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Marriott International (MAR+1.86%) has filed its annual 10-K report filing for the fiscal year ended December 31, 2024.
The company reported total revenues of $25.1 billion for 2024, an increase from $23.7 billion in 2023. This increase was driven by higher gross fee revenues and cost reimbursement revenue.
Net income for the year was $2.375 billion, down from $3.083 billion in 2023. The decrease was primarily due to a higher provision for income taxes and lower operating income.
Marriott's worldwide system included 9,361 properties with 1,706,331 rooms at the end of 2024, reflecting gross additions of 666 properties and deletions of 90 properties.
The company reported a 4.3% increase in worldwide RevPAR (Revenue per Available Room) compared to 2023, with growth driven by strong demand in most regions.
Marriott's Loyalty Program liability increased to $7.519 billion at the end of 2024, reflecting higher points earned by members.
The company issued $1.5 billion in new Senior Notes during 2024 and repurchased 15.4 million shares of its common stock for $3.7 billion.
Marriott's long-term debt increased to $14.447 billion at the end of 2024, up from $11.873 billion at the end of 2023.
The company declared quarterly cash dividends totaling $2.41 per share in 2024.
Marriott continues to focus on its asset-light business model, primarily managing and franchising hotels rather than owning them.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marriott International annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.