Marriott International Stock Earnings Reports

Marriott reported Q3 2025 results ahead of prior expectations with modest global RevPAR growth (+0.5% Y/Y) amid ongoing macro uncertainty. Development momentum remains strong: global rooms grew 4.7% Y/Y to >1.75 million rooms, signings hit record year-to-date levels, the pipeline exceeded 596,000 rooms with >250,000 under construction, and conversions accounted for ~30% of signings/openings. Performance was strongest in APEC and luxury/upscale chain scales; U.S. & Canada RevPAR was down slightly, pressured by select-service weakness, calendar shifts in group and a notable decline in government transient business. Marriott Bonvoy membership expanded to ~260 million (+18% Y/Y) and co-branded credit card fees grew, with management in active negotiations to renew US card partnerships—expected to be addressed next year. Financial highlights: Q3 adjusted EBITDA +10%, adjusted EPS +9%; gross fee revenues +4% to $1.34B; co-brand fees +13%. Guidance: Q4 RevPAR +1% to +2%, full-year 2025 RevPAR +1.5% to +2.5%; full-year adjusted EBITDA $5.35B–$5.38B; adjusted EPS $9.98–$10.06; net rooms growth ~5% for 2025 and mid-single-digit annually thereafter. Capital returns: expect roughly $4B to shareholders in 2025 while maintaining investment-grade leverage (targeting net debt/EBITDA in lower part of 3.0–3.5x). Management emphasized ongoing tech transformation (PMS/reservations/loyalty migration, AI opportunities) and strong owner interest in the portfolio.