MAR
Marriott International, Inc.305.97
-2.52-0.82%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms growth; conversion details shine.
Q&A largely reaffirmed prepared remarks on accelerating 4.5-5% organic rooms growth, with conversions driving one-third of signings and openings—75% within 12 months—bolstered by dedicated teams and midscale/luxury momentum. Management unpacked the 35% credit card fee surge as high-single-digit spending plus a royalty rate increase from contractual relief and Bonvoy efficiencies, separate from ongoing U.S. deal talks. Franchisees face pandemic recovery lags, prompting affiliation cost cuts and operating model overhauls. Leisure claims 45% of nights; business transient trails but eyes 2019 levels amid mixed trips. Conversions are firing fast. Confident tone persists; watch pipeline conversion and royalty stability.
Key Stats
Market Cap
83.06BP/E (TTM)
32.24Basic EPS (TTM)
9.49Dividend Yield
0.01%Recent Filings
8-K
Marriott prices $1.45B notes
Marriott issued $600M 4.500% notes due 2033 and $850M 5.100% notes due 2038 on February 20, 2026, via a February 18 terms agreement with Deutsche Bank and others. Net proceeds of $1.425 billion target general corporate purposes like acquisitions or debt repayment. Flexible redemption option aids liquidity. Rates reflect steady access to capital markets.
10-K
FY2025 results
Marriott grew its system to 9,805 properties (1,779,936 rooms) at year-end 2025, up 5% in properties and 4% in rooms from 2024, with net fee revenues rising 5% to $5,303 million on 2.0% worldwide comparable systemwide RevPAR growth driven by 2.1% ADR gains. U.S. & Canada RevPAR edged up 0.7% amid luxury strength but select-service softness from weaker business transient demand, while International RevPAR surged 5.1% on broad demand recovery. Net income climbed to $2,601 million ($9.51 diluted EPS) versus $2,375 million last year, bolstered by higher franchise fees and rooms growth. Q4 saw aggressive buybacks of 3.5 million shares at $284 average and debt refinancings via $3.4 billion new Senior Notes issuances. Debt stands at $16.2 billion (4.5% weighted average rate, 5.4-year maturity); $4.5 billion Credit Facility remains undrawn. Expects 4.5-5.0% net rooms growth in 2026. Premature hotel owner terminations threaten fee streams.
8-K
Marriott's 2025 RevPAR rises 2%
Marriott posted full-year 2025 worldwide RevPAR up 2.0%, with international markets surging 5.1% while U.S. & Canada crept 0.7%. Net rooms grew over 4.3%; adjusted EBITDA hit $5,383 million. Pipeline swelled to 610,000 rooms. Returned $4.0 billion to shareholders. Guides 2026 RevPAR 1.5-2.5%, EBITDA growth 8-10%. Debt climbed to $16.2 billion.
8-K
Director Lee exits board
8-K
Marriott shakes up regional leadership
Marriott International announced the retirement of Group President U.S. and Canada Liam Brown and CALA President Brian King, effective June 30, 2026, after decades of service driving growth and innovation. Effective March 28, Satya Anand assumes leadership over U.S., Canada, and CALA; Neal Jones takes EMEA; Federico Greppi heads CALA. Leadership realigns for sharper execution. Transitions risk execution hiccups.
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