Summary: Marriott's 2025 results delivered 2% worldwide RevPAR growth for the full year, net rooms growth of over 4.3%, a near-610,000-room pipeline and more than $4.0 billion returned to shareholders.

Marriott 2025 results show a modest recovery in revenue per available room (RevPAR) alongside notable growth in development activity. For the full year, worldwide RevPAR rose 2.0 percent and net rooms increased by more than 4.3 percent as the company continued to expand its footprint and return capital to investors.

Quarterly and annual performance at a glance

  • Full-year 2025 worldwide RevPAR: +2.0%
  • Full-year international RevPAR: +5.1%; U.S. & Canada RevPAR: +0.7%
  • Q4 2025 worldwide RevPAR: +1.9%; international +6.1%; U.S. & Canada -0.1%
  • Net rooms growth for the year: >4.3%
  • Capital returned to shareholders in 2025: >$4.0 billion

Marriott said fourth-quarter RevPAR gains were led by average daily rate improvements, while international markets—particularly EMEA and APEC—delivered the strongest momentum. In the U.S. and Canada, RevPAR was effectively flat for the period, affected in part by weakness in business-travel segments during an extended government shutdown.

Anthony Capuano, President and Chief Executive Officer, said:

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. In the fourth quarter, worldwide RevPAR rose 1.9 percent, driven by ADR gains. International RevPAR increased 6 percent, 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 percent, 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. 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 percent from year-end 2024. 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 percent of room nights in the U.S. & Canada and 68 percent 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.

Earnings and cash generation

Marriott reported solid profitability metrics for the quarter and full year, including both reported and adjusted measures that underline recurring cash generation from its fee-focused model.

  • Q4 reported diluted EPS: $1.65; adjusted diluted EPS: $2.58
  • Full-year reported diluted EPS: $9.51; adjusted diluted EPS: $10.02
  • Q4 reported net income: $445 million; adjusted net income: $695 million
  • Full-year reported net income: $2,601 million; adjusted net income: $2,742 million
  • Q4 adjusted EBITDA: $1,402 million; Full-year adjusted EBITDA: $5,383 million

Development momentum and loyalty engagement

Development activity remained strong in 2025. Marriott signed roughly 163,000 organic rooms during the year and ended December with a pipeline approaching 610,000 rooms, about 6 percent larger than a year earlier. Conversions accounted for around a third of new signings, and the company continued to add brands and properties through acquisitions and openings.

  • Global pipeline: ~4,100 properties / ~610,000 rooms at year-end
  • Gross room additions in 2025: ~100,000 rooms
  • Completed integration of citizenM: +37 hotels (~8,800 rooms)
  • Series by Marriott debut: first 37 hotels opened in India; initial U.S. & Canada properties opened soon after
  • Marriott Bonvoy growth: ~43 million members added in 2025, total ~271 million members
Marriott hotel exterior with guests arriving, illustrating Marriott's global portfolio and development activity
Marriott’s growing pipeline and brand expansion, including recent integrations and Series by Marriott openings, underpin its 2025 results

Looking ahead: 2026 outlook

For 2026 Marriott projects continued, though moderate, top-line growth alongside ongoing expansion. Guidance includes worldwide RevPAR growth of 1.5–2.5 percent, net rooms growth of 4.5–5 percent, adjusted EBITDA growth of 8–10 percent and capital returns in excess of $4.3 billion. The outlook also factors in a roughly 35 percent increase in co-branded credit card fees recognised in franchise fees, driven by higher spending on co-branded cards. The company noted the forecast does not assume any outcome from ongoing U.S. co-branded card renegotiations.

What this means for owners, guests and the industry

Marriott’s performance confirms continued demand in international leisure and luxury segments, while U.S. business travel recovery remains uneven. Owners may find brand conversions and signings attractive given the company’s sustained development pipeline and loyalty engagement. For travellers, loyalty benefits and brand expansion mean more options and availability across regions, though guests may see rate variability as markets rebalance.

So what? Marriott 2025 results indicate a stable recovery path for hospitality: steady RevPAR gains, robust development activity and a loyalty platform driving repeat stays. For investors and hoteliers, the numbers suggest continued confidence in Marriott’s asset-light model; for travellers, the company’s expansion and loyalty scale mean wider choice but varying pricing dynamics depending on market and segment.