Marriott International, Inc.

Marriott reported second-quarter 2026 gross fee revenues of $1.58 billion, up 13% year over year. Adjusted diluted EPS was $3.19, up 20%, and adjusted EBITDA was $1.59 billion, up 13%. Global RevPAR rose 3.4%; U.S. and Canada RevPAR rose 5%, international RevPAR declined slightly, EMEA RevPAR declined just over 5%, APEC RevPAR rose over 5%, Greater China RevPAR rose over 3%, and CALA RevPAR rose 3%. For full-year 2026, management raised global RevPAR guidance to 3% to 3.5%, gross fee revenue to $6.03 billion to $6.06 billion, adjusted EBITDA to $5.97 billion to $6.03 billion, and adjusted diluted EPS growth to 16% to 18%. Third-quarter global RevPAR is expected to rise 3.5% to 4%, and third-quarter adjusted EBITDA is expected to increase 7% to 9%.

Tony Capuano framed the quarter as broad-based and better than expected, emphasizing strong demand in the U.S. and Canada, resilient luxury and leisure trends, and improving momentum in APEC and Greater China. He spent much of his remarks on owner economics and development: lower loyalty charge-out rates, enhanced reimbursement on redemption stays, streamlined brand standards, and the planned ITR incentive were all presented as ways to support owners while reinforcing Marriott’s long-term growth engine. He also highlighted record first-half signings, a record pipeline, and technology initiatives including Ask Bonvoy and broader AI deployment, all in a confident but pragmatic tone.

Jen Mason focused on the financial bridge: gross fee revenues were up 13% to $1.58 billion, IMF rose 6% to $212 million, adjusted EBITDA increased 13% to $1.59 billion, and adjusted diluted EPS rose to $3.19. She raised 2026 gross fee guidance to $6.03 billion to $6.06 billion, adjusted EBITDA to $5.97 billion to $6.03 billion, and investment spending to $1.25 billion to $1.35 billion. She also quantified the new co-brand contribution as about $30 million in 2026 from two quarters of the new U.S. terms, noted full-year credit card fees are expected to rise in the high 30% range, and said 2026 shareholder returns are expected to exceed $4.5 billion.

Analysts pressed on how Marriott is reinvesting in owners, especially the new ITR incentive, and Mason said the program launches this week with reimbursement of up to 50 basis points of gross room revenue for qualifying hotels. Questions also focused on the new co-brand economics, where Capuano said the $30 million 2026 benefit is only a partial-year effect and that the annual impact could reach $100 million to $125 million by full year 2028 at a 26% royalty rate. Other topics included Middle East drag, net rooms growth, and 2027 visibility; management said Middle East disruption is the main reason net rooms guidance is near the low end of the prior range, but signings and pipeline momentum remain strong, with no sign of weakening owner appetite.