Marriott International (MAR) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results with global portfolio at 1.78 million rooms across 9,800+ properties in 145 countries, driven by conversions and robust signings of nearly 1,200 deals representing 163,000 rooms.

• Net rooms grew over 4.3% from year-end 2024, with a record development pipeline of nearly 610,000 rooms.

• Marriott Bonvoy loyalty program grew by 43 million members to 271 million, with continued investment in technology, AI, and partnerships to enhance guest experience and direct bookings.

• Returned over $4 billion to shareholders through dividends and buybacks in 2025.

• Worldwide RevPAR up 2% year-over-year, driven by 5.1% growth in international markets and 0.7% in U.S. & Canada.

Financial highlights

• Fourth quarter total gross fee revenues grew 7% to $1.4 billion, driven by higher RevPAR, room additions, and an 8% increase in credit card fees; Adjusted EBITDA rose 9% to $1.4 billion.

• Full year 2025 gross fee revenues rose 5% to $5.4 billion; Adjusted EBITDA up 8% to $5.38 billion; Adjusted EPS up 7% to $10.02.

• Full year 2025 reported net income was $2,601 million; adjusted net income was $2,742 million.

• Franchise and base management fees in Q4 rose 5% year-over-year to $1,186 million; incentive management fees in Q4 increased to $239 million.

• Returned over $4 billion to shareholders through dividends and buybacks in 2025.

Outlook and guidance

• 2026 net rooms growth expected at 4.5%-5% organically; global RevPAR growth projected at 1.5%-2.5%.

• Gross fee revenues forecast to rise 8%-10% to $5.9-$5.96 billion; Adjusted EBITDA expected to increase 8%-10% to $5.8-$5.93 billion.

• Adjusted diluted EPS growth anticipated at 13%-15% for 2026, reaching $11.32–$11.57.

• Over $4.3 billion in capital returns planned for 2026.

• Co-branded credit card fees expected to rise ~35% in 2026.