# Marriott International, Inc. (MAR)

> Source: Nexqual · https://nexqual.com/MAR · data as of 2026-10-29 19:04 UTC · cite as "Nexqual, Marriott International, Inc. (MAR), nexqual.com/MAR" · informational, not investment advice.

**Price:** USD 399.25 (+1.23% today) · US market open, as of October 29, 2026 at 19:04 UTC; quotes may be delayed. Prev close 394.4 · day 397.94–402.99 · 52w 256.76–410.98 · market cap $104B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $26.9B, net income $2.59B (9.6% margin), free cash flow $3.13B (SEC filings).
- Valuation: P/E 40.2x (avg 29.4x at the last 3 fiscal year-ends), net cash $439M.
- 4 of 80 tracked superinvestors hold MAR (13F, Q2 2026): 0 new, 1 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $6.5M; 5 not under a Rule 10b5-1 plan ($6.5M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.55 on a 1–5 scale) (29 analysts), mean target USD 387.77 (range 280–429).
- Total return with dividends: 1Y +53.0% vs S&P 500 +12.9%; 5Y +160.3% vs S&P 500 +78.7%.
- Next earnings: 2026-11-02, EPS estimate USD 2.85, revenue estimate $6.92B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.9B | $20.8B | $23.7B | $25.1B | $26.2B | $26.9B |
| Operating income | $1.75B | $3.46B | $3.86B | $3.77B | $4.14B | $4.25B |
| Net income | $1.10B | $2.36B | $3.08B | $2.38B | $2.60B | $2.59B |
| EPS (diluted) | $3.34 | $7.24 | $10.18 | $8.33 | $9.51 | — |
| Free cash flow | $994M | $2.03B | $2.72B | $2.00B | $2.61B | $3.13B |
| Operating margin | 12.6% | 16.7% | 16.3% | 15.0% | 15.8% | 15.8% |
| Net margin | 7.9% | 11.4% | 13.0% | 9.5% | 9.9% | 9.6% |
| Revenue growth | +31.1% | +49.9% | +14.2% | +5.8% | +4.3% | — |
| Cash + short-term investments | $1.39B | $507M | $338M | $396M | $358M | — |
| Total debt | $135M | $92.0M | $56.0M | $55.0M | $23.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 40.2x · P/S 3.9x · EV/Sales 3.9x · P/FCF 33.2x · FCF yield 3.01% · Earnings yield 2.49% · Dividend yield (paid, TTM) 0.70% · Buyback yield (TTM) 3.48% · Net cash $439M · EV $104B
P/E at fiscal year-ends: Dec 2025 32.6x, Dec 2024 33.5x, Dec 2023 22.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold MAR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 7.02% | $958M | Reduced -23.3% |
| Thomas Gayner | Markel Group | 0.28% | $36.9M | Added +6.1% |
| First Pacific Advisors |  | 0.09% | $6.8M | Reduced -92.1% |
| Glenn Greenberg | Brave Warrior Advisors | 0.01% | $442K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-25 | Marriott David S | Director | 3,500 | $1.2M | 0% | No | Too little history (no open-market trades in 2025) |
| 2026-09-25 | Harrison Deborah Marriott | Director | 3,500 | $1.2M | 0% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-25 | Marriott J W Jr |  | 3,500 | $1.2M | 0% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Roe Peggy | EVP & Chf. Customer Officer | 3,000 | $1.1M | 13.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-13 | Mao Yibing | Pres. Greater China | 4,816 | $1.7M | 15% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 29 analysts; mean target USD 387.77 (low 280, high 429).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target raised | Overweight | $384 → $403 |
| 2026-10-21 | JP Morgan | Target raised | Neutral | $388 → $406 |
| 2026-10-19 | Wells Fargo | Target raised | Overweight | $425 → $426 |
| 2026-10-19 | Evercore ISI Group | Target raised | Outperform | $400 → $420 |
| 2026-10-16 | Barclays | Target raised | Equal-Weight | $348 → $363 |
| 2026-10-14 | Freedom Broker | Initiated | Buy | $408 |
| 2026-10-12 | Morgan Stanley | Target raised | Overweight | $380 → $384 |
| 2026-09-10 | Truist Securities | Target raised | Hold | $356 → $360 |
| 2026-09-02 | Wolfe Research | Initiated | Peer Perform |  |
| 2026-08-20 | UBS | Target lowered | Neutral | $412 → $395 |
| 2026-08-12 | CICC | Initiated | Outperform |  |
| 2026-08-05 | Macquarie | Maintained | Neutral | $365 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +53.0% | +160.3% |
| S&P 500 (SPY) | +12.9% | +78.7% |
| Per year | +53.0% | +21.0% |
| Volatility (annualized) | 27.0% | 27.2% |
| Max drawdown | -18.2% (Jun 2026→Sep 2026) | -29.3% (Feb 2025→Mar 2025) |

