MARRIOTT INTERNATIONAL INC /MD/ (MAR) Company Report

Global RevPAR guidance eased to 2% midpoint in FY25; in October, global RevPAR was +2%, with US RevPAR –0.2% and International +7% growth.
2026 RevPAR growth forecast set at 1.5%–2.5%, including an estimated 40 bps US uplift from the FIFA World Cup.
Leisure demand remains robust, led by luxury and premium segments, while group bookings are +8% YoY and developer activity shows 25% more hotels under construction.
CFO Leeny Oberg will retire in March 2026, marking a leadership transition.
Credit card partnerships will be renegotiated in 2026 to capitalize on a 50% larger loyalty platform, and Marriott is collaborating with AI platforms like Google to explore lower-cost distribution.

14 hours ago

Transcript

Marriott discusses FY25 RevPAR performance and 2026 guidance

MAR

Guidance Update

FY 2025 global RevPAR midpoint lowered to 2% from 3%, with Q4 RevPAR now expected at the lower end of the 1–2% range due to U.S. softness (October U.S. RevPAR –20 bps; International +7%).
Preliminary 2026 RevPAR growth guided at 1.5–2.5%, including an estimated 40 bps U.S. lift from the FIFA World Cup.
Leisure demand remains strong, especially in luxury and premium (e.g., integrated Sonder occupancy ~86%), while group and business transient underperformance reflects government shutdown and economic uncertainty.
Development pipeline tracking in line with guidance: FY 2025 net room openings as expected, U.S. rooms under construction up 25% YoY, and conversions (e.g., Series, City Express) poised to drive 2026–27 growth.

15 hours ago

Transcript

Marriott International expands branded residential portfolio in EMEA

MAR

New Projects/Investments

Marriott’s EMEA branded residential portfolio now spans 18 countries, with 33 open locations and 50+ projects in the pipeline, delivering 23% growth in Europe and 59% growth in the Middle East & Africa since year-end 2023.
In YTD 2025, Marriott signed nearly 20 branded residence agreements in EMEA, with approximately two-thirds in the luxury segment and the remainder in premium.
Developers launched sales for 19 EMEA projects in 2025, notably The St. Regis Residences, Al Maryah Island (60% sold pre-launch) and Affini, a Tribute Portfolio Residence, Dubai (sold out within one week).
By end-2025, the company expects to open six branded residences in EMEA, including The Lucan, Autograph Collection Residences, London and JW Marriott Residences, New Cairo.

Nov 11, 2025, 11:00 AM

Press Release

Marriott International Ends Licensing Deal with Sonder

MAR

Guidance Update

Legal Proceedings

Marriott terminated its licensing agreement with Sonder effective Nov. 9, 2025 after Sonder defaulted, removing roughly 9,000 units from its system and cutting its 2025 net rooms growth forecast to 4.5%
Sonder will wind down U.S. operations and file for Chapter 7 liquidation; its Q2 2025 results showed $147 million revenue, $44.5 million net loss and $2.6 million adjusted EBITDA
The collapse was driven by missed milestones, severe cash constraints and unexpected technology integration costs, marking the end of a high-profile asset-light experiment

Nov 9, 2025, 4:57 PM

Bloomberg

Marriott International updates outlook following Sonder agreement termination

MAR

Guidance Update

Marriott’s licensing agreement with Sonder Holdings Inc. was terminated due to Sonder’s default, removing Sonder rooms from Marriott’s system.
As a result, net rooms growth for 2025 is now expected to approach 4.5%.
Management confirmed no changes to the remainder of the outlook metrics provided on November 4, 2025.
As of September 30, 2025, Marriott operates over 9,700 properties across 143 countries and territories.

