Marriott Q4 Revenue Rises on International Demand
Marriott Q4 Revenue rose as international and luxury travel buoyed results, and guidance points to modest RevPAR gains and stronger adjusted EBITDA.
KEY TAKEAWAYS
- Q4 revenue rose to $6.7 billion, driven by international and luxury travel.
- Worldwide RevPAR grew 1.9% while international RevPAR led with a 6.1% increase.
- 2026 guidance assumes RevPAR +1.5-2.5% and adjusted EBITDA growth of 8-10%.
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Marriott International said on Feb. 10, 2026, that stronger international travel and luxury demand lifted fourth-quarter revenue, supporting a 2026 outlook that assumes a steady macroeconomic environment and modest gains in revenue per available room (RevPAR).
Q4 Results and RevPAR Performance
Marriott reported fourth-quarter revenue of $6.7 billion, up 4.1% from the prior year, driven by strength in international markets and its luxury portfolio. Adjusted diluted earnings per share (EPS) rose to $2.58 from $2.45 a year earlier, while adjusted EBITDA, a proxy for operating profit, increased 9.0% to $1.4 billion.
Worldwide RevPAR grew 1.9%, led by a 7.6% rise internationally on an actual-dollar basis. U.S. and Canadian RevPAR declined 0.1%. Franchise and base management fees increased 5.0% to $1.19 billion, and incentive fees rose 16.0% to $239 million. The quarter included a $23 million charge related to the licensing termination with Sonder Holdings Inc., excluded from adjusted results.
Guidance, Pipeline, and Capital Returns
For 2026, Marriott expects worldwide RevPAR to increase 1.5% to 2.5%, assuming a steady macroeconomic backdrop and stronger international growth, with about 30 to 35 basis points attributed to World Cup travel. The company projects net rooms growth of 4.5% to 5.0%, adjusted EBITDA expansion of 8% to 10%, and plans capital returns exceeding $4.3 billion. It anticipates a roughly 35% rise in co-branded credit-card fees embedded in franchise fees and expects no material impact from U.S. co-branded card renegotiations.
Marriott forecast first-quarter RevPAR growth of 1% to 2%, citing a boost from the Winter Olympics offset by timing shifts in Easter and Chinese New Year and a tougher U.S. comparison.
For the full year 2025, worldwide RevPAR rose 2.0%, with international up 5.1% and U.S./Canada up 0.7%. Adjusted diluted EPS for the year was $10.02. Net rooms increased 4.3%, adding about 73,600 rooms, including roughly 51,600 internationally, bringing the system to approximately 9,800 properties and 1.78 million rooms.
At year-end, Marriott’s development pipeline included about 4,100 properties and 610,000 rooms, with 43% under construction. The company returned more than $4.0 billion to shareholders through dividends and share repurchases in 2025.
