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, with a record pipeline of 610,000 rooms, up 6% year-over-year.

• Global RevPAR rose 2% for the year, led by luxury and leisure segments, with international RevPAR up over 5% and U.S./Canada up 0.7%.

• Marriott Bonvoy loyalty program reached 271 million members, with 43 million new members in 2025.

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

• Significant investments in technology, AI, and digital transformation underway, with new partnerships with Google and OpenAI.

Financial highlights

• Fourth quarter total gross fee revenues grew 7% to $1.4 billion, driven by higher RevPAR, room additions, and 8% growth in credit card fees.

• Fourth quarter Adjusted EBITDA rose 9% to $1.4 billion; full-year Adjusted EBITDA up 8% to $5.38 billion.

• Full-year adjusted EPS increased 7% to $10.02.

• Co-branded credit card fees rose over 8% to $716 million for the year.

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

Outlook and guidance

• 2026 net rooms growth expected at 4.5%-5%, with global RevPAR growth of 1.5%-2.5%.

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

• Adjusted diluted EPS growth forecasted at 13%-15% for 2026, with guidance of $11.32–$11.57.

• World Cup expected to add 30-35 basis points to global RevPAR growth in 2026.

• Over $4.3 billion in capital returns to shareholders projected for 2026.