Nov 9, 2025, 3:03 PM

Press Release

Marriott International ends licensing agreement with Sonder

MAR

Legal Proceedings

Licensing agreement with Sonder terminated due to Sonder’s default, ending Sonder’s affiliation with Marriott Bonvoy
Sonder properties removed from Marriott channels and unavailable for new bookings
Marriott to support impacted guests and contact those who booked via its channels; OTA bookings directed to third-party agencies

Nov 9, 2025, 3:00 PM

Press Release

Marriott International reports Q3 2025 results

MAR

Earnings

Guidance Update

Third quarter adjusted EBITDA rose 10% to $1.35 billion and adjusted EPS grew 9%, supported by 4% growth in gross fee revenues to $1.34 billion.
System-wide global REVPAR increased 0.5%, driven by 0.9% ADR growth, with international REVPAR up 2.6% and the US & Canada down 0.4%.
Full-year 2025 REVPAR growth is maintained at 1.5%–2.5%, Q4 REVPAR is expected to rise 1%–2%, and full-year adjusted EBITDA and EPS are forecast at $5.35–$5.38 billion and $9.998–$10.06, respectively.
Net rooms growth is projected at ≈5% for 2025; rooms count rose 4.7% year-over-year to over 1.75 million, with a record pipeline of 596 000 rooms, including 250 000 under construction.
Marriott Bonvoy membership reached 260 million, co-branded credit card fees rose 13% in Q3, and new credit card agreements are expected next year.

Nov 4, 2025, 1:30 PM

Transcript

Marriott International reports Q3 2025 results

MAR

Earnings

Guidance Update

Marriott grew its global rooms by 4.7% YoY to over 1.75 million rooms, with a record pipeline of 596,000 rooms – reflecting strong development momentum
Q3 global RevPAR rose 0.5%, with international RevPAR +2.6% offset by a 0.4% decline in the U.S. and Canada
Q3 adjusted EBITDA increased 10% to $1.35 billion and adjusted EPS rose 9%, driven by 4% growth in gross fee revenues to $1.34 billion
Bonvoy membership expanded to 260 million members (+18% YoY), and Marriott launched Outdoor Collection by Marriott Bonvoy while advancing its tech platforms and AI initiatives
Q4 guidance: global RevPAR growth of 1–2%, gross fee growth of 4–5%, and FY 2025 adjusted EPS of $9.998–$10.06, with full-year adjusted EBITDA at $5.35–5.38 billion

Nov 4, 2025, 1:30 PM

Transcript

Marriott International reports Q3 2025 earnings results

MAR

Earnings

Guidance Update

New Projects/Investments

Global portfolio grew 4.7% year-over-year to 1.75 million rooms across over 9,700 properties; Q3 global RevPAR rose 0.5% (International +2.6%, US & Canada –0.4%); Q4 RevPAR expected to increase 1-2%, full-year +1.5-2.5%.
Q3 adjusted EBITDA climbed 10% to $1.35 billion and adjusted EPS rose 9%; total gross fee revenues were $1.34 billion (+4%), including 13% growth in co-branded credit card fees.
Q4 gross fee growth is forecast at 4-5% with adjusted EBITDA up 7-9%; full-year gross fees are seen rising 4.5-5%, co-brand fees +9%, G&A down 8-9%, and full-year adjusted EBITDA of $5.35-5.38 billion, adjusted EPS of $9.998-10.06, and net rooms growth near 5%; capital returns to shareholders of $4 billion planned.
Development pipeline reached a record 596,000+ rooms with over 250,000 under construction and record year-to-date signings; Marriott Bonvoy membership grew 18% to 260 million members.

Nov 4, 2025, 1:30 PM

Transcript

Marriott announces Q3 2025 results

MAR

Earnings

Guidance Update

In Q3 2025, global RevPAR rose 0.5%, total gross fee revenues grew 4% to $1.34 B, adjusted EBITDA increased 10% to $1.35 B, and adjusted EPS rose 9%.
The portfolio expanded by 4.7% year-over-year to over 1.75 M rooms, with a pipeline of 596,000+ rooms and record YTD signings in the first nine months.
Full-year 2025 RevPAR is guided to +1.5–2.5% (Q4: +1–2%), gross fee revenue to rise 4.5–5%, adjusted EBITDA to increase 7–9%, net rooms growth near 5%, and $4 B in shareholder returns.
Marriott Bonvoy membership reached ~260 M (+18% YoY), Q3 co-brand credit card fees grew 13%, and new card partnerships are under negotiation for next year.

Nov 4, 2025, 1:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for MARRIOTT INTERNATIONAL INC /MD/.

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