Marriott International Reports Fourth Quarter and Full Year 2025 Results

Marriott International, Inc.reported fourth quarter and full year 2025 results.

RevPAR:
- Q4: +1.9% worldwide (International +6.1%, U.S. & Canada –0.1%).
- Full Year: +2.0% worldwide (International +5.1%, U.S. & Canada +0.7%).

Earnings:
- Q4 Net Income: $445M (Adjusted $695M).
- FY Net Income: $2.6B (Adjusted $2.74B).
- Q4 Adjusted EPS: $2.58; FY Adjusted EPS: $10.02.

EBITDA:
- Q4 Adjusted EBITDA: $1.4B (+9% YoY).
- FY Adjusted EBITDA: $5.38B.

Rooms Growth:
~100,000 gross rooms added in 2025; net growth +4.3%.

Pipeline:
Record 4,100 properties (~610,000 rooms), 43% under construction.

Shareholder Returns:
$4.0B returned via dividends and buybacks.

Operational Highlights
- Luxury Outperformance: Global luxury RevPAR rose >6% in Q4.
- Development Momentum: 163,000 organic rooms signed in 2025; ~⅓ from conversions.
- Portfolio Expansion:
- Integrated citizenM (37 hotels, 8,800 rooms).
- Launched Series by Marriott™ in India, U.S., and Canada.
- Loyalty Strength:
- Added 43M new Bonvoy members (total ~271M).
- Member stays accounted for 75% of U.S./Canada room nights, 68% globally.

Balance Sheet
- Debt: $16.2B (up from $14.4B in 2024).
- Cash: $0.4B.
- Share Repurchases: 12.1M shares ($3.3B) in 2025.

2026 Outlook
- RevPAR growth: +1.5–2.5%.
- Net rooms growth: +4.5–5%.
- Adjusted EBITDA growth: +8–10%.
- Capital returns: >$4.3B expected.

Marriott’s results show steady global growth, with international markets (especially EMEA and Asia Pacific) driving performance, while U.S. & Canada remained flat due to business travel softness. The company’s asset-light model, loyalty strength, and aggressive pipeline position it for continued expansion.