Q2 2026 Marriott International Inc Earnings Call Transcript
Key Points
- Marriott International Inc (MAR) reported strong Q2 2026 results with global RevPAR up 3.4%, exceeding expectations, and US & Canada RevPAR up 5%, the highest quarterly increase in 13 quarters.
- The company raised its full-year 2026 global RevPAR guidance to 3%-3.5% growth, reflecting broad-based demand strength and a stronger second-half outlook.
- Marriott International Inc (MAR) achieved record global signings in the first half of 2026, with the pipeline growing nearly 7% year-over-year to a record ~629,000 rooms.
- New long-term co-branded credit card agreements with JPMorgan Chase and American Express are expected to drive significant value, with incremental 2026 fees of ~$30 million and a potential $100-$125 million annual impact by 2028.
- Marriott International Inc (MAR) continues to enhance owner economics through initiatives like lowering loyalty charge-out rates by ~5%, introducing streamlined brand standards, and rolling out an ITR incentive for top-performing hotels.
- Adjusted EBITDA grew 13% in Q2 to $1.59 billion, and adjusted diluted EPS rose 20% to $3.19, with full-year EPS growth expected at 16%-18%.
- International RevPAR declined slightly year-over-year in Q2, with EMEA down over 5% due to a 43% decline in the Middle East, impacted by the ongoing conflict.
- The Middle East conflict is expected to have a ~100 basis point negative impact on full-year global RevPAR, with Q4 facing difficult comparisons and a larger seasonal impact.
- Full-year 2026 net rooms growth is now expected to be at the low end of the 4.5%-5% range, primarily due to construction delays in the Middle East.
- Owned, leased, and other revenue declined in Q2 to $49 million from $78 million, impacted by a $27 million litigation accrual and lower termination fees.
- The company faces headwinds from a decline in the Japanese yen, which is expected to lower credit card fee expectations in Japan.
- Investment spending for 2026 is expected to increase to $1.25-$1.35 billion, with higher contract acquisition costs and continued spending on digital transformation.
Please stand by, your meeting is about to begin. Hello, and welcome, everyone, joining today's Marriott International Q2 2026 earnings call. (Operator Instructions) Please note, this call is being recorded. We are standing by if you should need any assistance.
It is now my pleasure to turn the meeting over to Jackie Burka McConagha. Please go ahead.
Good morning, everyone, and welcome to Marriott's second quarter 2026 earnings call. On the call with me today are Tony Capuano, our President and Chief Executive Officer; Jen Mason, our Executive Vice President and Chief Financial Officer; and Pilar Fernandez, Senior Director of Investor Relations.
Before we begin, I would like to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause future results to differ materially
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