Marriott posted Q4 2025 adjusted EPS of $2.58 (narrowly missing the ~$2.61 consensus) on revenue of $6.69 billion (+4.1% YoY), which slightly beat estimates. International RevPAR surged 6.1%, and the stock soared ~9.1% the day after earnings on bullish 2026 guidance for EBITDA growth of 8–10%. Full-year adjusted EPS reached $10.02, up 7% YoY.
About Marriott International
Marriott International, Inc. (Nasdaq: MAR) is the world’s largest hospitality company, headquartered in Bethesda, Maryland, and founded in 1927. The company operates, franchises, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products across luxury, premium, select, midscale, extended stay, and all-inclusive tiers.
As of December 31, 2025, Marriott’s global system encompasses over 9,800 properties with nearly 1,780,000 rooms in 145 countries and territories. The company’s Marriott Bonvoy loyalty platform boasts nearly 271 million members.
| Metric | Value |
| Ticker | Nasdaq: MAR |
| Market Cap | ~$93.8 billion (as of Feb 14, 2026) |
| P/E Ratio | ~37.2 |
| Dividend Yield | ~0.8% ($2.68 annualized) |
| Employees | ~100,000+ globally (estimated) |
| 52-Week Range | $205.40 – $370.00 |
Marriott’s asset-light, fee-driven business model generates the bulk of its income from franchise fees, base management fees, and incentive management fees, supplemented by revenue from co-branded credit card programs and owned/leased properties.
Top Financial Highlights
- Total Revenue (Q4): $6.69 billion, up 4.1% YoY from $6.43 billion, slightly above the consensus estimate of $6.67 billion.
- Total Revenue (Full Year): $26.19 billion, up from $25.10 billion in 2024.
- Reported Net Income (Q4): $445 million, down 2% from $455 million in Q4 2024.
- Reported Net Income (Full Year): $2,601 million, up from $2,375 million in 2024.
- Adjusted Diluted EPS (Q4): $2.58, up from $2.45 in Q4 2024 (+5.3% YoY).
- Adjusted Diluted EPS (Full Year): $10.02, up from $9.33 in 2024 (+7.4% YoY).
- Adjusted EBITDA (Q4): $1,402 million, up 9% from $1,286 million in Q4 2024.
- Adjusted EBITDA (Full Year): $5,383 million, up from $4,980 million in 2024.
- Gross Fee Revenues (Q4): ~$1.4 billion, up 7% YoY; full-year gross fee revenues rose 5% to $5.4 billion.
- Franchise & Base Management Fees (Q4): $1,186 million, up 5% YoY.
- Incentive Management Fees (Q4): $239 million, up 16% YoY, with ~two-thirds from international markets.
- Co-branded Credit Card Fees (Full Year): $716 million, up over 8% YoY.
- Cash on Hand (Year-End): $0.4 billion; total debt of $16.2 billion.
- Net Rooms Growth: Over 4.3% from year-end 2024; ~100,000 gross rooms added globally.
- Development Pipeline: Record ~4,100 properties / ~610,000 rooms, with 43% under construction.
- FY 2026 Guidance: RevPAR +1.5–2.5%, net rooms growth +4.5–5%, adjusted EBITDA growth +8–10%, capital returns >$4.3 billion, adjusted EPS $11.32–$11.57.
Beat or Miss?
Marriott’s Q4 2025 results presented a mixed picture: revenue slightly topped expectations while adjusted EPS narrowly missed consensus. However, the forward-looking 2026 guidance, particularly the midpoint EBITDA estimate of ~$5.89 billion (above the Street’s $5.72 billion), served as the key positive catalyst.
| Metric | Reported | Consensus Estimate | Surprise |
| Adjusted Diluted EPS (Q4) | $2.58 | ~$2.61 | Miss by ~$0.03 |
| Total Revenue (Q4) | $6.69B | ~$6.67B | Beat by ~$20M |
| Adjusted EBITDA (Q4) | $1.40B | ~$1.31B | Beat by ~7% |
| Worldwide RevPAR Growth (Q4) | 1.90% | ~+2.0% | In line |
| FY 2026 Adj. EBITDA Guidance (Midpoint) | ~$5.89B | ~$5.72B (Street) | Above consensus |
| FY 2026 Adj. EPS Guidance (Midpoint) | ~$11.45 | ~$11.42 | In line |
The slight EPS miss was attributed to higher interest expense ($199M vs. $170M a year ago) driven by larger debt balances, as well as $23 million in one-time charges related to the termination of the Sonder licensing agreement.
What Leadership Is Saying?
