Marriott International (MAR) Q4 2025 Financial Results Summary
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Marriott International (MAR) Q4 2025 Financial Results Summary
Release Date: February 10, 2026
Marriott International, Inc. (Nasdaq: MAR) has reported its financial results for the fourth quarter (Q4) and full year of 2025. The following key metrics and highlights provide a summary of the company’s performance.
Financial Highlights for Q4 2025:
- Revenue Per Available Room (RevPAR):
- Worldwide: Increased by 1.9%, with international markets seeing a growth of 6.1%.
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U.S. & Canada: Experienced a slight decline of 0.1%.
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Earnings Per Share (EPS):
- Reported Diluted EPS: Totaled $1.65, up from $1.63 in Q4 2024 (an increase of 1.2%).
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Adjusted Diluted EPS: Came in at $2.58, compared to $2.45 in Q4 2024 (a growth of 5.3%).
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Net Income:
- Reported Net Income: Totaled $445 million, a 2% decrease from $455 million in Q4 2024.
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Adjusted Net Income: Increased to $695 million, up 1.3% from $686 million year-over-year.
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Adjusted EBITDA: Reached $1,402 million, growing by 9% from $1,286 million in Q4 2024.
Financial Highlights for Full Year 2025:
- RevPAR:
- Worldwide: Up by 2.0%.
- International Markets: Grew by 5.1%.
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U.S. & Canada: Increased by 0.7%.
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Earnings Per Share (EPS):
- Reported Diluted EPS: Reached $9.51, marking an increase of 14% from $8.33 in 2024.
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Adjusted Diluted EPS: Totaled $10.02, compared to $9.33 in 2024 (a growth of 7.4%).
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Net Income:
- Reported Net Income: For the year totaled $2,601 million, an increase of 10% from $2,375 million in 2024.
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Adjusted Net Income: Grew to $2,742 million, compared to $2,660 million in 2024 (up 3%).
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Adjusted EBITDA: Totaled $5,383 million, a growth of 8% from $4,981 million in 2024.
Return to Shareholders:
- The company returned over $4.0 billion to its shareholders through dividends and share repurchases during the year.
Development and Growth:
- The company added nearly 100,000 rooms globally in 2025, increasing net rooms by over 4.3% from the previous year.
- Marriott’s development pipeline expanded to a record of approximately 4,100 properties and nearly 610,000 rooms, with 43% of these rooms under construction.
Company Outlook for 2026:
- Expected worldwide RevPAR growth is projected to rise by 1.5% to 2.5%.
- Net rooms growth is forecasted at 4.5% to 5% for the year.
- Adjusted EBITDA growth is projected to be between 8% to 10%.
- Capital returns to shareholders are anticipated to exceed $4.3 billion.
Share Repurchase:
- In Q4 2025, Marriott repurchased 3.5 million shares for $1.0 billion.
- For the full year, Marriott repurchased 12.1 million shares for $3.3 billion.
Summary of Key Metrics:
- Fourth Quarter of 2025:
- Reported Net Income: $445 million (down 2% YoY)
- Adjusted Net Income: $695 million (up 1.3% YoY)
- Adjusted EBITDA: $1,402 million (up 9% YoY)
- Adjusted EPS: $2.58 (up 5.3% YoY)
- Full Year 2025:
- Reported Net Income: $2,601 million (up 10% YoY)
- Adjusted Net Income: $2,742 million (up 3% YoY)
- Adjusted EBITDA: $5,383 million (up 8% YoY)
- Adjusted EPS: $10.02 (up 7.4% YoY)
For further details, please refer to the company’s investor relations resources and its conference call held on February 10, 2026.
| REVENUES | December 31, 2025 | December 31, 2024 | Better/(Worse) |
|---|---|---|---|
| Franchise fees | $843 | $795 | 6 |
| Base management fees | $343 | $333 | 3 |
| Incentive management fees | $239 | $206 | 16 |
| Gross fee revenues | $1,425 | $1,334 | 7 |
| Contract investment amortization | -$49 | -$27 | -81 |
| Net fee revenues | $1,376 | $1,307 | 5 |
| Owned, leased, and other revenue | $457 | $418 | 9 |
| Cost reimbursement revenue | $4,857 | $4,704 | 3 |
| Total revenues | $6,690 | $6,429 | 4 |
| OPERATING COSTS AND EXPENSES | |||
| Owned, leased, and other expense | $416 | $346 | -20 |
| Depreciation, amortization, and other | $59 | $46 | -28 |
| General and administrative | $241 | $261 | 8 |
| Restructuring and merger-related charges | $29 | $52 | 44 |
| Reimbursed expenses | $5,168 | $4,972 | -4 |
| Total Operating Costs | $5,913 | $5,677 | -4 |
| OPERATING INCOME | $777 | $752 | 3 |
| Gains and other income, net | $3 | $16 | -81 |
| Interest expense | -$208 | -$180 | -16 |
| Interest income | $9 | $10 | -10 |
| Equity in earnings | $1 | $— | – |
| INCOME BEFORE INCOME TAXES | $582 | $598 | -3 |
| Provision for income taxes | -$137 | -$143 | 4 |
| NET INCOME | $445 | $455 | -2 |
| EARNINGS PER SHARE | |||
| Earnings per share – basic | $1.66 | $1.63 | 2 |
| Earnings per share – diluted | $1.65 | $1.63 | 1 |
| Basic shares (in millions) | 268.5 | ||
| Diluted shares (in millions) | 269.4 |
| ASSETS | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Current Assets | ||
| Cash and equivalents | $400 | $400 |
| Accounts receivable | $1,805 | $1,730 |
| Inventory | $257 | $239 |
| Prepaid expenses | $327 | $315 |
| Other current assets | $436 | $350 |
| Total Current Assets | $3,225 | $3,034 |
| Property and Equipment, Net | $10,542 | $10,135 |
| Goodwill | $5,000 | $4,860 |
| Other Intangible Assets | $732 | $675 |
| Investments in Unconsolidated Affiliates | $483 | $460 |
| Total Assets | $19,962 | $19,164 |
| LIABILITIES AND EQUITY | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Current Liabilities | ||
| Current portion of long-term debt | $700 | $680 |
| Accounts payable | $675 | $600 |
| Accrued expenses | $637 | $532 |
| Other current liabilities | $474 | $460 |
| Total Current Liabilities | $2,486 | $2,272 |
| Long-term Debt | $15,424 | $13,940 |
| Other Liabilities | $385 | $235 |
| Total Liabilities | $18,295 | $16,447 |
| Stockholders’ Equity | ||
| Common stock and additional paid-in capital | $2,000 | $2,000 |
| Retained earnings | $1,948 | $1,128 |
| Other accumulated comprehensive income | -$281 | -$411 |
| Total Stockholders’ Equity | $1,664 | $1,717 |
| Total Liabilities and Equity | $19,962 | $19,164 |