Marriott International (MAR) FY2019 results: revenue $21.0 billion, up 1.0% on the year
Marriott International Inc. (MAR) reported revenue of $21.0 billion for fiscal 2019, the year ended 31 December 2019, up 1.0% on the year before. Net income was $1.3 billion, down 33.2%, and diluted earnings per share $3.80. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$21.0 billion
+1.0% on the year
FY2012FY2019
Operating margin
8.6%
11.4% a year earlier
FY2012FY2019
Net income
$1.3 billion
-33.2% on the year
FY2012FY2019
Diluted EPS
$3.80
-29.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
20,972
20,758
20,452
+1.0%
Operating income
1,800
2,366
2,504
-23.9%
Operating margin
8.6%
11.4%
12.2%
Interest expense
394
340
288
+15.9%
Pre-tax income
1,599
2,345
2,982
-31.8%
Income tax
326
438
1,523
-25.6%
Effective tax rate
20.4%
18.7%
51.1%
Net income
1,273
1,907
1,459
-33.2%
Net margin
6.1%
9.2%
7.1%
Diluted EPS
$3.80
$5.38
$3.84
-29.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,685
2,357
2,227
-28.5%
Capital expenditure
653
556
240
+17.4%
Free cash flow
1,032
1,801
1,987
-42.7%
Free cash flow margin
4.9%
8.7%
9.7%
Cash from investing
-284
-52.0
1,211
Cash from financing
-1,508
-2,374
-3,896
Depreciation and amortisation
n/a
n/a
416
Share-based compensation
187
184
181
+1.6%
Buybacks
2,260
2,850
3,013
-20.7%
Dividends paid
612
543
482
+12.7%
Dividend per share
$1.85
$1.56
$1.29
+18.6%
Diluted shares, weighted
336m
354m
380m
-5.3%
Shares outstanding at period end
324m
339m
359m
-4.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
703
2,225
3,582
-68.4%
Debt
10,940
9,347
8,238
+17.0%
Operating lease liabilities
882
0.0
n/a
Finance lease liabilities
151
n/a
n/a
Other liabilities
12,375
12,124
12,026
+2.1%
Total liabilities and equity
25,051
23,696
23,846
+5.7%
Fixed assets
1,904
1,956
1,793
-2.7%
Goodwill
9,048
9,039
9,207
+0.1%
Intangible assets
8,641
8,380
8,544
+3.1%
Cash and equivalents
225
316
383
-28.8%
Other assets
5,233
4,005
3,919
+30.7%
Total assets
25,051
23,696
23,846
+5.7%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.