Marriott International, Inc. reported a solid financial performance for the fiscal year ended December 31, 2024, with total revenues reaching $25.1 billion, a 5.8% increase from $23.7 billion in 2023. The company’s net income for the year was $2.375 billion, down from $3.083 billion in the previous year, resulting in diluted earnings per share of $8.33 compared to $10.18 in 2023. The decline in profitability was attributed to higher interest expenses and increased general and administrative costs, which rose to $1.074 billion from $1.011 billion in 2023.
In terms of operational metrics, Marriott's Revenue per Available Room (RevPAR) increased by 4.3% globally, driven by a 2.8% rise in Average Daily Rate (ADR) and a 1.0 percentage point improvement in occupancy. The U.S. and Canada segment saw a RevPAR increase of 3.0%, while the Europe, Middle East, and Africa (EMEA) region experienced a notable 9.1% growth, bolstered by events such as the 2024 Paris Olympics. However, the Greater China region faced a 2.3% decline in RevPAR due to lower domestic demand.
Strategically, Marriott continued to expand its footprint, growing its system to 9,361 properties with 1,706,331 rooms by year-end 2024, up from 8,785 properties the previous year. The company added 666 properties during the year, including significant contributions from its licensing agreements with MGM Resorts International and Sonder Holdings Inc. Additionally, Marriott has a robust development pipeline with nearly 3,800 hotels and over 577,000 rooms in various stages of development, indicating a strong growth trajectory.
Marriott's workforce also saw changes, with approximately 418,000 associates employed by the company at year-end 2024. The company implemented a voluntary retirement program and redefined certain roles to enhance operational efficiency, which is expected to yield annual cost reductions of $80 million to $90 million starting in 2025. Looking ahead, Marriott anticipates a net rooms growth of 4% to 5% in 2025, reflecting its commitment to expanding its global presence while navigating the challenges of a competitive hospitality market.
About MARRIOTT INTERNATIONAL INC /MD/
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.