Marriott International (MAR) FY2018 results: revenue $20.8 billion, up 1.5% on the year
Marriott International Inc. (MAR) reported revenue of $20.8 billion for fiscal 2018, the year ended 31 December 2018, up 1.5% on the year before. Net income was $1.9 billion, up 30.7%, and diluted earnings per share $5.38. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$20.8 billion
+1.5% on the year
FY2011FY2018
Operating margin
11.4%
12.2% a year earlier
FY2011FY2018
Net income
$1.9 billion
+30.7% on the year
FY2011FY2018
Diluted EPS
$5.38
+40.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
20,758
20,452
15,407
+1.5%
Operating income
2,366
2,504
1,424
-5.5%
Operating margin
11.4%
12.2%
9.2%
Interest expense
340
288
234
+18.1%
Pre-tax income
2,345
2,982
1,239
-21.4%
Income tax
438
1,523
431
-71.2%
Effective tax rate
18.7%
51.1%
34.8%
Net income
1,907
1,459
808
+30.7%
Net margin
9.2%
7.1%
5.2%
Diluted EPS
$5.38
$3.84
$2.73
+40.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,357
2,227
1,619
+5.8%
Capital expenditure
556
240
199
+131.7%
Free cash flow
1,801
1,987
1,420
-9.4%
Free cash flow margin
8.7%
9.7%
9.2%
Cash from investing
-52.0
1,211
-2,346
Cash from financing
-2,374
-3,896
1,497
Depreciation and amortisation
n/a
416
244
Share-based compensation
184
181
212
+1.7%
Buybacks
2,850
3,013
568
-5.4%
Dividends paid
543
482
374
+12.7%
Dividend per share
$1.56
$1.29
n/a
+20.9%
Diluted shares, weighted
354m
380m
296m
-6.8%
Shares outstanding at period end
339m
359m
386m
-5.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,225
3,582
5,121
-37.9%
Debt
9,347
8,238
8,506
+13.5%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
12,124
12,026
10,513
+0.8%
Total liabilities and equity
23,696
23,846
24,140
-0.6%
Fixed assets
1,956
1,793
2,335
+9.1%
Goodwill
9,039
9,207
7,598
-1.8%
Intangible assets
8,380
8,544
9,270
-1.9%
Cash and equivalents
316
383
858
-17.5%
Other assets
4,005
3,919
4,079
+2.2%
Total assets
23,696
23,846
24,140
-0.6%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.