## Peers (Lodging)
HLT (Hilton Worldwide Holdings Inc.) USD 355.15 +1.58% · IHG (Intercontinental Hotels Group) USD 168.84 +0.63% · H (Hyatt Hotels Corporation) USD 183.43 +5.81% · HTHT (H World Group Limited) USD 46.7 +3.54% · WH (Wyndham Hotels & Resorts, Inc.) USD 76.92 +3.46% · CHH (Choice Hotels International, In) USD 112.97 +2.68%

## More
Full page: https://nexqual.com/MAR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MAR's own 10-K filed 2026-02-10 (https://www.sec.gov/Archives/edgar/data/1048286/000104828626000007/mar-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Sonder Holdings | "(2)During 2025, we terminated our licensing agreement with Sonder Holdings Inc." |
| Competitor | Airbnb (ABNB) | "We encounter strong competition in the short-term lodging market from regional, national, and international chains that operate lodging properties or franchise their brands, lodging properties that are not affiliated wit…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| U.S. & Canada | $5.26B | 74.4% | +6.1% | $770.0M | 14.6% |
| EMEA | $610.0M | 8.6% | -6.9% | $144.0M | 23.6% |
| APEC | $273.0M | 3.9% | +6.6% | $69.0M | 25.3% |
| Greater China | $164.0M | 2.3% | +7.9% | $55.0M | 33.5% |
| Total revenue | $7.07B | 100% | — | $1.23B | 17.4% |
The lines above cover 89.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reimbursements | $5.06B | 71.5% | +2.6% |
| Net fee revenues | $1.55B | 21.9% | +12.8% |
| Owned, leased, and other | $466.0M | 6.6% | +5.7% |
| Total revenue | $7.07B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.85 | $2.87 | -0.8% | $6.92B | 24 |
| Next quarter (ends 2026-12-31) | $3.02 | $2.98 | +1.5% | $7.07B | 23 |
| Current fiscal year (ends 2026-12-31) | $11.74 | $11.64 | +0.9% | $27.78B | 28 |
| Next fiscal year (ends 2027-12-31) | $13.16 | $13.11 | +0.4% | $29.43B | 29 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-02): ±4.5%; last 8 reports averaged ±4.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 1 | 38.1% | ±1.7% |
| 2026-11-06 | 8 | 38.1% | ±4.5% |
| 2026-11-13 | 15 | 34.1% | ±5.5% |
| 2026-11-20 | 22 | 29.9% | ±5.9% |
| 2026-11-27 | 29 | 29.3% | ±6.6% |
| 2026-12-04 | 36 | 28.6% | ±7.2% |
| 2026-12-11 | 43 | 26.9% | ±7.4% |
| 2026-12-18 | 50 | 27.3% | ±8.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 3, 2026 | Quarter ended Jun 30, 2026 | $3.19 | $3.08 | Beat +3.6% | -7.4% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $2.72 | $2.55 | Beat +6.7% | -0.7% |
| Feb 10, 2026 | Quarter ended Dec 31, 2025 | $2.58 | $2.62 | Miss −1.5% | +8.3% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | $2.47 | $2.39 | Beat +3.3% | +7.3% |
| Aug 5, 2025 | — | — | — | — | +1.4% |
| May 6, 2025 | — | — | — | — | +3.5% |
| Feb 11, 2025 | — | — | — | — | -4.6% |
| Nov 4, 2024 | — | — | — | — | -0.3% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-24 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “On September 23, 2026, Marriott International, Inc. ("Marriott" or the "Company") entered into the Seventh Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain banks (the "Amended Agreement"). The Amended Agreement amends and restates Marriott's $4.50 billion multicurrency revolving credit agreement, dated as of December 14, 2022 (filed as Exhibit 10 to the Company's Form 8-K filed on December 15, 2022) (as amended by the First Amendment to Credit Agreement, dated…” | https://www.sec.gov/Archives/edgar/data/1048286/000119312526401051/0001193125-26-401051-index.htm |
| 2026-08-13 | 8-K | Other material event — “On August 11, 2026, Marriott International, Inc. ("we") entered into a Terms Agreement with J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and the other Underwriters listed on Schedule I thereto (the "Terms Agreement," which incorporates by reference the Underwriting Agreement General Terms and Provisions, dated March 3, 2021 (which we previously filed on March 5, 2021 as Exhibit 1.1 to our Current Report on Form 8-K)) to issue $250,000,000 aggregate…” | https://www.sec.gov/Archives/edgar/data/1048286/000119312526349395/0001193125-26-349395-index.htm |
| 2026-08-03 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1048286/000104828626000035/0001048286-26-000035-index.htm |
| 2026-08-03 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1048286/000104828626000033/0001048286-26-000033-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.