2006 Annual Report

Selected Historical Financial Data — Unaudited
The following table presents a summary of selected historical financial data for the Company derived from our financial statements as
of and for our last eight fiscal years.
Since the information in this table is only a summary and does not provide all of the information contained in our financial statements,
including the related notes, you should read “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and our Consolidated Financial Statements.
Fiscal Year1 ($ in millions, except per share data) 2006 2005 2004 2003 2002 2001 2000 1999
Income Statement Data:
Revenues (2) $12,160 $11,550 $10,099 $ 9,014 $ 8,415 $ 7,768 $ 7,911 $ 7,026
Operating income (2) $ 1,011 $ 555 $ 477 $ 377 $ 321 $ 420 $ 762 $ 621
Income from continuing operations $ 717 $ 668 $ 594 $ 476 $ 439 $ 269 $ 490 $ 399
Cumulative effect of change in accounting principle (3) (109) — — — — — — —
Discontinued operations — 1 2 26 (162) (33) (11) 1
Net income $ 608 $ 669 $ 596 $ 502 $ 277 $ 236 $ 479 $ 400
Per Share Data (4) :
Diluted earnings per share from continuing operations $ 1.66 $ 1.45 $ 1.24 $ 0.97 $ 0.87 $ 0.52 $ 0.96 $ 0.75
Diluted loss per share from cumulative effect
of change in accounting principle (0.25) — — — — — — —
Diluted earnings (loss) per share from
discontinued operations — — — 0.05 (0.32) (0.06) (0.02) —
Diluted earnings per share $ 1.41 $ 1.45 $ 1.24 $ 1.02 $ 0.55 $ 0.46 $ 0.94 $ 0.75
Cash dividends declared per share $0.2400 $0.2000 $0.1650 $0.1475 $0.1375 $0.1275 $0.1175 $0.1075
Balance Sheet Data (at end of year):
Total assets $ 8,588 $ 8,530 $ 8,668 $ 8,177 $ 8,296 $ 9,107 $ 8,237 $ 7,324
Long-term debt (2) 1,818 1,681 836 1,391 1,553 2,708 1,908 1,570
Shareholders’ equity 2,618 3,252 4,081 3,838 3,573 3,478 3,267 2,908
Other Data:
Base management fees (2) $ 553 $ 497 $ 435 $ 388 $ 379 $ 372 $ 383 $ 352
Franchise fees (2) 390 329 296 245 232 220 208 180
Incentive management fees (2) 281 201 142 109 162 202 316 268
Total Fees $ 1,224 $ 1,027 $ 873 $ 742 $ 773 $ 794 $ 907 $ 800
Fee Revenue-Source:
North America (5) $ 955 $ 809 $ 682 $ 592 $ 626 $ 664 $ 779 $ 690
Outside North America 269 218 191 150 147 130 128 110
$ 1,224 $ 1,027 $ 873 $ 742 $ 773 $ 794 $ 907 $ 800
(1) All fiscal years included 52 weeks, except for 2002, which included 53 weeks.
(2) Balances reflect our Senior Living Services and Distribution Services businesses as discontinued operations.
(3) We adopted Statement of Position 04-2 “Accounting for Real Estate Time-Sharing Transactions,” in our 2006 first quarter which we reported in our Consolidated Statement of
Income as a cumulative effect of change in accounting principle.
(4) All per share amounts in the table above have been adjusted to reflect the June 9, 2006, stock split effected in the form of a stock dividend.
(5) Includes the Continental United States and Canada.
Franchise Fees
Incentive Management Fees
Base Management Fees
$907
$383 $316 $208
2000
$794
$220
$202
$372
2001
$773
$232
$162
$379
2002
$742
$245
$109
$388
2003
$873
2004
TOTAL FEES
($ in millions)
$296
$142
$435
$1,027
$329
$201
$497
2005
$1,224
$553 $281 $390
2006
$1,908
2000
$2,708
2001
$1,553
2002
$1,391
2003
$836
2004
LONG-TERM DEBT
($ in millions)
$1,681
2005
$1,818
2006
$0.96
$0.52
$0.87
$0.97
$1.24
$1.45
2000 2001 2002 2003 2004 2005
DILUTED EARNINGS PER SHARE
FROM CONTINUING OPERATIONS
$1.66
2006
MARRIOTT INTERNATIONAL, INC. 2006 | 65