MAR Q4 2025 Earnings

Call Details

• Call Title: Marriott International Q4 2025 Earnings Call
• Date: February 10, 2026 at 1:30 PM UTC
• Management Team:
  • Jackie Burka (Senior Vice President, Investor Relations)
  • Tony Capuano (Chief Executive Officer)
  • Leeny Oberg (Chief Financial Officer and Executive Vice President Development)
  • Pilar Fernandez (Senior Director of Investor Relations)

Call Summary

Financial Performance

• Fourth quarter total gross fee revenues grew 7% to $1.4B compared to the prior year period.
• Fourth quarter incentive management fees rose 16% to $239M driven primarily by U.S. and Canada performance.
• Fourth quarter adjusted EBITDA rose 9% to $1.4B versus the prior year quarter.
• Full-year 2025 gross fee revenues rose 5% to $5.4B and full-year adjusted EBITDA rose 8% to $5.38B versus 2024.
• Full-year co-branded credit card fees rose over 8% to $716M while residential branding fees declined 10% to $72M for the year.
• Full-year adjusted EPS rose 7% to $10.02 compared to the prior year.
• The company returned over $4.0B to shareholders through dividends and buybacks in 2025.

Guidance

• Net rooms growth for full-year 2026 is expected to accelerate to between 4.5% and 5.0% on an organic basis.
• Full-year 2026 global RevPAR growth is expected to be between 1.5% and 2.5% versus 2025, assuming a steady macro environment.
• Full-year 2026 gross fee revenues are expected to rise 8% to 10% to approximately $5.9B to $5.96B.
• Full-year 2026 adjusted EBITDA is expected to increase 8% to 10% to roughly $5.8B to $5.9B.
• Full-year 2026 adjusted diluted EPS is expected to grow between 13% and 15% driven by EBITDA growth and share count reduction.
• Owned, leased, and other revenue net of expense is expected to total $230M to $240M in 2026 and could be impacted by large hotel renovations.
• Co-branded credit card fees recognized in the franchise fees line are expected to increase meaningfully by around 35% year over year for 2026.