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MARRIOTT INTERNATIONAL REPORTS THIRD QUARTER 2025 RESULTS
Third quarter 2025 RevPAR[1] increased 0.5 percent worldwide, with 2.6 percent growth in international markets and a 0.4 percent decline in U.S. & Canada. |
Catégorie : Monde - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et publié gratuitement le mercredi 05 novembre 2025
 Q3 2025 Earnings Highlights
Crédit photo © Marriott International
- Third quarter reported diluted EPS totaled $2.67 and adjusted diluted EPS totaled $2.47
- Third quarter reported net income totaled $728 million and adjusted net income totaled $674 million
- Third quarter adjusted EBITDA totaled $1,349 million
- The company added roughly 17,900 net rooms during the quarter and net rooms grew7 percent from the end of the third quarter of 2024
- At the end of the quarter, Marriott’s worldwide development pipeline reached a new record and totaled approximately 3,900 properties and over 596,000 rooms
- The company repurchased 3.0 million shares of common stock for $0.8 billion in the 2025 third quarter. Year-to-date through October 30, the company has returned approximately $3.1 billion to shareholders through dividends and share repurchases
Marriott International, Inc. (Nasdaq: MAR) today reported third quarter 2025 results.
Anthony Capuano, President and Chief Executive Officer, said, “Our third quarter results demonstrated continued strong execution of our growth strategy, the power of our brands, and the cash flow benefits of our asset-light business model. We delivered another quarter of strong rooms growth, robust development signings and profit gains.
“Global RevPAR rose 0.5 percent in the third quarter, impacted by calendar shifts and ongoing macroeconomic uncertainty. International RevPAR increased 2.6 percent, led by APEC, which delivered nearly 5 percent growth fueled by strong performance in key markets like Japan, Australia and Vietnam. In the U.S. & Canada, RevPAR declined 0.4 percent due to weaker demand in the lower chain scales, largely reflecting reduced government travel. Globally, our luxury hotels continued to outperform, driven by robust demand and strong rate performance, with luxury RevPAR rising 4 percent in the quarter.
“Our diverse portfolio of brands, that range from midscale to luxury, and include traditional, extended stay, and unique lodging options like cabins and safari lodges, continues to drive strong owner preference. During the first nine months of the year, we had record year-to-date signings, and our momentum on conversions continued, comprising around one third of our signings and openings. We still expect net rooms growth to approach 5 percent for full year 2025 and be in the mid-single-digit range over the next few years.
“The power of Marriott Bonvoy has continued to grow. The platform has meaningfully evolved and expanded over the last several years to offer travelers exceptional hotel stays as well as a wide range of experiences, benefits, and services across their travel journeys. During the third quarter, we added another 12 million members, bringing total global membership to nearly 260 million. Member penetration remained strong at 75 percent in the U.S. & Canada and 68 percent globally, reflecting deep engagement with our expanding global member base.
“Our solid financial performance and strong cash generation allowed us to return approximately $3.1 billion to our shareholders year-to-date through October 30 through share repurchases and dividends. We continue to expect to return approximately $4.0 billion to our shareholders in 2025.”
Third Quarter 2025 Results
Base management and franchise fees totaled $1,190 million in the 2025 third quarter, a nearly 6 percent increase compared to base management and franchise fees of $1,124 million in the year-ago quarter. The increase was primarily driven by rooms growth and higher co-branded credit card fees.
Incentive management fees totaled $148 million in the 2025 third quarter, compared to $159 million in the 2024 third quarter, primarily reflecting declines in the U.S. & Canada. Managed hotels in international markets contributed roughly three-quarters of the incentive fees earned in the quarter.
Owned, leased, and other revenue, net of direct expenses, totaled $94 million in the 2025 third quarter, compared to $81 million in the 2024 third quarter. The increase was mainly driven by the addition of the Sheraton Grand Chicago to our portfolio of owned hotels in the 2024 fourth quarter.
General, administrative, and other expenses for the 2025 third quarter totaled $234 million, compared to $276 million in the year-ago quarter. The year-over-year change largely reflects a $19 million operating guarantee reserve for a U.S. hotel in the 2024 third quarter, as well as lower compensation costs.
In the 2025 third quarter, restructuring and merger-related recoveries/charges, and other expenses totaled a $40 million benefit compared to a $9 million expense in the year-ago quarter. The year-over-year change was primarily driven by insurance recoveries related to the 2018 Starwood guest reservations database security incident.
