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Sankey diagram of Marriott International, Inc.. A complete text table follows the diagram.
Franchise and management fees form the economic core, while owned hotels are tiny and billions of reimbursed property costs largely pass through
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The diagram removes gross cost reimbursements from the opening flow and shows their directly reported $92M net shortfall instead. Owned and leased contribution is directly reported revenue less directly reported expense. This emphasizes Marriott's fee economics without treating pass-through property payroll and operating costs as an economic revenue engine.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Franchise fees | 1 | $872M | 61% of gross fees · +17% |
| Base management fees | 1 | $339M | Percentage of managed hotel revenue |
| Incentive management fees | 1 | $222M | Profit-linked management fees |
| Gross fee revenue | 2 | $1.4B | 12.4% year-over-year growth |
| Net fee revenue | 3 | $1.4B | After contract investment amortization |
| Contract investment amortization | 3 | $35M | Owner incentive investments |
| Owned & leased contribution | 3 | $35M | $412M revenue less $377M expense |
| Fee-led economic pool | 4 | $1.4B | Fees plus owned-hotel contribution |
| Operating income | 5 | $1.1B | Asset-light operating result |
| Cost-reimbursement shortfall | 5 | $92M | Pass-through expenses above revenue |
| D&A and other | 5 | $54M | Corporate and owned assets |
| General & administrative | 5 | $219M | Global brand and corporate platform |
| Restructuring & other | 5 | $4M | Restructuring charges |
| Gains & interest income | 5 | $13M | Non-operating income |
| Income before tax | 6 | $858M | After financing and equity loss |
| Interest expense | 6 | $214M | Debt and shareholder-return financing |
| Equity-method loss | 6 | $5M | Joint-venture investments |
| Net income | 7 | $648M | $2.43 diluted EPS |
| Income tax | 7 | $210M | 24.5% effective rate |
| From | To | Value |
|---|---|---|
| Franchise fees | Gross fee revenue | $872M |
| Base management fees | Gross fee revenue | $339M |
| Incentive management fees | Gross fee revenue | $222M |
| Gross fee revenue | Net fee revenue | $1.4B |
| Gross fee revenue | Contract investment amortization | $35M |
| Net fee revenue | Fee-led economic pool | $1.4B |
| Owned & leased contribution | Fee-led economic pool | $35M |
| Fee-led economic pool | Operating income | $1.1B |
| Fee-led economic pool | Cost-reimbursement shortfall | $92M |
| Fee-led economic pool | D&A and other | $54M |
| Fee-led economic pool | General & administrative | $219M |
| Fee-led economic pool | Restructuring & other | $4M |
| Operating income | Income before tax | $845M |
| Gains & interest income | Income before tax | $13M |
| Operating income | Interest expense | $214M |
| Operating income | Equity-method loss | $5M |
| Income before tax | Net income | $648M |
| Income before tax | Income tax | $210M |