Marriott International, Inc. (MAR) Earnings
Marriott International, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $3.03. MAR has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +3.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $2.56 | $2.72 | +6.3% | $6.7B | +1.0% |
| Nov 4, 2025 | $2.38 | $2.47 | +3.8% | $6.5B | +0.5% |
| Feb 11, 2025 | $2.37 | $2.45 | +3.4% | $6.4B | +0.4% |
| Jul 31, 2024 | $2.47 | $2.50 | +1.2% | $6.4B | -0.5% |
| May 1, 2024 | $2.17 | $2.13 | -1.8% | $6.0B | +0.5% |
| Feb 13, 2024 | $2.12 | $3.57 | +68.4% | $6.1B | -1.7% |
| Nov 2, 2023 | $2.11 | $2.11 | +0.0% | $5.9B | +0.7% |
| Aug 1, 2023 | $2.18 | $2.26 | +3.7% | $6.1B | +1.6% |
| May 2, 2023 | $1.84 | $2.09 | +13.6% | $5.6B | +3.8% |
| Feb 14, 2023 | $1.83 | $1.96 | +7.1% | $5.9B | +10.3% |
| Nov 3, 2022 | $1.68 | $1.69 | +0.6% | $5.3B | +0.2% |
| Aug 2, 2022 | $1.56 | $1.80 | +15.4% | $5.3B | +8.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Tony mentioned excellent first quarter performance with REVPAR and financial results above the top end of guidance ranges. Development activity was robust with record first quarter global signings and net rooms growth of 4.5% over the trailing 12 months through March. Global rev par rose 4.2%. Luxury and resort hotels led in the U.S. and Canada region with broad-based strength across segments. Conflict in the Middle East weighed on March results but international REVPAR still increased 4.6%. Greater China hotels gained market share with RevPar up nearly 6%. Development activity included record global signings, multi-unit deals, and the Lafay brand expected to enter the portfolio. Marriott Bonvoy loyalty program had nearly 283 million members. Technology transformation was well underway with 1,000th hotel transitioned to new tech ecosystem and AI being leveraged. Jen discussed strong first quarter results with total gross fee revenues up 12%, IMFs up 9%, and adjusted EBITDA and adjusted diluted EPS up.
Guidance
Full-year global REVPAR guidance raised to 2% to 3%. Raised outlook in Greater China to low single-digit range. Lowered outlook in APC near term due to softer long-haul demand. Slightly reduced outlook in Cala for rest of year. Lowered EMEA outlook reflecting Middle East impact with 100 to 125 basis points impact on global REVPAR. World Cup still expected to add 30 to 35 basis points. Raised 2026 growth speed guidance to 5.93 to 5.99 billion. IMFs expected to be around flat. Co-branded credit card fees expected to increase around 35%. Residential branding fees expected to increase around 45 to 50%. Own lease and other revenue net expected to total 215 to 225 million. 2026 adjusted EBITDA could increase 9 to 11% to roughly $5.88 to $5.97 billion. Full-year adjusted diluted EPS expected to be $11.38 to $11.63. Second quarter global REVPAR expected to increase 1.5% to 2.5%, gross fees expected to rise 10% to 11%, IMFs expected to be down in mid-single-digit range, adjusted EBITDA expected to increase 8% to 10%.
Segment performance
First quarter global rev par rose 4.2%. Rev par in the U.S. and Canada region rose 4%. Luxury rev par rose nearly 7%, Select service REVPAR increased 3.5%. First quarter international REVPAR increased 4.6%. First quarter REVPAR in APEC rose over 7%, driven by strong ADR growth and an increase in demand from Chinese guests. Revpar in Cala rose 2%, led by record leisure results in the Caribbean, partially offset by a decline in Revpar at Mexican luxury resorts. First quarter Revpar in EMEA increased over 3%, with increases in Europe and Africa partially offset by a decline in the Middle East. In the first quarter, leisure REVPAR rose 6% globally and 5% in the U.S. and Canada. Group rev par rose 5% both globally and in the U.S. and Canada. And first quarter business transient rev par rose 1% globally and 2% in the U.S. and Canada, with mid-single-digit declines in government room nights and slight declines in other BT room nights, partially offset by higher ADR.
Risks & headwinds
Conflict in the Middle East weighed on results in March and is expected to continue to impact results, particularly at Middle East hotels. Volatility and ongoing impact from the conflict is a risk. Uncertainty around the impact of the conflict on travel and hotel performance in the Middle East. Softness in long-haul demand into certain markets that rely on Gulf hub connectivity impacting APC. Potential impact of renovations at certain large hotels in the portfolio on results. Uncertainty around the evolution of the distribution landscape and how AI will impact it.
Analyst Q&A
Q: Sean Kelly with Bank of America asked about U.S. trends.
A: Tony said encouraged by Q1 results in U.S. and Canada, strength across segments, sectors, and select service inflecting.
Q: Richard Clarke with Bernstein asked about Middle East.
A: Richard said booking activities showing signs of recovery but impact to Middle East properties to continue, hardest hit quarter Q2 with 50% reduction in REVPAR.
Q: Stephen Grambling with Morgan Stanley asked about investment spend and AI.
A: Tony said investment uptick tied to LaFay, Jen said investment categories relatively stay the same.
Q: Michael Belisario with Baird asked about group segment and tech upgrades.
A: Tony said Group performance solid, tech upgrades to benefit all constituents.
Q: Dan Pulitzer with J.P. Morgan asked about U.S. demand and select service.
A: Tony said domestic travel pivot, drive-to destinations, tax refunds, and consumer spending shift to travel impacting select brands.
Q: Ari Klein with BMO Capital Markets asked about business travel room nights and World Cup.
A: Tony said business transient rev par up, Jen said confident in World Cup impact.
Q: Lizzie Dove with Coleman Sachs asked about rooms growth and Middle East impact.
A: Tony said conversion story strong, mid-scale traction, and Middle East openings account for small percentage of full-year expected net rooms.
Q: David Katz with Jefferies asked about AI efforts.
A: Tony said Marriott's scale gives advantage, AI to strengthen direct booking channels.
Q: Brent Montour with Barclays asked about AI and distribution.
A: Tony said Marriott's scale creates advantage, AI to bring consumers into ecosystem.
Q: Duane Fenigworth with Evercore ISI asked about Middle East market recovery and dependent markets.
A: Tony said conflicts vary, and markets dependent on Middle East airlift like India.
Q: Conor Cunningham with Milius Research asked about travel type uplift and guidance.
A: Tony said raised U.S. and Canada expectations, Middle East impact, China uplift, APC near term impact, and Cala reduction.
Q: Trey Bowers with Wells Fargo asked about credit card deal renegotiation.
A: Tony said active negotiations, new deals expected later, with upside this year.
Q: Smith Rose with Citi asked about leisure travel.
A: Tony said encouraged by April, but short transient window makes booking data blurry, and U.S. international travel bookings normalized.
Q: Steve Pizzella with Deutsche Bank asked about development and fee structures.
A: Tony said vast addressable market for conversions with typical fee structures.