Interest expense, net, totaled $194 million in the 2025 third quarter, compared to $168 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.
In the 2025 third quarter, the provision for income taxes totaled $266 million compared to $202 million in the 2024 third quarter.
Marriott’s reported operating income totaled $1,180 million in the 2025 third quarter, compared to 2024 third quarter reported operating income of $944 million. Reported net income totaled $728 million in the 2025 third quarter, a 25 percent increase compared to 2024 third quarter reported net income of $584 million. Reported diluted earnings per share (EPS) totaled $2.67 in the quarter, compared to reported diluted EPS of $2.07 in the year-ago quarter.
Adjusted operating income in the 2025 third quarter totaled $1,119 million, compared to 2024 third quarter adjusted operating income of $1,017 million. Third quarter 2025 adjusted net income totaled $674 million, compared to 2024 third quarter adjusted net income of $638 million. Adjusted diluted EPS in the 2025 third quarter totaled $2.47, compared to adjusted diluted EPS of $2.26 in the year-ago quarter.
Adjusted results excluded cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses. See the press release schedules for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,349 million in the 2025 third quarter, a 10 percent increase compared to third quarter 2024 adjusted EBITDA of $1,229 million. See the press release schedules for the adjusted EBITDA calculation.
Selected Performance Information
The company added roughly 17,900 net rooms during the quarter, including nearly 13,900 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled over 9,700 properties, with approximately 1,754,000 rooms.
At the end of the quarter, the company’s worldwide development pipeline totaled 3,923 properties with more than 596,000 rooms, including 229 properties with nearly 36,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,536 properties with over 250,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline are in international markets. The quarter-end system size and pipeline do not reflect any rooms from our acquisition of the citizenM brand, which we expect to integrate into our system and platforms in the 2025 fourth quarter.
In the 2025 third quarter, worldwide RevPAR increased 0.5 percent (a 1.3 percent increase using actual dollars) compared to the 2024 third quarter. RevPAR in the U.S. & Canada declined 0.4 percent (a 0.4 percent decrease using actual dollars) year-over-year, and RevPAR in international markets increased 2.6 percent (a 5.3 percent increase using actual dollars) year-over-year.
Balance Sheet & Common Stock
At the end of the quarter, Marriott’s total debt was $16.0 billion and cash and equivalents totaled $0.7 billion, compared to $14.4 billion in debt and $0.4 billion of cash and equivalents at year-end 2024.
The company repurchased 3.0 million shares of common stock in the 2025 third quarter for $0.8 billion. Year-to-date through October 30, the company has repurchased 9.7 million shares for $2.6 billion.
In the 2025 third quarter, the company issued $400 million of Series TT Senior Notes due in 2027 with a 4.20 percent interest rate coupon, $500 million of Series UU Senior Notes due in 2031 with a 4.50 percent interest rate coupon, and $600 million of Series VV Senior Notes due in 2035 with a 5.25 percent interest rate coupon.
Company Outlook
The Company's updated outlook generally assumes the continuation of the current macro-economic environment.
1 See the press release schedules for the adjusted EBITDA calculations.
2 Adjusted EBITDA and Adjusted EPS – diluted for fourth quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Adjusted EPS – diluted for full year 2025 excludes the benefit of income tax special items of $74 million.
3 Assumes the level of capital return to shareholders noted above.
4 This outlook includes $349 million of funding related to our acquisition of the citizenM brand. Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any other potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.
5 Assumes the level and types of investment spending noted above and that no asset sales, property acquisitions or additional brand acquisitions occur during the year.
Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, November 4, 2025, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at www.marriott.com/investor (click on “Events & Presentations” and click on the quarterly conference call link). A replay will be available at that same website until November 4, 2026.
The telephone dial-in number for the conference call is US Toll Free: 800-445-7795, or Global: +1 785-424-1699. The conference ID is MAR3Q25.
Click here for Q3 2025 Press Release Schedules, including non-GAAP reconciliations and explanations.
[1]All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2025 and 2024 reflect properties that are comparable in both years.
AboutMarriott International, Inc.
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of over 9,700 properties across more than 30 leading brands in 143 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy, its highly awarded travel platform.
 Q3 2025 Earnings Highlights
Crédit photo © Marriott International
 Q3 2025 Earnings Highlights
Crédit photo © Marriott International
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