Marriott International (MAR) FY2017 results: revenue $20.5 billion, up 32.7% on the year
Marriott International Inc. (MAR) reported revenue of $20.5 billion for fiscal 2017, the year ended 31 December 2017, up 32.7% on the year before. Net income was $1.5 billion, up 80.6%, and diluted earnings per share $3.84. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2018.
Revenue
$20.5 billion
+32.7% on the year
FY2010FY2017
Operating margin
12.2%
9.2% a year earlier
FY2010FY2017
Net income
$1.5 billion
+80.6% on the year
FY2010FY2017
Diluted EPS
$3.84
+40.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
20,452
15,407
14,486
+32.7%
Operating income
2,504
1,424
1,350
+75.8%
Operating margin
12.2%
9.2%
9.3%
Interest expense
288
234
167
+23.1%
Pre-tax income
2,982
1,239
1,255
+140.7%
Income tax
1,523
431
396
+253.4%
Effective tax rate
51.1%
34.8%
31.6%
Net income
1,459
808
859
+80.6%
Net margin
7.1%
5.2%
5.9%
Diluted EPS
$3.84
$2.73
$3.15
+40.7%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,227
1,619
1,515
+37.6%
Capital expenditure
240
199
305
+20.6%
Free cash flow
1,987
1,420
1,210
+39.9%
Free cash flow margin
9.7%
9.2%
8.4%
Cash from investing
1,211
-2,346
367
Cash from financing
-3,896
1,497
-1,890
Depreciation and amortisation
416
244
197
+70.5%
Share-based compensation
181
212
113
-14.6%
Buybacks
3,013
568
1,917
+430.5%
Dividends paid
482
374
253
+28.9%
Dividend per share
$1.29
n/a
n/a
Diluted shares, weighted
380m
296m
273m
+28.5%
Shares outstanding at period end
359m
386m
265m
-7.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
3,582
5,121
-3,590
-30.1%
Debt
8,238
8,506
4,107
-3.2%
Other liabilities
12,026
10,513
5,565
+14.4%
Total liabilities and equity
23,846
24,140
6,082
-1.2%
Fixed assets
1,793
2,335
1,029
-23.2%
Goodwill
9,207
7,598
943
+21.2%
Intangible assets
8,544
9,270
1,451
-7.8%
Cash and equivalents
383
858
96.0
-55.4%
Other assets
3,919
4,079
2,563
-3.9%
Total assets
23,846
24,140
6,082
-1.2%
10-K for the year ended 31 December 2017, filed 15 February 2018: the filing.