Marriott International has reported its financial results for the second quarter of 2025, showing a modest increase in global revenue per available room (RevPAR) and continued expansion in its international markets.
The company announced that worldwide RevPAR grew by 1.5 percent compared to the same period last year, with international markets experiencing a 5.3 percent rise. In contrast, RevPAR in the U.S. and Canada remained flat compared to the previous year.
Second quarter reported diluted earnings per share (EPS) were $2.78, while adjusted diluted EPS stood at $2.65. Net income for the quarter was $763 million on a reported basis and $728 million on an adjusted basis. Adjusted EBITDA reached $1,415 million, representing a 7 percent increase from the second quarter of 2024.
Marriott added approximately 17,300 net rooms during the quarter, leading to a 4.7 percent growth in net rooms since the end of Q2 2024. The company’s global development pipeline hit a new record with about 3,900 properties and over 590,000 rooms under development.
During the quarter, Marriott repurchased 2.8 million shares of common stock for $0.7 billion. Year-to-date through July 30, total returns to shareholders via dividends and share repurchases amounted to roughly $2.1 billion.
Anthony Capuano, President and Chief Executive Officer of Marriott International, commented on the quarterly performance: “Marriott delivered another solid quarter, highlighted by strong financial results and robust net rooms growth despite heightened macro-economic uncertainty. Global RevPAR increased 1.5 percent in the second quarter primarily driven by the leisure segment. International RevPAR rose over 5 percent, with strong growth in APEC and EMEA. In the U.S. & Canada, RevPAR was flat year over year with continued strength in the luxury segment offset by a decline in select service demand, largely reflecting reduced government travel and weaker business transient demand. Adjusting for the Easter holiday shift, U.S. & Canada RevPAR increased by nearly 1 percent.”
Capuano also addressed development activity: “Development activity remained robust. We signed nearly 32,000 rooms, over 70 percent of which were in international markets, and our quarter-end pipeline stood at a record of more than 590,000 rooms. Conversions continued to be a key driver of growth, representing approximately 30 percent of our room signings and openings in the first half of this year. We still expect full year net rooms growth to approach 5 percent this year.”
He further noted brand portfolio expansion: “With our strategy to be everywhere our guests want us to be, we expanded our industry leading global brand portfolio with the launch of Series by Marriott, a new regional collection brand targeting the midscale and upscale segments. We are excited about our founding deal to affiliate the Fern portfolio of brands in India with Series by Marriott, and by the strong interest from owners around the world in this extension of our successful soft brand model. We also recently completed the acquisition of the innovative lifestyle brand citizenM, further broadening offerings for our guests, Marriott Bonvoy members and owners. We believe both of these new brands have meaningful global growth potential.”
On loyalty program progress: “We continue to enhance our powerful Marriott Bonvoy travel platform. Membership reached nearly 248 million members at the end of June, and we are deepening engagement through unique experiences and strategic collaborations.”
Capuano concluded: “Our results in the second quarter underscore the resiliency of our cash-generating, asset-light business model and the strength of our brands. Year to date through July 30, we have returned approximately $2.1 billion to our shareholders through share repurchases and dividends, and we remain on track to return approximately $4 billion for full year 2025.”
Base management and franchise fees increased nearly five percent from last year’s comparable period due to higher RevPAR figures as well as co-branded credit card fees associated with increased consumer spending among travelers globally.
Incentive management fees totaled $200 million—up from $195 million last year—primarily driven by strong performances at managed hotels outside North America.
General administrative expenses fell slightly due mainly to lower compensation costs while interest expense rose because of higher debt balances compared with last year.
At quarter’s end Marriott’s total debt stood at $15.7 billion while cash holdings were reported at $0.7 billion.
For more details on quarterly highlights or access to press release schedules including non-GAAP reconciliations visit www.marriott.com/investor.
