Marriott International Inc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.31%.
Did MAR Beat Earnings? Q4 2025 Results
Marriott International fell just short of Wall Street's expectations in Q4 2025, posting adjusted earnings per share of $2.58 against a consensus of $2.61, a miss of 1.15%, while revenue of $6.69 billion trailed the $6.72 billion estimate by 0.44%, though it still represented a 4.1% increase from the year-earlier period. The headline shortfall was largely shaped by a tale of two geographies: international markets delivered worldwide RevPAR growth of 6.1% in constant dollars, fueled by strength across EMEA and Asia Pacific, while U.S. and Canada RevPAR edged down 0.1%, weighed by an extended government shutdown that softened business transient demand. Gross fee revenues of $1.43 billion grew 7% year-over-year, with incentive management fees surging 16%, underscoring how international managed hotels continued to pull more than their weight. Looking ahead, Marriott guided for 2026 adjusted diluted EPS of $11.32 to $11.57, worldwide RevPAR growth of 1.5% to 2.5%, and more than $4.30 billion in capital returns to shareholders.
- International RevPAR growth of 6.1% in Q4, led by EMEA and APEC regions
- Luxury hotels outperformed with RevPAR rising over 6% globally in Q4
- ADR gains drove worldwide RevPAR increase of 1.9% in Q4
- Strong leisure transient and cross-border travel in international markets
- Higher co-branded credit card fees contributed to franchise fee growth
- Net rooms growth of over 4.3% from year-end 2024
- Marriott Bonvoy member stays accounted for 75% of U.S. & Canada room nights and 68% globally
“Marriott delivered excellent results in 2025, reflecting the strength of our brands, delivery of great experiences to our customers and continued momentum in development activity. For the full year, net rooms grew over 4.3 percent, worldwide RevPAR increased 2 percent, and our fee‑driven, asset‑light business model continued to generate substantial cash, enabling over $4.0 billion of capital returns to shareholders.”
Marriott International CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Marriott expects worldwide RevPAR growth of 1.5% to 2.5%, net rooms growth of 4.5% to 5%, gross fee revenues of $5,895 million to $5,955 million, adjusted EBITDA of $5,840 million to $5,930 million (8% to 10% growth), adjusted diluted EPS of $11.32 to $11.57, and over $4.3 billion of capital returns to shareholders. For Q1 2026, worldwide RevPAR growth is expected at 1.0% to 2.0%, gross fee revenues of $1,365 million to $1,380 million, and adjusted EBITDA of $1,305 million to $1,325 million. The outlook includes an approximately 35% increase in co-branded credit card fees primarily reflecting expected strong growth in spending across the global co-branded card portfolio and an increase in the royalty rate. The outlook does not include any impact from the renegotiation of U.S. co-branded cards. Investment spending for 2026 is expected at $1,000 million to $1,100 million.
MAR YoY Financials
MAR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.