“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.” – CEO Anthony Capuano – Strategy & Vision
“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.” – CEO Anthony Capuano – Strategy & Vision
“Fourth-quarter total gross fee revenues grew 7% to $1.4 billion, ahead of expectations, driven by higher RevPAR, room additions, and an 8% increase in credit card fees. Incentive management fees rose 16% to $239 million, driven by the U.S. and Canada where IMFs increased more than 30%, led by New York City and Florida resorts.” – CFO Leenie (Leeny) Oberg – Financials & Fees
[On 2026 outlook:] Marriott expects more than $4.3 billion of capital returns in 2026 and forecasts gross fee revenues of $5.9 billion to $5.96 billion (up 8% to 10%), with an approximately 35% year-over-year increase in co-branded credit card fees flowing into franchise fees.” – CFO Leenie (Leeny) Oberg – Financials & Fees
Historical Performance: Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenues | $6,690M | $6,429M | +4.1% |
| Reported Net Income | $445M | $455M | -2.2% |
| Adjusted Net Income | $695M | $686M | +1.3% |
| Reported Diluted EPS | $1.65 | $1.63 | +1.2% |
| Adjusted Diluted EPS | $2.58 | $2.45 | +5.3% |
| Adjusted EBITDA | $1,402M | $1,286M | +9.0% |
| Adjusted Operating Income | $1,155M | $1,072M | +7.7% |
| Franchise & Base Mgmt Fees | $1,186M | $1,128M | +5.1% |
| Incentive Mgmt Fees | $239M | $206M | +16.0% |
| Worldwide RevPAR Growth | 1.90% | — | — |
| International RevPAR Growth | 6.10% | — | — |
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenues | $26,186M | $25,100M | +4.3% |
| Reported Net Income | $2,601M | $2,375M | +9.5% |
| Adjusted Diluted EPS | $10.02 | $9.33 | +7.4% |
| Adjusted EBITDA | $5,383M | $4,980M | +8.1% |
| Gross Fee Revenues | $5,400M | $5,100M | +5.9% |
Competitor Comparison: Q4 2025 Performance
The three largest global hotel companies — Marriott, Hilton, and Hyatt — all reported Q4 2025 earnings in February 2026. Below is a side-by-side comparison:
Q4 2025
| Category | Marriott (MAR) | Hilton (HLT) | Hyatt (H) |
| Q4 Total Revenue | $6.69B | $3.09B | $1.79B |
| Q4 Reported Net Income | $445M | $298M | $(20)M |
| Q4 Adjusted EPS | $2.58 | $2.08 | $1.33 |
| Q4 Adjusted EBITDA | $1,402M | $946M | $292M |
| Q4 RevPAR Growth | +1.9% | +0.5% | +4.0% |
| Net Rooms Growth (FY) | +4.3% | +6.7% | +7.3% |
Full Year 2025
| Category | Marriott (MAR) | Hilton (HLT) | Hyatt (H) |
| FY Revenue | $26.19B | $12.04B | $7.10B |
| FY Reported Net Income | $2,601M | $1,461M | $(52)M |
| FY Adjusted EPS | $10.02 | $8.11 | $2.19 |
| FY Adjusted EBITDA | $5,383M | $3,725M | $1,159M |
| FY RevPAR Growth | +2.0% | +0.4% | +2.9% |
| Pipeline Rooms | ~610,000 | ~520,500 | ~148,000 |
FY 2025 vs. FY 2024 YoY Change
| Category | Marriott Change | Hilton Change | Hyatt Change |
| Revenue | +4.3% ($26.19B vs $25.10B) | +7.8% ($12.04B vs $11.17B) | +11.7% YoY in Q4 |
| Adjusted EBITDA | +8.1% ($5.38B vs $4.98B) | +8.6% ($3.73B vs $3.43B) | +5.8% ($1.16B vs $1.10B) |
| Adjusted EPS | +7.4% ($10.02 vs $9.33) | +13.9% ($8.11 vs $7.12) | N/M (loss year) |
Marriott remains the largest player by revenue and EBITDA, with steady mid-single-digit growth. Hilton delivered the strongest adjusted EPS growth (+13.9%) and the best net rooms growth (+6.7%). Hyatt led on RevPAR growth (+4.0% in Q4) and net rooms growth (+7.3%), but recorded a full-year net loss due to one-time items from asset dispositions and the Playa Hotels acquisition.
How the Market Reacted?
Shares of Marriott surged 9.1% during trading on February 10, 2026, the day results were announced — the biggest single-day move in over a year. While Q4 adjusted EPS of $2.58 narrowly missed the consensus estimate of ~$2.61, the primary catalyst for the rally was Marriott’s upbeat 2026 guidance: adjusted EBITDA at the midpoint of ~$5.89 billion exceeded Wall Street’s estimate of ~$5.72 billion, and the FY 2026 EPS guidance range of $11.32–$11.57 was broadly in line with expectations. Analysts responded positively: Goldman Sachs upgraded MAR to “Buy” with a $345 target, Evercore raised its target to $350, Barclays to $320, and JPMorgan to $323. The overall sentiment was bullish, driven by accelerating fee revenue, record development pipeline momentum, and confidence in the 35% jump in co-branded credit card fees expected for 2026.
As of February 14, 2026, MAR shares traded at approximately $353.89, near the upper end of its 52-week range of $205.40–$370.00, with a market capitalization of ~$93.8 billion.
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