Marriott International (MAR) FY2015 results: revenue $14.5 billion, up 5.0% on the year
Marriott International Inc. (MAR) reported revenue of $14.5 billion for fiscal 2015, the year ended 31 December 2015, up 5.0% on the year before. Net income was $859 million, up 14.1%, and diluted earnings per share $3.15. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2016.
Revenue
$14.5 billion
+5.0% on the year
FY2008FY2015
Operating margin
9.3%
8.4% a year earlier
FY2008FY2015
Net income
$859 million
+14.1% on the year
FY2008FY2015
Diluted EPS
$3.15
+24.0% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
14,486
13,796
12,784
+5.0%
Operating income
1,350
1,159
988
+16.5%
Operating margin
9.3%
8.4%
7.7%
Interest expense
167
115
120
+45.2%
Pre-tax income
1,255
1,088
897
+15.3%
Income tax
396
335
271
+18.2%
Effective tax rate
31.6%
30.8%
30.2%
Net income
859
753
626
+14.1%
Net margin
5.9%
5.5%
4.9%
Diluted EPS
$3.15
$2.54
$2.00
+24.0%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,515
1,224
1,140
+23.8%
Capital expenditure
305
411
296
-25.8%
Free cash flow
1,210
813
844
+48.8%
Free cash flow margin
8.4%
5.9%
6.6%
Cash from investing
367
-313
-519
Cash from financing
-1,890
-933
-583
Depreciation and amortisation
197
199
127
-1.0%
Share-based compensation
113
109
116
+3.7%
Buybacks
1,917
1,510
834
+27.0%
Dividends paid
253
223
196
+13.5%
Diluted shares, weighted
273m
297m
313m
-8.1%
Shares outstanding at period end
265m
280m
298m
-5.2%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
-3,590
-2,200
-1,415
Debt
4,107
3,771
3,147
+8.9%
Other liabilities
5,565
5,262
5,062
+5.8%
Total liabilities and equity
6,082
6,833
6,794
-11.0%
Fixed assets
1,029
1,460
1,543
-29.5%
Goodwill
943
894
874
+5.5%
Intangible assets
1,451
1,351
1,131
+7.4%
Cash and equivalents
96.0
104
126
-7.7%
Other assets
2,563
3,024
3,120
-15.2%
Total assets
6,082
6,833
6,794
-11.0%
10-K for the year ended 31 December 2015, filed 18 February 2016: the filing.