Sector: Consumer Discretionary|Industry: Lodging|Market Cap: $77.16B|Employees: 411K
Marriott International is a global operator, franchisor, and licensor of lodging properties, including hotels, residential, and timeshare properties. The company's core business model revolves around management, franchising, and licensing, with a focus on brand portfolio and loyalty programs. Marriott operates in 139 countries and territories, with a strong presence in North America and growing international markets.
Net income for the three months ended September 30, 2024, was $584 million, compared to $752 million for the same period in 2023, a decrease of 22.3%. This was primarily due to a decrease in operating income and gains and other income, net, partially offset by a decrease in income tax provision.
Total revenues for the three months ended September 30, 2024, were $6,255 million, compared to $5,928 million for the same period in 2023, an increase of 5.5%. This increase was driven by growth in cost reimbursement revenue and net fee revenues.
Operating income for the three months ended September 30, 2024, was $944 million, compared to $1,099 million for the same period in 2023, a decrease of 14.1%. This decrease was driven by an increase in operating costs and expenses.