Marriott Grows Q4 2025 Revenue, Signals Steady 2026 Upside From Fees

Marriott has announced fourth-quarter and full-year 2025 financial results, revealing increased revenue of $6.69 billion for 2025. The company expects modest growth in 2026, supported by hotel expansion and higher fees from its co-branded credit cards.

Fourth quarter 2025 financial results

Marriott reported

• $6.69 billion in fourth-quarter 2025 revenue, up from $6.43 billion a year earlier.
• Net income was $445 million (or $695 million adjusted, excluding certain one-time items), down from $455 million in 2024.
• Diluted EPS, earnings per share after accounting for potential extra shares, was $1.65 (slightly up from $1.63), while adjusted diluted EPS was $2.58 (up from $2.45).
• Global RevPAR (room revenue per available room across Marriott’s worldwide system) rose 1.9 percent. International markets were the main driver (up 6.1 percent), while the US & Canada were essentially flat (down 0.1 percent).

Full year 2025 financial results

For 2025, Marriott reported

• Revenue of $26.19 billion, up from $25.1 billion in 2024.
• Net income totaled $2.6 billion (or $2.74 billion adjusted), up from $2.37 billion in 2024.
• Diluted EPS was $9.51 (up from $8.33), while adjusted diluted EPS was $10.02 (up from $9.33).
• Global RevPAR increased 2 percent, with international markets up 5.1 percent and US & Canada up 0.7 percent.

Marriott also returned more than $4.0 billion to shareholders through dividends and share buybacks.

Key milestones of 2025: new hotels, growing loyalty

Marriott said growth was supported by scale, development, and loyalty.

The company added nearly 100,000 gross rooms in 2025 and ended the year with a record development pipeline of about 4,100 properties and almost 610,000 rooms (hotels planned, signed, or under construction). It also completed the integration of citizenM, adding 37 hotels and nearly 8,800 rooms.

On loyalty, Marriott said it added about 43 million Marriott Bonvoy members in 2025, bringing the program to almost 271 million members; it also said member stays made up 75 percent of room nights in the US & Canada and 68 percent globally, which helped drive repeat bookings and fee income.

2026 outlook and growth expectations

For 2026, Marriott expects global RevPAR to rise by 1.5 percent to 2.5 percent, and net room growth of 4.5 percent to 5 percent. The company guided to adjusted EPS of $11.32 to $11.57 and said it plans to return more than $4.3 billion to shareholders.

A key assumption is about a 35 percent increase in co-branded credit card fees recognized in franchise fees, driven by higher card spending and higher royalty rates paid by card partners. Marriott noted that talks on its US co-branded card agreements are still ongoing and not included in the outlook.

Photo by Jonathan Kemper on Unsplash