Marriott International (MAR) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered results above guidance, with global RevPAR up 4.2% year-over-year, driven by gains in both ADR and occupancy, and robust development activity, including record signings and 4.5% net rooms growth over the trailing 12 months.

• U.S. & Canada RevPAR rose 4%, led by luxury and resort hotels, while select service RevPAR rebounded to 3.5% growth.

• International RevPAR increased 4.6%, with APAC up over 7% and Greater China up nearly 6%, despite Middle East disruptions.

• Marriott Bonvoy membership reached nearly 283 million, and technology transformation, including AI initiatives, is progressing.

• Net income for Q1 2026 was $648 million, with adjusted net income up 13% to $726 million.

Financial highlights

• Total gross fee revenues rose 12% year-over-year to $1.43 billion, driven by higher RevPAR, rooms growth, and strong credit card and residential branding fees.

• Adjusted EBITDA grew 15% to $1.4 billion; adjusted diluted EPS rose 17% to $2.72.

• Franchise and base management fees increased 13% to $1,211 million, with incentive management fees up 9% to $222 million.

• Operating income rose to $1.06 billion, up 12% from Q1 2025.

• Cash from operations was $858 million, up from $647 million in Q1 2025.

Outlook and guidance

• Full-year 2026 global RevPAR growth guidance raised to 2%-3%, with U.S. & Canada and Greater China outlooks improved.

• Net rooms growth expected at 4.5%-5.0% for 2026.

• Adjusted EBITDA guidance for 2026 is $5.88-$5.97 billion, up 9%-11%; adjusted diluted EPS projected at $11.38-$11.63.

• Investment spending for 2026 expected at $1.05-$1.15 billion, mainly for Lefay and digital transformation.

• Over $4.4 billion expected to be returned to shareholders in 2026 via buybacks and dividends.