Marriott International Inc. reported worldwide RevPAR rose 1.9% and 2% for the fourth quarter and full-year 2025, respectively. The company has also reached a new record-high worldwide development pipeline, totaling approximately 4,100 properties and nearly 610,000 rooms.
“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,” said Anthony Capuano, president/CEO. “For the full year, net rooms grew over 4.3%, worldwide RevPAR increased 2% and our fee‑driven, asset‑light business model continued to generate substantial cash, enabling over $4.0 billion of capital returns to shareholders.
“In the fourth quarter, worldwide RevPAR rose 1.9%, driven by ADR gains. International RevPAR increased 6%, led by EMEA and APEC, benefiting from solid leisure transient and cross-border travel. In the U.S. & Canada, RevPAR was roughly flat, reflecting the impact of the extended government shutdown primarily on the business transient segment. Globally, our luxury hotels continued to outperform during the quarter, with RevPAR rising over 6%, and performance moderating down the chain scales. Our global RevPAR index, which remains at a significant premium to peers, rose in the fourth quarter and for the full year.”
Q4 and full-year 2025 highlights:
- Fourth-quarter 2025 RevPAR increased 1.9% worldwide, with 6.1% growth in international markets and a 0.1% decline in U.S. & Canada. For full-year 2025, RevPAR increased 2% worldwide, with 5.1% growth in international markets and 0.7% increase in U.S. & Canada
- Fourth-quarter reported net income totaled $445 million, and adjusted net income totaled $695 million. For the full year, reported net income totaled $2.601 billion and adjusted net income totaled $2.742 billion
- Fourth-quarter adjusted EBITDA totaled $1.402 billion. For the full year, adjusted EBITDA totaled $5.383 billion
- Fourth-quarter reported diluted EPS totaled $1.65, and adjusted diluted EPS totaled $2.58. For the full year, reported diluted EPS totaled $9.51, and adjusted diluted EPS totaled $10.02
- With gross rooms additions of nearly 100,000 rooms globally during 2025, net rooms grew over 4.3% from year-end 2024
- At the end of the year, Marriott’s worldwide development pipeline reached a new record and totaled approximately 4,100 properties and nearly 610,000 rooms, with 43% of pipeline rooms under construction, including rooms that are pending conversion
- For full-year 2026, the company expects worldwide RevPAR to rise 1.5% to 2.5%, net rooms growth of 4.5% to 5%, adjusted EBITDA growth of 8% to 10% and more than $4.3 billion of capital returns to shareholders
“Our development team signed approximately 163,000 organic rooms during the year, and our global pipeline expanded to nearly 610,000 rooms at the end of December, up roughly 6% from year-end 2024,” Capuano said. “Conversions contributed about one‑third of organic room signings and gross room additions, underscoring the continued attractiveness of our brands to owners around the world.
“We continue to enhance our portfolio to meet the evolving needs of our guests. During the fourth quarter, we completed the integration of the citizenM portfolio, adding 37 hotels and nearly 8,800 rooms to our system. We marked the opening of the first 37 Series by Marriott hotels in India and expanded the brand into the U.S. and Canada, with its first two properties opening just months after the brand’s regional debut.
“In 2025, we added approximately 43 million members to Marriott Bonvoy, bringing total membership to nearly 271 million at year‑end. By delivering unique travel and related experiences across hotel stays and beyond, Marriott Bonvoy continued to drive strong engagement. Member stays in 2025 accounted for 75% of room nights in the U.S. & Canada and 68% globally.
“I am proud of the results we delivered this year and am incredibly optimistic about the future, given our unmatched global distribution, compelling brand portfolio and Marriott Bonvoy loyalty platform, combined with our powerful cash-generating, asset‑light business model. As we look ahead, we remain focused on the disciplined execution of our growth strategy, delivering exceptional experiences for our guests, strong performance for our owners and long‑term value for our shareholders.”
Fourth-quarter 2025 results
Franchise and base management fees totaled $1.186 billion in the 2025 fourth quarter, a 5% increase compared to franchise and base management fees of $1.128 billion in the year-ago quarter. The increase was primarily driven by rooms growth, RevPAR increases and higher co-branded credit card fees.
Incentive management fees totaled $239 million in the 2025 fourth quarter, compared to $206 million in the 2024 fourth quarter, driven by significant year-over-year increases in the U.S. & Canada, as well as growth in the APEC, EMEA and Greater China regions. Managed hotels in international markets contributed roughly two-thirds of the incentive fees earned in the quarter.
Owned, leased and other revenue, net of owned, leased and other expenses, totaled $41 million in the 2025 fourth quarter, compared to $72 million in the 2024 fourth quarter. Owned, leased and other expenses in the 2025 fourth quarter included $23 million of expenses related to the termination of our licensing agreement with Sonder Holdings Inc., which are excluded from the adjusted results.
General and administrative expenses for the 2025 fourth quarter totaled $241 million, compared to $261 million in the year-ago quarter, primarily driven by lower compensation costs and litigation expenses. Had we not undertaken the reclassification, general, administrative and other expenses would have totaled $306 million in the 2025 fourth quarter, and would have included $23 million of expenses related to the Sonder termination, compared to $289 million in the year-ago quarter.
Interest expense, net, totaled $199 million in the 2025 fourth quarter, compared to $170 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.
Marriott’s reported operating income totaled $777 million in the 2025 fourth quarter, compared to 2024 fourth quarter reported operating income of $752 million. Reported net income totaled $445 million in the 2025 fourth quarter, a 2% decrease compared to 2024 fourth quarter reported net income of $455 million. Reported diluted earnings per share (EPS) totaled $1.65 in the quarter, compared to reported diluted EPS of $1.63 in the year-ago quarter.
Adjusted operating income in the 2025 fourth quarter totaled $1.155 billion, compared to 2024 fourth quarter adjusted operating income of $1.072 billion. Fourth quarter 2025 adjusted net income totaled $695 million, compared to 2024 fourth quarter adjusted net income of $686 million. Adjusted diluted EPS in the 2025 fourth quarter totaled $2.58, compared to adjusted diluted EPS of $2.45 in the year-ago quarter.
Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges and other expenses, and impairment charges and expenses related to the Sonder termination.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $1.402 billion in the 2025 fourth quarter, a 9% increase compared to fourth quarter 2024 adjusted EBITDA of $1.286 billion.
Selected performance information
Net rooms grew over 4.3% from year-end 2024, as the company added roughly 73,600 net rooms during the year, including approximately 51,600 net rooms in international markets. At the end of the year, Marriott’s global system totaled more than 9,800 properties, with nearly 1,780 million rooms.
At year-end, the company’s worldwide development pipeline totaled 4,056 properties with nearly 610,000 rooms, including 234 properties with over 35,000 rooms approved for development, but not yet subject to signed contracts. The year-end pipeline included 1,648 properties with nearly 265,000 rooms under construction, including hotels that are in the process of converting to the Marriott system. Over half of the rooms in the year-end pipeline are in international markets.
In the 2025 fourth quarter, worldwide RevPAR increased 1.9% (a 2.4% increase using actual dollars) compared to the 2024 fourth quarter. RevPAR in the U.S. & Canada declined 0.1% (a 0.1% decrease using actual dollars) year-over-year, and RevPAR in international markets increased 6.1% (a 7.6% increase using actual dollars) year-over-year.
