
+19.5%
Cash and equivalents
104
126
88.0
-17.5%
Inventory
n/a
n/a
10.0
Other assets
3,024
3,120
2,716
-3.1%
Total assets
6,833
6,794
6,342
+0.6%
10-K for the year ended 31 December 2014, filed 19 February 2015: the filing.