For the year ending 2025-12-31, MAR had -$54M decrease in cash & cash equivalents over the period. $2,608M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 2,601 | 2,375 | 3,083 | 2,358 |
| Depreciation, amortization, and other (including depreciation and amortization classified in reimbursed expenses) | 599 | 492 | 277 | 282 |
| Stock-based compensation | 236 | 237 | 205 | 192 |
| Income taxes | -277 | -172 | -612 | 280 |
| Liability for guest loyalty program-Loyalty Program | 473 | 514 | 301 | -119 |
| Contract acquisition costs | -434 | -341 | -221 | -149 |
| Restructuring, merger-related charges, and other | - | - | - | -8 |
| Merger-related charges and other | - | - | 47 | - |
| Restructuring and merger-related charges | - | -278 | - | - |
| Restructuring and merger-related (recoveries) charges, and other | -15 | - | - | - |
| Working capital changes | -147 | -82 | 69 | -542 |
| Loss on extinguishment of debt | - | - | 0 | 0 |
| Other | 176 | 4 | 21 | 69 |
| Net cash provided by operating activities | 3,212 | 2,749 | 3,170 | 2,363 |
| Capital and technology expenditures | 604 | 750 | 452 | 332 |
| Asset acquisitions | 350 | 26 | 101 | - |
| Dispositions | 9 | 16 | 71 | 1 |
| Loan advances | 35 | 10 | 77 | 11 |
| Loan collections | 22 | 36 | 61 | 14 |
| Other | -10 | 0 | -33 | -31 |
| Net cash used in investing activities | -948 | -734 | -465 | -297 |
| Commercial paper/credit facility, net | -403 | 163 | 546 | -182 |
| Issuance of long-term debt | 3,436 | 2,948 | 1,918 | 983 |
| Repayment of long-term debt | 1,309 | 558 | 684 | 804 |
| Issuance of classa common stock | 92 | 73 | 29 | 0 |
| Debt extinguishment costs | - | - | 0 | 0 |
| Dividends paid | 718 | 682 | 587 | 321 |
| Purchase of treasury stock | 3,300 | 3,762 | 3,953 | 2,566 |
| Stock-based compensation withholding taxes | 116 | 138 | 108 | 89 |
| Other | 0 | 0 | -25 | 17 |
| Net cash used in financing activities | -2,318 | -1,956 | -2,864 | -2,962 |
| (decrease) increase in cash, cash equivalents, and restricted cash | -54 | 59 | -159 | -896 |
| Cash and cash equivalents at beginning of period | 425 | 366 | 525 | 1,421 |
| Cash and cash equivalents at end of period | 371 | 425 | 366 | 525 |
MARRIOTT INTERNATIONAL INC MD (MAR)
MARRIOTT INTERNATIONAL INC MD (MAR)