Marriott 2025 Results, 2026 RevPAR Growth Forecast
Marriott International reported solid full-year 2025 earnings but issued a cautious outlook for 2026, forecasting room revenue growth below Wall Street expectations as weaker travel spending among low- and middle-income U.S. households weighs on demand.
During its fourth-quarter and full-year 2025 earnings call, Marriott said it expects revenue per available room (RevPAR) to increase between 1.5 percent and 2.5 percent in 2026. That guidance falls slightly short of the average analyst estimate of 2.3 percent growth, reflecting a more moderate demand environment in North America.
Although U.S. consumer spending rose in October and November, recent gains have been driven primarily by higher-income travelers. Marriott noted that lower- and middle-income households are facing tighter budgets and reduced discretionary spending, limiting broader travel momentum. For 2025, RevPAR in the United States and Canada remained essentially flat, underscoring uneven demand trends across customer segments.
Despite near-term headwinds, Marriott highlighted strong operational and development performance in 2025. President and Chief Executive Officer Anthony Capuano said the company delivered “excellent results” driven by brand strength, customer loyalty and continued expansion.
For the full year, Marriott’s global RevPAR increased 2 percent, while net rooms grew more than 4.3 percent worldwide. The company’s fee-driven, asset-light business model generated significant cash flow, enabling more than $4.0 billion in capital returns to shareholders through dividends and share repurchases.
Marriott also continued to expand its global footprint. The company signed approximately 163,000 organic rooms in 2025, boosting its development pipeline to nearly 610,000 rooms by the end of December. That represents an increase of roughly 6 percent compared with year-end 2024, reflecting sustained owner confidence in Marriott’s brands and operating platform.
Conversions played a major role in expansion, accounting for about one-third of organic room signings and gross room additions during the year. This trend highlights growing interest among property owners seeking to align with established global brands to drive occupancy and rate performance.
Looking ahead, Marriott’s 2026 outlook suggests steady but measured growth as the company navigates shifting consumer spending patterns. While RevPAR gains are expected to moderate, continued development momentum and a robust global pipeline position the hotel giant for long-term expansion across both mature and emerging markets.
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