Marriott International (MAR) Q4 FY2025 earnings: revenue $6.7 billion, up 4.1% on the year

Marriott International Inc. (MAR) reported revenue of $6.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.1% on the same quarter a year earlier. Net income was $445 million, down 2.2% on the year, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2026.

Revenue

$6.7 billion

+4.1% on the year · +3.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

11.6%

11.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$445 million

-2.2% on the year · -38.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.65

+1.2% on the year · -38.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 19 new.

Worldwide RevPAR rose on ADR gains: Fourth quarter worldwide RevPAR rose 1.9 percent, and full-year worldwide RevPAR rose 2.0 percent. Operating income rose 3 percent to $777 million in the quarter.
Diluted EPS rose from prior year: Reported diluted EPS was $1.65 against $1.63 a year earlier; adjusted diluted EPS was $2.58 against $2.45. Full-year reported diluted EPS was $9.51.
Adjusted EBITDA rose 9 percent: Adjusted EBITDA rose 9 percent to $1,402 million in the fourth quarter. Full-year adjusted EBITDA was $5,383 million, up 8 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,690	6,489	6,429	+3.1%	+4.1%
Operating income	777	1,180	752	-34.2%	+3.3%
Operating margin	11.6%	18.2%	11.7%
Interest expense	208	206	180	+1.0%	+15.6%
Pre-tax income	582	994	598	-41.4%	-2.7%
Income tax	137	266	143	-48.5%	-4.2%
Effective tax rate	23.5%	26.8%	23.9%
Net income	445	728	455	-38.9%	-2.2%
Net margin	6.7%	11.2%	7.1%
Diluted EPS	$1.65	$2.67	$1.63	-38.2%	+1.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	829	1,093	318	-24.2%	+160.7%
Capital expenditure	172	142	342	+21.1%	-49.7%
Free cash flow	657	951	-24.0	-30.9%
Free cash flow margin	9.8%	14.7%	-0.4%
Cash from investing	-173	-489	-345
Cash from financing	-979	-602	36.0
Share-based compensation	65.0	50.0	64.0	+30.0%	+1.6%
Buybacks	1,000	800	586	+25.0%	+70.6%
Dividends paid	179	182	176	-1.6%	+1.7%
Dividend per share	n/a	$0.67	n/a
Diluted shares, weighted	274m	272m	285m	+0.4%	-4.1%
Shares outstanding at period end	266m	268m	277m	-0.9%	-3.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	-3,771	-3,119	-2,992
Debt	16,204	15,999	14,447	+1.3%	+12.2%
Operating lease liabilities	879	887	794	-0.9%	+10.7%
Finance lease liabilities	109	n/a	115		-5.2%
Other liabilities	14,119	14,066	13,818	+0.4%	+2.2%
Total liabilities and equity	27,540	27,833	26,182	-1.1%	+5.2%
Fixed assets	1,954	1,917	1,833	+1.9%	+6.6%
Goodwill	8,907	8,886	8,731	+0.2%	+2.0%
Intangible assets	10,336	n/a	9,488		+8.9%
Cash and equivalents	358	678	396	-47.2%	-9.6%
Other assets	5,985	16,352	5,734	-63.4%	+4.4%
Total assets	27,540	27,833	26,182	-1.1%	+5.2%

Questions

What was Marriott International's revenue in Q4 FY2025?

Marriott International (MAR) reported revenue of $6.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.1% on the same quarter a year earlier.

How much did Marriott International earn in Q4 FY2025?

Net income for Q4 FY2025 was $445 million, down 2.2% on the year, and diluted earnings per share $1.65.

When did Marriott International report Q4 FY2025 results?

Marriott International filed its 10-K for the year that ended with the quarter on 10 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,446	4,199	5,338	5,313	5,923	5,615	6,075	5,928	6,095	5,977	6,439	6,255	6,429	6,263	6,744	6,489	6,690	6,654	7,071	7,005
Operating income	635	558	950	958	996	951	1,096	1,099	718	876	1,195	944	752	948	1,236	1,180	777	1,064	1,229	1,274
Operating margin	14%	13%	18%	18%	17%	17%	18%	19%	12%	15%	19%	15%	12%	15%	18%	18%	12%	16%	17%	18%
Interest expense	97.0	93.0	95.0	100	115	126	140	146	153	163	173	179	180	192	203	206	208	214	221	227
Pre-tax income	548	476	878	869	891	844	964	989	581	727	1,040	786	598	764	1,054	994	582	858	1,044	1,060
Tax rate	15%	21%	23%	28%	24%	10%	25%	24%	-46%	22%	26%	26%	24%	13%	28%	27%	24%	24%	27%	25%
Net income	468	377	678	630	673	757	726	752	848	564	772	584	455	665	763	728	445	648	766	794
Net margin	11%	9%	13%	12%	11%	13%	12%	13%	14%	9%	12%	9%	7%	11%	11%	11%	7%	10%	11%	11%
Diluted EPS	$1.42	$1.14	$2.06	$1.94	$2.12	$2.43	$2.38	$2.51	$2.87	$1.93	$2.69	$2.07	$1.63	$2.39	$2.78	$2.67	$1.65	$2.43	$2.90	$3.04
Operating cash flow	432	398	650	874	441	887	651	881	751	779	772	880	318	647	643	1,093	829	858	948	1,433
Capital expenditure	69.0	49.0	70.0	73.0	140	95.0	99.0	124	134	109	125	174	342	135	155	142	172	130	152	129
Free cash flow	363	349	580	801	301	792	552	757	617	670	647	706	-24.0	512	488	951	657	728	796	1,304
Buybacks	n/a	0.0	300	935	1,331	1,135	911	942	965	1,144	1,012	1,020	586	751	749	800	1,000	700	1,119	1,262
Dividends paid	0.0	0.0	98.0	97.0	126	124	157	154	152	151	179	176	176	174	183	182	179	178	192	189
Shares outstanding	326m	327m	325m	317m	311m	303m	298m	294m	291m	286m	282m	278m	277m	274m	271m	268m	266m	264m	261m	258m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 10 February 2026: the filing.