Marriott International (MAR) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 results with net rooms growth of 6.8% to over 1.7 million rooms and global RevPAR up 4.3% year-over-year.

• Q4 worldwide RevPAR increased 5%, with 4.1% growth in U.S. & Canada and 7.2% in international markets; ADR up 3% and occupancy up over one percentage point.

• All regions exceeded RevPAR growth expectations, with notable strength in APAC and EMEA, driven by strong leisure demand.

• Expanded portfolio through conversions, new brands, and alternative lodging, ending 2024 with over 577,000 rooms in the pipeline.

• Returned over $4.4 billion to shareholders via dividends and buybacks in 2024.

Financial highlights

• Q4 total gross fee revenues grew 7% to $1.3 billion, with adjusted EBITDA for Q4 at $1.29 billion, up 7% year-over-year.

• Q4 2024 reported net income was $455 million; adjusted net income was $686 million.

• Q4 2024 reported diluted EPS was $1.63; adjusted diluted EPS was $2.45.

• Full year 2024 adjusted EBITDA was $5,295–$5,435 million, up 6–9% from 2024.

• G&A expenses declined 12% year-over-year in Q4, aided by lower bad debt and litigation costs.

Outlook and guidance

• 2025 net rooms growth expected at 4%-5%; RevPAR growth forecasted at 2%-4% globally.

• Gross fees projected to rise 4%-6% to $5.4-$5.5 billion; Adjusted EBITDA expected to increase 6%-9% to $5.3-$5.4 billion.

• Adjusted diluted EPS guidance for 2025 is $9.82-$10.19, with an effective tax rate of ~26%.

• Capital returns to shareholders in 2025 targeted at ~$4 billion.

• Q1 2025 RevPAR expected to rise 3%-4%, with gross fees up 2%-3.5%.