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Jun 30
Marriott Q2 2025 Earnings Report
Marriott reported solid results with strong international performance and record development activity.
Key Takeaways
Marriott delivered strong Q2 2025 results, driven by international RevPAR growth, record pipeline expansion, and solid earnings. The company continued to return capital to shareholders and launched new strategic brand initiatives.
Adjusted EBITDA reached $1.415B, up 7% YoY.
Net income for the quarter was $763M.
Record development pipeline of over 590,000 rooms.
International RevPAR rose 5.3%, offsetting flat performance in the U.S. & Canada.
Marriott
Marriott
Marriott Revenue by Segment
Marriott Revenue by Geographic Location
Revenue by Segment
Mgmt & Franchise Fees Revenue
CapyFin.comIncentive Mgmt Fees Revenue
CapyFin.comOwned/Leased/Other Revenue
CapyFin.comRevenue by Geographic Location
U.S. & Canada Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Marriott expects stable macroeconomic conditions and continued growth in RevPAR and rooms, with full-year net rooms growth approaching 5%.
Positive Outlook
- Net rooms growth expected to approach 5% in 2025.
- Adjusted EPS guidance raised to $9.85–$10.08.
- Adjusted EBITDA guidance increased to $5.31–$5.395 billion.
- Strong momentum in international development pipeline.
- Launch of new brands like Series by Marriott and citizenM to drive long-term growth.
Challenges Ahead
- Select service demand in U.S. showing softness.
- Reduced government travel impacting business transient demand.
- Flat RevPAR growth expected in U.S. & Canada in Q3 2025.
- Higher interest expenses due to increased debt.
- Macroeconomic uncertainty continues to present a risk.